Chegg, a leading online tutoring platform, has recently seen a huge drop in its stock prices. The company has attributed the drastic decrease to the introduction of ChatGPT, a new AI-based tutoring service.
Chegg has said that ChatGPT, with its automated tutoring capabilities, is having a negative effect on its business. This is causing Chegg to lose customers and, in turn, its market share.
The company’s stock has dropped more than 40% since the introduction of ChatGPT, highlighting the severity of the impact that the new AI-based service is having on Chegg’s business.
What Does This Mean for Chegg?
Chegg is now facing an uphill battle as it attempts to regain its customers and market share. The company is now focusing on developing new strategies and services that can compete with ChatGPT.
Chegg is also looking to expand its customer base by targeting different markets and introducing new services that can appeal to a wider range of customers.
The company is also investing in research and development to create new technologies that can help it stay ahead of the competition.
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