Online textbook retailer Chegg has reported net income of $10.6 million for the second quarter of 2020, compared to a net loss of $2 million reported for the second quarter of 2019.
Net revenue for the quarter was $153 million, up from 93.9 million reported for Q2 2019.
The Santa Clara, California-based company also reported results for the first six months of 2020. Its net income for the period was $4.9 million, compared to a net loss of $6.3 million reported for the first six months of 2020. Revenue for the period was $284.6 million, up from $191.2 million reported for the first six months of last year.
Chegg chief executive Dan Rosensweig said: “Chegg was built with a belief that learning would move increasingly online and we have always bet on that inevitability. Covid-19 pandemic has accelerated that shift and it is now clear that learning tools and academic support must be available online, affordable, on-demand, tailored to the individual learner, and geared towards the skills needed in the modern workforce.”
Date published: 5 August 2020