Monster Worldwide reports loss; exits Brazil, Mexico & Turkey
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)
- Tweet this
- Share this
- Digg this
- Japan's NTT DoCoMo to exit India telecoms joint venture - sources
- Apple, Google agree to pay over $300 million to settle conspiracy lawsuit
- Nokia to name Rajeev Suri as next CEO on Tuesday - report
- BREAKINGVIEWS-Review: India's Singh wasn't king, Modi could be
- Met office sees below-average monsoon in 2014
Microsoft Corp's new chief executive on Thursday won rave reviews for his first public encounter with Wall Street analysts who said he communicated willingness to transform the world's largest software company as it scrambles to catch up in the mobile-computing era. Full Article
Apple, Google agree to pay over $300 million to settle conspiracy lawsuit Full Article