Jan 28 (Reuters) - Shares of Monster Worldwide Inc MWW.N fell as much as 22 percent on Friday, a day after the online recruiter posted lower-than-expected fourth-quarter revenue and bookings, mainly hurt by currency headwinds and lower government budgets.
The company said currency translation hurt revenue by $3 million. Bookings, an indicator of future revenue, had a $5 million negative impact as at the end of 2010, Monster said in an earnings conference call late Thursday.
“Contributing factors included the weather throughout Europe and North Eastern United States. A number of our customers simply could not get to work during the last weeks of the year and were unable to execute sales agreements,” it said.
On Thursday, New York-based Monster also reported a quarterly profit in line with analysts’ expectations. It also forecast first-quarter bookings and revenue growth of 18-23 percent. [ID:nASA01GAP]
“Around the world, our clients have increased budgets for recruiting and are beginning to increase their hiring ... and that they are receptive to increasing their business with Monster,” the company said on the call.
Monster Worldwide shares were trading down 22 percent at $16.66 on the New York Stock Exchange. About 2 million shares changed hands, nearly double their normal volume.
Shares of the company had climbed 49 percent since Monster reported stronger-than-expected third-quarter profit in October. [ID:nN27231221]
(Reporting by Bijoy Koyitty in Bangalore; Editing by Vyas Mohan)
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