secwatch.observer — SEC 8-K summary
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Issuer:     CHEGG, INC (CHGG)
CIK:        0001364954
Form:       8-K
Filed at:   2024-11-12T23:59:59+00:00
Accession:  0001364954-24-000084
Event type: earnings
Sentiment:  negative
Materiality: 0.84
Item codes: 2.02, 2.05, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Chegg Q3 revenue down 13% to $136.6M; workforce cut 21%, buyback boosted $300M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1364954/000136495424000084/0001364954-24-000084-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1364954/000136495424000084/chgg-20241112.htm
  HTML page:      https://secwatch.observer/filing/0001364954-24-000084

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer