Here's Why Chegg Stock Crashed Today
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