Chegg Q3 Revenue Falls 40% as Academic Services Revenue Halves

Chegg's third-quarter revenue fell 40% to $46.468 million, with Academic Services revenue halving as lower website traffic reduced subscriptions and the company forecast fourth-quarter revenue of $38 million to $40 million. For the quarter ended Sept. 30, Academic Services generated $30.026 million, compared with $60.159 million a year earlier. Chegg linked the decline mainly to lower subscription revenue as reduced traffic led to fewer subscribers. It has also identified increased use of free and paid generative AI services as a factor reducing website traffic and subscriptions. Chegg Skilling revenue fell 6% to $16.442 million from $17.583 million.

Source: TokenPost