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TMP posts 'monster' 2Q
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August 1, 2000: 5:43 p.m. ET
Monster.com Web site owner's 2Q soars from the year ago, beats Street
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NEW YORK (CNNfn) - TMP Worldwide, which is best known for its Monster.com employment Web site, reported Tuesday second-quarter earnings that easily beat the analysts' estimate.
After the markets closed Tuesday, TMP posted second-quarter earnings, excluding merger costs, of $20.7 million, or 20 cents per share, compared with $8 million, or 9 cents, for the year-ago quarter. Revenue for the quarter ended June 30 rose 43 percent to $300.7 million from $210.6 million for the year-ago quarter.
Analysts surveyed by First Call had expected TMP (TMPW: Research, Estimates) to earn 16 cents per share for the quarter.
The Maynard, Mass.-based company's stock closed Tuesday at 71-5/16, down 11/16. The stock's 52-week low is 21-3/16.
The company's Monster.com site posted operating income of $13.4 million in the second quarter. The employment site was the 454th registered Web site ever -- giving it a first-mover advantage.
Monster.com's resume database grew from 3.4 to 4 million from the first quarter to the second quarter of 2000, an increase of 18 percent. An average of more than 13,500 new resumes are added to the database each day, TMP said in a news release.
TMP also runs large brick-and-mortar executive recruitment and temporary staffing businesses.
The company's revenue from its Selection and Temporary Contracting division rose 35 percent to $88 million, while Executive Search commissions rose 13 percent to $48.3 million, reflecting what TMP called "the continued strong global labor market and the resulting high demand for professional employees."
However, the company's revenue from yellow pages advertising decreased 15 percent to $23.1 million, reflecting "substantially reduced commissions paid by publishers and the effects of higher discounts for certain large clients." 
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