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Actionable news in CHGG: CHEGG Inc,

Chegg rises to record levels after earnings beat, raised guidance

Chegg Inc. CHGG, -1.09% rose to record-high price levels in late trading Monday after the education-focused company reported stronger-than-expected earnings and raised its guidance for the year. Chegg reported a third-quarter net loss of $11.5 million, or 11 cents a share, on revenue of $62.6 million, down from $71.3 million in the year-ago period. After adjustments for stock-based compensation and other effects, Chegg claimed profit of 1 cent a share, up from an adjusted loss of 3 cents a share a year ago. Analysts on average had expected an adjusted loss of 1 cent a share on sales of $57.7 million. Chegg also increased its guidance for the full year for the third consecutive quarter, and now expects revenue of $251 million to $252 million, after stating three months ago that it expected $241 million to $243 million. Chegg stock hit a record intraday high of $16.50 in Monday's session, then topped $17 in after-hours trading following the release of the results.

Chegg Inc.


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