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.
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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.
Excluding items such as restructuring costs, adjusted earnings came to 11 cents per share, a penny shy of the 12 cents expected by analysts polled by FactSet.
Revenue fell 2 percent to $250 million from $255 million, also below the $259 million expected by analysts.
The company said it expects first-quarter adjusted earnings of break-even to 4 cents per share. Analysts expect 9 cents per share.
It forecast a bookings decline of 6 to 10 percent, with revenue estimated down 3 to 7 percent. That suggests revenue of $254 million to $243 million, below the $262.5 million expected by analysts.
For all of 2011, Monster reported net income of $54 million, or 54 cents per share, compared with a loss of $32 million, or 27 cents per share, in 2010. Revenue increased 14 percent to $1.04 billion.
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