Dice Holdings 3Q profit, revenue down sharply

NEW YORK (AP) — Shares of Dice Holdings Inc. jumped Wednesday as the online recruiting and career development company beat Wall Street estimates of its third-quarter results even as its revenue and profit dropped sharply.

The New York company also forecast 2009 revenue higher than Wall Street expectations.

Net income of $3 million, or 5 cents per share, was down 53 percent from $6.4 million, or 10 cents per share, in the same period last year.

Analysts surveyed by Thomson Reuters expected, on average, earnings of 2 cents per share.

Revenue for the quarter ended Sept. 30 was $26.7 million, down one-third from $39.6 million in the year-ago period.

The company blamed the fall in revenue on a significant decline in recruitment activity. In addition, currency translation from pound sterling to dollars negatively affected revenues by $900,000.

Dice Holdings said it expects revenue for the year to be $108.3 million, higher than the $106 million expected by analysts, according to a survey by Thomson Reuters, but down 30 percent from 2008.

Shares rose 30 cents, or nearly 4.7 percent, to $6.75 in late morning trading.