Chegg shares plummet as it admits threat from ChatGPT

Shares in online learning service Chegg have plummeted after it became one of the first companies to admit that artificial intelligence chatbot ChatGPT had affected its finances.

In results announced on Monday, California-based Chegg, which offers on-demand answers to college course questions for $19.95 a month, reported a 7 per cent fall in revenue year on year in the first quarter of 2023 to $187.6mn. Its number of subscribers fell 5 per cent to 5.1mn.