Chegg to lay off 22% of Staff, Swings to Q1 Non-GAAP net Loss, Lower Revenue

MT Newswires Live

May 12

Chegg (CHGG) said Monday it is laying off 22% of its staff as part of cost reduction efforts.

The job cuts mainly affects its Chegg Study and corporate services divisions and is concentrated in the US and Canada, the company said.

Chegg reported Q1 non-GAAP results swung to a net loss of $0.06 per diluted share from net income of $0.26 a year earlier.

Analysts polled by FactSet expected non-GAAP breakeven net income.

Revenue for the quarter ended March 31 was $121.4 million, down from $174.4 million a year earlier.

Analysts surveyed by FactSet expected $114.6 million.

The company said it expects Q2 total revenue of $100 million to $102 million. Analysts polled by FactSet expect $110.6 million.

The company's shares were up 6.6% in recent trading on Monday.

Price: 0.72, Change: +0.03, Percent Change: +4.93

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