Monster Earnings Drop
Saying the company’s restructuring efforts have been completed and the “desired savings have been achieved,” Maynard-based Monster Worldwide Inc. cut second-quarter operating expenses to $192 million, from $210 million last year, the company said in its quarterly financial report.
The online job search company posted a net income of $3.4 million, or 3 cents per share, down from $4.8 million or 4 cents per share during the same period in 2012. Income from continuing operations was less than half of what it was last year, at $4.1 million, which the company said included $5.4 million in non-recurring charges.
Revenue for the quarter, which ended June 30, was $200 million, down $24 million from last year.
“We are aggressively pursuing the execution of our business strategy and are also developing a number of new strategies to better position the company for sustained, long-term revenue growth in the evolving job market,” said Sal Iannuzzi, chairman, president and CEO of Monster Worldwide. “While the global economy has continued to put pressure on our business, with Europe being our weakest region, we were encouraged to see some stabilizing trends in each of our major markets during the quarter.”
Monster said it expects third-quarter earnings from continuing operations to fall between 6 cents and 10 cents per share.
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