Why Chegg Stock Chugged 9% Higher on Friday
Although we're in the thick of the summer, school was definitely in session for online education company Chegg (NYSE: CHGG) on the last trading day of the week. On the back of very encouraging quarterly results, investors eagerly raised their hand for the stock, sending it 9% higher on the day.
According to the figures published after market hours by Chegg on Thursday, the company's total net revenue for its second quarter was just under $195 million, representing a slight (2%) year-over-year decline. Non-GAAP (adjusted) net income saw a steeper fall, lowering to nearly $55 million ($0.37 per share) from the year-ago result of almost $72 million.
Despite the drops, both headline figures were high enough to top analyst estimates. Collectively, prognosticators following Chegg were modeling revenue of slightly below $190 million, and adjusted net income of $0.33.
Source Fool.com
