Monster Worldwide reports loss; exits Brazil, Mexico & Turkey

Thu Feb 7, 2013 6:43pm IST

A woman looks at a laptop while sitting in a Starbucks in London October 24, 2012. REUTERS/Suzanne Plunkett/Files

A woman looks at a laptop while sitting in a Starbucks in London October 24, 2012.

Credit: Reuters/Suzanne Plunkett/Files

Related Topics

Stocks

   

REUTERS - Online recruitment company Monster Worldwide Inc(MWW.N), which is up for sale, reported a quarterly loss and said it had exited its businesses in Brazil, Mexico and Turkey.

The company also said it sold its China operations to Saongroup, a Dublin-based recruitment firm, and took a 10 percent stake in the combined business.

Monster said in November it would sell its money losing business in China to focus on its core North American and European businesses.

Monster has been hurt by weak job markets in the United States and Europe, which generate the lion's share of its revenue, as well as growing competition from social networking sites.

The parent of Monster.com retained Stone Key Partners and Bank of America Merrill Lynch in March 2012 to review strategic alternatives including a sale of the company.

Monster reported a net loss of $73 million, or 66 cents per share, in the fourth quarter, from $10.9 million, or 9 cents per share, a year earlier.

The company recorded pre-tax charges of $23 million during the quarter ended December, and said it expects additional charges in the range of $27 million to $37 million in the first half of 2013.

Excluding items, the company earned 8 cents per share.

Revenue dropped 10 percent to $211.2 million.

Monster's shares have dropped about a fourth since the company said it was reviewing strategic alternatives. They closed at $5.85 on the New York Stock Exchange on Wednesday.

(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Akshay Lodaya)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

TECH SHOWCASE

Apple Results

Apple Results

Apple margin concerns fade, focus shifts to iPhone launch  Full Article 

Expansion Plans

Expansion Plans

EBay plans to expand in Russia despite sanctions.  Full Article 

Outlook Weighs

Outlook Weighs

Qualcomm posts higher quarterly results  Full Article 

'Selfie' Boom

'Selfie' Boom

Sony invests in image sensor production amid 'selfie' boom.  Full Article 

Cyberfraud Case

Cyberfraud Case

Seven arrests made in $1.6 million StubHub cyberfraud case  Full Article 

Q2 Below Forecast

Q2 Below Forecast

AT&T revenue misses estimates as promotion weighs on revenue  Full Article 

WhatApp Leak

WhatApp Leak

Israel detains soldiers after WhatsApp leaks about Gaza casualties   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage