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What: Shares of Monster Worldwide roared higher today, up by as much as 13% after the company reported first-quarter earnings.
So what: Revenue from continuing operations was $212 million, slightly ahead of consensus estimates of $210.5 million. Earnings were in line with forecasts at $0.08 per share on a non-GAAP basis. CEO Sal Iannuzzi said the global economy continues to weigh on the company's results due to a "tepid" employment market.
Now what: Monster has "substantially" completed its corporate restructuring and is on track to cut operating costs by $130 million annually. The company has been trying to sell itself but hasn't made much progress. However, Monster is reassuring investors with a hefty $200 million share repurchase program in the event that no sale materializes. With Monster's market cap currently just over $500 million, that authorization would buy back a substantial chunk of shares outstanding.
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The article Why Monster Worldwide Shares Roared Higher originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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