secwatch.observer — SEC 8-K summary
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Issuer:     CHEGG, INC (CHGG)
CIK:        0001364954
Form:       8-K
Filed at:   2025-05-12T23:59:59+00:00
Accession:  0001364954-25-000049
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Chegg Q1 revenue down 30% to $121.4M, initiates restructuring cutting 22% of workforce
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- Total revenue $121.4M (-30% YoY); subscription revenue $107.6M (-30%); subscribers fell 31% to 3.2M.
- Net loss $17.5M; adjusted EBITDA $19.3M; non-GAAP net loss $6.7M.
- Restructuring cuts 248 employees (~22%); expects charges of $34-38M, mostly cash.
- Annualized non-GAAP cost savings of $45-55M in FY2025 and $100-110M in FY2026.
- HQ lease termination saves $5.3M; no rent July-Dec 2025; strategic alternatives process ongoing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1364954/000136495425000049/0001364954-25-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1364954/000136495425000049/chgg-20250512.htm
  HTML page:      https://secwatch.observer/filing/0001364954-25-000049

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