Chegg Inc

CHGG

Equity

ISIN US1630921096 / Valor 22152564

New York Stock Exchange, Inc (2024-09-17)

USD 1.81%

Chegg Inc
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About company

Chegg Inc is an American education technology company that provides online textbook rentals, homework help, and tutoring services.

Summarized from source with an LLMView SourceSector: Technology

Total Net Revenues

Chegg Inc. reported total net revenues of $163.1 million for the second quarter of 2024, which represents an 11% decrease year-over-year. This decline reflects the ongoing challenges in the educational technology market and the company's strategic shift towards a more holistic student support platform.

Subscription Services Revenues

For the second quarter of 2024, Chegg Inc.'s subscription services revenues amounted to $146.8 million, also marking an 11% decrease compared to the same period last year. Despite the decline, the company continues to focus on enhancing its subscription offerings to better meet the needs of modern students.

Net Loss and Non-GAAP Net Income

Chegg Inc. reported a net loss of $616.9 million for the second quarter of 2024. However, on a non-GAAP basis, the company achieved a net income of $26.5 million, highlighting the impact of restructuring efforts and cost-saving measures implemented during the quarter.

Adjusted EBITDA

In the second quarter of 2024, Chegg Inc. reported an adjusted EBITDA of $44.1 million. This figure underscores the company's ability to maintain operational efficiency and profitability despite the challenges faced in the broader market.

Business Outlook for Q3 2024

Looking ahead to the third quarter of 2024, Chegg Inc. anticipates total net revenues to be in the range of $133 million to $135 million. The company also expects subscription services revenues to fall between $116 million and $118 million, with a gross margin between 67% and 68%, and adjusted EBITDA projected to be in the range of $19 million to $21 million.

Summarized from source with an LLMView Source

Key figures

-81.6%1Y

-97.7%3Y

-94.8%5Y

Performance

72.1%1Y

85.8%3Y

74.3%5Y

Volatility