Nextdoor Holdings Reports Record Revenue and Shifts Strategy Amid User Engagement Decline

Nextdoor Holdings Inc reported its highest quarterly revenue of $69 million, a 5% YoY increase, with self-serve advertising growing 33% YoY. The company achieved a positive Q3 adjusted EBITDA of $4 million and has a strong cash position. However, user engagement declined sequentially, and Nextdoor reported a GAAP net loss of $13 million for Q3. The company plans to reduce new user acquisition efforts in Q4, which may impact user growth.