Monster Posts Losses; Exits 3 Countries
Online job search firm Monster Worldwide, based in Maynard, reported losses for its fourth quarter and full year amid a restructuring.
Those moves saw the company leave Brazil, Mexico and Turkey and sell its majority share in Chinese operations. It retained a 10-percent ownership stake.
Monster reported total 2012 revenue of $890 million, compared to $994 million the previous year, in which Monster acquired HotJobs. Monster lost $259 million, or $2.27 per share last year, compared to a net income of $54 million, or 43 cents per share, in 2011. It said the decline for 2012 include a loss from discontinued operations.
For the fourth quarter, the company's revenue fell to $211 million from $234 million a year before. It lost $73 million, or 66 cents per share, compared to a net income of $11 million, or 9 cents per share in the same period in 2011.
Sal Iannuzzi, chairman, president and CEO, said the company began implementing its plans for restructuring during the fourth quarter.
"As a leaner, more focused company, we are concentrating our resources on our core markets and are aggressively taking the steps necessary to strengthen our business," he said.
Monster said it's on track to reduce operating expenses by $130 million this year and expects first-quarter earnings to be between 6 and 10 cents per share.
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