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04 February 2010
Monster Worldwide Inc. (MWW:NYSE), the global online employment solutions provider, has announced fourth quarter and full-year 2009 results for the period ended 31 December 2009.
Revenues declined by 27% from $293 million in Q4 2008 to $213 in Q4 2009.
Monster Worldwide generated 42% of its revenues outside the United States and total revenue was positively impacted by approximately $8 million from foreign exchange rate.
Full-year revenues were down by -33% from $1.3 billion in FY 2008 to $905 million in FY 2009. Excluding the impact of foreign exchange rate full year revenues were down by -29%.
Q4 operating income was down from $42.79 million in 2008 to $3.37 million in 2009. Full-year operating income was down from $169.95 million in 2008 to an operating loss of -$8.81 million.
Monster Worldwide Inc. also announces that it has entered into a definitive agreement to acquire the assets of Yahoo! HotJobs, the online recruitment website, from Yahoo! (NASDAQ:YHOO) for $225 million in cash.
Monster and Yahoo! have also entered into a three year commercial traffic agreement, to take effect upon the closing of the acquisition, in which Monster will become Yahoo!'s provider of career and job content on the Yahoo! homepage in the United States and Canada. The traffic agreement calls for performance based annual payments calculated by clicks and expressions of interest, subject to annual floors and ceilings.
In addition, the traffic agreement provides Monster with an exclusive right for a period of time following the closing of the acquisition to negotiate similar traffic agreements with Yahoo! properties on a global basis, including countries in Europe, Asia and Latin America, subject to certain limitations.
Sal Iannuzzi, chairman, chief executive officer and president of Monster Worldwide said "HotJobs with its significant customer base plus the traffic agreement are an ideal complement to Monster's innovative recruitment solutions and global reach."
"These agreements, combined with Monster's career Communities and our recently introduced 6Sense(TM) semantic search technology, will bring substantial new benefits for employers seeking more qualified candidates and job seekers searching for more relevant opportunities across a wider range of industries, globally."
At the close of NYSE trading yesterday Monster's shares were up by 2.37% to $16.42