Chegg, Inc. CHGG, a student-first connected learning platform, recently reported first quarter 2016 adjusted loss of 16 cents per share, which was in line with the Zacks Consensus Estimate.Total net revenue of $66.7 million surpassed the Zacks Consensus Estimate of $63 million by about 6%. Total revenue declined 21% year over year. Revenues exceeded the company’s expected range of $60 million and $65 million. Chegg Services Revenue of $25.6 million increased 14% year over year. Required Materials Revenue of $41.1 million declined 34.1% from $62.4 million in the prior year quarter. Adjusted gross profit of $27.8 million increased 26.4% during the quarter. Adjusted gross margin of 41.6% increased significantly from 25.9% reported in the prior year quarter, owing to strong performance of Chegg Study. Chegg announced the acquisition of Imagine Easy Solutions, a provider of online writing tools. This new addition to Chegg targets a wide range of students who need to take remedial writing courses in their freshmen year.Second Quarter OutlookChegg’s expects revenue for second quarter 2016 to range between $48 million and $52 million. Adjusted EBITDA is expected to range between $5 million to $7 million in the quarter.2016 Outlook RaisedChegg raised its guidance for 2016, owing to its latest acquisition and positive demand trends. The company expects revenue for fiscal 2016 to range between $239 million and $257 million, higher than the prior expectation of $230 million and $250 million. Adjusted EBITDA is expected to range between $13 million to $22 million, higher than the prior expectation of $10 million to $20 million.Chegg currently carries a Zacks Rank #2 (Buy).Investors interested in the consumer discretionary sector can consider Box, Inc. BOX, Medical Transcription Billing, Corp. MTBC and Benefitfocus, Inc. BNFT. While Box and Medical Transcription Billing sport a Zacks Rank #1 (Strong Buy), Benefitfocus holds a Zacks Rank #2.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CHEGG INC (CHGG): Free Stock Analysis Report BOX INC-A (BOX): Free Stock Analysis Report BENEFITFOCUS (BNFT): Free Stock Analysis Report MEDICAL TRANSCR (MTBC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research