Monster Worldwide Warns Of Third-quarter Revenue Weakness

Monster Worldwide Inc. said Thursday it expects third-quarter revenue to fall about 14% as it grapples with pressure on its core product offering and weak bookings. The recruitment company said it expects revenue to range from $143 million to $145 million vs. $167.1 million a year ago. The current FactSet consensus is for third-quarter revenue of $153 million. "While we are gaining traction in North America as a result of our new product initiatives and pay per click business, the continued pressure on our core traditional product offerings combined with the weakness in bookings in prior quarters has resulted in a decline in third quarter 2016 revenue in North America of 16% on a year over year basis," Chief Executive Tim Yates said in a statement. The company, which is being acquired by Randstad for $3.40 a share in cash, is expecting to report third-quarter earnings on Oct. 21. The Randstad deal is expected to close during the fourth quarter. Shares were inactive premarket, but are down 39% in the year so far, while the S&P 500 has gained about 6%.