Chegg Inc Stock Price, News & Analysis

Chegg, Inc. (NYSE: CHGG) has launched CheggMate, an AI-enhanced learning service powered by OpenAI’s GPT-4, aiming to improve student learning effectiveness. This service integrates Chegg's vast content library and personalized learning capabilities to provide real-time, interactive support for students. CheggMate will offer instant quizzes, tailored content recommendations, and a conversational AI experience, allowing students to engage in their learning journey through various formats such as text or images. Early access for testing CheggMate is set for May 2023. According to a recent study, 77% of Chegg customers favor AI chat-based learning, though 85% prefer it to be supported by human expertise.

Chegg, Inc. (NYSE: CHGG) announced its earnings results for Q1 2023, which will be released on May 1, 2023, after market close. A conference call to discuss these results is scheduled for 1:30 p.m. PDT on the same day. Participants can join the call by dialing 1-877-407-4018 (or +1-201-689-8471 for international). A live webcast can be accessed here. An audio replay of the call will be available from 7:30 p.m. EDT on May 1 to 11:59 p.m. EDT on May 8, 2023. Chegg continues to focus on student-first learning solutions, supporting learners with their academic and professional development.

Dan Rosensweig, President and CEO of Chegg (NYSE: CHGG), has joined the Board of Directors at upGrad, Asia's largest integrated learning and workforce development company. Appointed as an Independent Non-Executive Director, Rosensweig's extensive experience in education technology is expected to enhance corporate governance and contribute to upGrad's mission of providing accessible higher education. He emphasizes the significance of diverse board composition for growth and expansion, particularly in the US and Indian markets. UpGrad serves over 7 million learners globally with partnerships from over 300 universities.

Chegg, Inc. (NYSE:CHGG) has announced an accelerated share repurchase (ASR) agreement to buy back $150 million of its common stock with J.P. Morgan Chase Bank. Chegg will initially pay $150 million and receive about 7.6 million shares by February 24, 2023. The total shares repurchased will depend on the volume-weighted average price during the ASR term. This move is part of Chegg's $2 billion securities repurchase program, with $642.6 million still available as of January 31, 2023. Chegg's CEO expressed optimism about leveraging technology and proprietary content to enhance shareholder value.

Chegg, Inc. (NYSE:CHGG) reported its Q4 and full-year 2022 financial results, highlighting a 10% growth in Chegg Services revenue, with a total revenue of $205.2 million in Q4 and $766.9 million annually. Subscription Services revenues reached $177.5 million in Q4, a 4% year-over-year increase, and $672 million for the full year, growing 9%. Subscriber count rose to 8.2 million, up 5%. Looking ahead, the company projects Q1 2023 revenues between $184 million and $186 million, with a gross margin of 72%-73%.

DoorDash (NYSE: DASH) has partnered with Chegg (NYSE: CHGG) to provide US Chegg Study Pack subscribers with a free DashPass Student membership. This initiative aims to enhance savings and convenience for students by offering unlimited $0 delivery fees and exclusive promotions. Subscribers can activate their membership immediately, allowing for affordable on-demand delivery from numerous restaurants and retailers. With a DashPass Student membership, Chegg users benefit from 5% DoorDash credits on Pickup orders, all for a significantly reduced price compared to standard plans. The promotion is available until August 1, 2023.

Chegg (NYSE: CHGG) is set to release its earnings results for the fourth quarter and full fiscal year of 2022 on February 6, 2023, after market close. A conference call will follow at 1:30 PM PST (4:30 PM EST) to discuss the financial results. Access to the call will be available via telephone and through a live webcast on the Chegg investor relations website. An audio replay will commence at 7:30 PM EST on the same day and will be available until February 13, 2023.