Chegg Inc. ($NYSE:CHGG) had its core business grind to a halt once the Coronavirus forced all schools to basically shut down for the year this month. The education tech company has three million subscribers to its digital textbooks and tutoring, but online services aren't what Chegg is really known for. It's known for renting textbooks, and without schools in session, students on campus, bookstores open, or any real possibility of increasing sales in the near future, Chegg will need to pivot, and fast.
It also doesn't help that the company is getting sued right now, but that's a different story.
Chegg increased its employee count on LinkedIn by 10% over the past three months, but in response to the global pandemic and universities shuttering for the school year, the stock fell 38% in the last four weeks.
In the last week alone, hiring dropped 26%.
To add insult to injury, Facebook likes have been declining, although at a slower rate, for the past few years. How a textbook peddler got so many likes on Facebook, to begin with, is beyond us, but it's good to know half a million people like their textbook provider enough to give it a like online.
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