Chegg, Inc. (NYSE:CHGG) reported upbeat first-quarter financial results, but issued weak revenue forecast for the second quarter on Monday.

Chegg posted adjusted earnings of 26 cents per share, beating market estimates of 25 cents per share. The company's quarterly sales came in at $174.40 million versus expectations of $174.10 million, according to data from Benzinga Pro.

The company said it sees total net revenues of $159 million to $161 million for the second quarter, versus market estimates of $173.58 million.

Chegg also announced the appointment of Nathan Schultz as Chief Executive Officer, effective June 1.

"We had a very productive first quarter and successfully rolled out the first of many AI enabled experiences that will strengthen our product-market fit in 2024 and beyond," said Nathan Schultz, incoming CEO & President. "The investments we are making in our new product are designed to increase our value to students, enhance their learning experience, and expand the audiences we can serve. We are also working to align our expense base relative to current revenue trends, with the goal of 30% or greater Adjusted EBITDA margin for 2025."

Chegg shares rose 1% to close at $7.17 on Monday.

These analysts made changes to their price targets on Chegg following earnings announcement.

• Piper Sandler cut the price target on Chegg from $8.5 to $6. Piper Sandler analyst Arvind Ramnani reiterated an Underweight rating.
• Jefferies slashed the price target on Chegg from $7 to $4. Jefferies analyst Brent Thill downgraded the stock from Hold to Underperform.

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