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The massive layoffs and loss of revenue indicate severe operational challenges. Historically, companies making drastic cuts often see stock prices decrease due to investor concerns.
What happened, with direct paths to the underlying reporting
Chegg is laying off 45% of its workforce, affecting 388 employees. Generative AI tools are significantly hurting Chegg's business model. Chegg is restructuring its academic products in response to AI challenges. Dan Rosensweig returns as CEO, replacing Nathan Schultz immediately. Chegg opts to remain independent after reviewing strategic alternatives.
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