Chegg Boosts Share Buyback By $200M

Chegg Inc CHGG board of directors has authorized an increase of $200 million as part of its securities repurchase program.

In addition to this increased $200 million securities repurchase authorization, Chegg has about $89 million remaining from its previously announced $2 billion securities repurchase program. 

The program allows Chegg to buy back its common stock through open market purchases, block trades and/or in privately negotiated transactions.

The repurchase program has no expiration date and will continue until otherwise suspended, terminated, or modified at any time for any reason by our board of directors.

The company expects to fund the repurchase program from its existing cash balance and future cash flows from operations.

Chegg held $808 million in cash and equivalents as of June 30, 2023.

Price Action: CHGG shares are trading higher by 3.15% at $9.83 in premarket on Thursday.