SAN FRANCISCO — Nextdoor — which operates a local-targeted social networking site covering 315,000 neighborhoods in 11 countries — is cutting 25% of its workforce or about 200 jobs to reduce costs. The move will save the company about $60 million per year in personnel expenses.
Nextdoor reported earnings and metrics for the quarter ended September 30, 2023:
- Total Weekly Active Users (WAU) of 40.4 million increased 6% year-over-year.
- Revenue of $56 million increased 4% year-over-year.
- Net loss was $38 million, compared to $35 million in the year-ago period.
- Adjusted EBITDA loss was $20 million, compared to $18 million in the year-ago period.
- Ending cash, cash equivalents, and marketable securities were $540 million as of September 30, 2023.
“Nextdoor made strides in Q3 against a difficult advertising backdrop, and delivered year-over-year growth in the metrics that matter most for our long-term success. Weekly Active Users increased 6% year-over-year to 40.4 million, and we ended the quarter with approximately 85 million Verified Neighbors, with the largest addition of organic verified neighbors in any quarter in our history,” said Nextdoor CEO Sarah Friar. “Revenue of $56 million increased 4% year-over-year, including accelerating growth from small and medium business customers moving to the Nextdoor Ad Server. For the rest of 2023 and beyond, we remain focused on attracting new Neighbors to the platform, providing the relevant local content to drive engagement, and ensuring value for our advertisers– while building a sustainable business that delivers long-term value for our shareholders.”
The company also announced that Mike Doyle is resigning from his position as Chief Financial Officer, effective November 7, 2023. Doyle will remain at Nextdoor through December 1, 2023, to help ensure a smooth transition. Matt Anderson, Nextdoor’s Head of Finance and Strategy, has been appointed as Chief Financial Officer.
