Bookings in Europe were up 13%, excluding the DWP that was down 16%. Economic indicators in Europe throughout the quarter were weaker than was generally forecasted. Euro area unemployment was an all-time high. According to Eurostat, and it is widely believed that many countries within Europe sank set into recession. We believe that the decline in Monsters' European bookings reflected this economic uncertainty and does not reflect a competitive concern.Bookings in Asia-Pac were flat year-over-year despite the general cooling of Asian economy. While bookings of our Korean business declined 3%, the business continues to be extremely profitable and is well positioned to retain its growth, when the Korean economy picks up. Bookings in China increased by 4% and India, 2%.
Monster Worldwide's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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