Monster Worldwide discusses growth in the online job recruitment market (MNST)

Monster Worldwide (ticker: MNST) CEO Andy McKelvey presented at the Deutsche Bank Securities Media Conference on June 8th. He was asked by Deutsche Bank analyst Jeetil Patel about the sources of Monster's future growth: how much of Monster's growth will come from cyclical employment growth, how much from international expansion, and how much from local and regional growth? Here's his answer:

…I would say the cyclical is probably the smallest component of those pieces. The next one is probably international today. Its growth rate is really high, but remember it's… only 22% of the total revenues. So the top one is going to come back to growth in the core business really as the main driver.

…in the first quarter… we saw very good growth in new customers. New customer count was up 28% year-over-year. And then the e-commerce business was up 35%. We've looked at some numbers recently to look at the Fortune 1000. Andy kind of described two sets of customers. The small customers. That's where we're seeing this high 20% growth rate. In the big customers, the Fortune 1000, we, as Andy said, do business with probably 2/3 of those companies right now. And if you look at the revenue per account from those businesses, we are running in the high 28, 29% year-over-year growth in the Fortune 1000. So, I think it gives you a sense it's pretty balanced between the two vectors of penetrating the big accounts more deeply and adding smaller accounts, with a little bit of pricing and Europe on top of that.

(Quotes are from the CCBN StreetEvents transcript.)

MNST chart below.

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