Why chegg Is Trending Today?

Chegg, an educational technology company, has announced significant changes due to the impact of artificial intelligence. The company's CEO is stepping down, and 45% of its workforce has been laid off. These layoffs are part of a broader trend, with tens of thousands of jobs also being cut at Amazon and UPS.

Chegg, a popular homework helper service, has announced significant job cuts, slashing 45% of its workforce. This decision comes as the company grapples with the "new realities of AI," which have impacted its revenue. The layoffs, totaling 388 jobs, are a result of increased competition from AI-driven services and a decline in Google search traffic. In response to these challenges, Chegg has also brought back its former CEO, Dan Rosensweig, as part of a major restructuring plan. Despite these changes, Chegg has reassured shareholders that it will remain a standalone public company to maximize shareholder value.