Online Tutoring Company Stock Crashes as ChatGPT Steamrolls Its Business

An online tutoring company that once dominated its industry is majorly hurting after just a few months of ChatGPT., the CEO of the orange-branded e-tutoring company Chegg admitted during an earnings call earlier this week that the outlook for his company is less than sunny now that its stock is down more than 40 percent.

"In the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on new sign-ups," Dan Rosensweig, the company's CEO, said during the Monday night call. "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 rate."

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Chegg—Education Company Criticized For Helping Students Cheat—Says More Turning To ChatGPT As Stock PlungesThough Chegg beat first-quarter expectations on its top and bottom lines, shares were down 46% in premarket trading Tuesday.
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Chegg stock crashes after CEO cites ChatGPT impact on edtech company’s growthWhen it comes to homework help, ChatGPT is chasing off competitors. Stock prices have crashed for the ed-tech company Chegg after the CEO discussed the AI’s impact.
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