Monster Worldwide names former leader Yates as new CEO

MarketsAssociated Press

Monster Worldwide Inc. on Tuesday named a new CEO and reported a better-than-expected quarter, sending its shares soaring.

The online job search company said that Timothy Yates, a director at Monster and former chief financial officer, is taking over as CEO following Salvatore Iannuzzi's resignation.

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Monster said that Iannuzzi stepped down from the CEO post for personal reasons and will continue to serve as a director and non-executive chairman of the board.

Shares jumped 14.8 percent to $4.19 in midafternoon trading.

Monster also reported a third-quarter loss of $1.7 million, or 2 cents per share. It earned 5 cents per share on an adjusted basis, surpassing Wall Street expectations. Analysts surveyed by Zacks Investment Research were, on average, anticipating 3 cents per share.

The New York-based company posted revenue of $191.2 million in the period, also topping Street forecasts. Analysts expected $189.6 million, according to Zacks.

Monster said that it expects its per-share earnings to range from 4 cents to 8 cents for the current quarter.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. MWW stock research report from Zacks.