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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 ] By June, CheggMate was in testing mode, but wasn't expected to publicly launch until 2024.
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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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