Monster.com lays off 15 per cent of staff

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Monster.com lays off 15 per cent of staff

Job hunting site Monster.com is to lay off 800 employees, around 15 per cent of its total workforce.

The redundancies come after disappointing second quarter results, which saw the company report a 28 percent drop in income. The jobs will come from streamlining support staff and are mainly expected to affect staff in the United States.

"The restructuring plan recognises that we can – and will – do better in driving long-term performance for our shareholders," said Sal Iannuzzi, chairman and chief executive, in a statement.

"Our top priority is to invest in key areas that will improve the customer experience and foster solid revenue growth, while at the same time lowering our cost base and streamlining operations."

The company hopes the cuts will trim US$20m from its annual costs and enable it to report stronger financial results in the fourth quarter, after the costs have been absorbed into next quarter's results.
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