FMP
Chegg Shares Drop 13% on Weak Guidance
Oct 31, 2023 4:29 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
After releasing its Q3 results, Chegg (NYSE:CHGG) shares experienced a more than 13% decline intra-day today. Although the company reported an EPS of $0.18 and revenues of $157.9 million, surpassing the Street estimates of $0.17 and $152.18 million respectively, its outlook for Q4 appeared weak.
Subscription services, which formed 89% of the total net revenues, decreased by 4% year-over-year, reaching $139.9 million.
CEO Dan Rosensweig emphasized Chegg's potential, stating the company's vision to create a powerful, AI-driven personal learning assistant, aiming to serve more students efficiently and at a lower cost.
For the upcoming Q4/23, Chegg anticipates revenue to hover between $185 million and $187 million, with Subscription Services revenue projected between $164-$166 million.
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