Monster Cuts Profits and Jobs
Monster Worldwide Inc. (NYSE:MWW) will cut about 400 jobs, about 7 percent of its workforce, and do some office consolidations. CEO Sal Iannuzzi feels that companies are holding back and not willing to commit.
First quarter profits are predicted below analysts’ estimates and shares fell about 13 percent in premarket. The company, an online recruitment firm, cites the weak job market in the U.S. and issues with the European economy.
Iannuzzi does not expect the job market to change near-term. So, do those 400 soon-to-be unemployed get a leg up on the competition by working for Monster? Just for appearances, it seems the company would have wanted to say they had found new jobs.
Here’s how Monster is reacting to the news:
Monster Worldwide, Inc. (NYSE:MWW): MWW shares recently traded at $7.21, down $1.77, or 19.71%. They have traded in a 52-week range of $6.34 to $21.62. Volume today was 7,842,207 shares versus a 3-month average volume of 3,416,260 shares. The company’s trailing P/E is 21.08, while trailing earnings are $0.34 per share.