Chegg, an online education service, has experienced a drastic decline in its share price over the past four years, largely due to a decrease in digital learning after the pandemic.

The company primarily caters to students seeking homework assistance and is facing increased competition from artificial intelligence tools like ChatGPT, which offer free alternatives to traditional tutoring services.

During an earnings call on November 12, Chegg's CEO Nathan Schultz acknowledged that technological advancements have posed challenges for the company. In response, Chegg announced plans to downsize its workforce by 20%, indicating a significant restructuring effort as it adapts to the changing educational landscape.