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Chegg Soars as Online Education Demand Drives Robust Outlook -Breaking

by Mike Robinson

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By Dhirendra Tripathi

Chegg stock (NYSE 🙂 Stock surged by more than 10% Tuesday following a positive outlook from the online education service company after surpassing estimates during the fourth quarter.

At the center of its guidance range, the company expects total net revenues of $840 millions. That’s an 8.2% rise. It will also follow the 20% increase in total revenue to $840 million for 2021, which surpassed $776 millions due to an increased demand for online education. Since the pandemic that drove its climb to $115.21 last year, it is now down about 44%.

Chegg finished the year at 7.8 million subscribers. This is an increase of 18%. It plans to include new subjects as well as more personalized learning to improve its base.

Chegg Life, which aims to address the personal and financial needs of students, was created to cater for their interests beyond just academics.

The fourth quarter’s total net revenue rose by 1% but was higher than expected at $207.5million. The adjusted net profit reached $63.5million. It came in at 38cs per share, beating estimates.

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