SANTA CLARA, Calif. (AP) _ Chegg Inc. (CHGG) on Monday reported fourth-quarter net income of $5.3 million.
The Santa Clara, California-based company said it had profit of 4 cents per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, were 25 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The provider of online textbook rental services posted revenue of $95.7 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $91.7 million.
For the year, the company reported that its loss narrowed to $14.9 million, or 13 cents per share. Revenue was reported as $321.1 million.
For the current quarter ending in April, Chegg said it expects revenue in the range of $93.5 million to $95.5 million.
The company expects full-year revenue in the range of $390 million to $395 million.
Chegg shares have increased 22 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $34.80, more than doubling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHGG at https://www.zacks.com/ap/CHGG