Monster Worldwide Inc’s second-quarter profit more than halved from a year earlier and the online recruitment firm forecast weak results for the current quarter due to soft demand in Europe, sending its shares down 20 percent to a record low.
The company did not provide an update on the strategic review it announced five months ago except to say that it was proceeding as planned.
“Over the second quarter, the situation (in Europe) did deteriorate further in that more countries slowed down,” Chief Executive Sal Iannuzzi said on a call with analysts. “The issue and the slowdown or the caution has spread to the entire continent.”
The parent of Monster.com, which has been hit by a weak job market and growing competition from social networking websites such as LinkedIn, said it expected to earn between 2 cents and 7 cents per share in the third quarter. Wall Street analysts had forecast earnings of 9 cents per share.
Read More: Reuters