Chegg Inc CHGG shares are trading higher by 3.2% at $82.30 Tuesday morning after the company reported better-than-expected second-quarter EPS and sales results and raised guidance.
Chegg reported quarterly earnings of 43 cents per share which beat the analyst consensus estimate of 37 cents per share. Chegg also reported quarterly sales of $198.48 million which beat the analyst consensus estimate of $189.94 million.
Andy Brown, CFO of Chegg remarked: "Looking at Q2 results, total revenue grew 30% during the quarter to $198 million driven by 38% growth in Chegg Services revenue to $174 million, with Chegg Services subscribers growing to 4.9 million in the quarter."
"To put this in perspective, both revenue and subscribers have more than doubled in the past two years as we have benefited from our investments in content, product, technology and global penetration. Our laser-like focus in “putting students first”, has led to a brand that is second-to-none with students, because we offer a trusted platform that delivers positive learner outcomes with services that are online, on demand, that can be accessed anywhere, any place, anytime," Brown stated.
Chegg is an American educational services company that specializes in textbook rentals, course assistance and online tutoring.
Chegg has a 52-week high of $115.21 and a 52-week low of $62.84.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
