Shares of technology companies fell sharply amid trepidation ahead of the Federal Reserve s meeting. Amazon.com rose in late trading after the online megastore indicated it was throwing its.
(Bloomberg) Shares of online-education firm Chegg Inc. were on track for their biggest drop in about a year as competition from AI tools led Wall Street analysts to downgrade the stock.Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketAmazon Reports Strong Cloud Unit Sales on Rising AI DemandPot Stocks Surge on Report DEA Set to Reclassify MarijuanaHSBC CEO Quinn Unexpectedly Steps Down After Almost 5 YearsBinance Founder Changpeng Zhao Gets Four Months in Priso
Online study and academic help platform Chegg (NYSE:CHGG) reported results in line with analysts' expectations in Q1 CY2024, with revenue down 7.1% year on year to $174.4 million. On the other hand, next quarter's revenue guidance of $160 million was less impressive, coming in 7.8% below analysts' estimates. It made a non-GAAP profit of $0.26 per share, down from its profit of $0.27 per share in the same quarter last year.