Chegg

2019-08-03T06:14:15Z

2001:48F8:3024:94E:3018:CF3C:BB82:CDA2: I added content

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{{Infobox dot-com company
| name = Chegg, Inc.
| logo = Chegg_logo.svg
| company_type = [[Public company|Public]]
| traded_as = {{NYSE|CHGG}} [[Russell 2000 Index|Russell 2000 Component]]
| foundation = {{start date and age|2005|07}}
| founder = {{nowrap|Aayush Phumbhra}} {{nowrap|[[Osman Rashid]]}} {{nowrap|Josh Carlson}}
| location = [[Santa Clara, California|Santa Clara]], [[California]], U.S.
| industry = [[Education]] {{nowrap|[[Online retailing]]}}
| products = {{nowrap|[[Book rental service|Online textbook rental]]}} {{nowrap|[[Digital textbook|eTextbooks]]}} {{nowrap|[[Homework]] help}} {{nowrap|Course scheduling & review}} {{nowrap|Scholarships via [[Zinch]]}}
| key_people = {{nowrap|[[Dan Rosensweig]]}} {{nowrap|{{small|([[Chairman#Public corporations|Chairman]], [[President (corporate title)|President]], & [[CEO]])}}}} {{nowrap|Andrew Brown}} {{nowrap|{{small|([[CFO]])}}}} {{nowrap|Robin Tomasello}} {{nowrap|{{small|([[Vice president#In business|Vice President]] & [[Comptroller#Business role|Controller]])}}}}
| revenue = {{nowrap|{{increase}} [[US$]] 275.07 million {{small|(2017)}}}}
| operating_income = {{nowrap|{{increase}} [[US$]] -18.97 million {{small|(2017)}}}}
| net_income = {{nowrap|{{increase}} [[US$]] -20.28 million {{small|(2017)}}}}
| assets = {{nowrap|{{increase}} [[US$]] 446.93 million {{small|(2017)}}}}
| equity = {{nowrap|{{increase}} [[US$]] 391.06 million {{small|(2017)}}}}
| num_employees = {{nowrap|893 {{small|(2017)}}}}
| homepage = {{URL|https://www.chegg.com/|Chegg.com}}
| footnotes = <ref name="10-K 2017">{{cite web|url=https://www.sec.gov/Archives/edgar/data/1364954/000136495418000039/chegg2017-12x3110k.htm|title=US SEC: Form 10-K Chegg, Inc.|publisher=[[U.S. Securities and Exchange Commission]]|accessdate=March 3, 2018}}</ref>
}}
'''Chegg, Inc.''' is an American education technology company based in [[Santa Clara, California]] that provides student services like [[homework]] help, [[online tutoring]], test preparation, [[scholarships|scholarship]] searches, [[internship]] matching, and college application advice, as well as both digital and physical textbook rentals.<ref name=":3">{{Cite web|url=https://www.fool.com/investing/2018/03/22/is-it-time-to-take-a-more-serious-look-at-chegg-in.aspx|title=Is It Time to Take a More Serious Look at Chegg, Inc.? -|last=Sharma|first=Asit|date=2018-03-22|website=The Motley Fool|language=en|access-date=2019-05-02}}</ref> Chegg's student services focus on students attending [[high school]] and [[college]] in the United States.

The company was created in 1998 by three [[Iowa State University]] students.<ref name=":0">{{Cite book|url=http://worldcat.org/oclc/833188977|title=International directory of company histories.|last=Pederson, Jay P., editor.|first=|date=2013|publisher=St. James Press|year=|isbn=9781414482224|location=|pages=115|oclc=833188977}}</ref> The name ''Chegg'' is a [[portmanteau]] of the words ''chicken'' and ''egg'', based on the founders' experience after graduating from college; they could not land a job without experience, but could not get experience without a job.<ref name="tws26jan4b">{{cite news|url=https://www.nytimes.com/2009/07/05/business/05ping.html|title=We Rent Movies, So Why Not Textbooks?|author=Miguel Helft|date=July 4, 2009|accessdate=2010-01-26|newspaper=The New York Times|quote=... calculated that his bill for books that semester would have been $334 with Chegg, far less than the $657 he paid. ...}}</ref>

[[File:Chegg headquarters.jpg|thumb|Chegg headquarters in Santa Clara]]

==History==
Chegg began as CheggPost in 2001. The site was founded by Josh Carlson, a student at Iowa State University, as a place where student's could post about available furniture, sports materials, and books. In 2003, Aayush Phumbra and his friend [[Osman Rashid]] launched the site to a wider, national audience. Mr. Rashid became [[Chief executive officer|CEO]] that year and the two raised $50,000 in seed funding.The service, first promoted as a college-only [[Craigslist]] did not take off. However, the pair noticed that the majority of exchanges on the site were textbook-related. In 2007, year the company rebranded as Chegg and disabled services unrelated to renting and purchasing textbooks.<ref name=":022">{{Cite book|url=http://worldcat.org/oclc/833188977|title=International directory of company histories.|last=Pederson, Jay P., editor.|first=|date=2013|publisher=St. James Press|year=|isbn=9781414482224|location=|pages=115|oclc=833188977}}</ref>

In 2008, Chegg hired [[Jim Safka]], a former executive at [[Ask.com]] and [[Match.com]], as CEO. By the end of that year the company raised $25 million in venture capital.<ref name="tws26janab">{{cite news|url=https://www.nytimes.com/2009/07/05/business/05ping.html|title=We Rent Movies, So Why Not Textbooks?|author=Miguel Helft|date=July 4, 2009|accessdate=2010-01-26|newspaper=The New York Times}}</ref> Safka left in 2009. Current CEO [[Dan Rosensweig]] replaced him the following year<ref>{{Cite web|url=https://www.forbes.com/sites/kymmcnicholas/2011/08/18/dan-rosensweig-his-journey-from-yahoo-to-guitar-hero-then-chegg/|title=Dan Rosensweig: His Journey From Yahoo To Guitar Hero Then Chegg|last=McNicholas|first=Kym|website=Forbes|language=en|access-date=2019-06-12}}</ref> and by 2011 the company was renting more than 4 million textbooks annually.{{Citation needed|date=June 2019}}

===IPO===
Chegg began trading shares publicly on the [[New York Stock Exchange]] in November 2013.<ref>{{Cite web|url=https://dealbook.nytimes.com/2013/11/12/chegg-prices-its-i-p-o-at-12-50-a-share/|title=Chegg Prices Its I.P.O. at $12.50 a Share|last=De La Merced|first=Michael|date=12 November 2013|website=|archive-url=|archive-date=|dead-url=|access-date=}}</ref> According to the ''San Jose Business Times'', the [[Initial public offering|IPO]] raised $187.5 million and gave it an initial [[Market capitalization|market cap]] of about $1.1 billion.<ref>{{cite news| url=http://www.bizjournals.com/sanjose/news/2013/11/12/chegg-tops-ipo-targets-valuation.html | title=Chegg stock stumbles after IPO tops targets}}</ref>

===Growth and acquisitions===
Chegg made its first acquisition in 2010, purchasing CourseRank, a service that allowed students to review, plan, and discuss grade distribution for courses. Chegg disabled the service in 2014. <ref>{{cite news|url=https://techcrunch.com/2010/08/18/cheggs-first-acquisition-courserank/|title=Chegg's First Acquisition: CourseRank}}</ref><ref>{{Cite web|url=https://www.stanforddaily.com/2014/11/09/courserank-to-be-taken-down-at-the-end-of-the-month/|title=CourseRank to be taken down at the end of the month|last=Cao|first=Vincent|date=2014-11-10|website=The Stanford Daily|language=en-US|access-date=2019-06-12}}</ref> Chegg also acquired [[Cramster.com|Cramster]], a provider of online homework help,<ref>{{cite news|url=http://allthingsd.com/20101208/exclusive-chegg-buys-cramster/|title=Exclusive: Chegg Buys Cramster}}</ref> and [[Notehall]], an online marketplace for purchasing or selling class notes, in 2010.<ref>{{cite news|url=https://venturebeat.com/2011/07/08/sec-filing-chegg-notehall/|title=SEC filing cracks the egg on Chegg’s Notehall purchase}}</ref> The next year Chegg added more student resources to its portfolio with the purchase of [[Zinch]], a service that matched high school students to college recruiters.<ref>{{cite news|url=http://allthingsd.com/20110915/chegg-buys-zinch-in-another-move-toward-a-social-education-platform/|title=Chegg Buys Zinch in Another Move Toward a "Social Education Platform"}}</ref>

In 2014, Chegg purchased InstaEDU Inc., an online tutoring service, for a reported $30 million.<ref>{{Cite news|url=https://www.wsj.com/articles/DJFVW00020140603ea63lel20|title=Chegg Acquires Tutoring-On-Demand Site InstaEDU in $30M Cash Deal|last=Kolodny|first=Lora|date=2014-06-04|work=Wall Street Journal|access-date=2019-02-27|language=en-US|issn=0099-9660}}</ref> That August Chegg announced a partnership with [[Ingram Content Group]]. Ingram handles the storage, shipping, and logistics for text book distribution textbooks while Chegg provides the platform for textbook sale and rental. This partnership was part of long-term effort by Chegg to reduce overhead and focus on growing its core digital services.<ref>{{Cite news|url=https://www.nytimes.com/2014/08/05/business/media/chegg-finds-partner-to-handle-its-textbooks.html|title=Chegg Finds Partner to Handle Its Textbooks|last=Merced|first=Michael J. de la|date=2014-08-04|work=The New York Times|access-date=2019-02-27|language=en-US|issn=0362-4331}}</ref><ref>{{cite news |url=https://techcrunch.com/2014/08/04/ingram-books-strikes-distribution-partnership-with-chegg |title=Chegg Strikes Distribution Partnership With Ingram Books, Announces 15% Boost In Earnings From Digital Services}}</ref>

Chegg purchased Imagine Easy Solutions, a provider of online bibliography and research tools for a reported $42 million, in 2016.<ref>{{Cite web|url=https://techcrunch.com/2016/05/02/chegg-acquires-imagine-easy-solutions-the-company-behind-easybib-bibme-and-citation-machine/|title=Chegg acquires Imagine Easy Solutions, the company behind EasyBib, BibMe and Citation Machine|last=Lardinois|first=Frederic|website=TechCrunch|access-date=2017-05-06}}</ref> The next year the company acquired [[Cogeon GmbH]], a German math education provider, for $15 million in cash<ref>{{Cite web|url=https://www.fool.com/investing/2018/03/22/is-it-time-to-take-a-more-serious-look-at-chegg-in.aspx|title=Is It Time to Take a More Serious Look at Chegg, Inc.? -|last=Sharma|first=Asit|date=2018-03-22|website=The Motley Fool|language=en|access-date=2019-05-31}}</ref>. Cogeon's app, Math 42, uses artificial intelligence to assess students' weaknesses in math and provide targeted training. <ref>{{Cite web|url=https://www.crunchbase.com/organization/cogeon|title=MATH 42|website=Crunchbase|language=en|access-date=2019-05-31}}</ref>

In April 2017, the publisher [[Pearson plc|Pearson]] unveiled a textbook rental partnership with Chegg. In the pilot program, Pearson made 50 editions of high-volume textbooks (both digital and print) available only to rent. Chegg served as the exclusive rental outlet.<ref>{{Cite web|url=https://www.thebookseller.com/news/pearson-partner-chegg-textbook-rentals-534631|title=Pearson to partner with Chegg on textbook rentals {{!}} The Bookseller|website=www.thebookseller.com|language=en|access-date=2017-09-26}}</ref>

In 2018, Chegg acquired WriteLab from Matthew Ramirez for $15 million. WriteLab uses AI to analyze text and make suggestions to improve writing skills.<ref>{{Cite web|url=https://www.forbes.com/sites/alexandrasternlicht/2018/05/25/his-company-writelab-was-acquired-by-chegg-before-he-turned-30/|title=His Company WriteLab Was Acquired by Chegg Before He Turned 30|last=Sternlicht|first=Alexandra|website=Forbes|language=en|access-date=2019-05-03}}</ref><ref>{{Cite web|url=https://www.edsurge.com/news/2018-05-16-chegg-cuts-15-million-check-to-buy-ai-feedback-tool-writelab|title=Chegg Cuts $15 Million Check to Buy AI-Feedback Tool, WriteLab - EdSurge News|date=2018-05-16|website=EdSurge|language=en|access-date=2019-05-03}}</ref>

===2018 data breach===
In September 2018, Chegg announced a data breach had occurred in April 2018 that impacted 40 million user accounts. The breach included the loss of user names, hashed passwords, addresses and e-mails. The company reported that Social Security numbers and bank account information were not affected by the breach.<ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1364954/000136495418000187/cyrus.htm|title=CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934|publisher=Security and Exchange Commission|accessdate=29 September 2018}}</ref>

==Board of directors==
As of December 31, 2018, the board of directors consists of:
* [[Dan Rosensweig]] (Chairman, President, & CEO)
* Jeffrey Housenbold (Director at [[SoftBank Group|Softbank Vision Fund]])
* Renee Budig
*[[Melanie Whelan|Melanie Whelan (CEO, SoulCycle)]]<ref>{{Cite web|url=https://www.wrcbtv.com/story/40618965/chegg-appoints-melanie-whelan-to-board-of-directors|title=Chegg appoints Melanie Whelan to Board of Directors|website=www.wrcbtv.com|language=en|access-date=2019-06-12}}</ref>
* [[Marne Levine]] (VP at [[Facebook]])
* Richard Sarnoff (Golub Capital BDC, Inc.)
* Ted Schlein (Partner at [[Kleiner Perkins Caufield & Byers]])
* [[John York]] (CEO at [[San Francisco 49ers]])

== Officers and other members ==
As of June 5, 2019

* Andrew Brown
* Nathan Schultz
* Michael Osier
* Esther Lem
* Jenny Brandemuehl<ref>{{Cite web|url=https://investor.chegg.com/sec-filings/default.aspx|title=Chegg, Inc. - Sec Filings|website=investor.chegg.com|access-date=2019-05-03}}</ref>

==Business model==
It is estimated that in 2009, college students spent an average of $667 on their textbooks.<ref name=tws26janbv334 /> A second estimate was $1,000 per year,<ref name=tws26jan12>{{cite news|author=Peter King|title=A Textbook Case of Renting Books|work=Wall Street Journal
|date=April 23, 2009|url=https://www.wsj.com/articles/SB124045232885846381|accessdate=2010-01-26}}</ref> with signs that textbook prices were increasing faster than [[inflation]].<ref name=tws26jan12 /> Moreover, some college bookstores would offer to buy back the used books for a fraction of their original price.<ref name="tws26janab" />

The founders began noticing the trend of online rental from the success of services like Netflix.<ref name=tws26jan4>{{cite news |author=Miguel Helft|title=We Rent Movies, So Why Not Textbooks?|quote=... the inspiration was Netflix. ...|work=The New York Times
|date=July 4, 2009|url=https://www.nytimes.com/2009/07/05/business/05ping.html|accessdate=2010-01-26}}</ref> Consequently, in the summer of 2007, Rashid and Phumbhra re-positioned the company along the lines of Netflix as a way to rent textbooks to students.<ref name="tws26janab" /><ref name=tws26jan11a21ax1>{{cite news|author=Julie Schmit|title=Chegg CEO Rashid applies Netflix concept to textbooks|work=USA Today|date=2009-01-12|url=https://www.usatoday.com/money/companies/management/entre/2009-01-11-chegg-rashid_N.htm
|accessdate=2010-01-26}}</ref> Since Chegg had little money initially, when an order came in Rashid would buy the book using a credit card and have it shipped to the student until automation came later.<ref name=tws26jan4c>{{cite news
|author= Miguel Helft
|title= We Rent Movies, So Why Not Textbooks?
|quote= ... They would buy the book using Mr. Rashid’s American Express card and have it shipped to the student. ...
|newspaper= The New York Times
|date= July 4, 2009
|url= https://www.nytimes.com/2009/07/05/business/05ping.html
|accessdate= 2010-01-26
}}</ref> At one point, with a huge volume of traffic on his credit card, his credit card firm suspected fraud, but Rashid was able to persuade the credit supplier to extend credit using multiple numbers of cards.<ref name=tws26jan4 />

Books normally rent around half the retail price; for example, a macroeconomics textbook priced at $122 at a college bookstore would rent for $65 at Chegg.<ref name=tws26jan4 /> But savings varied from book to book.<ref name=tws26jan4d>{{cite news
|author= Miguel Helft
|title= We Rent Movies, So Why Not Textbooks?
|quote= ... how many times a given book can be rented. The savings can vary from book to book. ...
|newspaper= The New York Times
|date= July 4, 2009
|url= https://www.nytimes.com/2009/07/05/business/05ping.html
|accessdate= 2010-01-26
}}</ref>

Stories in campus newspapers helped spread the idea. One senior at [[Arizona State University]] calculated he would spend about half as much renting books than buying them for one semester.<ref name=tws26jan4 /> The idea clicked. In 2008, the firm hired the former chief executive of [[Match.com]], Jim Safka, to run the firm.<ref name=tws26jan4 /> In 2008, revenues were about $10 million; in 2009, revenues in January alone were $10 million, according to Safka.<ref name=tws26jan>{{cite news
|author= Miguel Helft
|title= We Rent Movies, So Why Not Textbooks?
|quote= ... Jim Safka, a former chief executive of Match.com and Ask.com who was recently recruited to run Chegg, ...
|newspaper= The New York Times
|date= July 4, 2009
|url= https://www.nytimes.com/2009/07/05/business/05ping.html
|accessdate= 2010-01-26
}}</ref> The firm has raised additional capital from [[venture capitalist]]s. The company also started a campus representative program, which paid the enrolled college students per referral for purchases made by other college students.<ref name=tws26jan4 />

In January 2009, ''[[USA Today]]'' reporter Julie Schmit described Chegg as a "leader" in the "burgeoning arena of college textbook rentals."<ref name=tws26jan11a21ax1 /> The firm had 55 customer service reps at that point.<ref name=tws26jan11a21ax1 />

Since many textbooks become out-of-date quickly, often replaced with new versions, a key to profitability will be how long a book can be re-rented, or recycled; in the market for rental cars, for example, firms such as [[Hertz Rent-a-Car|Hertz]] and [[Avis Rent a Car System|Avis]] buy new cars but sell them after about a year or two of service. But what is the useful life of a rented book? "The market can be tricky," said market analyst Kathy Mickey, because professors must use the same books for several semesters in order for book-rental companies to make money on the programs.<ref name=tws26janbv334ab />

==Competitors==
The college textbook market has a variety of competitors. While the main source of books for college students is college bookstores, there are an increasing number of options.<ref name=tws26jan11a21ax1 /> Bookseller [[Barnes & Noble]], which owns 636 college bookstores, began its own textbook rental program in January 2010, largely patterned along the lines of Chegg's service. One report is that Barnes & Noble will rent books at about 42% of their original price, on average.<ref name=tws26janbv334>{{cite news
|author= Associated Press
|title= Barnes & Noble starts textbook rentals
|quote= ... Bookseller Barnes & Noble is launching a textbook rental program for college students, making it the newest entrant in a growing field. ...
|newspaper= San Jose Mercury News
|date= 2010-01-11
|url= http://www.mercurynews.com/education/ci_14165487?source=rss
|accessdate= 2010-01-26
}}</ref> Students can also rent textbooks from their college bookstore or online, with orders shipped to their college bookstore for pickup, according to one [[Associated Press]] report.<ref name=tws26janbv334/>

The [[United States Congress|U.S. Congress]] set aside $10 million to encourage college bookstores to rent textbooks,<ref name=tws26janbv334ab>{{cite news
|author= Associated Press
|title= Barnes & Noble starts textbook rentals
|quote= ... because Congress last year set aside $10 million to provide grants for college bookstores to start rental programs...
|newspaper= San Jose Mercury News
|date= 2010-01-11
|url= http://www.mercurynews.com/education/ci_14165487?source=rss
|accessdate= 2010-01-26
}}</ref> so bookstores are starting an up rental programs as well. Follett Higher Education Group started up a rental program in 2009.<ref name=tws26janbv334ab/>

''[[Wall Street Journal]]'' reporter Peter King compared several options for textbook rentals in April, 2009.<ref name=tws26jan12ab>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= To see how the process works, we ordered textbooks from three rental companies: BookRenter.com, Campus Book Rentals and Chegg; and one textbook seller, Textbooks.com, which doesn't rent books, but offers guaranteed buybacks on some texts, making those books a quasi-rental.
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> He compared firms such as [[BookRenter|BookRenter.com]], Campus Book Rentals, Chegg, and Textbooks.com which sells textbooks online but offers a guaranteed buyback later, making these books "quasi-rentals".<ref name=tws26jan12ab/> King compared offerings related to an expensive accounting textbook<ref name=tws26jan12cd>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= We decided to check prices and availability ...
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> and noted some confusion with book packages, with return labels differing from the firms which had been ordered from; figuring out that the original sources were Campus Book Rentals and Chegg required matching the shipping tracking orders with the email invoices.<ref name=tws26jan12ef>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= ... Only by matching the shipping tracking numbers with our email invoices could we figure out these were the books we ordered from Campus Book Rentals and Chegg.
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> A Chegg spokesperson said the firm sometimes uses "strategic partners" such as [[eCampus.com]] if a particular book isn't in its warehouse, but the reporter wondered whether the use of third party suppliers might cause confusion when books needed to be returned at the end of the semester.<ref name=tws26jan12gh>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= A Chegg spokeswoman later told us the company sometimes uses "strategic partners" if the book isn't in its warehouse. ...
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> Chegg was the "most expensive rental" and charged sales tax.<ref name=tws26jan12gh/> The least expensive alternative was Textbooks.com, although this firm required an upfront expense of $117.50; King surmised the upfront payout would mean college students had less money available during the semester.<ref name=tws26jan12gh/> In all cases, books had to be returned by the deadline to make the cost savings worthwhile.<ref name=tws26jan12ij1>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= With book seller Textbooks.com, the book has to be returned by a set deadline to get the guaranteed buyback. ...
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> The online alternatives were substantially better than buying the book from the college bookstore and selling it back to that bookstore at the end of the semester.<ref name=tws26jan12ij2>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= In contrast, buying a used copy at the ASU bookstore costs $125.25. Subtracting the bookstore's estimated buyback price of $55 would leave us with a net cost of $70.25.
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> In a test using a different book, Chegg had the lowest price, while other firms did not even carry the book.<ref name=tws26jan12ij3>{{cite news
|author= Peter King
|title= A Textbook Case of Renting Books
|quote= ... We did a spot check of prices for the "Norton Field Guide to Writing" (list price, new: $48), which is widely assigned for English composition courses. Chegg would rent it for $9.99 for 60 days. ...
|newspaper= Wall Street Journal
|date= April 23, 2009
|url= https://www.wsj.com/articles/SB124045232885846381
|accessdate= 2010-01-26
}}</ref> Textbooks.com, according to the report, does not offer buyback chances to all books it sells.<ref name=tws26jan12ij3/>

Other competitors include [[Perlego]], Rafter, Warehouse Deals, and Apex Media.<ref>https://www.insidehighered.com/news/2013/08/16/amazon-restricts-students-bringing-certain-textbook-rentals-across-state-lines#sthash.OT8HiQCk.dpbs</ref><ref>http://tech.eu/profiles/13690/perlego-e-books/</ref>

As for Chegg's online tutoring platform, Chegg Tutors (formerly [[InstaEDU]]), there are several competitors, including Varsity Tutors, [[TutorMe]], Skooli, [[Nerdify]] and [[Tutor.com]].<ref>{{Cite news|url=http://www.toptenreviews.com/services/education/best-online-tutoring-services/|title=The Best Online Tutoring of 2016 {{!}} Top Ten Reviews|newspaper=TopTenREVIEWS|access-date=2016-12-29}}</ref>

==Investments and Financial Performance==
One report is that the firm first received $2.2 million in financing in January 2007, led by Mike Maples (through Maples Investments, now called [[Floodgate Fund]]) and Gabriel Venture Partners. In August 2008, Oren Zeev is believed to have invested $4.7 million,<ref>http://www.themarker.com/technation/1.2098573</ref> then with Primera Capital, led the Series B round of $7 million, which included participation from prior investors Gabriel Venture Partners and Mike Maples.<ref>{{Cite news|url=https://www.forbes.com/sites/ericsavitz/2012/03/12/chegg-raises-another-25-million-in-venture-funding/#124cc55e1098|title=Chegg Raises Another $25 Million In Venture Funding|last=Savitz|first=Eric|work=Forbes|access-date=2017-11-01|language=en}}</ref> One source suggests the firm raised $57 million in November 2009.<ref name="tws26jan13">{{cite news|url=http://sanjose.bizjournals.com/sanjose/stories/2009/11/16/daily78.html|title=Book rental company Chegg raises $57M|date=November 19, 2009|accessdate=2010-01-26|publisher=''San Jose Business Journal''|quote=Online textbook rental company Chegg.com Inc. said Thursday it raised $57 million in a fourth round of funding. ...}}</ref> In 2010, the company raised $75 million from Ace Limited.<ref>{{Cite web|url=https://venturebeat.com/2010/09/27/chegg-75m-funding/|title=Chegg adds another $75M to textbook rental cash pile {{!}} VentureBeat|website=venturebeat.com|language=en-US|access-date=2017-11-01}}</ref> Another suggests total equity financing since inception, as of January 2010, is in the range of $150 million, primarily from [[venture capital]] funding.<ref name="tws26jan14">{{cite news|url=https://www.reuters.com/article/idUS196206+19-Nov-2009+PRN20091119|title=Chegg.com Secures $112 Million to Fund Explosive Growth in Online Textbook Rentals|author=PR Newswire|date=2010-01-26|accessdate=2010-01-26|work=Reuters|quote=Chegg.com ... announced today that it has successfully closed $57 million Series D equity funding,...}}</ref> Investors include [[Foundation Capital]], [[Insight Venture Partners]], [[Kleiner, Perkins, Caufield & Byers]], Pinnacle Ventures, and TriplePoint Capital.<ref name=tws26jan14/>

Despite the fact that the sales increased regularly from 2008 to 2012, there was an increment in the loses as well. Revenue in 2008, was $7.6 million compared to $213 million in 2012; but the net loss in 2008 was only $2.9 million whereas it rose to $49 million in the most recent year. There were 3.7 million transactions in 2012; almost 320,000 students used the Homework Helper service during the same year. Around 80% of the earning was made by the rental of print textbooks.{{Citation needed|date=June 2019}}

CEO, [[Dan Rosensweig]]'s income was $490,000.{{Citation needed|date=June 2019}}

Chegg had earnings of $64.5 million in the second quarter of 2013, however, the net loss increased to $8.2 million. <ref name=":1">{{Cite web|url=http://galeapps.galegroup.com/apps/auth?userGroupName=cod_lrc&origURL=http%3A%2F%2Fgo.galegroup.com%2Fps%2Fretrieve.do%3FtabID%3DT003%26resultListType%3DRESULT_LIST%26searchResultsType%3DSingleTab%26searchType%3DAdvancedSearchForm%26currentPosition%3D8%26docId%3DGALE%257CA477514514%26docType%3DBrief%2Barticle%26sort%3DRelevance%26contentSegment%3DZONE-MOD1%26prodId%3DAONE%26contentSet%3DGALE%257CA477514514%26searchId%3DR2%26userGroupName%3Dcod_lrc%26inPS%3Dtrue&prodId=AONE|title=Gale - Product Login|website=galeapps.galegroup.com|access-date=2019-04-30}}</ref>

Shares dropped 12% during October 2018 when the company announced the April 2018 data breach. <ref>{{Cite web|url=https://www.fool.com/investing/2018/09/27/what-cheggs-database-breach-means-for-its-stock.aspx|title=What Chegg's Database Breach Means for Its Stock -|last=Sharma|first=Asit|date=2018-09-27|website=The Motley Fool|language=en|access-date=2019-05-02}}</ref>

==Green marketing promotion==
Chegg has an arrangement with American Forests' Global Releaf Program such that every book rented or sold means that one tree is planted. The firm claims that over five million trees have been planted.<ref>{{cite web|url=http://www.chegg.com/ecofriendly/|website=Chegg.com|title=Ecofriendly|access-date=2011-03-29|archive-url=http://webarchive.loc.gov/all/20100115193749/http%3A//www.chegg.com/ecofriendly/#|archive-date=2010-01-15|dead-url=yes|df=}}</ref><ref>{{cite web | title=Global Relief: Ecofriendly | publisher=AmericanForests.org | url=http://www.americanforests.org/global_releaf/ }}</ref>

==See also==
* [[Book rental service]]

==References==
{{Reflist|2}}

== External links ==
* {{Official website|http://www.chegg.com/}}
* {{Finance links
| name = Chegg, Inc.
| symbol = CHGG
| sec_cik = 1364954
| yahoo = CHGG
| google = CHGG
| bloomberg = CHGG:US
}}

[[Category:2005 establishments in California]]
[[Category:Book rental]]
[[Category:Book selling websites]]
[[Category:Companies based in Santa Clara, California]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Education companies of the United States]]
[[Category:Internet properties established in 2005]]
[[Category:Online retailers of the United States]]
[[Category:Textbook business]]
[[Category:2013 initial public offerings]]

Wikipedia - Benutzerbeiträge [de]

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