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US: Chegg reports reduced quarterly income

Chegg

Online textbook retailer Chegg has reported net income of $7.5 million for the second quarter of 2022, down from $32.8 million reported for the second quarter last year.

Net revenue for the quarter was $194.7 million, down from $198.5 million reported for Q2 2021.

The Santa Clara, California-based company also reported results for the first six months of 2022. It’s net income for the period was $13.2 million, compared to a net loss of $32.4 million reported for the first half of 2021. Revenue for the period was $397 million, up fractionally from net revenue of $396.9 million reported for Q4 2020.

Chegg president and chief executive Dan Rosensweig said: “Our team is doing an excellent job of executing on the current opportunities in front of us, and with the impact of constant upgrades to our user experience we are seeing continued strong conversion rates, as well as a year-over-year increase of over 100 basis points in our Chegg Study and Study Pack retention rate. We are executing very well on our services strategy, resulting in record high take-rates for our Chegg Study Pack. This bodes very well for future increases in ARPU and the lifetime value of our growing customer base.”

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