Chegg climbs 13% on additional $1B buyback authorization

Jun. 02, 2022 5:33 PM ETChegg, Inc. (CHGG)By: Manshi Mamtora, CFA6 Comments Campus Takeover"s "Late Night with Chegg" - Austin

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  • Chegg (NYSE:CHGG) authorizes increase of its previously announced $1B securities repurchase program, up to an aggregate of $2B shares.
  • Company has ~$65M remaining from its previously announced $1B securities repurchase program.
  • Expects to fund the repurchase program from its existing cash balance and future cash flows from operations.
  • Stock jumps 13% during after-market hours.

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