Nextdoor to Cut Up to 200 Jobs

<p><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; Nextdoor &&num;8212&semi; which operates a local-targeted social networking site covering 315&comma;000 neighborhoods in 11 countries &&num;8212&semi; is cutting 25&percnt; of its workforce or about 200 jobs to reduce costs&period; The move will save the company about &dollar;60 million per year in personnel expenses&period;<&sol;p>&NewLine;<p>Nextdoor reported earnings and metrics for the quarter ended September 30&comma; 2023&colon;<&sol;p>&NewLine;<ul class&equals;"bwlistdisc">&NewLine;<li>Total Weekly Active Users &lpar;WAU&rpar; of 40&period;4 million increased 6&percnt; year-over-year&period;<&sol;li>&NewLine;<li>Revenue of &dollar;56 million increased 4&percnt; year-over-year&period;<&sol;li>&NewLine;<li>Net loss was &dollar;38 million&comma; compared to &dollar;35 million in the year-ago period&period;<&sol;li>&NewLine;<li>Adjusted EBITDA loss was &dollar;20 million&comma; compared to &dollar;18 million in the year-ago period&period;<&sol;li>&NewLine;<li>Ending cash&comma; cash equivalents&comma; and marketable securities were &dollar;540 million as of September 30&comma; 2023&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&&num;8220&semi;Nextdoor made strides in Q3 against a difficult advertising backdrop&comma; and delivered year-over-year growth in the metrics that matter most for our long-term success&period; Weekly Active Users increased 6&percnt; year-over-year to 40&period;4 million&comma; and we ended the quarter with approximately 85 million Verified Neighbors&comma; with the largest addition of organic verified neighbors in any quarter in our history&comma;” said Nextdoor CEO Sarah Friar&period; &&num;8220&semi;Revenue of &dollar;56 million increased 4&percnt; year-over-year&comma; including accelerating growth from small and medium business customers moving to the Nextdoor Ad Server&period; For the rest of 2023 and beyond&comma; we remain focused on attracting new Neighbors to the platform&comma; providing the relevant local content to drive engagement&comma; and ensuring value for our advertisers– while building a sustainable business that delivers long-term value for our shareholders&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The company also announced that Mike Doyle is resigning from his position as Chief Financial Officer&comma; effective November 7&comma; 2023&period; Doyle will remain at Nextdoor through December 1&comma; 2023&comma; to help ensure a smooth transition&period; Matt Anderson&comma; Nextdoor’s Head of Finance and Strategy&comma; has been appointed as Chief Financial Officer&period;<&sol;p>&NewLine;