NEW YORK (AP) -- Shares of Monster Worldwide Inc. jumped Thursday after the online job search company said that its first-quarter net income rose 33 percent as it cut costs. Investors also drove the stock up because revenue for the quarter beat Wall Street expectations.
Monster also said Thursday that its board authorized a $200 million stock buyback program over the next two years and that it's still in discussions about the possible sale of the company or another alternative.
The New York-based company reported net income of $5 million, or 4 cents per share, in the three-month period ending March 31. That compares to $3.7 million, or 3 cents per share, in the same period a year ago.
Excluding certain items, the company said it earned 8 cents per share, matching what Wall Street analysts were expecting, according to FactSet.
Total revenue fell 9 percent to $212 million from $233.8 million, but it was still above the $210.5 million that analysts expected.
Monster Worldwide said that its total operating expenses fell 9 percent to $211.1 million from $233 million.
For the current quarter, the company expects earnings between 6 cents per share and 10 cents per share. Analysts expect earnings of 8 cents per share in second quarter.
Monster said in March 2012 that it was considering "strategic alternatives." The company has exited operations around the world, including in Brazil, Mexico and Turkey. It said Thursday it has substantially completed a restructuring that trimmed its operating expenses by about $50 million per year.
Shares of the company rose 45 cents, or 10.5 percent, to $4.74 in afternoon trading Thursday. The stock is still down about 16 percent for the year to date.
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