Monster Cutting Jobs

Shares rise on a restructuring plan.
Author:
Publish date:

Monster.com (MNST) - Get Report shares rose 4% in early trading after the online jobs company set plans to fire 800 workers.

The New York-based company said it will cut its staff by 15% in a restructuring beginning now and running through next year. Monster will take a charge of $55 million to $70 million to cover the costs of the move.

"While I regret that workforce reduction is a necessary part of our plan, we believe this action is in the best interest of our customers and shareholders," said CEO Sal Iannuzzi. "A clearer and more simplified structure will empower our talented associates to innovate, share best practices and leverage the significant strengths that exist at Monster. We're committed to assisting those associates who will be affected as a result of this decision."

Monster also posted a drop in second-quarter earnings despite a 20% revenue rise.

Shares rose $1.41 to $39.31.