Monster Worldwide posted lower than expected earnings and happily announced that it was cutting 15% of its full-time staff. Monster management put a happy spin on the layoffs, by first labeling them a "restructuring":
We are raising guidance for this quarter, knowing that our user base will grow by at least 800 people next quarter. We're talking high-end users who can take full advantage of the wide array of services they helped sell or put in place. Remember Monster is the leading global online careers property, that has changed the way people we lay off look for jobs and the way employers look for people we lay off.
Monster posted a 28% drop in net income from the same quarter last year on a 20% increase in revenue to $331 million, below analyst estimates of $337 million.
The market has such faith in Monster's unemployed legions that shares (Nasdaq: MNST) are up almost 3%, after hovering near 52-week lows last week.
Monster slashing 800 jobs [Reuters via CNN Money]