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Why Chegg Stock Crashed Today

TheMotleyFool

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Shares of Chegg (NYSE: CHGG) plunged 49% on Tuesday after the online learning platform warned investors that a tight labor market and COVID-19-related challenges were denting demand for education services.

Chegg's revenue rose 12% year over year to $171.9 million, driven by a 23% rise in services revenue, to $146.8 million. The education technology company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), in turn, jumped 45% to $46.4 million.

"Over the last year and a half, we experienced extraordinary growth and, in midst of a strong year, had a solid third quarter," CEO Dan Rosensweig said in a press release.

Source Fool.com

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