Monster Reports Strong Q2

By: E&P Staff

Monster Worldwide reported today that total revenue grew 36% to $295.8 million in Q2 compared to the same period a year ago. Monster revenue increased 39% to $275.2 million. Monster Career revenue advanced 38% to $237.2 million. Internet Advertising and Fees rose 46% to $38 million. Advertising and Communications — which includes only North America — increased 9% to $20.6 million.

?All of our business units made solid contributions to the quarter?s strength,? Andrew McKelvey, chairman and CEO of Monster, said in a statement. ?Monster Careers North America continued to serve as the cornerstone of our growth, delivering a 29% increase in revenue again this quarter.?

Yesterday, the company announced it had formed one of its first major newspaper partnerships with Philadelphia Media Holdings, the owners of The Philadelphia Inquirer and Daily News.

In a note released today, Goldman Sachs called the results ?very positive? but warned the key issue facing the company in the next 12 months depends on the overall health of the employment market, which is expected to slow.

Prudential Equity Research said in note that though Monster?s stock has taken a beating, the company still is solid. ?We believe the stock is undervalued and presents a good entry point for investors.?

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