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World – Monster selling Chinese site following sales drop

09 November 2012

New-York based job board Monster Worldwide reported on Thursday that sales and profits declined during the third quarter of the year, primarily caused by weakness seen in the Asian and European markets although bookings in North America held up.

The company announced restructuring plans that include pursuing the sale of ChinaHR. Monster acquired the Chinese recruitment site in 2008 paying US$174 million for a 55% stake.

After the company posted a net loss of US$194.2 million in the third quarter, the firm is keen on cutting costs.

Chief executive Sal Iannuzzi said: “During the third quarter, our bookings in North America were up slightly, while bookings in Europe and Asia were negatively impacted by the challenging economic environment.

“We are implementing a plan to concentrate our resources on our largest markets where we generate the lion’s share of our revenue and profit and where we are experiencing increased customer traction with our advanced technologies.”

Monster has suffered from a weak job market and competition from social networking sites such as LinkedIn. Earlier this year, it was rumoured the company is up for sale after the company called in financial advisers to review “strategic alternatives.”

Revenue in the three months to September fell -11% to US$221.7 million and operating income halved to US$14.6 million. The company has refrained from providing guidance on further bookings. 

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