What's Going On With Chegg Stock Tuesday?
Portfolio Pulse from Adam Eckert
Chegg Inc (NYSE:CHGG) shares surged 18.7% after announcing a restructuring plan focused on its core student audience. The plan includes a 23% headcount reduction, a new marketing strategy, and increased resources for its international program. Chegg aims to save $40-$50 million by 2025 and achieve a 30% adjusted EBITDA margin.
June 18, 2024 | 1:10 pm
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Chegg Inc (NYSE:CHGG) announced a restructuring plan that includes a 23% headcount reduction, a new marketing strategy, and increased focus on its core student audience. The company aims to save $40-$50 million by 2025 and achieve a 30% adjusted EBITDA margin.
The restructuring plan is a significant move for Chegg, aiming to streamline operations and refocus on its core audience. The market reacted positively, with shares up 18.7%. The cost-saving measures and strategic focus are likely to improve financial performance in the short term.
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