Chegg Slumps as Wall Street Sees AI Threat to Homework-Help Firm [BNN Bloomberg (Canada)]
Chegg, Inc. (CHGG)
Last chegg, inc. earnings: 2/10 04:05 pm
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Source: BNN Bloomberg
Jefferies analyst Brent Thill wrote in a note to clients that the company is “spiraling with no stability in sight.” He cut Chegg's shares to underperform, from hold, and questioned whether the company can build “an AI experience that is meaningfully better” than what students can get for free. The shift came after the firm's results Monday, which included a revenue forecast that was below consensus. The stock was down almost 30% after midday in New York on Tuesday, which would be the most since May 2023, and was poised for the lowest close since 2016. Peer Coursera Inc. tumbled as well. The declines showed that while artificial intelligence has been a boon to companies like Nvidia Corp., for others it poses a threat. “We find it difficult to believe that fundamental momentum will return to the business,” Thill wrote. At Craig-Hallum, meanwhile, analyst Alex Fuhrman also cut his recommendation on the company, to hold from buy. Chegg, which offers online homework-help services
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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