NEW YORK (AP) — Job listing company Monster Worldwide Inc. said Thursday it would cut its global workforce by 400 people, or 7 percent, as the weak economy hurts its business.
The cuts, along with other planned moves, are expected to save $100 million per year. They were announced as Monster reported fourth-quarter net income that fell short of analysts' expectations, even as it slashed payroll and marketing costs to cope with a revenue decline.
Its outlook for the current quarter was also well below analysts' expectations and shares plunged $1.61, or 18 percent, to $7.37 in afternoon trading.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
