Chegg (NYSE:CHGG) earnings for first quarter of 2020 have CHGG stock skyrocketing higher on Tuesday. That’s thanks to its adjusted earnings per share (EPS) of 22 cents on revenue of $131.59 million. These are both above Wall Street’s estimates of 15 cents per share and revenue of $122.73 million.
Here are some additional highlights from the most recent Chegg earnings report.
- Adjusted per-share earnings for the quarter come in 26.7% higher than 15 cents in Q1 2019.
- Revenue is sitting up 35.1% from $97.41 million in the same period of the year prior.
- Operating income of $3.28 million is an increase year-over-year from an operating loss of $1.03 million.
- The Chegg earnings report also includes a net loss of $5.71 million.
- That’s a 32.2% wider net loss than the $4.32 million reported during the same time last year.
Dan Rosensweig, CEO of Chegg, said this in the Q1 earnings report:
“In these difficult times Chegg performed ahead of our expectations and we are grateful to have helped so many students. Our belief is that, in every industry, a crisis often accelerates the inevitable and that is what we see happening in higher education.”
Chegg also includes guidance for the second quarter of 2020 in its current earnings report. This has it expecting revenue ranging from $135 million to $137 million. Wall Street’s estimate is for revenue of $123.81 million during the quarter.
CHGG stock was up 36% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.