Chegg Q3 revenue $164.7M (-4% YoY); Chegg Services revenue up 8%, subscribers 4.8M (+9%)

CHEGG, INC

2022-Q3 EPS reported $1.31 revenue$561,704,000

Total net revenues $164.7M (down 4% YoY); Chegg Services revenues $159.3M (up 8% YoY).
Net income $251.6M, driven by $174.6M tax benefit and $93.5M debt extinguishment gain.
Adjusted EBITDA $50.0M; Non-GAAP net income $30.4M.
Subscribers reached 4.8M, up 9% year-over-year.
CEO Dan Rosensweig cites excellent execution and inherent profitability.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CHEGG, INC reported the three months ended September 30, 2022 results: revenue $164.7 million, net income $251.6 million.

Period: the three months ended September 30, 2022
Revenue: $164.7 million
Net income: $251.6 million
Result: reported results

Exact text from the filing

Total Net Revenues of $164.7 million, a decrease of 4% year-over-year • Chegg Services Revenues grew 8% year-over-year to $159.3 million, or 97% of total net revenues, compared to 85% in Q3 2021 • Net Income was $251.6 million primarily driven by the one time tax benefit related to release of valuation allowance of $174.6 million and gain on early extinguishment of debt of $93.5 million

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Source: SEC EDGAR

accession 0001364954-22-000105

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