Online textbook retailer Chegg has reported a net loss of $37.1 million for the third quarter of 2020, compared to a net loss of $11.5 million reported for the third quarter of 2019.

Net revenue for the quarter was $154 million, up from $94.15 million reported for Q3 2019.

The Santa Clara, California-based company also reported results for the first nine months of 2020.

Its net loss for the period was $32.3 million, compared to a net loss of $17.8 million reported for the first nine months of 2020. Revenue for the period was $438.6 million, up from $285.4 million reported for the first nine months of last year.

Chegg stated that it now expects its revenue this year to be in the range of $626 million to $628 million and its adjusted EBITDA to be between $201 million and $203 million.

Next year, the company says its total net revenue is projected to be approximately $775 million, with adjusted EBITDA of approximately $260 million.

Chegg chief executive Dan Rosensweig said: “We have always said that the future of education was inevitable – to become increasingly online, on-demand, and more affordable.

“The trends we are seeing in the industry, and the momentum we are experiencing globally, give us the confidence to raise our guidance again for 2020 and provide our initial outlook for 2021.”

Year-to-date, Chegg’s share price has risen more than 95%.

Date published: 28 October 2020

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