CHEGG, INC (CHGG): restructuring charge — Chegg Q3 revenue down 13% to $136.6M; workforce cut 21%, buyback boosted $300M

CHEGG, INC

2024-Q3 EPS reported -$8.08 revenue$474,090,000

Q3 net revenues $136.6M (-13% YoY); Subscription Services rev $119.8M (-14% YoY); net loss $212.6M.
Adjusted EBITDA $22.3M; non-GAAP net income $9.8M; Subscription subscribers 3.8M (-13% YoY).
Restructuring: 319 employees (~21% of workforce) cut; total charges est. $22-26M through Q2 2025.
Restructuring expected to yield $100-120M in annualized non-GAAP cost savings in FY2025.
Board increased share repurchase authorization by $300M; total remaining $303.7M, no expiration.

item 2.02 item 2.05 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CHEGG, INC announced a restructuring with charges of approximately $22 million to $26 million (319 employees, or approximately 21% of our current workforce).

Type: restructuring
Charge: approximately $22 million to $26 million
Headcount: 319 employees, or approximately 21% of our current workforce

Exact text from the filing

are negatively impacting our business, including increased competition and student adoption of generative AI products. We estimate that we will incur charges of approximately $22 million to $26 million in connection with these actions, of which $18 million to $22 million is expected to result in future cash expenditures, primarily consisting of expenditures for

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18 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

CHEGG, INC filing history →

Source: SEC EDGAR

accession 0001364954-24-000084

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