Chegg To Reduce Its Global Headcount By 23% To Become A Leaner, More Efficient Organization, Increasing The Speed Of Innovation And Aligning Its Expense Base With Near-term Revenue Trends; Expects The Restructuring Will Result In Non-GAAP Expense Savings For 2025 Of $40M-$50M
Portfolio Pulse from Benzinga Newsdesk
Chegg announced a restructuring plan to reduce its global headcount by 23%, aiming to become a leaner and more efficient organization. The company expects to save $40M-$50M in non-GAAP expenses by 2025. The restructuring includes the departure of 441 employees and the closure of two offices outside the U.S., with a $10M-$14M charge expected.
June 17, 2024 | 8:36 pm
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Chegg is reducing its global headcount by 23%, aiming to save $40M-$50M in non-GAAP expenses by 2025. The restructuring includes 441 job cuts and the closure of two offices outside the U.S.
The restructuring plan is likely to be viewed positively by investors as it aims to make Chegg a leaner and more efficient organization, aligning expenses with revenue trends. The expected cost savings and focus on core operations could improve profitability in the long term.
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