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Chegg, Inc. (symbol: CHGG) is a leading student-first connected learning platform dedicated to making higher education more affordable and accessible, while enhancing student outcomes. Founded in Santa Clara, CA, Chegg operates globally with offices across major cities like San Francisco, New York, Portland, and international locations including India, Israel, Berlin, and Ukraine.
Chegg’s comprehensive student hub offers an array of services aimed at supporting learners throughout their academic journey and beyond. Key offerings include Chegg Study, tutoring, writing tools, math help, test preparation, career search, internship admissions, and college admissions.
The company's services are categorized into two main segments: Subscription Services and Skills and Other. Subscription Services feature the Chegg Study Pack, Chegg Study, Chegg Writing, Chegg Math, and Busuu, which can be accessed globally through Chegg’s websites and mobile apps. Skills and Other include products like skills development, advertising services, print textbooks, and eTextbooks.
Chegg is committed to enhancing the educational experience through technology, maintaining a user-centric approach, and constantly evolving its offerings to meet the changing needs of students. The company has received recognition as a certified great place to work, reflecting its positive workplace culture and dedication to employee satisfaction.
Recent developments highlight Chegg’s significant progress. For example, the company’s strategic appointments, like Etay Geller as VP of Product, have been instrumental in advancing core products such as Chegg Study and expanding its mobile app capabilities.
Chegg continues to be a vital resource for students worldwide, providing essential tools and support for academic and career success. For more information, visit Chegg Careers.
Chegg, a leading student-first online learning platform, has announced changes to its board of directors. Sarah Bond, president of Xbox, and Dr. Paul LeBlanc, former president of Southern New Hampshire University, are departing the board. Bond joined in 2020, while LeBlanc began his service in 2019. LeBlanc will continue to serve as an academic advisor for Chegg.
Dan Rosensweig, Executive Chairman and Co-Chairperson of the Chegg Board, expressed gratitude for their contributions. With these changes, Chegg's Board of Directors now consists of nine members, with seven being independent according to NYSE and SEC standards.
Chegg (NYSE:CHGG), a leading student-first connected learning platform, has granted equity awards to four newly hired employees. The awards, totaling 124,129 shares of Chegg common stock in the form of restricted stock units (RSUs), were granted on September 12, 2024, under the Chegg 2023 Equity Inducement Plan. The grants rely on the employment inducement award exception to NYSE Listing Rule 303A.08.
The RSUs have varying vesting schedules: two employees' RSUs fully vest after 12 months of continuous service, one employee's RSUs vest 50% after 12 months and the remainder quarterly over 12 months, and another employee's RSUs vest 33% after 12 months and the remainder quarterly over 24 months.
Chegg (NYSE:CHGG), a leading student-first connected learning platform, has announced the granting of equity awards to 11 newly hired employees on August 12, 2024. These awards, made under the Chegg 2023 Equity Inducement Plan, consist of restricted stock units (RSUs) representing a total of 72,435 shares of Chegg common stock. The grants were made in accordance with the employment inducement award exception to NYSE Listing Rule 303A.08.
The vesting schedule for these RSUs is as follows: one-third of the shares will vest after 12 months of continuous service, with the remaining shares vesting in equal quarterly installments over the subsequent 24 months. This vesting structure is designed to encourage employee retention and align new hires' interests with those of Chegg's shareholders.
Chegg (NYSE:CHGG) reported its Q2 2024 financial results, showing a total net revenue of $163.1 million, an 11% decline year-over-year. Subscription services revenue was $146.8 million, also an 11% decrease. The company posted a net loss of $616.9 million, while non-GAAP net income was $26.5 million. Adjusted EBITDA stood at $44.1 million. Subscriber count dipped 9% to 4.4 million.
Chegg highlighted its transformation, completing its restructure and introducing new conversational instruction and automated solutions before the back-to-school season. The company aims to evolve from a solutions-based platform to providing 360-degree student support.
Guidance for Q3 2024 includes expected net revenues between $133 million to $135 million, subscription revenue between $116 million to $118 million, gross margins of 67%-68%, and adjusted EBITDA of $19 million to $21 million.
Chegg (NYSE: CHGG) has partnered with Max to offer the Max with Ads plan to qualifying U.S. Chegg Study or Chegg Study Pack subscribers. This collaboration expands Chegg's Perks program, providing students access to Max's extensive content library, including exclusive original series, blockbuster movies, and popular TV shows from brands like HBO, Warner Bros., and DC Universe.
The partnership aims to offer additional value and savings to students while introducing them to Max's entertainment offerings. Chegg Study Pack, a monthly subscription service, provides 24/7 learning support and now includes access to perks from various platforms, including Tinder Gold™, DoorDash DashPass Student™, Calm Premium, and the newly added Max with Ads plan.
Chegg (NYSE:CHGG), a leading student-first connected learning platform, has announced new equity grants for two recently hired employees. The company's Compensation Committee awarded a total of 15,030 restricted stock units (RSUs) on July 12, 2024, under the Chegg 2023 Equity Inducement Plan. This action was taken in accordance with the employment inducement award exception to NYSE Listing Rule 303A.08.
The RSUs have different vesting schedules for the two employees:
- One employee received 4,530 RSUs, with one-third vesting after 12 months and the remainder vesting quarterly over 24 months.
- The other employee received 10,500 RSUs, with half vesting after 12 months and the remainder vesting quarterly over 12 months.
These equity grants are designed to attract and retain talent at Chegg, aligning employee interests with the company's long-term success.
Chegg (NYSE: CHGG), a prominent online learning platform, will release its Q2 2024 financial results on August 5, 2024, after market close. The results will cover the quarter ending June 30, 2024. A conference call to discuss these results is scheduled for 1:30 p.m. PT (4:30 p.m. ET) the same day. Interested parties can join the call by dialing 1-877-407-4018 (U.S.) or +1-201-689-8471 (international). A live webcast will also be available on Chegg's investor relations website. An audio replay will be accessible from August 5, 2024, at 7:30 p.m. ET until August 12, 2024, at 11:59 p.m. ET via 1-844-512-2921 (U.S.) or +1-412-317-6671 (international), using Access ID 13747410. The replay will also be archived online.
Busuu, a Chegg service, has launched an AI-powered 'Speaking Practice' feature aimed at enhancing real-world conversation skills. This new tool offers personalized pronunciation practice and feedback using AI, coupled with videos of native speakers to boost confidence in listening and speaking. A survey by Busuu and EY-Parthenon reveals that 55% of learners prioritize conversational skills, and 66% prefer 'listen & repeat' exercises. 'Speaking Practice' is available for English, Spanish, French, and German learners, with premium subscribers receiving unlimited access. The feature is currently available on Apple's App Store, with Android and web versions coming soon.
Chegg has selected Amazon Web Services (AWS) as its preferred cloud provider in a new five-year agreement aimed at advancing AI-powered, student-focused learning solutions. Utilizing AWS’s advanced AI capabilities, Chegg plans to enhance personalized learning experiences through tools such as Amazon Bedrock, Amazon SageMaker, and Amazon EC2 Inf2 instances. This collaboration focuses on developing innovative AI-driven tutoring tools and individualized learning plans, including practice questions, assessments, flashcards, and study guides. Chegg aims to create more engaging learning experiences that empower students globally, capitalizing on AWS's robust infrastructure and AI capabilities.
Chegg announces the promotion of Chris Mason to Chief Business Officer, as part of its strategy to enhance growth and global leadership in online education. Mason, who joined Chegg in April 2023, will now oversee growth strategy, business operations, strategic partnerships, and international expansion. CEO Nathan Schultz praised Mason's strategic thinking and dedication, highlighting his previous leadership as Senior Vice President of Business Operations. Mason aims to expand Chegg's offerings and provide comprehensive support for students. Mason previously held leadership roles at Guild Education, Marketo, and LinkedIn.
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