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Monster reports double-digit increase in revenue

Monster Worldwide today released its financial results for Q1 of 2011, reporting a double-digit increase from 2010.

Monster reported GAAP revenue of $261 million, which included a $2.7 million purchase adjustment related to the HotJobs acquisition.

Monster’s Non-GAAP was $264 million, 23% increase from revenue of $215 million in the first quarter of 2010.

Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, “We had a strong start to the year with first quarter 2011 bookings and revenue growth of 24% and 23%, respectively. These results were driven by the improved value proposition we offer our customers worldwide and the continued global economic recovery. We are confident we have the right strategy in place and reiterate our outlook for bookings and revenue growth in 2011 to be in the range of 20 — 25% and remain committed to significantly improving profitability.”

ERE’s John Zappe said that the news is a solid sign of an improving economy, writing, “Monster’s big tell on hiring trends is the 24 percent year-over-year increase in bookings. The $272.5 million is the value of job posting and resume contracts signed during the quarter. It’s a strong sign of continuing improvement in the worldwide economy, and solid evidence that companies expect to continue to increase their hiring.”

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