Chegg (NYSE:CHGG) stock is falling hard on Tuesday after the direct-to-student learning platform company released its latest earnings report.
In the second quarter of 2024, Chegg released an updated guidance for the third quarter of the year. This has it expecting revenue for the quarter to range from $133 million to $135 million. Investors aren’t happy about that when comparing it to Wall Street’s estimate of $143.05 million.
Here’s what Chegg Chief Financial Officer David Longo said about this guidance:
“While these numbers are not where we want them to be, like many companies in the ed-tech space, we are dealing with the challenges of the changing landscape […] We are working to implement the vision to get us back to growth, but it will take some time before we see the benefits.”
Q2 Beats Can’t Save CHGG Stock
That poor outlook is pulling CHGG stock down despite its beats for the second quarter of the year. That includes EPS of 24 cents and revenue of $163.15 million. Both of these are above Wall Street’s estimates of 23 cents per share and revenue of $160.02 million.
CHGG stock is down 23.9% as of Tuesday afternoon. The stock is also down 80.1% year-to-date.
We have more of the most recent stock market stories ready to go on Tuesday! That includes all of the latest happenings affecting shares of Sangamo Therapeutics (NASDAQ:SGMO) stock, Lucid (NASDAQ:LCID) stock and Jumia Technologies (NYSE:JMIA) stock today. You can read up on all of these matters at the links below!
More Stock Market News for Tuesday
- Why Is Sangamo Therapeutics (SGMO) Stock Up 52% Today?
- Cantor Fitzgerald Just Upgraded Lucid (LCID) Stock
- Jumia Technologies News: Why Is JMIA Stock Plunging Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
