Brief: Chegg Announces Restructuring Plan And New Vision For Growth

Chegg

17/06/2024 23:37

June 17 (Reuters) - Chegg Inc  CHGG.N :
    * CHEGG ANNOUNCES RESTRUCTURING PLAN AND NEW VISION FOR
GROWTH
    * CHEGG EXPECTS $40M-$50M SAVINGS IN 2025
    * CHEGG INC - RESTRUCTURING INCLUDES DEPARTURE OF 441
EMPLOYEES,
WHICH REPRESENTS 23% OF CHEGG'S GLOBAL WORKFORCE
    * CHEGG INC: RESTRUCTURING WILL RESULT IN NON-GAAP EXPENSE
SAVINGS
FOR 2025 OF $40 MILLION - $50 MILLION
    * CHEGG INC: BELIEVE WE CAN DELIVER AT LEAST $100 MILLION IN
FREE
CASH FLOW
    * CHEGG INC: EXPECTS TO INCUR A $10 MILLION TO $14 MILLION
CHARGE
RELATED TO RESTRUCTURING, WITH ROUGHLY HALF IN Q2
    * CHEGG INC: REITERATING OUR PREVIOUS SECOND-QUARTER
GUIDANCE THAT
WE PROVIDED ON APRIL 29

Source text for Eikon:  ID:nBw4Qgwqza 
Further company coverage:  CHGG.N 

 ((Reuters.Briefs@thomsonreuters.com;))