Chegg Raises Earnings Guidance for 2018 Fiscal Year

On February 12, Chegg, Inc. (CHGG) reported its 2017 Q4 and annual earnings. Total net revenue for the year 2017 was flat from the previous year, but fourth-quarter revenue increased 17% from the previous year. Encouraged by the strong growth, Chegg increased its revenue guidance for the first quarter to between $73 million and $75 million. The company also increased 2018 annual revenue guidance to between $295 million and $300 million. Chegg is an educational services company.

 

Sonal detected the event and issued an alert at 4:05 pm. The next trade was for $16.98 at 4:07 pm. The stock opened for regular market trading the next morning at $17.39. The stock price spiked up to around $20 before fading back in the first hour of trading. Then, the price trended back higher for the remainder of the day to close at $19.15.

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