CHEGG, INC. - CHGG STOCK NEWS

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.

Chegg (NYSE: CHGG) has announced a global partnership with Calm, providing Chegg Study Pack users free access to Calm Premium, featuring hundreds of hours of mindfulness content in seven languages. This initiative aims to help students manage stress, improve focus, and enhance overall mental well-being, addressing the significant anxiety many students face regarding their studies. A recent study indicates that 74% of students feel anxious about academic demands, highlighting the growing need for mental health support in education.

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.