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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 online learning platform, announced a restructuring plan aimed at refocusing on its core audience - students. The plan includes providing comprehensive support, blending academic and functional services into one affordable platform. Chegg aims to differentiate itself with AI-driven educational tools and a proprietary learning model. Key actions include reducing global headcount by 23%, targeting international markets, and enhancing its brand strategy. The restructuring is expected to save $40-$50 million in expenses by 2025, with a goal of achieving a 30%+ Adjusted EBITDA margin and at least $100 million in Free Cash Flow for 2025.
Chegg (NYSE: CHGG), a leading student-first learning platform, announced equity awards on June 12, 2024, under the Chegg 2023 Equity Inducement Plan. The awards, granted by the Compensation Committee, provide restricted stock units (RSUs) representing 32,797 shares to two new hires. One employee will have 728 RSUs vest one-third after 12 months and the rest quarterly over 24 months. The other employee will have 32,069 RSUs vest half after 12 months and the rest quarterly over 12 months. These awards comply with NYSE Rule 303A.08, which allows employment inducement awards.
Chegg, a leading student-first learning platform, published its third annual ESG report for 2023, detailing its Environmental, Social, and Governance (ESG) initiatives. The report includes a full Scope 1, 2, and 3 greenhouse gas (GHG) inventory and aligns with GRI and SASB reporting frameworks. Key highlights include the launch of a new global corporate matching program for charitable donations, over $600,000 donated to non-profits, and significant impact from its Global Day of Impact. Chegg received an AAA rating from MSCI for ESG and recognition from S&P Global as an Industry Mover and Sustainability Yearbook Member.
Chegg (NYSE: CHGG), a student-first connected learning platform, announced that on May 12, 2024, its Compensation Committee granted equity awards under the Chegg 2023 Equity Inducement Plan. Six new employees received restricted stock units (RSUs) totaling 34,773 shares of common stock. Four employees will have 15,116 RSUs that vest at 33 1/3% after 12 months of service, with the remaining vesting quarterly over 24 months. The other two employees will have 19,657 RSUs that vest 50% after 12 months of service, with the remaining vesting quarterly over 12 months.
Chegg announced new members for its Academic Advisory Board, focusing on strengthening its presence in the UK and Australia, alongside launching a Student Advisory Council. Notable additions include Professor Emeritus Martin Betts, Professor Rose Luckin, and Dr. Thomas Lancaster, who bring extensive academic and leadership experience. This move aims to enhance Chegg's edtech solutions, ensuring student academic success and integrity. The Student Advisory Council, led by Chair Ranen Miao, integrates student voices into Chegg's strategies to address modern educational challenges.
Chegg announced the appointment of Nathan Schultz as the new President and CEO, effective June 1. Schultz, a veteran of Chegg, has been with the company for 16 years, holding various leadership positions. He played a significant role in transitioning Chegg into a digital learning platform. As the new CEO, Schultz will focus on incorporating AI into product development to enhance Chegg's personalized learning experience. Dan Rosensweig, the former CEO, will transition to the role of Executive Chairman after 14 years at the helm.
Chegg, Inc. reported its 2024 first-quarter earnings, revealing a leadership change with Nathan Schultz becoming the new CEO. The company highlighted its focus on AI-enabled personalized learning experiences to benefit students. Despite a decrease in total net revenues and subscription services revenues, Chegg showcased growth in non-GAAP net income and adjusted EBITDA. The company aims for a 30% or greater Adjusted EBITDA margin by 2025. The business outlook for the second quarter includes projected revenues and margins.
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