Learning Platform Chegg Boosts Stock Buyback

• Chegg Inc (NYSE:CHGG) board of directors has authorized the increase of its previously announced $1 billion securities repurchase program, up to an aggregate of $2 billion of common stock and/or convertible notes.
• In addition to the increased $1 billion repurchase authorization, Chegg has about $65 million remaining from its previous $1 billion buyback approval.
• The repurchase program has no expiration date and will continue until otherwise suspended, terminated, or modified at any time.
• Chegg expects to fund the repurchase program from its existing cash balance and future cash flows from operations.
• The company held $270 million in cash and equivalents as of March 31, 2022.
• Price Action: CHGG shares closed higher by 9.12% at $20.45 on Thursday.