We found out recently that our Early Talent Team at Nextdoor was recognized with a RippleMatch Award for excellence in early hiring and programming! In a landscape that's continually evolving, our team has been at the forefront of innovative recruitment strategies, championing diversity and inclusion, and crafting impactful entry-level programs and internships. Their unwavering dedication has helped us connect the next generation of talent with meaningful opportunities, building a stronger community and a brighter future. #CFA2025
This month, we published financial results for the third quarter of 2024 and announced Georg Petschnigg as Chief Design Officer. Georg brings additional design leadership and deep experience in product creation, accelerating Nextdoor’s plans to transform the platform. In Q3 we made significant progress, improving metrics and margins: Q3 revenue of $66M grew +17% year-over-year, reflecting increasing self-serve revenue retention, a return to growth for enterprise advertisers, and improved monetization of search activity. Q3 Weekly Active Users (WAU) of 45.9 million grew +13% year-over-year, reflecting sustained organic user acquisition, progress re-engaging existing users, and varied and personalized content. Q3 margins improved 33 percentage points year-over-year, derived from strong margin flow-through from increased revenue, further leverage in sales and marketing, and a 60% year-over-year improvement in employee productivity. Advertisers on the Nextdoor Ads Platform continue to see better results, which has improved retention and increased total spending. We are executing with precision and purpose, better allocating resources toward growth, and have raised our FY 2024 outlook. Nextdoor remains an essential place to gather information and connect, particularly during significant events affecting local communities. Learn more at investors.nextdoor.com. $KIND
This week we announced financial results for Q4 2023. With 88M+ neighbors on Nextdoor, we ended the year with renewed strength and positive momentum. Fourth quarter Weekly Active Users (WAU) grew 5% year-over-year and 3% sequentially, and organic Verified Neighbor growth set a record for the second consecutive quarter. We delivered full year 2023 revenue growth and Adjusted EBITDA margin improvement, and enter 2024 with a streamlined cost structure, a cash position of $531 million on our balance sheet, user growth momentum, and progress against our ad platform milestones. Our recently announced $150 million increase to our existing share repurchase program is further demonstration of our long-term confidence. Advertisers of all sizes continue to find increasing value on Nextdoor, demonstrated by high retention levels (90% of our top 50 customers from ‘22 in ‘23). We also achieved our stated goal of having 100% of ads from SMB advertisers served via the Nextdoor Ad Server by year-end, and are on track to continue that migration for mid-market and enterprise advertisers in 2024. In 2023, Nextdoor brought generative AI to the neighborhood for the first time, and we continue to leverage AI and machine learning across our platform, deploying these tools to grow our unique local knowledge graph. Neighbors, businesses of all sizes, and public agencies in more than 330,000 neighborhoods across 11 countries turn to Nextdoor to connect to the neighborhoods that matter to them.
