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What: Shares of Monster Worldwide (MWW) roared higher today, up by as much as 13% after the company reported first-quarter earnings.
So what: Revenue from continuing operations was $212 million, slightly ahead of consensus estimates of $210.5 million. Earnings were in line with forecasts at $0.08 per share on a non-GAAP basis. CEO Sal Iannuzzi said the global economy continues to weigh on the company's results due to a "tepid" employment market.
Now what: Monster has "substantially" completed its corporate restructuring and is on track to cut operating costs by $130 million annually. The company has been trying to sell itself but hasn't made much progress. However, Monster is reassuring investors with a hefty $200 million share repurchase program in the event that no sale materializes. With Monster's market cap currently just over $500 million, that authorization would buy back a substantial chunk of shares outstanding.
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