Chegg: 2Q Earnings Snapshot
Posted Aug 3, 2020 05:58:43 PM.
Last Updated Aug 3, 2020 06:10:38 PM.
This article is more than 5 years old.
SANTA CLARA, Calif. (AP) _ Chegg Inc. (CHGG) on Monday reported second-quarter net income of $10.6 million, after reporting a loss in the same period a year earlier.
The Santa Clara, California-based company said it had net income of 8 cents per share. Earnings, adjusted for stock option expense and amortization costs, came to 37 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The provider of online textbook rental services posted revenue of $153 million in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $136.8 million.
For the current quarter ending in October, Chegg said it expects revenue in the range of $140 million to $145 million.
The company expects full-year revenue in the range of $605 million to $615 million.
Chegg shares have more than doubled since the beginning of the year. In the final minutes of trading on Monday, shares hit $85.93, an increase of 91% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHGG at https://www.zacks.com/ap/CHGG
The Associated Press
