Chegg, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 30, 2023 at 04:30 pm EDT
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Chegg, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 157.85 million compared to USD 164.74 million a year ago. Net loss was USD 18.28 million compared to net income of USD 251.56 million a year ago. Basic loss per share from continuing operations was USD 0.16 compared to basic earnings per share from continuing operations of USD 1.99 a year ago. Diluted loss per share from continuing operations was USD 0.16 compared to diluted earnings per share from continuing operations of USD 1.23 a year ago.
For the nine months, sales was USD 528.31 million compared to USD 561.7 million a year ago. Net income was USD 8.52 million compared to USD 264.78 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 2.07 a year ago. Diluted loss per share from continuing operations was USD 0.24 compared to diluted earnings per share from continuing operations of USD 1.31 a year ago.
Chegg, Inc. provides a student-first connected learning platform. The Company is combining generative artificial intelligence (AI) and human capabilities to provide a personalized learning assistant to be included in its Chegg Study offering. Its service and product offerings fall into two categories: Subscription Services, which encompasses its Chegg Study Pack, Chegg Study, Chegg Writing, Chegg Math, and Busuu offerings that can be accessed internationally through its websites and on mobile devices, and Skills and Other, which encompasses its Chegg Skills, advertising services, print textbooks and eTextbooks offerings. Chegg Study subscribers have access to personalized, step-by-step learning support powered by AI, computational engines and subject matter experts. Chegg Study Pack is a premium subscription bundle that includes all of the benefits of Chegg Study, as well as Chegg Writing and Chegg Math. Chegg Skills offers programs on technical skills, including AI and data analytics.