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Chegg Inc (NYSE:CHGG) reported second-quarter financial results Monday after the bell. Here’s a look at the key metrics from the quarter.
Q2 Earnings: Chegg’s second-quarter revenue decreased 11% year-over-year to $163.1 million, beating the consensus estimate of $159.98 million, according to Benzinga Pro. The company reported quarterly adjusted earnings of 28 cents per share, beating analyst estimates of 22 cents per share.
Subscription services revenues decreased 11% year-over-year to $146.8 million. Subscription services subscribers fell 9% year-over-year to 4.4 million. Gross margin came in at 72% and adjusted gross margin was 75%.
“Q2 has been transformational for Chegg, completing our restructure, outlining an exciting vision for the future, and completing the rollout of conversational instruction capability and automated solutions just in time for the back-to-school season,” said Nathan Schultz, president and CEO of Chegg.
“We are executing our product vision to evolve Chegg from a solutions-based study platform to one that supports students holistically with 360 degrees of individualized academic and functional support, which meets the needs of the modern student.”
Guidance: Chegg expects third-quarter revenue to be in the range of $133 million to $135 million. Subscription revenues are expected to be in the range of $116 million to $118 million. Third-quarter gross margin is expected to be between 67% and 68%. Chegg anticipates third-quarter adjusted EBITDA of $19 million to $21 million.
A conference call covering these quarterly results kicked off at 4:30 p.m. ET.
CHGG Price Action: Chegg shares were down 16.38% in after hours, trading at $2.45 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: CHGG