TMP Worldwide

(TMPW)

, parent company of online career portal

Monster.com

, reported a steep drop in third-quarter earnings Wednesday, citing a slump in the nation's job market.

New York-based TMP posted net income of 12 cents a share, compared with 23 cents a share in the same period a year ago. Excluding restructuring charges and special items, TMP said it earned 14 cents a share, in line with analysts' expectations, but well short of the 40 cents a share it earned a year earlier.

"While Monster North America and our directional marketing division performed well, our staffing and search businesses were adversely affected by the prolonged slowdown in economic activity and sluggish European markets," the company said in a press release.

Looking ahead, the company said it will continue to "right-size" its business, and that previous guidance is no longer applicable because it plans to spin off two of its job-placement units into a separate company. The company said it would provide an update on its business at an analyst meeting in early December.

The shares slipped 86 cents, or 5.4%, to $14.91 in after-hours trading on Instinet.