Monster Q2 Results Down 37%
August 3, 2009 by Emma Sorensen
Monster Worldwide, owner of US-based global jobs website monster.com, has announced its financial results for the second quarter of 2009.
The company says total revenue was $223 million, compared with $354 million in the comparable quarter of 2008, a 37% decline it attributes to the global economic recession. Monster generated 42% of its revenue outside the United States and total revenue was negatively impacted by $16 million from unfavorable foreign exchange rates.
Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said:
“Despite the challenging operating environment, we continue to invest in product innovation, technology, new verticals, global reach and sales force expansion, while at the same time successfully reducing operating expense and lowering our cost basis. We are confident that these initiatives, combined with the powerful Monster brand and our strong balance sheet, will capture global market share and provide a solid base for future long term growth and profitability.”
“We are very encouraged by the beta tests for our new employer search product. Customer feedback continues to be very positive. This technology better enables recruiters to search relevant skills, work experience, education and other meaningful qualifications, and then analyzes, ranks and compares the information quickly and efficiently. Monster is driving efficiency and cost savings for our customers and improving our overall value proposition.”
Careers non-GAAP revenue decreased 40% to $191 million. North America generated revenue of $102 million compared with $164 million in the prior year period, a 38% decline. International non-GAAP revenue was $89 million, a 43% decline over the prior year period, or a 37% decrease excluding currency and the contribution from ChinaHR. Internet Advertising & Fees generated revenue of $33 million, essentially flat with last year’s second quarter revenue.
Consolidated operating expenses were $223 million, and the loss from continuing operations was approximately $1 million, or $0.01 per diluted share, compared to income from continuing operations of $19 million, or $0.15 per diluted share, in the comparable 2008 period. Operating results for the second quarter of 2008 included a $40 million charge for settlement costs and litigation related to its historical stock option practices. Foreign exchange rates negatively impacted consolidated operating income by approximately $1 million.
Monster ended the second quarter of 2009 with total available liquidity of $493 million, and net cash and marketable securities of $235 million, compared with net cash and securities of $247 million at the end of the 2009 first quarter.
Monster Worldwide reported total revenue of $477 million for the six months ended June 30, 2009 compared to $721 million in the comparable period last year, a 34% decrease, or 28% before the negative impact of foreign exchange rates. Monster Careers revenue declined 37% to $413 million compared with $658 million in the 2008 period. Internet Advertising & Fees reported revenue of $64 million, a slight increase over the $63 million reported in the prior year period. The Company reported a loss from continuing operations of $12 million, or $0.10 per diluted share, compared to income from continuing operations of $42 million, or $0.35 per diluted share in the prior year period.
Ful details of the results are available via Monster’s website.
Related posts:
- Monster Revenue Down 35 Percent in Q3 Monster Worldwide has announced a 35 percent drop in total revenue for the third quarter of 2009....
- Monster Revenue Falls By A Third Monster's first quarter 2009 results show the company is feeling the effect of the global downturn, with total revenue declining by 31% to $254 million, compared with $366 million in the first quarter of 2008. ...
- Monster Buys Yahoo! HotJobs It was only a matter of time. Monster Worldwide has just announced a deal to buy Yahoo! HotJobs for US$225 million. Monster explains it is also entering a three-year commercial traffic agreement in which it will become Yahoo!'s provider of...
- Yahoo! Results Exceed Expectations Fourth quarter results for Yahoo! show a 4 percent decrease in revenue from the fourth quarter of 2008, but this is still a better result than the company was expecting. Revenues were US$1,732 million for the quarter ending 31 December,...
- Monster Worldwide Poised for Recovery Monster Worldwide has been featured by stock market news website barrons.com as a strong long-term investment prospect. ...
Related posts brought to you by Yet Another Related Posts Plugin.
[...] the buzz, Monster Worldwide recorded a 37 percent decline in total revenue for the second quarter of 2009. At the time, Iannuzzi said he remained confident [...]
[...] is the fourth consecutive quarter when Monster’s revenue has declined, with a 37 percent drop in the second quarter of 2009, a 31 percent drop in the first quarter of 2009, and a 16 percent [...]
[...] 2009qtr3. “This is the fourth consecutive quarter when Monster’s revenue has declined, with a 37 percent drop in the second quarter of 2009, a 31 percent drop in the first quarter of 2009, and a 16 percent [...]