Chegg said the cuts would amount to “about 80 employees.”
Chegg said the cuts would impact about 80 employees.ChatGPT represents a significant threat to Chegg’s business model, which includes a heavy focus on subscription-based homework help, textbook rentals, test prep and other education-related resources for students.in May, Chegg CEO Dan Rosensweig told analysts that ChatGPT was hurting the firm’s ability to lure new customers.
“However, since March, we saw a significant spike in student interest in ChatGPT. We now believe it’s having an impact on our new customer growth,” he added.The company has developed its own AI chatbot, dubbed CheggMate, in collaboration with OpenAI.Rosensweig previously said CheggMate will “harness the power of ChatGPT paired with our proprietary data and subject matter experts to make learning more personalized, adaptive, accurate, fast and effective.
Chegg’s stock fell by 48% in one trading session following Rosensweig’s words. Shares are down whopping 57% since the start of the year — a decline that coincided with the wider adoption of ChatGPT.
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