Monster (NYSE: MWW) Reports 23 Percent Drop in 3Q Earnings

Rochester, New York 10/30/2009 06:15 PM GMT (TransWorldNews)

Monster Worldwide Inc. (NYSE: MWW) saw its shares drop Friday, a day after the online job search site posted a 23 percent decline in its third-quarter earnings, according to Associated Press.

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Analyst James Janesky of Stifel, Nicolaus said in a client note that the results show demand for online recruitment services continued to worsen in the quarter.

Monster earned $32.8 million, or 27 cents per share, for the three months ended Sept. 30 compared with $42.8 million, or 35 cents per share, a year ago. Excluding an income tax benefit, it earned a penny per share.

Analysts polled by Thomson Reuters, which tend to strip out one-time gains and losses from their estimates, expected break-even earnings per share.

Janesky said that exceeding analyst expectations was "mainly expense driven" and he slightly increased his 2009 earnings estimate to 4 cents per share from 3 cents.

He reduced his 2010 estimate to 7 cents per share from 10 cents on higher expenses offsetting increased revenue from Monster's Internet and advertising fees.

Analysts surveyed by Thomson Reuters expect Monster to earn 5 cents per share this year and 13 cents per share for 2010.

Shares fell 99 cents, or 6.2 percent, to $14.98 in noon trading.

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