Chegg stock plummets 30% on outlook as students begin to use ChatGPT
Chegg Inc. shares plunged 37.5% in after-hours trading Monday and were headed toward their lowest price since 2017, after the online-education company’s forecast called for an unexpected revenue decline as students begin to use ChatGPT.
Chegg CHGG reported first-quarter earnings of $2.2 million, or 2 cents a share, on net revenue of $187.6 million, down from $202.2 million a year ago. After adjusting for stock compensation and other effects, the company reported earnings of 27 cents a share, down from 32 cents a share in the...
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