James Tahaney loads textbooks on to a pallet in preparation for shipping at the Chegg warehouse in Shepherdsville, Kentucky, April 29, 2010.
John Sommers II | Bloomberg | Getty Images
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Chegg shares were last down 46% to $9.50 in premarket trading Wednesday.
Otherwise, Chegg beat first-quarter expectations on the top and bottom lines.
AI “completely overshadowed” the results, Morgan Stanley analyst Josh Baer said in a note following the report. The analyst slashed his price target to $12 from $18.