CHEGG, INC. - CHGG STOCK NEWS

Chegg, Inc. reported its Q3 2022 financial results, revealing total net revenues of $164.7 million, down 4% year-over-year. However, Chegg Services revenues rose by 8% to $159.3 million, constituting 97% of total revenues. The company’s net income surged to $251.6 million, attributed to a one-time tax benefit and debt extinguishment gain. The firm anticipates Q4 revenues between $200 million and $203 million, with full-year revenues expected between $762 million and $765 million.

Chegg Inc. (NYSE: CHGG) announced the promotion of Nathan Schultz to Chief Operating Officer, effective immediately. Schultz, who has been with Chegg for 15 years, previously served as President of Learning Services. In his new role, he will oversee consumer-facing products, focusing on expanding Chegg's direct-to-student services, including learning tools and career skills training, to enhance the overall consumer experience. CEO Dan Rosensweig noted Schultz's transformational leadership and significant contributions to supporting student learning.

Chegg, Inc. (NYSE: CHGG) will release its third-quarter earnings results for 2022 on November 1, 2022. The earnings call is scheduled for 1:30 PM PT (4:30 PM ET) on the same day. Investors can access the call via phone or through a live webcast at the Chegg investor relations site. A replay will be available from 7:30 PM ET on November 1 until 11:59 PM ET on November 8, 2022.

Chegg (NYSE: CHGG) has expanded its Uversity platform to Canada and the United Kingdom, connecting millions of students with valuable educational content from verified instructors. Since its U.S. launch in June 2021, Uversity hosts over 180,000 pieces of content developed by over 6,000 professors. Instructors are compensated for their contributions while retaining ownership of their materials. Chegg aims to enhance student learning experiences by providing high-quality resources and financial support for educators.

Chegg, Inc. (NYSE:CHGG) reported a 9% year-over-year increase in Chegg Services revenue, totaling $189.1 million, representing 97% of total net revenues of $194.7 million for Q2 2022. Despite a 2% decline in overall net revenues, the company achieved 5.3 million subscribers, reflecting solid growth. Net income stood at $7.5 million, with a non-GAAP net income of $55.0 million and adjusted EBITDA of $68.3 million. For Q3 2022, total net revenues are projected between $156 million and $160 million.

Chegg, Inc. (NYSE: CHGG) will announce its second-quarter earnings results on August 4, 2022, after market close. The period under review ended on June 30, 2022. A conference call will occur at 1:30 p.m. PDT (4:30 p.m. EDT) on the same day to discuss the financial outcomes. Interested parties can join via phone or a live webcast at investor.chegg.com. A replay will be available from August 4 at 7:30 p.m. EDT until August 11, 2022.

Chegg, Inc. (NYSE: CHGG) has announced a significant increase in its securities repurchase program, raising it from $1 billion to $2 billion. The company has approximately $65 million remaining from its previous authorization, and plans to repurchase its common stock and/or convertible notes through various methods, including open market purchases. The program will continue until further notice and will be funded through existing cash and future cash flows.

Chegg (NYSE: CHGG) has launched the Center for Digital Learning to enhance education through original research, resources, and best practices for educators in online, in-person, and hybrid settings. The Center aims to tackle the intersection of technology and education, commissioning research on digital tools' impact. Chegg is also sponsoring a new podcast series, Higher Ed Spotlight, which will discuss future challenges in higher education with experts. The initiative reflects Chegg's commitment to improving learning outcomes and adapting to students' evolving needs.

Chegg, Inc. (NYSE:CHGG) reported Q1 2022 financials with total net revenues of $202.2 million, a 2% year-over-year increase. Chegg Services revenues surged 14% to $184.8 million, representing 91% of total revenues, as subscriber numbers rose to 5.4 million, up 12%. Net income stood at $5.7 million, with a non-GAAP net income of $50.1 million. The company forecasts Q2 2022 revenues between $188 million and $192 million and full-year revenues of $740 million to $770 million, indicating a resilient performance amid industry challenges.