“With higher wages and increased cost of living, more people are shifting their priorities towards earning over learning, resulting in lower course load or delaying enrollment in schools at this time,” Chegg CEO Dan Rosensweig said.
Chegg sees these trends as temporary “and when they subside, our operating model, balance sheet, and leading brand put us in a strong position to accelerate our growth,” Rosensweig said.
Chegg stock is down about 85% from its record high and is down more than 50% year-to-date.
