Why Chegg (CHGG) Stock Is Soaring Today

NEW YORK (TheStreet) -- Chegg  (CHGG) soared Tuesday after the company reported second-quarter earnings that surpassed analysts' expectations and announced a new partnership.

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 Chart CHGG data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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