Chegg Inc.’s stock CHGG, -2.13% initially soared 16% in extended trading Tuesday after the online-learning platform reported fiscal third-quarter revenue and earnings that exceeded Wall Street analysts’ forecasts. Chegg reported net income of $251.6 million, or $1.23 a share, compared with net income of $6.65 million, or 5 cents a share, in the year-ago quarter. Adjusted earnings were $1.99 a share. Revenue declined 4% to $164.7 million from $171.9 million a year ago. Analysts surveyed by FactSet had expected on average net income of 14 cents a share on revenue of $158.3 million. Shares of Chegg have sunk 31% this year, while the broader S&P 500 index SPX, -0.41% has declined 19%.
