Chegg swings to quarterly loss, CFO to retire

Chegg Inc. (CHGG) shares dropped more than 4% in the extended session Monday after the online education services company swung to a loss in the third quarter. Chegg lost $18.3 million, or 16 cents a share, contrasting with earnings of $252 million, or $1.23 a share, in the year-ago period. Adjusted for one-time items, the company earned 18 cents a share. Revenue dropped 4% to $157.9 million, the company said. Analysts polled by FactSet expected Chegg to post adjusted EPS of 17 cents a share on sales of $152 million. Chegg called for fourth-quarter revenue between $185 million and $187 million, which is within Wall Street expectations, according to FactSet. The company also said Chief Financial Officer Andy Brown plans to retire early in 2024 after Chegg hires a replacement.

-Claudia Assis

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10-30-23 1749ET

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