Motley Fool

Why Chegg Stock Crashed Today

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.

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