Education Technology Company's Stock Plummets Due to Competition from ChatGPT

Chegg's stock price dropped nearly 50% after its CEO said ChatGPT is hurting its growth.
Chegg beat earnings expectations but fell short on revenue and withdrew its full-year guidance.
Analysts downgraded Chegg and cut price targets, citing threats from AI like ChatGPT.
Chegg launched an AI tool called CheggMate to counter ChatGPT, but many students still prefer ChatGPT.
Chegg's business of helping students cheat has been criticized, while ChatGPT also raises concerns about academic integrity.