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Monster worldwide swings to profit as costs cut
New York, July 31: Monster Worldwide Inc. MNST.O , the online employment site, on Wednesday reported a second-quarter profit versus a loss a year earlier, meeting Wall Street forecasts largely through a reduction in operating costs.
New York, July 31: Monster Worldwide Inc. MNST.O , the online employment site, on Wednesday reported a second-quarter profit versus a loss a year earlier, meeting Wall Street forecasts largely through a reduction in operating costs.
The New York-based company posted net income of $9.6 million, or 8 cents a share, compared with a net loss of $75.7 million, or 68 cents a share, a year earlier.
The company changed its name from TMP Worldwide to Monster Worldwide Inc. on April 30.
Monster said income from continuing operations was $10.1, or 9 cents a share, compared with a loss of $31 million, or 28 cents a share, a year earlier.
Analysts on an average expected Monster to earn 8 cents a share in the second quarter, according to Reuters Research, a unit of Reuters Group Plc.
The company changed its name from TMP Worldwide to Monster Worldwide Inc. on April 30.
Monster said income from continuing operations was $10.1, or 9 cents a share, compared with a loss of $31 million, or 28 cents a share, a year earlier.
Analysts on an average expected Monster to earn 8 cents a share in the second quarter, according to Reuters Research, a unit of Reuters Group Plc.
Revenue fell to $167.2 million from $177 million a year earlier.
Shares of Monster fell more than 5 percent in Wednesday trading on the Nasdaq.
The company's shares have been volatile in recent months as investors have bet on the stock at the slightest positive news and withdrawn on pessimistic forecasts about the job market.
Bureau Report