The company, which rents textbooks online and assists high school and college students with homework, broke even in the second quarter, while analysts had expected a loss of a penny a share. Revenue rose 15.5% year-over-year to $64.5 million, which edged the consensus estimate of $64 million.
Chegg also announced a partnership with Ingram Content Group in which the latter will take care of textbook "sourcing, warehousing, fulfillment, shipping, and rental returns." Chegg will continue to run the end-user experience and handle marketing and pricing.
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The stock was up 20.71% to $7.11 at 11:24 a.m.CHGG data by YCharts