Chegg cuts ~4% workforce (80 employees) to focus on AI strategy; estimates $5-6M severance charges.

CHEGG, INC

Global workforce reduced by ~80 employees (approximately 4% of total) to realign around AI priorities.
Estimated pre-tax charges of $5M to $6M for severance and benefits, majority in Q2 2023.
Company expects to have hundreds of employees working on CheggMate AI tool by end of year.
Charges will be excluded from non-GAAP financial measures including adjusted EBITDA.

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