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Monster Profit Falls, To RestructureFiled at 7:46 a.m. ET NEW YORK (Reuters) - Monster Worldwide Inc. , parent of jobs Web site Monster.com, reported lower-than-expected quarterly earnings on Monday and announced a restructuring plan that includes cutting 800 jobs, or 15 percent of its full-time staff. The company said net income was $28.6 million, or 21 cents per share, compared with $39.6 million, or 30 cents per share, a year earlier. Earnings from continuing operations, including a 10-cent charge for severance for former executives and its stock options investigations, were 22 cents per share. Without the charge, earnings were 2 cents below the 34-cent Wall Street consensus forecast, according to Reuters Estimates. Sales rose 20 percent to $331 million, below forecasts of $337 million. Monster said it would immediately begin cutting 800 jobs, mostly in North America and outside its sales functions. It will also take steps to centralize functions like finance and human resources, and said it aims to cut operating expenses by $150 million to $170 million per year. Monster will take a pre-tax charge of $55 million to $70 million beginning in the third quarter. It said it expected full-year revenue in a range of $1.34 billion to $1.37 billion, compared with current estimates of $1.37 billion. (Additional reporting by reporting by Martinne Geller) Tag CloudExternal InformationAdditional InformationCyberfamilias: I Think This Song Is About Me...Over the Line at C.E.S.... German Court Shoots Down Computer Surveillance... Russia Launches Navigation Satellites... Where Am I?News Main Page - Business - Monster Profit Falls, To Restructure |
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