Silicon Valley-based Chegg is an education tech company that provides online homework help and textbooks, and on Monday its CEO admitted that the explosion of generative AI chatbots had hurt revenue.
Specifically, the 18-year-old company reported a sales drop of seven per cent over one year as well as a five per cent fall in subscribers.
Shares in companies that specialise in publishing school textbooks and offering online classes took a big hit on Tuesday after signs emerged that AI-bots such as ChatGPT were eating into their business.
Silicon Valley-based Chegg is an education tech company that provides online homework help and textbooks, and on Monday its CEO admitted that the explosion of generative AI chatbots had hurt revenue.
