Chegg Shares Sink After Second-quarter Loss

By Sue Chang Markets MarketWatch Pulse

Shares of Chegg Inc. sank in Tuesday's extended session after the online textbook vendor posted a quarterly loss. Chegg reported a second-quarter loss of $6 million, or 6 cents a share, from a loss of $9 million, or 10 cents a share, a year ago. On an adjusted basis, the company would have earned 6 cents a share. Revenue grew 6% to $56.3 million. Analysts surveyed by FactSet had forecast earnings of 4 cents a share on revenue of $53.3 million. Chegg projected third-quarter revenue of $56 million to $58 million and revenue in a range of $241 million to $243 million for the full year. Chegg shares skidded 11% after hours.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.