Shares of two big online education stocks tank more than 10% as students use ChatGPT [CNBC]
Chegg, Inc. (CHGG)
Last chegg, inc. earnings: 2/10 04:05 pm
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Source: CNBC
Both stocks sank by more than 10% on Tuesday after issuing disappointing guidance in part because of students using AI tools such as ChatGPT. Chegg, which announced a new CEO, said it expects second-quarter revenue to come in between $159 million to $161 million, lower than the $174 million expected by analysts polled by LSEG. As a result, Jefferies downgraded the stock to underperform from hold and lowered its price target to $4 from $7, suggesting 2% downside from Monday's close. “We question the ability of CHGG to return to durable growth as free AI tools become an attractive alternative to a paid CHGG sub,” analyst Brent Thill wrote in a note Tuesday. Chegg was last off by 19% Tuesday, brining its year-to-date decline to nearly 50%. Current CEO Daniel L. Rosensweig, who will be succeeded by Nathan Schultz on June 1, touted the company's advancements in generative AI on the conference call. “We see the proliferation of AI and our ability to uniquely harness its potenti
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News
- Chegg Strengthens its Academic Advisory Board in UK and Australia, Launches New Student Advisory Council [Yahoo! Finance]Yahoo! Finance
- Chegg Reports New Hire Equity Grants Under NYSE Rule 303A.08Business Wire
- Chegg Strengthens its Academic Advisory Board in UK and Australia, Launches New Student Advisory CouncilBusiness Wire
- Chegg's Stock Price Drops 27% As ChatGPT And Free AI Tools Send Stock Plummeting [Yahoo! Finance]Yahoo! Finance
- Opus Partners with New Relic to Enhance Secure Developer Experience [Yahoo! Finance]Yahoo! Finance
CHGG
Earnings
- 4/29/24 - Beat
CHGG
Sec Filings
- 4/29/24 - Form 10-Q
- 4/29/24 - Form DEFA14A
- 4/29/24 - Form 8-K
- CHGG's page on the SEC website