CHEGG, INC. - CHGG STOCK NEWS

Chegg has partnered with collegiate basketball star Paige Bueckers to tackle student hunger, following a report indicating that 32% of U.S. college students experienced food insecurity during the pandemic. The collaboration will kick off with a pop-up grocery market in Minneapolis on April 2, providing 6,000 meals. This initiative aims to raise awareness and address food insecurity on college campuses through future permanent grocery stores. Chegg’s mission has focused on aiding students facing food challenges since COVID-19 began.

Chegg has appointed Dr. Nina Huntemann as its first Chief Academic Officer, enhancing its commitment to student success through technology. With over 20 years of experience in higher education and digital learning, Huntemann's role aims to develop and implement learning strategies that improve academic outcomes. She will collaborate with Chegg's content and tool teams, and strengthen ties with educators to address current educational challenges. This strategic move is expected to position Chegg favorably in the rapidly evolving EdTech landscape.

Chegg, Inc. (NYSE: CHGG) has initiated an accelerated share repurchase (ASR) agreement with Bank of America to buy back $300 million of its common stock. The ASR will involve an initial payment of $300 million, with Chegg expected to receive approximately 8.6 million shares by February 25, 2022. This move is part of a larger $1.0 billion securities repurchase program, with $365 million available before the ASR and $65 million remaining post-transaction. The ASR indicates Chegg's commitment to enhancing shareholder value.

Chegg, Inc. (NYSE:CHGG) reported Q4 2021 net revenues of $207.5 million, a 1% increase year-over-year. Chegg Services revenue grew 6% to $187.2 million, representing 90% of total revenue. Full-year 2021 net revenues totaled $776.3 million, up 20%, while Chegg Services revenues rose 29% to $669.9 million. The company experienced an increase in subscribers, reaching 4.6 million in Q4 and 7.8 million for the full year. For Q1 2022, Chegg expects total net revenues of $200-205 million and Chegg Services revenues of $183-188 million.

Chegg, Inc. (NYSE: CHGG) announced it will release its earnings results for Q4 and full fiscal year of 2021 on February 7, 2022, after market close. A conference call will be held at 1:30 PM PST to discuss financial results. Investors can access the call by dialing 1-877-407-4018, or +1-201-689-8471 from outside the U.S. A live webcast is available on Chegg's investor relations site. An audio replay will be accessible from February 7 at 7:30 PM EST until February 14 at 11:59 PM EST.

Chegg, Inc. (NYSE: CHGG) launched 'Learn With Chegg,' an enhanced platform that provides personalized learning experiences by integrating existing academic services. The platform leverages vast industry data to tailor content to individual needs, utilizing 70 million worked examples and expert-generated content. Chegg aims to support busy students, addressing the significant dropout rates and providing holistic support for mental health, career guidance, and financial advice. The initiative reflects Chegg's commitment to lifelong learning and adapting to modern educational demands.

Chegg, Inc. (NYSE:CHGG) announced a $300 million accelerated share repurchase (ASR) program to enhance shareholder value. This initiative reflects the company's robust balance sheet and confidence in long-term growth opportunities within the education sector. The ASR is part of a larger $1.0 billion repurchase program, with $665.5 million still available as of September 30, 2021. Chegg aims to leverage both organic and inorganic growth strategies to better serve students globally.

Chegg has announced its acquisition of Busuu, a leading digital language learning platform, in a cash deal valued at approximately $436 million. This acquisition targets the growing $17 billion digital language learner market, with Busuu boasting over 120 million learners worldwide and projected 2021 revenue of $45 million. The deal aims to enhance Chegg's offerings for both students and professionals, while also expanding its international reach.

Chegg, Inc. reported its Q3 2021 results, showing a 12% year-over-year revenue increase to $171.9 million. Chegg Services revenue rose 23% year-over-year to $146.8 million, representing 85% of total revenues. Despite a slowdown in the education sector attributed to the COVID-19 pandemic, net income was $6.7 million, with a non-GAAP net income of $33.9 million. The board approved a $500 million increase to its securities repurchase program, now totaling $1 billion. Guidance for Q4 expects revenues between $194 million and $196 million.