By Kosaku Narioka

Recruit Holdings Co. shares rose sharply in Tokyo Thursday morning after the owner of the Indeed and Glassdoor job sites raised its fiscal-year adjusted earnings forecasts and projected costs savings as a result of layoffs at the jobs sites.
The shares were recently 4.6% higher at 3,655 yen after rising as much as 5.4% earlier. The benchmark Nikkei Stock Average was down 0.4%.

Recruit said Thursday that it expected its earnings per share adjusted for non-recurring items to increase 0.8% to Y190.50 in the fiscal year ending March 31, up from its previous forecast of Y180.00, thanks to a drop in share-based compensation expenses for the job sites segment in its fourth quarter.
Recruit projected fiscal-year net profit to drop 9.0% to Y270.00 billion ($2.05 billion) and continued to expect fiscal-year revenue to rise 19% to Y3.425 trillion.
Indeed and Glassdoor said Wednesday that they plan to cut their workforce by about 15%, or 2,200 employees and 140 employees, respectively.
Recruit said it expected about Y18.0 billion of restructuring charges related to employee severance benefits and other associated costs in its fourth quarter.
Still, the workforce reduction will likely lower costs by about $500 million in the new fiscal year staring in April, the company said. Recruit said the job cuts were part of the company’s measures to reduce operating expenses due to the challenging macroeconomic outlook.
Write to Kosaku Narioka at kosaku.narioka@wsj.com