Chegg shares drop more than 40% after company says ChatGPT is killing its business
Publishing timestamp: 2023-05-02 12:19:18
Summary
Chegg shares dropped after the company reported that ChatGPT is impacting its growth. Despite beating first-quarter expectations, revenue forecast for the current quarter fell short, leading to a significant decline in stock price. Analysts have lowered price targets and downgraded the stock due to concerns about the impact of artificial intelligence on Chegg's business.
Sentiment: NEGATIVE
Tickers: CHGG,
Keywords: stock markets, economy, earnings, markets, business, breaking news: markets, business news, chegg inc, market insider,