U.S. News

Monster Sees First-Quarter Sales Below Target, Backs 2007 Forecast


Monster Worldwide , parent of jobs Web site Monster.com, said on Wednesday it expects first-quarter revenue below its prior forecast due to slower growth in its North American and Internet advertising businesses, sending its shares down more than 7% before the market's open.

The company said it expects to report revenue of $328 million to $329 million for the quarter, ended March 31, below the $330 million to $338 million range it had previously forecast.

Analysts, on average, expected $333.7 million, with profit forecast at 35 cents a share for the quarter, according to Reuters Estimates.

The New York-based company's shares fell 7.1% to $45.05 in early electronic trading, down from a $48.51 close.

Monster said it expects overall 2007 financial results to meet its previous guidance. The company in February said it expects full-year revenue of $1.36 billion to $1.41 billion.

It did not provide a profit forecast, saying that it was unclear what expenses it would face as a result of a probe into its stock-options practices.

Analysts expect full-year profit of $1.61 a share on revenue of $1.4 billion, according to Reuters Estimates.