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Chegg, Inc. (NYSE:CHGG) reported upbeat second-quarter financial results, but issued third-quarter revenue guidance below estimates on Monday.
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.
"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.
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.
Chegg shares fell 22.5% to trade at $2.27 on Tuesday.
These analysts made changes to their price targets on Chegg following earnings announcement.
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