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Here's Why Chegg Stock Crashed Today

TheMotleyFool

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Shares of Chegg (NYSE: CHGG) plunged on Tuesday after the online education company said inflation was taking a heavy toll on student enrollment.

As of 12:20 p.m. ET, Chegg's stock price was down more than 30%.

Chegg's revenue rose 2% year over year to $202.2 million in the first quarter, fueled by a 14% increase in services revenue. The gains were driven by a 12% rise in Chegg Services subscribers, to 5.4 million, which were boosted by the company's acquisition of language learning platform Busuu in January.

Source Fool.com

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