Chegg reported its first annual results since going public last November. For the full year, revenue rose 19.8%, to $255.6 million but the company’s net loss increased to $55.8 million from $49.0 million in 2012. EBITDA was roughly flat at $23.4 million. Founded as a site that rented textbooks to college students, Chegg has been diversifying its service and calls itself a “student-first connected learning platform.”
Digital services revenue rose 86% in the year, to $52.5 million, and accounted for 21% of total revenue compared to 13% in 2012. Print revenue increased 10%, to $203.1 million. Among the “business highlights” cited by Chegg were: it now has 6.9 million members; 1.1 million course reviews posted on the site; Chegg has 875 colleges and universities under contract to handle high school student inquiries; and there are now 464,000 subscribers to Chegg Study.
