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Monster Worldwide Reports Second Quarter and Six Months 2007 Results

Announces Restructuring Plan to Invest in Growth and Reduce Costs

Total Revenue Grows 20% to $331 Million; Careers Revenue Rises 23%

Diluted Earnings Per Share from Continuing Operations at $0.22, Including $0.10 Per Share Relating to Severance for Former Executives and the Stock Option Investigation

Net Cash Balance Increases to $719 Million

NEW YORK--(BUSINESS WIRE)--July 30, 2007--Monster Worldwide, Inc. (NASDAQ:MNST) today reported financial results for the second quarter and six months ended June 30, 2007.

Second Quarter Results

Total revenue grew 20%, or 18% before the benefit of foreign exchange rates, to $331 million in the second quarter of 2007 from $275 million in the comparable quarter of 2006.

Monster Careers revenue increased 23% to $291 million, compared with $237 million in last year's second quarter, led by International revenue growth of 57% to $117 million. Included in International revenue is a $6.0 million benefit from the effect of foreign exchange rates. North American Careers revenue increased 7% to $174 million in the second quarter of 2007, while the Internet Advertising & Fees business grew revenue 5% to $40 million.

Monster Worldwide's deferred revenue balance at June 30, 2007 was $452 million, representing a 30% increase from last year's second quarter balance of $349 million.

Income from continuing operations was $29 million, or $0.22 per diluted share, in the second quarter of 2007. Income from continuing operations includes pre-tax amounts of $5.3 million for legal and professional fees related to the continuing external investigations of the Company's historical stock option grant practices and $15.8 million of previously disclosed severance costs for former executives.

At June 30, 2007, the Company's net cash position was $719 million compared with $674 million at March 31, 2007. Cash generated from operating activities was $53 million compared to $63 million in the second quarter of 2006. Free cash flow was $37 million versus $47 million in the comparable quarter of the prior year. Capital expenditures totaled $16 million in the second quarter of 2007.

Sal Iannuzzi, Chairman and Chief Executive Officer of Monster Worldwide, said, "Our second quarter financial results delivered 20% top-line growth and earnings in line with our expectations. We continued to experience strong performance in our International business, reflecting our efforts to expand market share and brand awareness in key markets in Europe and Asia. However, we are not satisfied with our overall performance. We believe that we are capable of significantly more robust growth and are taking decisive action to increase our investment levels to deliver on the growth opportunities in all of our businesses. As an indication of our confidence in the Company's long-term prospects, we also intend to make active use of the existing share repurchase program authorized by our Board of Directors."

Six Months Results

Monster Worldwide reported total revenue of $660 million for the six months ended June 30, 2007 compared to $532 million in the comparable period last year, a 24% increase, or 22% before the benefit of foreign exchange rates. Monster Careers revenue grew 26% to $582 million compared with $462 million in the 2006 period. Internet Advertising & Fees reported revenue of $79 million, an increase of 12% over the prior year period. The Company reported income from continuing operations of $69 million, or $0.51 per diluted share. Net income for the first six months of 2007 was $68 million, or $0.51 per diluted share.

Restructuring Plan

Following a comprehensive business review, the Company's executive management team announced a series of strategic restructuring actions to position Monster Worldwide for sustainable long-term growth in the rapidly evolving global online recruitment and advertising industries. The restructuring plan consists of the following key initiatives:

    --  A significant commitment to invest in innovative,
        revenue-generating products and services, as well as
        technology upgrades, which will make Monster Worldwide's
        offerings more compelling for employers, job seekers and
        advertisers, while strengthening the Company's infrastructure
        to support long-term growth. In the near term, investments
        also will include additional advertising and promotional
        efforts to reinforce the Monster brand and drive customer
        activity. At the same time, the Company will make investments
        in products, technology and people to provide customers with
        the level of service they expect from the market leader, as
        career solutions continue to shift from print to online.

    --  A substantial reduction in the current cost structure to
        improve productivity, generate greater efficiency, support
        investment, and foster an environment that encourages
        innovation. Specifically, the Company expects to reduce its
        current workforce by approximately 800 associates, or 15% of
        its full-time staff, beginning immediately and into 2008. The
        Company anticipates the majority of the reductions will occur
        by the end of this year. The staff reduction will primarily
        impact non-sales related functions in North America, although
        portions of the global sales force with low productivity rates
        will be affected.

    --  Further streamlining the organizational structure by
        centralizing certain non-revenue generating functions, such as
        human resources and finance, which had operated
        semi-autonomously within each business unit. This follows
        management's decision in early June to realign the business
        operations by function across the entire global organization.

Monster Worldwide expects the cost-saving component of the plan to reduce the current operating expense base by $150 million to $170 million on an annualized basis, through a combination of workforce reductions and the adoption of more efficient methodologies throughout the operations. The Company will invest approximately $80 million on an annualized basis in new product development and innovation, enhanced technology, global advertising campaigns and selective sales force expansion. Included in the $80 million is estimated depreciation expense on incremental capital expenditures in new technology which the Company anticipates will be approximately $50 million.

As a result of the restructuring initiatives, the Company expects to record a cumulative pre-tax charge within the range of $55 million to $70 million, beginning in the third quarter of 2007 and into 2008. Approximately $15 million of the charge will be non-cash, primarily related to fixed asset write-offs and accelerated depreciation for assets to be phased out.

"The restructuring plan recognizes that we can - and will - do better in driving long-term performance for our shareholders," Mr. Iannuzzi added. "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. We will not allow short-term considerations to prevent us from investing in world-class, innovative products that will serve the next-generation of job seeker and employer needs. We are confident that these investments will lead to higher levels of revenue growth and strong operating margin expansion over time."

Mr. Iannuzzi concluded, "While I regret that workforce reduction is a necessary part of our plan, we believe this action is in the best interest of our customers and shareholders. A clearer and more simplified structure will empower our talented associates to innovate, share best practices and leverage the significant strengths that exist at Monster. We're committed to assisting those associates who will be affected as a result of this decision. We remain extremely optimistic about the huge opportunity that exists in the global online recruitment and internet advertising markets, and are confident that our strategy positions us for future growth."

Business Outlook

For the remainder of 2007, the Company's business outlook reflects the anticipated savings and investments of the restructuring plan noted above, as well as other initiatives to improve long-term revenue growth and profitability. Specific assumptions are as follows:


----------------------------------------------------------------------
$'s in millions                                         Full Year 2007
------------------------------------------------------- --------------
Total Revenue                                           $1,340-$1,370
Non-GAAP Operating Expenses*                            $1,070-$1,090
Interest and Other, net                                    $26-$28
Effective Income Tax Rate                                    35%
Losses in Equity Interest                                 $(11)-$(9)

*Non-GAAP operating expenses exclude ongoing costs associated with the
 stock option investigations, related litigation and potential fines
 or settlements; previously disclosed severance costs of $15.8 million
 for former executive officers; and anticipated restructuring charges.
 See below for Notes Regarding the Use of Non-GAAP Financial Measures.

The total revenue outlook for the balance of 2007 assumes that the rate of revenue growth in the third quarter will continue at approximately the same rate as in the second quarter, offset by planned reductions in certain interstitial ads and the elimination of "work-at-home" job postings, with a higher revenue growth rate in the fourth quarter.

Prior to the restructuring, the expected run-rate for 2007 non-GAAP operating expenses would have been $1.097 billion, and expenses were increasing at a faster rate than revenue. The restructuring is expected to reduce the current operating expense base by approximately $150 million to $170 million on an annualized basis, and more closely align future expense increases with revenue growth, while providing $80 million for reinvestment in the business. The plan will also provide the financial flexibility to make further investments in response to potential opportunities.

The Company stated that, by re-energizing growth and controlling expenses, the Company expects to generate an operating margin of 25% by the fourth quarter of 2008.

Supplemental Financial Information

The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://www.monsterworldwide.com/Q207.pdf or through the Company's Investor Relations website at http://ir.monsterworldwide.com.

Conference Call Information

Second quarter 2007 results will be discussed on Monster Worldwide's quarterly conference call taking place on July 30, 2007 at 10:00 AM EDT. To join the conference call, please dial (888) 551-5973 at 9:50 AM EDT and reference conference ID# 10294066. For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#. The call will begin promptly at 10:00 AM EDT. Individuals can also access Monster Worldwide's quarterly conference call online through the Investor Relations section of the Company's website at www.monsterworldwide.com. For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #10294066. This number is valid until midnight on August 1, 2007.

About Monster Worldwide

Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to bring people together to advance their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit www.monster.com. More information about Monster Worldwide is available at www.monsterworldwide.com.

Notes Regarding the Use of Non-GAAP Financial Measures

Monster Worldwide, Inc. (the "Company") has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles ("GAAP") and may be different from non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures, such as operating income before depreciation and amortization, free cash flow and net cash, provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. In addition, the Company's management uses these measures for reviewing the financial results of the Company and for budgeting and planning purposes.

Operating income before depreciation and amortization ("OIBDA") is defined as income from operations before depreciation, amortization of intangible assets and amortization of stock based compensation. The Company considers operating income before depreciation and amortization to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets and amortization of stock based compensation from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. Operating income before depreciation and amortization is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.

Free cash flow is defined as cash flow from operating activities less capital expenditures. Free cash flow is considered a liquidity measure and provides useful information about the Company's ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in the Company's cash position for the period and should not be considered a substitute for such a measure.

Net cash is defined as cash and cash equivalents plus marketable securities, less total debt. The Company considers net cash to be an important measure of liquidity and an indicator of its ability to meet its ongoing obligations. The Company also uses net cash, among other measures, in evaluating its choices for capital deployment. Net cash presented herein is a non-GAAP measure and may not be comparable to similarly titled measures used by other companies.

The Operating Expenses included in the Company's outlook ranges are non-GAAP financial measures within the meaning of Regulation G as promulgated by the Securities and Exchange Commission because, among other things, they do not include legal costs and expenses that the Company will incur as a result of its historical stock option granting practices. Because the Company cannot reasonably estimate or predict these costs and expenses, the Company cannot calculate the most directly comparable GAAP measure of Operating Expenses that would include such legal costs and expenses. Therefore, the Company cannot reconcile the non-GAAP measure to the most directly comparable GAAP measure. While the amount of the legal costs and expenses associated with the Company's historical stock option granting practices is likely to be material, the Company believes that such costs and expenses are of limited significance to an evaluation of the Company's business fundamentals, since such costs and expenses bear little relation to the Company's core business or operating prospects. Additionally, non-GAAP operating expenses exclude severance costs for former executive officers and anticipated restructuring charges. While the aggregate restructuring charge can be estimated, the Company cannot determine the precise amount of the charge to be taken each period. As a result, the Company is unable to reconcile the projected non-GAAP operating expenses to a projection calculated in accordance with GAAP.

Special Note: Except for historical information contained herein, the statements made in this release, including the business outlook, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the Company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, ongoing costs associated with the stock option investigations and lawsuits, costs associated with the restructuring, and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.

                       MONSTER WORLDWIDE, INC.
           UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
               (in thousands, except per share amounts)


                                     Three Months    Six Months Ended
                                     Ended June 30,       June 30,
                                   ----------------- -----------------
                                     2007     2006     2007     2006
                                   -------- -------- -------- --------

Revenue                            $331,149 $275,169 $660,177 $532,205
---------------------------------- -------- -------- -------- --------

Salaries and related                146,153   98,862  268,500  190,415
Office and general                   64,576   43,827  134,993   90,572
Marketing and promotion              78,045   73,212  156,114  139,011
---------------------------------- -------- -------- -------- --------
Total operating expenses            288,774  215,901  559,607  419,998
---------------------------------- -------- -------- -------- --------

Operating income                     42,375   59,268  100,570  112,207

Interest and other, net               6,912    3,940   12,216    7,070
---------------------------------- -------- -------- -------- --------

Income from continuing operations
 before income taxes and equity
 interests                           49,287   63,208  112,786  119,277

Income taxes                         17,406   22,077   39,758   42,488
Losses in equity interests, net     (2,966)  (2,284)  (4,386)  (3,525)
---------------------------------- -------- -------- -------- --------

Income from continuing operations    28,915   38,847   68,642   73,264

Income (loss) from discontinued
 operations, net of tax               (299)      770    (544)    8,615
---------------------------------- -------- -------- -------- --------

Net income                         $ 28,616 $ 39,617 $ 68,098 $ 81,879
================================== ======== ======== ======== ========

Basic earnings per share:

Earnings per share from continuing
 operations                        $   0.22 $   0.30 $   0.53 $   0.57
Income per share from discontinued
 operations, net of tax                   -     0.01        -     0.07
---------------------------------- -------- -------- -------- --------
Basic earnings per share*          $   0.22 $   0.31 $   0.52 $   0.64
================================== ======== ======== ======== ========

Diluted earnings per share:

Earnings per share from continuing
 operations                        $   0.22 $   0.29 $   0.51 $   0.56
Income per share from discontinued
 operations, net of tax                   -     0.01        -     0.07
---------------------------------- -------- -------- -------- --------
Diluted earnings per share*        $   0.21 $   0.30 $   0.51 $   0.62
================================== ======== ======== ======== ========

* Earnings per share may not add
 in certain periods due to
 rounding.

Weighted average shares
 outstanding:

Basic                               130,542  128,551  130,268  127,662
================================== ======== ======== ======== ========

Diluted                             133,121  132,009  133,324  131,390
================================== ======== ======== ======== ========


Operating income before
 depreciation and amortization:

Operating income                   $ 42,375 $ 59,268 $100,570 $112,207
Depreciation and amortization of
 intangibles                         11,543   11,155   21,524   20,927
Amortization of stock based
 compensation                        17,116    3,423   21,478    5,452
---------------------------------- -------- -------- -------- --------

Operating income before
 depreciation and amortization     $ 71,034 $ 73,846 $143,572 $138,586
================================== ======== ======== ======== ========
                       MONSTER WORLDWIDE, INC.
           UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (in thousands)

                            Three Months Ended   Six Months Ended June
                                  June 30,                30,
                           --------------------- ---------------------
                              2007       2006       2007       2006
                           ---------- ---------- ---------- ----------
Cash flows provided by
 operating activities:
  Net income               $  28,616  $  39,617  $  68,098  $  81,879
-------------------------- ---------- ---------- ---------- ----------
Adjustments to reconcile
 net income to net cash
 provided by operating
 activities:
   (Income) loss from
    discontinued
    operations, net of tax       299       (770)       544     (8,615)
   Depreciation and
    amortization of
    intangibles               11,543     11,155     21,524     20,927
   Provision for doubtful
    accounts                   2,630      1,840      5,113      4,664
   Non-cash compensation      17,116      3,423     21,478      5,452
   Common stock issued for
    matching contribution
    to 401(k) plan                 -        858          -      1,854
   Deferred income taxes      (7,605)     2,593     (5,505)     9,329
   Gain on disposal of
    assets                      (572)         -       (572)         -
   Loss in equity
    interests and other        2,966      2,284      4,386      3,519
Changes in assets and
 liabilities, net of
 business combinations:
   Accounts receivable        (4,804)   (21,388)    20,366    (24,450)
   Prepaid and other          (4,202)    (8,248)    (4,204)    (9,740)
   Deferred revenue            2,360      5,544      8,051     21,444
   Accounts payable,
    accrued liabilities
    and other                  7,163     24,478     (1,787)    32,855
   Net cash provided by
    (used for) operating
    activities of
    discontinued
    operations                (2,349)     1,342     (5,332)     5,668
                           ---------- ---------- ---------- ----------
   Total adjustments          24,545     23,111     64,062     62,907
-------------------------- ---------- ---------- ---------- ----------
Net cash provided by
 operating activities         53,161     62,728    132,160    144,786
-------------------------- ---------- ---------- ---------- ----------

Cash flows used for
 investing activities:
   Capital expenditures      (15,602)   (16,127)   (37,214)   (25,543)
   Purchase of marketable
    securities              (317,555)  (608,773)  (682,586)  (943,763)
   Sales and maturities of
    marketable securities    277,903    406,537    589,565    644,538
   Payments for
    acquisitions and
    intangible assets, net
    of cash acquired            (142)   (16,832)    (1,806)   (18,282)
   Investment in
    unconsolidated
    affiliate                      -          -          -    (19,936)
   Net proceeds from sale
    of business                    -     32,950                32,950
   Cash funded to equity
    investee                  (1,600)    (4,800)    (4,100)    (4,800)
   Net cash used for
    investing activities
    of discontinued
    operations                     -          -          -     (2,469)
-------------------------- ---------- ---------- ---------- ----------
Net cash used for
 investing activities        (56,996)  (207,045)  (136,141)  (337,305)
-------------------------- ---------- ---------- ---------- ----------

Cash flows provided by
 financing activities:
   Payments on capital
    lease obligations              -        (87)         -       (363)
   Payments on acquisition
    debt                      (5,552)    (7,480)   (21,862)   (29,685)
   Proceeds from exercise
    of employee stock
    options                   10,006     31,571     53,401     91,165
   Excess tax benefits
    from stock option
    exercises                  5,857      6,049     12,343     17,324
   Repurchase of common
    stock                     (6,716)    (5,879)   (10,042)   (14,416)
   Structured stock
    repurchase, net                -          -          -    (22,758)
-------------------------- ---------- ---------- ---------- ----------
Net cash provided by
 financing activities          3,595     24,174     33,840     41,267
-------------------------- ---------- ---------- ---------- ----------

Effects of exchange rates
 on cash                       1,037      1,167      2,000      1,714

Net increase (decrease) in
 cash and cash equivalents       797   (118,976)    31,859   (149,538)
Cash and cash equivalents,
 beginning of period          89,742    166,035     58,680    196,597
-------------------------- ---------- ---------- ---------- ----------
Cash and cash equivalents,
 end of period             $  90,539  $  47,059  $  90,539  $  47,059
========================== ========== ========== ========== ==========

Free cash flow:

Net cash provided by
 operating activities      $  53,161  $  62,728  $ 132,160  $ 144,786
Less: Capital expenditures   (15,602)   (16,127)   (37,214)   (25,543)
-------------------------- ---------- ---------- ---------- ----------
Free cash flow             $  37,559  $  46,601  $  94,946  $ 119,243
========================== ========== ========== ========== ==========
                       MONSTER WORLDWIDE, INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                            (in thousands)

Assets:                               June 30, 2007  December 31, 2006
                                      -------------- -----------------

Cash and cash equivalents               $     90,539      $     58,680
Available-for-sale securities                630,914           537,893
Accounts receivable, net                     419,033           444,747
Property and equipment, net                  122,077           102,402
Goodwill and intangibles, net                644,631           640,736
Other assets                                 203,375           185,345
------------------------------------- -------------- -----------------
   Total assets                         $  2,110,569      $  1,969,803
===================================== ============== =================

Liabilities and Stockholders' equity:

Accounts payable, accrued expenses
 and other                              $    278,553      $    358,850
Deferred revenue                             452,196           444,145
Long-term income taxes payable                89,910                 -
Other liabilities                             30,169            33,459
Debt                                           1,972            23,664
------------------------------------- -------------- -----------------
Total liabilities                            852,800           860,118
------------------------------------- -------------- -----------------

Stockholders' equity                       1,257,769         1,109,685

------------------------------------- -------------- -----------------
Total liabilities and stockholders'
 equity                                 $  2,110,569      $  1,969,803
===================================== ============== =================
                       MONSTER WORLDWIDE, INC.
               UNAUDITED OPERATING SEGMENT INFORMATION
                            (in thousands)


                            MONSTER
            ---------------------------------------
Three
 Months     Careers  Careers- Internet
 Ended June  - North  Inter-   Advertising          Corporate
 30, 2007    America national  & Fees      Subtotal  Expenses Total
----------- --------------------------------------- --------- --------

Revenue     $174,481 $116,845    $  39,823 $331,149           $331,149
Operating
 income       54,579   12,055        5,211   71,845 $(29,470)   42,375
OIBDA         60,845   17,362        7,750   85,957  (14,923)   71,034

Operating
 margin        31.3%    10.3%        13.1%    21.7%              12.8%
OIBDA
 margin        34.9%    14.9%        19.5%    26.0%              21.5%




                            MONSTER
            ---------------------------------------
Three
 Months     Careers  Careers- Internet
 Ended June  - North  Inter-   Advertising          Corporate
 30, 2006    America national  & Fees      Subtotal  Expenses Total
----------- --------------------------------------- --------- --------

Revenue     $162,816 $ 74,374    $  37,979 $275,169           $275,169
Operating
 income       55,597    2,003       12,563   70,163 $(10,895)   59,268
OIBDA         61,337    7,064       14,235   82,636   (8,790)   73,846

Operating
 margin        34.1%     2.7%        33.1%    25.5%              21.5%
OIBDA
 margin        37.7%     9.5%        37.5%    30.0%              26.8%


                            MONSTER
            ---------------------------------------
Six Months  Careers  Careers- Internet
 Ended June  - North  Inter-   Advertising          Corporate
 30, 2007    America national  & Fees      Subtotal  Expenses Total
----------- --------------------------------------- --------- --------

Revenue     $358,498 $223,051    $  78,628 $660,177           $660,177
Operating
 income      120,457   20,016        9,515  149,988 $(49,418)  100,570
OIBDA        131,995   29,956       14,189  176,140  (32,568)  143,572

Operating
 margin        33.6%     9.0%        12.1%    22.7%              15.2%
OIBDA
 margin        36.8%    13.4%        18.0%    26.7%              21.7%




                            MONSTER
            ---------------------------------------
Six Months  Careers  Careers- Internet
 Ended June  - North  Inter-   Advertising          Corporate
 30, 2006    America national  & Fees      Subtotal  Expenses Total
----------- --------------------------------------- --------- --------

Revenue     $322,814 $138,965    $  70,426 $532,205           $532,205
Operating
 income      110,156    2,768       22,049  134,973 $(22,766)  112,207
OIBDA        119,989   11,788       25,843  157,620  (19,034)  138,586

Operating
 margin        34.1%     2.0%        31.3%    25.4%              21.1%
OIBDA
 margin        37.2%     8.5%        36.7%    29.6%              26.0%

CONTACT: Monster Worldwide, Inc.
Investors:
Robert Jones, 212-351-7032
bob.jones@monsterworldwide.com
or
Media:
Kathryn Burns, 212-351-7063
kathryn.burns@monsterworldwide.com
or
Tara Murray, 978-461-8126
tara.murray@monster.com

SOURCE: Monster Worldwide, Inc.




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