Monster Revenue Down 35 Percent in Q3
November 2, 2009 by Alice Allan
Monster Worldwide, parent company of US jobs giant monster.com and its international sister websites, has announced a 35 percent drop in total revenue for the third quarter of 2009 compared to the third quarter of 2008.
Monster says its total revenue for the quarter was US$215 million and that 42 percent of its income was generated outside the US. Monster puts the decline in revenue down to lower global demand for recruitment advertising services.
Consolidated operating expenses were $212 million, and income from continuing operations was approximately $33 million, or $0.27 per diluted share. This is down from the third quarter of 2008, when total income from continuing operations was $43 million, or $0.36 per diluted share.
Sal Iannuzzi, Monster Worldwide’s chairman, president and chief executive officer, focused on new releases in his response to the results:
“While the overall global recruitment market remains challenging, we have continued to move aggressively during the downturn to invest and innovate. We are extremely excited about the upcoming launch of our next generation search and match products, which represent industry leading innovation.
The early response we have received from both customers and seekers has been overwhelmingly positive and extremely encouraging. These new products, together with enhanced seeker tools introduced earlier this year, have allowed us to remain the industry leader while improving our value proposition to employers and job seekers.”
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 decline in the last quarter of 2008.
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