BUZZ-Edtech firm Chegg slumps as AI competition prompts strategic review

Reuters

02-25

BUZZ-Edtech firm Chegg slumps as AI competition prompts strategic review

** Shares of U.S. education technology firm Chegg CHGG.N fall 21% to $1.23 premarket

** The company is considering a sale or take-private deal, CEO Nathan Schultz said on Monday, as Google's AI overviews have caused a drop in visitors and subscribers to Chegg's platform

** Co forecasts Q1 revenue below estimates

** Reports a year-on-year drop in revenue for 14th straight quarter

** Jefferies and Morgan Stanley trim PT on stock after results

** About 6 out of 9 brokerages rate the stock "hold" and 3 rate it "sell" or lower; median PT at $1.20 - LSEG data

** Jefferies says despite the multitude of free $(AI)$ solutions on the market, Chegg still offers a unique value proposition

** Stock down 98.7% from record high touched in 2021

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

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median PT at $1.20 - LSEG data** Jefferies says despite the multitude of free $(AI)$ solutions on the market, Chegg still offers a unique value proposition** Stock down 98.7% from record high touched in 2021  (Reporting by Medha Singh) ((medha.singh@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"event","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}