What's Going On With Chegg Stock Tuesday?
Portfolio Pulse from Adam Eckert
Chegg Inc's Q3 financial results show a revenue of $157.9 million, beating estimates of $152.67 million, and an EPS of 18 cents, beating estimates of 17 cents. However, revenues were down 4% YoY, with subscription services revenues and subscribers also decreasing. The company has started rolling out its new AI-powered user experience. Q4 revenue is expected to be between $185 million and $187 million. Piper Sandler analyst Arvind Ramnani maintained a Neutral rating for Chegg and lowered the price target from $13 to $9.
October 31, 2023 | 1:13 pm
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Chegg's Q3 results beat estimates but showed a decrease in revenues and subscribers. The company is rolling out a new AI-powered user experience and expects Q4 revenue between $185M-$187M. Piper Sandler analyst maintained a Neutral rating and lowered the price target.
Despite beating estimates, Chegg's Q3 results showed a decrease in revenues and subscribers, which could negatively impact investor sentiment. The rollout of a new AI-powered user experience could potentially boost future performance, but the lowered price target by Piper Sandler analyst indicates a cautious outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100