Define "irony": Monster.com to slash 800 jobs.....

[marmar]

from Bloomberg:


Monster to Cut 800 Jobs; 2nd-Quarter Profit Drops (Update3)
By Tim Mullaney

July 30 (Bloomberg) -- Monster Worldwide Inc., the world's largest network of online job-hunting sites, said it will cut 800 jobs, or 15 percent of its staff, after profit fell. The shares rose on the plan to reduce costs.

Second-quarter net income slid 28 percent to $28.6 million, or 21 cents a share, from $39.6 million, or 30 cents, a year earlier, the New York-based company said today in a statement. Sales rose 20 percent to $331.1 million, missing the $337 million average estimate of 15 analysts.

Monster expects the job cuts to save as much as $170 million a year. Sales in North American job listings, the company's largest business, rose 7 percent, missing the 11 percent forecast of Citigroup analyst Mark Mahaney. Monster said operating profit will increase to 25 percent of sales by late 2008 from 19 percent in the second quarter.

``We're prepared to invest half of whatever we save back in the company,'' Chief Executive Officer Sal Iannuzzi, who took over in April, said an interview.

Results included 10 cents a share in severance and costs from a probe of backdated stock options that led the company to restate results. Excluding that, profit was 32 cents, missing the 34-cent average estimate of 15 analysts surveyed by Bloomberg. Thomson Financial projected 32 cents.

2007 Forecast

Monster cut its 2007 revenue forecast to $1.34 billion to $1.37 billion, from $1.36 billion to $1.4 billion previously. Analysts projected $1.37 billion, according to the average of 19 estimates in a Bloomberg survey. ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601103&sid=a.2oOArdhU4g&refer=news

[Trillo]

1. I know someone who put their resume up there.

Zero response.

Seems like they were just collecting a database of skills and past employment history for some undisclosed reason.

[zehnkatzen]

2. They're supposed to help me get access to employment...

...when they can't even hold on to their own?

I was going to try Monster again. I think I've just remade that decision.

[shain from kane]

3. "...who took over in April..." He's got to make his mark. Quietly continues to

hire new people. Mixes it up for present employees. Over burdens remaining employees, until some financial advantage is obtained. Typical strategy in the business world. Wakes up in the morning, reads that someone is cutting staff, feels that he has to do the same thing.

[Ezlivin]

4. US Web Developer: $70/hour; Offshore Web Developer: $5/hour

Four years to an undergraduate degree, 10 years building a business and now I have to compete with very skilled web developers in other countries. I guess my only recourse is to move in with 20 other web developers into an unlit, un-air-conditioned hovel and sleep on the floor. (That's how many of my "competitors" live, believe it or not.)

When Bush says to "go back to college" to earn another degree to remain competitive, I always want to ask "What degree program can I choose that won't be outsourced?"

Of course if I weren't in this wheelchair I could go out and get any of the day laborer jobs that are offered all around the D/FW area; all I need to do is pick up some Spanish language skills and be willing to work for $30 cash daily.