Chegg Inc. said its normalized net income for the fourth quarter amounted to 6 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.
EPS decreased 49.4% year over year from 12 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.7 million, a decline of 45.4% from $10.5 million in the prior-year period.
The normalized profit margin dropped to 4.2% from 12.4% in the year-earlier period.
Total revenue declined 19.3% year over year to $68.2 million from $84.4 million, and total operating expenses decreased 12.8% from the prior-year period to $58.9 million from $67.6 million.
Reported net income grew from the prior-year period to $3.6 million, or 4 cents per share, from $1.7 million, or 2 cents per share.
For the year, the company's normalized net income totaled a loss of 37 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 8 cents.
EPS was a loss of 42 cents in the prior year.
Normalized net income was a loss of $32.4 million, compared with a loss of $35.2 million in the prior year.
Full-year total revenue declined on an annual basis to $301.4 million from $304.8 million, and total operating expenses decreased year over year to $353.2 million from $361.7 million.
The company said reported net income came to a loss of $59.2 million, or a loss of 68 cents per share, in the full year, compared with a loss of $64.8 million, or a loss of 78 cents per share, the prior year.