Blog Post

Earnings: Monster’s Q2 Profit Falls 27.8 Percent; Plans To Layoff 800 Staffers

Jobs site Monster Worldwide (Nasdaq: MNST) reported Q2 income fell 27.8 percent to $28.6 million from $39.6 million the year before. In its earnings statement, the company also said is cutting 15 percent of its full-time staff — 800 employees — beginning immediately and into 2008. The restructuring, including the layoffs and what Monster calls other cost-saving measures, is designed to reduce operating expenses by $150-$170 million on an annual basis. As a result of these initiatives, Monster expects to record a pre-tax charge within the range of $55-$70 million, beginning in Q307 and into next year. Other highlights from Monster’s Q2 report included:

— Revenue grew 23 percent to $291 million, compared with $237 million last year, largely due to international revenue gains of 57 percent to $117 million.

— North American careers revenue increased 7 percent to $174 million, while revenue from the Internet Advertising & Fees business was up 5 percent to $40 million. More to come. Earnings release | Webcast (10:00 a.m. EST)