Monster Worldwide 2Q net income weakens

Monster Worldwide 2nd-quarter net income falls; revenue declines 11 percent to miss estimates

Associated Press

NEW YORK (AP) -- Online job search company Monster Worldwide Inc. said Thursday its net income slipped in the second quarter as its revenue decreased.

Monster Worldwide cut its spending compared to a year ago and said it has finished a restructuring effort. However, its revenue sank 11 percent and fell short of Wall Street expectations.

Shares of Monster Worldwide lost 22 cents, or 3.9 percent, to close at $5.50 on Thursday.

The company said its net income declined to $3.4 million, or 3 cents per share, from $4.8 million, or 4 cents per share. Excluding one-time costs Monster Worldwide said its net income fell to 9 cents per share from 10 cents per share. Revenue slumped to $200.1 million from $224.6 million.

Analysts expected adjusted net income of 9 cents per share and $207.5 million in revenue, according to FactSet.

Monster Worldwide is forecasting net income of 6 to 10 cents per share in the third quarter. Analysts expect 9 cents per share on average.

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