Chegg Inc. CHGG shares are dropping after the company reported its fourth-quarter results after Monday's closing bell. Here's a look at the details from the report.
The Details: Chegg reported quarterly earnings of 17 cents per share, which met the analyst consensus estimate. Quarterly revenue clocked in at $143.48 million, which beat the analyst consensus estimate of $142.05 million and is a decrease from revenue of $187.99 million from the same period last year.
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“We made two important and connected decisions to maximize the future of our business and shareholder value. We are launching a strategic review process and filed a complaint against Google, which has unjustly retained traffic that has historically come to Chegg, impacting our acquisitions, revenue and employees,” said Nathan Schultz, CEO of Chegg.
“As we look to stabilize Chegg’s business in 2025, we have a strong and trusted brand, millions of global subscribers, a large market opportunity, and amazing employees. Our superior product for education is verticalized, personalized, and built on a deep understanding of modern students, and we believe this year will be a turning point for Chegg,” Schultz said.
Outlook: Chegg sees first-quarter revenue in a range of $114 million to $116 million, versus the $138.07 million analyst estimate.
CHGG Price Action: According to data from Benzinga Pro, Chegg shares are down 21.79% after-hours at $1.22 Monday.
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