TMP Worldwide Posts Loss; COO to Resign
Bloomberg News and Reuters
TMP Worldwide Inc., the parent of job search site Monster.com, reported a second-quarter loss of $504.1 million and said it would cut 1,000 jobs. The company also said Chief Operating Officer James Treacy would resign.
The loss was $4.53 a share, contrasted with net income of $19.8 million, or 17 cents a share, a year earlier. Sales fell 24% to $291 million. Excluding certain costs and an accounting change, TMP said it would have had a profit of 14 cents a share, matching estimates.
Treacy’s resignation was announced after the stock markets closed, and TMP shares fell $2.23 to $10.55, or more than 17%, in after-hours trading on Nasdaq. The shares closed the regular session up $1 at $12.78.
