Shares of the education-technology platform Chegg Inc. CHGG tumbled 9.7% after hours on Monday after the company forecast first-quarter sales that were below expectations and said it was “too early to predict when we will return to revenue and margin growth.” The company said it expected first-quarter sales of between $173 million and $175 million, below FactSet estimates of $180.1 million. The company, whose technology is intended to help students study, is investing in developing an AI assistant, after expressing concerns last year that students’ increased use of ChatGPT was hurting growth. Chegg on Monday also announced that David Longo would become its new chief financial officer on Feb. 21.
