The Santa Clara, Calif.-based firm reported first-quarter revenue of US$187.6 million, down seven per cent year over year, while subscription sales dropped three per cent. (The Logic)
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The Santa Clara, Calif.-based firm reported first-quarter revenue of US$187.6 million, down seven per cent year over year, while subscription sales dropped three per cent. (The Logic)
Talking point: Chegg’s stock traded down as much as 50 per cent on the New York Stock Exchange on Tuesday. High school and college students use Chegg to rent textbooks, take practice tests and access tutors who will weigh in on their papers. The firm was tracking fine at the start of the year, but from March onwards “saw a significant spike in student interest in ChatGPT,” CEO Dan Rosensweig said in prepared remarks on a Monday earnings call. “We now believe it’s having an impact on our new customer growth rate.” Chegg is itself integrating San Francisco-based OpenAI’s generative AI tools, applying GPT-4 to its content library to give students help with homework.
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