Online textbook retailer Chegg has reported net income of $6.7 million for the third quarter of 2021, compared to a net loss of $37.1 million reported for Q3 2020.

Net revenue for the quarter was $171.9 million, up from $154 million reported for Q3 2020.

The Santa Clara, California-based company also reported results for the first nine months of 2021. It’s net loss for the period was $25.8 million, compared to net loss of $32.3 million reported for the first nine months of 2020. Revenue for the nine-month period was $568.8 million, up from net revenue of $438.6 million reported for the first nine months of 2020.

Chegg chief executive Dan Rosensweig said: “Over the last year and a half, we experienced extraordinary growth and, in midst of a strong year, had a solid third quarter, growing Chegg Services revenue 23% year-over-year. However, in late September it became clear to us that the education industry is experiencing a slowdown that we believe is temporary and is a direct result of the Covid-19 pandemic. Despite these trends, our team continues to execute at a high level. Chegg is in an excellent position to come out of this stronger than ever and take advantage of the opportunities before us.”

Date published: 2 November 2021

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