Monster slashes 200 jobs worldwide By Rodney H. Brown
Monster Worldwide Inc., the jobs services company based in New York whose Monster.com division is in Maynard, has eliminated 200 jobs out of its global work force, which now stands at 5,600.
Matthew Henson, vice president of public relations, said that the job cuts entailed “less than 100 people in both Cambridge and Maynard,” with the remainder throughout the rest of the work force.
The cuts began late last week, Henson said, and continued into early this week. There was no connection to Monster’s recent acquisition of HotJobs from Yahoo Inc. Earlier this month Monster (NYSE: MWW) paid $225 million in cash for HotJobs, an online recruitment website.
Earlier on Monday, Stifel, Nicolaus & Co. analyst James Janesky raised his ratings on Monster from Hold to Buy on the strength of its buy of HotJobs and the relaunch of the Monster.com website.
Henson said the job cuts were “consistsent with our ongoing strategy.”
“As we have been doing for the past 24 months, we continue to re-structure, re-organize and, importantly, re-invest in ways that we believe are necessary to meet our ever-growing and changing business needs,” Henson said in an e-mail.
In July, Monster announced that it would open a new research and development facility in Cambridge’s Kendall Square, for which it was recruiting 80 technical positions at the time.
Monster’s profit has been on a swing, showing a loss in the quarter ending June 30, 2009 of $1.37 million, a profit in the third quarter of $32.75 million and a loss in the last quarter of 2009 of $2.1 million, all on quarterly revenue of around $223 million, $214 million and $213 million respectively.
