Chegg stock crashes as free AI tools send online education company 'spiraling' [Yahoo! Finance Canada]
Chegg, Inc. (CHGG)
Last chegg, inc. earnings: 2/10 04:05 pm
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investor.chegg.com/overview/default.aspx
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Source: Yahoo! Finance Canada
Late Monday, the company said in its first quarter release it expects total net revenue, gross margins, and profits to all decline sequentially in the current quarter. The stock fell more than as much as 20% Tuesday morning following the earnings release, which included an announcement that Nathan Schultz will replace Dan Rosensweig as CEO. Rosensweig will now serve as executive chairman. Chegg stock has lost nearly 70% over the last year and been roughly cut in half in 2024. From its peak in 2021, the stock is down over 95%. Since the launch of ChatGPT in late 2022 the company has seen year-over-year subscriber declines. ADVERTISEMENT Following this report, Jefferies analyst Brent Thill downgraded the stock from Hold to Underperform slashing his price target to $4 from $7, noting Chegg is "spiraling with no stability in sight." "We question if Chegg can build an AI experience that is meaningfully better than free alternatives that students will be willing to pay for,"
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CHGG
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