(RTTNews) - Online employment solutions provider Monster Worldwide, Inc. (MWW: News ) Thursday reported a decrease in net profit for the third quarter of fiscal 2009, hurt mainly by lower revenues in a challenging global recruitment market. However, adjusted earnings per share beat Street estimates by a penny. The stock is losing in morning trade, currently down 7% on the NYSE.

For the third quarter, the New York-based company's net earnings were $32.75 million or $0.27 per share compared to $42.78 million or $0.35 per share in the prior year period.

On an adjusted basis, earnings from continuing operations plunged to $1.70 million or $0.01 per share from $48.00 million or $0.40 per share in the 2008-year period.

Adjusted results exclude a $32 million benefit from income tax adjustment related to a reversal of an income tax liability for uncertain tax positions. Adjusted results also exclude a $0.9 million net benefit resulting from pre-tax pro forma adjustments, which include a gain on legal settlements totaling $6.85 million.

On an average, 18 analysts polled by Thomson Reuters expected the company to report breakeven earnings per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped 35% to $214.53 million from $332.19 million in the third quarter of fiscal 2008, reflecting lower global demand for recruitment advertising services. Analysts expected the company to generate revenues of $216.71 million during the quarter.
The operator of job site Monster.com said it generated 42% of its revenues for the third quarter outside the US and that total revenues were negatively impacted by $7.4 million from unfavorable foreign exchange rates.

On a segmental basis, revenues from careers-North America were $95.20 million versus $155.17 million, careers-International segment generated revenues of $84.74 million versus $142.44 million, while revenues from internet advertising and fees rose slightly to $34.59 million from $34.58 million a year ago.

Total operating expenses incurred by the company in the three-month period fell to $211.58 million from $269.62 million in the 2008-year period.

In the preceding second quarter, Monster had reported a net loss of $1.40 million or $0.01 per share compared to net income of $30.83 million or $0.25 per share in the prior-year quarter. Total revenues for the second quarter dropped 37% to $223.10 million from $354.30 million in the second quarter of fiscal 2008.

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