Chegg, a prominent online education company, has experienced a significant decline in its stock value, with shares plummeting to $6.70, marking a 94% drop from its February 2021 high of $115. This downturn is attributed to disappointing earnings reports and the impact of AI tools like ChatGPT, which have reduced the demand for Chegg's services. The company reported a 7% decrease in total net revenue year-over-year, a 9% drop in subscription revenue, and an 8% decline in subscriber numbers. Additionally, Chegg's CEO announced his resignation amid these challenges. The company also provided a weaker-than-expected guidance for the second quarter, projecting revenues between $159 million and $161 million, below the anticipated $174 million. Chegg's stock fell by 13%, and Coursera's by 14%, following these announcements.