The job market is the pits these days. But people are looking for work and Monster Worldwide (MWW), the online job search tool, says that has been good for business. Monster reported total revenue during the first quarter of 2011 of $261.4 million, up 21 percent from the same period a year earlier. Bookings, which represent the dollar value of contractual orders received and are considered by Monster Worldwide a key indicator of future revenues, increased 24 percent to $272 million compared to $219 million reported in the first quarter of 2010.
Net profits came to $78,000, up from a $24.2 million loss during the same quarter a year ago. “These results were driven by the improved value proposition we offer our customers worldwide and the continued global economic recovery," says Sal Iannuzzi, Monster’s chairman, president and chief executive officer.
"We are confident we have the right strategy in place and reiterate our outlook for bookings and revenue growth in 2011 to be in the range of 20 to 25 percent and remain committed to significantly improving profitability."
Results met or exceeded expectations. UBS upgraded the company's recommendation to buy from neutral recently. Avondale initiated coverage at market outperform.
Citi Investment Research & Analysis reiterated a buy recommendation on the stock due to the company's use of social networking sites to tap new business.
Connecting to social
Monster recently launched BeKnown, a professional networking app designed to allow users to establish professional networks on Facebook, the popular social network.
BeKnown users can seamlessly identify and connect with friends and professional contacts from multiple sources, boosting their chances of finding work.
"BeKnown answers the need and challenge in the marketplace for people to build their professional networks on Facebook while keeping personal and work-related contacts and content completely separate," Darko Dejanovic, global CIO and head of product at Monster Worldwide, says in a statement.
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