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Chegg Shares Up 16% In Late Trade

Shares of Chegg Inc. (CHGG) rose $7.03 or 16.05% to $50.82 in after-hours trading session on May 4, following the company's better-than-expected Q1 results and upbeat Q2 revenue guidance.

The stock has been trading between $25.89 and $48.22 in the past one year, and closed Monday's trade at $43.79, up $1.43 or 3.38%. Trading volume surged to 2.78 million versus an average volume of 2.16 million shares.

The company incurred a net loss of $5.71 million or $0.05 per share compared to a loss of $4.32 million or $0.04 per share last year.

Non-GAAP net income was $28.9 million or $0.22 per share versus $19.6 million or $0.15 per share in the prior year period.

Net revenues for the quarter amounted to $131.6 million, a jump from the previous year's revenue of $97.4 million.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenue of $122.73 million for the quarter. Analysts' estimate typically exclude certain special items.

For the second quarter, the company expects total revenue to be in the range of $135 million - $137 million, with Chegg Services revenue between $115 million and $117 million. Eleven Wall Street analysts have a consensus revenue estimate of $123.81 million for the quarter.

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