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Chegg Q1 loss widens 9.9% YOY

Chegg Inc. said its normalized net income for the first quarter amounted to a loss of 22 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share loss increased 6.5% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $18.7 million, compared with a loss of $17.0 million in the prior-year period.

The normalized profit margin climbed to negative 20.2% from negative 22.9% in the year-earlier period.

Total revenue grew 14.1% year over year to $84.9 million from $74.4 million, and total operating expenses grew 12.9% on an annual basis to $114.8 million from $101.7 million.

Reported net income totaled a loss of $28.5 million, or a loss of 34 cents per share, compared to a loss of $25.8 million, or a loss of 31 cents per share, in the prior-year period.