Online textbook retailer Chegg has reported net income of $32.8 million for the second quarter of 2021, compared to net income of $10.6 million reported for Q2 2020.

Net revenue for the quarter was $198.5 million, up from $153 million reported for Q2 2020.

The Santa Clara, California-based company also reported results for the first six months of 2021. It’s net loss for the period was $32.4 million, compared to net profit of $4.9 million reported for the first six months of 2020. Revenue for the six-month period was $396.9 million, up from net revenue of $284.6 million reported for the first six months of 2020.

Chegg chief executive Dan Rosensweig said: “It is clear, wherever students are learning, whether online, in the classroom, or in a hybrid model, the value of Chegg is unquestionable. Chegg had a great Q2 with total revenue growth of 30%, driven by 38% growth in Chegg Services revenue with Chegg Services subscribers growing to 4.9 million in the quarter. Our international growth also continues to be strong, and we are confident we will exceed our initial expectation of over one million international subscribers for the year.”

Date published: 12 August 2021

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