Chegg Announces Restructuring Plan: What's Going On With The Stock?
Portfolio Pulse from Erica Kollmann
Chegg, Inc. (NYSE:CHGG) announced a restructuring plan that includes a 23% headcount reduction, a new brand and marketing strategy, and a focus on international programs. The company expects to save $40-$50 million in 2025 and incur a $10-$14 million charge related to the restructuring. Shares are up 23.56% after-hours.
June 17, 2024 | 9:11 pm
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Chegg announced a restructuring plan with a 23% headcount reduction, new marketing strategies, and a focus on international programs. The company expects significant cost savings and has seen a 23.56% increase in share price after-hours.
The restructuring plan is comprehensive and aims to streamline operations, reduce costs, and refocus on core student audiences. The market has reacted positively, as evidenced by the 23.56% increase in share price after-hours.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100