Chegg said on Monday it would lay off about 45% of its workforce, or 388 employees, as the “new realities” of artificial intelligence and diminished traffic from internet search have led to plummeting revenue... — read more
Bankruptcy ahead
Doesn't look good.
Chegg to cut almost 250 jobs, terminate lease at South Bay HQ
Education software maker Chegg announced plans on Monday to cut nearly 250 jobs as part of a restructuring plan. In a filing with the Securities and Exchange Commission, Chegg, which is based in Santa Clara, said it will cut about 22% of its global... — read more
Chegg for sale
https://thecheatsheet.substack.com/p/344-chegg-for-sale
It can get only worse
Good luck to those affected. The rest of us should already have other options lined up.
Chegg to Lay Off Staff as AI Tools Weigh on Revenue Targets
Online education company Chegg is laying off 319 employees, 21% of its total staff, and said it expects to fall short of its previously announced financial targets for next year as artificial-intelligence tools continue to eat into its online... — read more
Chegg Layoffs May 28
Chegg laid off just over 80 employees from its Chegg Skills team. This was slightly over half of the employees that were supporting the Chegg Skills efforts - specifically their B2C and B2B bootcamp offerings. They've been struggling on this side of... — read more
Chegg CEO Out As Company Continues to Flatline
https://thecheatsheet.substack.com/p/chegg-ceo-out-as-company-continues
"Judge: Chegg Must Face Cheating Claims in Court"
This time in California. "When the truth comes out, they won’t recover." https://thecheatsheet.substack.com/p/judge-chegg-must-face-cheating-claims
Morgan Stanley issues bear call
https://seekingalpha.com/news/4038518-chegg-drops-after-morgan-stanley-issues-bear-call
It gets worse
https://seekingalpha.com/article/4645192-chegg-inc-chgg-q3-2023-earnings-call-transcript
Chegg got its “a** kicked” by AI but hopes to turn that around with a new investment in AI-powered tools
https://fortune.com/education/articles/chegg-coo-future-ai-education/
"Cheating Giant Chegg, Shrinks"
https://www.highereducationinquirer.org/2023/05/cheating-giant-chegg-shrinks-derek.html
Champion of data breeches?
https://philonedtech.com/data-security-it-pays-to-ignore/
Chegg losses
https://seekingalpha.com/symbol/CHGG https://www.highereducationinquirer.org/2022/02/college-meltdown-20.html
"FTC approves order requiring Chegg to tighten data security"
"In a 4-0 vote, the Federal Trade Commission last week finalized a proposed order requiring ed tech provider Chegg to tighten its data security and delete unnecessary data." https://www.highereddive.com/news/ftc-order-chegg-data-security/641880/ — read more
Byju's to lay off 1000+
https://www.livemint.com/companies/start-ups/edtech-firm-byju-s-lays-off-nearly-1-500-employees-11675343777644.html
"Chegg drops after Needham turns cautious with downgrade"
https://seekingalpha.com/news/3925337-chegg-drops-after-needham-turns-cautious-with-downgrade
Chegg-Chegg-Chegg
https://thecheatsheet.substack.com/p/chegg-chegg-chegg
"Chegg names new operations chief"
Old blood? https://seekingalpha.com/news/3892715-chegg-names-new-operations-chief
Shares down 71 percent over the last year
Watch Chegg and the College Meltdown... https://seekingalpha.com/symbol/CHGG/income-statement https://www.highereducationinquirer.org/2022/02/college-meltdown-20.html
Byju?
https://seekingalpha.com/news/3839370-chegg-2u-jum-after-report-of-takeover-talks-with-indias-byju
Chegg and College Meltdown 2.0
"Student loan servicers and private student loan companies (Navient, Sallie Mae, Nelnet), publishers and other edtech enterprises (Chegg, Barnes & Noble Education, Coursera, and Guild Education) are implicated or at least entangled in the mess. ... — read more
Shareholder lawsuit
"According to the complaint, the defendants made materially false and misleading statements and failed to disclose known adverse facts about Chegg's business, operations, and prospects.... https://www.bespc.com/cases/CHGG
Chegg is no longer what it used to be
While this is still a solid company, it used to be much better. Looks like it's all going downhill?
"Chegg drops as Pearson sues for selling answer sets"
https://seekingalpha.com/news/3741273-chegg-drops-as-pearson-sues-for-selling-answer-sets
Some layoffs as of today
Not too much info except there have been layoffs
No layoffs at Chegg (and great management team)
Nothing more to add, while some of the competitors struggle we are doing just fine due to fine management and conservative approach