Monster Worldwide says revenue misses forecast
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Monster Worldwide Inc., owner of the world’s largest Internet job-listing site, said first-quarter sales rose less than forecast as demand slowed in the U.S. Its shares had their biggest drop in almost four years.
New York-based Monster estimated that revenue rose to $328 million to $329 million, a gain of as much as 28%, below the company’s February forecast for sales of $330 million to $338 million.
The sales shortfall follows the company’s admission that executives backdated stock options, prompting founder Andrew McKelvey to leave and forcing Monster to restate nine years of results.
The company will release full first-quarter results April 26.
Shares of Monster dropped $6.41, or 13%, to $42.10.
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