Chegg, Inc. reported its third-quarter 2024 financial results on November 12, 2024, with total revenue reaching $137 million, a 13% decrease year-over-year. Subscription Services revenue declined by 14% year-over-year to $120 million, and the company recorded 3.8 million subscribers, a 13% decrease.
The company announced an additional restructuring plan, impacting 319 employees, or approximately 21% of its workforce, to manage costs and align with market challenges. This restructuring is expected to result in non-GAAP expense savings of $60-$70 million in 2025.
Chegg also reported a net loss of $212.6 million, or $2.05 per diluted share, which included a $196 million non-cash goodwill impairment charge. The Board of Directors approved a $300 million increase to its existing securities repurchase program, bringing the total remaining authorization to $303.7 million for common stock and/or convertible notes.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.