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Monster Worldwide Reports on Q1 2008

Monster Worldwide, Inc. recently reported financial results for the first quarter ending March 31, 2008. According to the report, total revenue increased 13% to $370 million with careers revenue up 16% and careers international revenue growing 44%. Total revenue grew 13% to $370 million in the first quarter of 2008 from $329 million in the comparable quarter of 2007. Excluding the impact of foreign exchange rates, consolidated revenue grew 8%. Monster Careers revenue increased 16% to $337 million, compared with $290 million in last year's first quarter, led by International revenue growth of 44% to $153 million. North American Careers revenue was $184 million in the first quarter of 2008, flat with the prior year. Internet Advertising & Fees revenue was $34 million compared with $39 million in last year's first quarter. Monster Worldwide's deferred revenue balance at March 31, 2008 grew 16% to $522 million over last year's first quarter balance of $450 million. "During the first quarter, we made solid and steady progress in redefining many critical areas of our global business as the new leadership team continues the transformation which began last year. Monster is certainly not alone in facing the challenges of the slowdown in the US employment market due to weaker economic conditions,” states Sal Iannuzzi, Chairman, President and Chief Executive Officer of Monster Worldwide. Iannuzzi further adds that, “However, we firmly believe that the initiatives we have taken to integrate and align our sales resources, re-energize our brand, launch new products and restructure our operations, together with our geographic diversification, helped our financial performance during this period of weakness in the market."