Core Insights - Chegg is undergoing significant restructuring, including mass layoffs and a shift in its business model to focus on business-to-business skills courses, which are expected to generate $70 million in revenue for fiscal 2025 and grow in double digits next year [3][4] - The company is facing severe financial challenges, with a revenue decline of over 33% in the second quarter, dropping to $105.1 million, attributed largely to competition from Google's AI summaries [5][7] - Chegg has filed an antitrust lawsuit against Google, claiming that Google's AI Overviews have negatively impacted its traffic and subscriber acquisition, which is critical for its revenue generation [6][7] Company Restructuring - Chegg is cutting 388 jobs, approximately 45% of its workforce, as part of a restructuring effort aimed at saving up to $110 million in the next fiscal year [7] - The company has decided to remain a standalone entity after exploring strategic alternatives, which could have included selling the company or going private [7] - Leadership changes have occurred, with Dan Rosensweig resuming the CEO role, replacing Nathan Schultz, who will continue as an executive adviser [7]