New York: Global online recruiting company Monster Worldwide today announced a net loss of $10.3 million for the first quarter ended 31 March, 2009, largely due to the global economic slowdown.
Commenting on the results, Monster chairman, president and chief executive officer Sal Iannuzzi said: “As anticipated, the challenging global economy continued to severely impact customer demand during the first quarter of 2009.”
The company had a net income of $22.5 million in the corresponding quarter a year ago, a Monster Worldwide statement said.
Iannuzzi further said: “our strict and disciplined approach to cost containment enabled us to preserve our liquidity position, maintain necessary investments and report a break-even quarter.”
Monster’s total revenue declined 31% to $254 million, compared with $366 million in the comparable quarter of 2008.
The online recruiting company generated 43% of its revenue outside the United States and total revenue was negatively impacted by $27 million from unfavourable foreign exchange rates.