Despite expectations, Monster today announced its quarterly earnings increased thanks to international sales growth and efforts to contain costs, while the company also announced plans to list with the NYSE.
Monster reported earnings during Q3 rose to $42.7 million, or 35 cents per share, compared to $33.3 million, or 25 cents per share, last year. The company reported total revenue of $332 million, compared to $330 million last year.
During the quarterly financial earnings call, CEO Sal Iannuzzi said the company is doing everything it can to maintain a reasonable return for shareholders without sacrificing future growth of the company.
“There is no doubt that the global economy has slowed down significantly and is affecting all businesses,” he said. “Monster is no exception.”
In an effort to “leave no stone unturned,” the company announced that it filed an application to list its shares with the New York Stock Exchange under the symbol MWW. Monster expects to begin trading with the NYSE Nov. 10. Further, Iannuzzi announced his plan to purchase $1 million worth of MNST shares, while CFO Timothy Yates will purchase $500,000 worth of shares.
Yates noted Monster completed its acquisition of China HR earlier this month, a move that should help the company expand its global markets. The company recently realigned its global functions in an effort to save money, as well as added 130 sales personnel and opened new facilities in the Czech Republic and North Carolina.
Looking ahead, Yates said he believes the company’s operating expenses will decrease during Q4, though not at the same rate as Q3 compared to Q2.
During the company’s Q2 financial earnings call, Iannuzzi announced plans to revamp the site, with a new focus on quality, not quantity. Part of that plan is to invest marketing money into a relaunch of the job seeker portion of the site in January, as well as renovate the employer portion of the site. This will be the company’s biggest overhaul since the inception of the site.
Iannuzzi touched on these plans during the Q3 call, saying Monster will continue to invest in its future, while modifying short- and long-term strategies during the current economic turmoil.
“We are very confident in the company’s long-term potential,” he added.
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