Chegg‘s fourth quarter sales were down 19 percent to $68 million and below what analysts were expecting — and their forecast for Q1 and all of 2016 also shows sales declining, once again below analysts’ expectations, as the company continues its pivot to focus on student services and outsource textbook rentals to Ingram in exchange for commission revenue. Investors evacuated the stock on the news on Tuesday, sending shares down over 35 percent to their lowest point yet (dropping about $1.90 a share). Shares have rebounded some in Wednesday morning trading, regaining about 50 cents a share. China Daily reports […]
