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Chegg Q2 loss widens 44.9% YOY

Chegg Inc. said its normalized net income for the second quarter amounted to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share loss widened 39.0% year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $6.2 million, compared with a loss of $4.2 million in the year-earlier period.

The normalized profit margin dropped to negative 12.8% from negative 6.3% in the year-earlier period.

Total revenue decreased 20.9% on an annual basis to $53.0 million from $67.1 million, and total operating expenses declined 15.0% on an annual basis to $62.8 million from $73.8 million.

Reported net income totaled a loss of $9.0 million, or a loss of 10 cents per share, compared to a loss of $10.1 million, or a loss of 12 cents per share, in the prior-year period.