Chegg (NYSE:CHGG) earnings for the American education company’s second quarter of 2020 have CHGG stock heading higher after markets closed on Monday. That’s thanks to its adjusted earnings per share of 37 cents coming in above Wall Street’s estimate of 32 cents. Its revenue of $153.01 million also beats out analysts’ estimate of $136.61 million.
Here’s what else is worth mentioning from the most recent Chegg earnings report.
- Adjusted earnings per share are up 60.9% from 23 cents during the second quarter of 2019.
- Revenue for the quarter comes in 63% higher than the $93.86 million reported during the same time last year.
- Operating income of $22.06 million is a 223.5% increase year-over-year from $6.82 million.
- The Chegg earnings report also has it reporting a net income of $10.59 million.
- That’s a positive shift from the company’s net loss of $2.03 million in the same period of the year prior.
Dan Rosensweig, CEO of Chegg, said this during the earnings report.
“Chegg was built with a belief that learning would move increasingly online and we have always bet on that inevitability. The COVID-19 pandemic has accelerated that shift and it is now clear that learning tools and academic support must be available online, affordable, on-demand, tailored to the individual learner, and geared towards the skills needed in the modern workforce.”
Chegg also provides guidance for the full year of 2020 in the current earnings report. It expects revenue for the year to come in between $605 million and $615 million. That looks good next to Wall Street’s estimate of $551.05 million for the year.
CHGG stock was up 3.1% after-hours Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.