Ed tech specialist Chegg is slashing 388 jobs, about 45% of its workforce, in a restructuring effort to save up to $110 million next fiscal year. The company will remain standalone after exploring strategic options like selling or going private.

Chegg’s revenue plummeted in Q2 by more than a third, to $105.1 million, amid declines in Q1. The company blames Google’s AI summaries for a decrease in traffic. Chegg filed an antitrust lawsuit against Google and explored strategic alternatives before deciding to stay public.

Chegg alleges Google uses AI to unfairly compete for users’ attention with Chegg’s content on search results. Google has moved to dismiss the case, arguing its AI is tailored to serve consumers. Chegg ended the process of exploring financial alternatives and will remain a standalone company for now.

Read more at Yahoo Finance: Chegg slashes nearly half of its workforce as AI eats into its business