Chegg: 2Q Earnings Snapshot
SANTA CLARA, Calif. (AP) _ Chegg Inc. (CHGG) on Monday reported a loss of $3.9 million in its second quarter.
On a per-share basis, the Santa Clara, California-based company said it had a loss of 3 cents. Earnings, adjusted for stock option expense and amortization costs, were 12 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The provider of online textbook rental services posted revenue of $74.2 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $70.2 million.
For the current quarter ending in October, Chegg said it expects revenue in the range of $68 million to $69.5 million.
The company expects full-year revenue in the range of $306 million to $311 million.
Chegg shares have increased 56 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $25.47, an increase of 80 percent in the last 12 months.