Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chegg, (NYSE:CHGG) were looking like a smart bet today, gaining as much as 12% on a strong first-quarter earnings report.

So what: The online textbook vendor said revenue increased 22%, to $74.4 million, ahead of estimates at 70.9 million, while its adjusted per-share loss improved to -$0.22, better than the consensus at -$0.30. Digital revenue growth was perhaps Chegg's brightest spot in the quarter, growing 66%, to $17.8 million as Chegg looks to branch away from its core book-selling segment into career services and other platforms.   

Now what: Guidance for the student-focused website was in line with estimates, as it sees full-year revenue of $310-$320 million against the consensus at $314.7 million. For the full year, the company expects negative EBITDA, meaning it still has a ways to go before turning in a profit on the bottom line. Still, metrics are moving in the right direction, and higher-margin digital revenues will be key to driving the company's future success. Keep an eye on growth in that category going forward. If it continues to propel overall sales growth, I'd expect the stock to move higher. 

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Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.