Boston, MA 05/06/2014 (wallstreetpr) – Monster Worldwide, inc. (NYSE:MWW) delivered solid result for the first quarter driven by growth in North America and Careers international business. This marked a continuation in the company’s growth plan that has included the acquisition of social technology players TalebtBin and Gozaik. The new acquisition represents a key component designed to enable a un-paralleled value for advertising jobs and sourcing talent.
During the first quarter Monster Worldwide also completed the acquisition of 5 million shares, acting as one of the company’s strategies to enhance shareholder value. Monster repurchased the shares at an average share price of $7.88 for approximately $40 million. Since the second quarter of 2013, monster has repurchased a total of 26 million shares at an average of $5.71.
First quarter results
Revenue for the quarter was flat sequentially compared to the fourth quarter and down by 7% compared to the first quarter of 2013. This is one of the main reasons why Monster Worldwide, inc. (NYSE:MWW)’s shares has been plummeting in the markets. Revenue for the quarter came in at $198 million. Internet Advertising & fees revenue for the quarter sunk to $16 million down from $18 million in the first quarter of 2013.
The decline in operating expenses for the quarter by 6% to $199 million did not have enough impact on the company’s earnings. Net income consequently for the quarter plummeted to $2 million or $0.02 per share, down from earnings of $0.04 per share or $5 million reported in 2013.
Monster Worldwide expects its second quarter Non GAAP earnings per share from continuing operations to come in the range of between $0.07-$0.11 excluding $9 million that will be used for stock based compensation.
Strategy Briefing Day
Monster Worldwide has also confirmed it will be hosting a strategy briefing on May 14, 2014 at its corporate headquarters in Weston MA. Monster Worldwide, inc. (NYSE:MWW)’s senior management team will be in attendance to present the company’s strategic growth plan, as well as new product initiatives.
