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Monster Worldwide, the global online job provider, yesterday announced its forecast for a weak start to the year, saying that it will have to cut jobs as it does not expect the global job market to recover in the near future.
This news comes after the company’s reported its fourth quarter results yesterday. "The progress we saw in the fourth quarter was much slower than what we saw earlier in the year," Monster CEO Sal Iannuzzi told Reuters in an interview. "But the situation is not similar to 2008."
The company expects its first-quarter results for 2012 to drop by 6% to 10%, to 4 cents a share. According to Reuters, analysts were estimating 9 cents a share. In the last year, Monster's shares have overall lost a third of their value.
Shares in the company, which will reduce its global workforce by roughly 7% or 400 jobs, tumbled 15% on the New York Stock Exchange yesterday.
Monster is based in New York and is regarded as one of the largest employment websites in the world.