Shares of Chegg (NYSE: CHGG) popped as much as 10% to hit all-time highs today after the company reported fourth-quarter earnings that topped analyst expectations. As of 11:40 a.m. EST, the stock had given up all of those gains and was down 1% amid broader market volatility.
Revenue in the fourth quarter jumped 64% to $205.7 million, easily crushing the consensus estimate of $153.9 million. That resulted in adjusted net income of $77.8 million, or $0.55 per share, while analysts were modeling for just $0.41 per share in adjusted profits. The learning technology company said that the total number of Chegg Services subscribers increased 74% to 4.4 million, and Chegg Services revenue represented 86% of total sales.
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Source Fool.com