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Here's Why Chegg Stock Dropped Like a Rock Today

Here's Why Chegg Stock Dropped Like a Rock Today

The share price of learning platform Chegg (NYSE: CHGG) cratered on Tuesday after the company reported solid first-quarter financial results, but warned that its business model is being disrupted by recently debuted artificial intelligence (AI) tools. As of 1:20 p.m. ET, Chegg stock was down by a stunning 49.3% and had hit a six-year low. In the first quarter, Chegg generated net revenue of $187.6 million, ahead of management's guidance range of $184 million to $186 million.