Monster Worldwide Says Revenue Misses Views

Online job-posting company Monster Worldwide Inc. said its third-quarter revenue will miss Wall Street expectations as a weak year for bookings hurt the top line.

Monster Chief Executive Tim Yates said that while the company is "gaining traction" in North America, results in the period were hurt by "the continued pressure on our core traditional product offerings combined with the weakness in bookings in prior quarters." Revenue in North America fell by 16% year-over-year.

Monster said it expects revenue from continuing operations to be in the range of $143 million to $145 million, down about 14% from the prior-year period. Analysts, on average, forecast $153 million, according to Thomson Reuters.

The results come as MediaNews Group Inc., an activist investor with a nearly 12% stake in Monster, last week said it opposes Monster's $429 million deal to sell the company to Randstad Holding NV. MediaNews Group called the deal "selling at the bottom," and has tried to rally shareholder support.

The Randstad transaction is expected to close during the fourth quarter of 2016. The company expects to release complete results for the third quarter on Oct. 21.

Monster shares edged up 0.6% to $3.53.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

October 06, 2016 10:55 ET (14:55 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.