News Formal

Shares of two big online education stocks tank more than 10% as students use ChatGPT

  • 📰 CNBC
  • ⏱ Reading Time:
  • 17 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 38%
  • Publisher: 72%

Markets News

Breaking News: Markets,Investment Strategy,Stock Markets

Chegg and Coursera both sank 14% in premarket trading Tuesday, a day after issuing disappointing guidance.

James Tahaney loads textbooks on to a pallet in preparation for shipping at the Chegg warehouse in Shepherdsville, Kentucky, on April 29, 2010.Both stocks sank by more than 10% on Tuesday after issuing disappointing guidance in part because of students using AI tools such as ChatGPT.

As a result, Jefferies downgraded the stock to underperform from hold and lowered its price target to $4 from $7, suggesting 2% downside from Monday's close. Current CEO Daniel L. Rosensweig, who will be succeeded by Nathan Schultz on June 1, touted the company's advancements in generative AI on the conference call.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shares of two big online education stocks tank more than 10% as students use ChatGPTChegg and Coursera both sank 14% in premarket trading Tuesday, a day after issuing disappointing guidance.
Source: NBCLA - 🏆 319. / 59 Read more »