Chegg Inc. has seen a sharp decline in their stock prices due to the sudden popularity of ChatGPT as a learning resource, dropping 30% on Monday. Reported earnings totalled $2.2 million or 2 cents a share, and a less-than-stellar forecast for their revenue dropped the tech giant’s shares to their lowest point since 2017.
According to Chegg’s CEO, Dan Rosensweig, the increased student interest in ChatGPT has been a major factor in their revenue decline. Low subscriber growth has been a significant issue for the online education company, sparking concern from investors.
Chegg is an online learning platform that connects students with tutors, expert answers and other resources. Users can ask the Chegg study community questions and get simple answers, step-by-step assistance, and lessons learned from real people. The company provides digital and physical textbook and other services.
Dan Rosensweig is the President, CEO, Director of Chegg Inc., specialising in e-commerce, media, and digital content. Prior to serving as President and CEO of Chegg, Rosensweig was Chief Operating Officer of Yahoo, President and CEO of Guitar Hero, President of CNET, and Vice President International of Apple Inc. In October 2016 Rosensweig was appointed Chairman and CEO of Chegg, and has since built the tech giant up to what it is today.
