Chegg stock falls after earnings beat

Chegg Inc. shares fell roughly 3% in the extended session Monday after the company reported better-than-expected revenue and earnings. The company reported first-quarter net losses of $4.2 million, or 4 cents a share, compared with losses of $2.6 million, or 2 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation and amortization of intangible assets, earnings were 15 cents a share. Revenue rose to $97.4 million from $77 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 12 cents a share on revenue of $94.8 million. For the second quarter, analysts model adjusted earnings of 15 cents a share on sales of $92.2 million. Chegg said it expects second-quarter revenue of $91 million to $93 million and full-year revenue of $393 million to $398 million. Chegg stock has gained 76% in the past year, with the S&P 500 index rising 11%.

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