NEW YORK (AP) — Job listing company Monster Worldwide Inc. said Thursday it would cut its global workforce by 400 people, or 7 percent, as the weak economy hurts its business.
The cuts, along with other planned moves, are expected to save $100 million per year. They were announced as Monster reported fourth-quarter net income that fell short of analysts' expectations, even as it slashed payroll and marketing costs to cope with a revenue decline.
Its outlook for the current quarter was also well below analysts' expectations and shares plunged $1.61, or 18 percent, to $7.37 in afternoon trading.
Net income in the three months to Dec. 31 came to $10.9 million, or 9 cents per share, from $501,000, or about break-even per share, a year ago.
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