UPDATE 2-Monster beats expectations, cites cost-cuts

* Q1 shr ex items break-even vs loss of $0.11 expected

* Revenue down 31 pct to $254 mln

* Avoided layoffs by cutting costs (Adds comments from CEO interview)

NEW YORK, April 30 (Reuters) - Jobs website operator Monster Worldwide Inc (MWW.N) swung to quarterly net loss in the first quarter but beat Wall Street expectations as it curtailed capital spending and cut costs by freezing incentive pay and other measures.

The company will not pay cash incentives this year, stopped 401(k) contributions and merit increases, and used attrition to cut its headcount to about 5,200 people from 5,600, Chief Executive Sal Iannuzzi told Reuters.

"It allows us not to have to lay off people, certainly at this point," Iannuzzi said.

Monster will ask its board to make future incentive payments in stock, not cash, Iannuzzi said. If current trends were to continue, the company could reduce costs by $200 million this year. It will turn to job cuts if recent signs of stabilizing demand prove fleeting. [ID:nN30543576]

Monster reported a net loss of $10.3 million, or 9 cents per share, compared with a profit of $22.6 million, or 18 cents per share, a year earlier.

Stripping out items, Monster broke even. Analysts, on average, expected a loss of 11 cents per share, according to Reuters Estimates.