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On a May 1, 2023, earnings call, CEO Dan Rosensweig identified the rise of ChatGPT as a potential obstacle for the company's growth. The next day, Chegg's stock price collapsed by 48% in response. [23] Chegg announced that it would launch a GPT-4 powered AI platform called Cheggmate later in May 2023. [23]
Grammarly is an English language writing assistant software tool. It reviews the spelling, grammar, and tone of a piece of writing as well as identifying possible instances of plagiarism . It can also suggest style and tonal recommendations to users and produce writing from prompts with its generative AI capabilities.
Chegg's 2024 first quarter revenue of $174.4 million was down 7% compared to the same period a year prior and down nearly 14% from the first quarter of 2022.
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The subscription business model is a business model in which a customer must pay a recurring price at regular intervals for access to a product or service.The model was pioneered by publishers of books and periodicals in the 17th century, [1] and is now used by many businesses, websites [2] and even pharmaceutical companies in partnership with governments.
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