KIND - Here's Why Social Media Stock Nextdoor Is Soaring
2023-05-10 11:33:27 ET
Neighborhood-focused social media company Nextdoor (NYSE: KIND) reported its first-quarter earnings on Tuesday, and the stock is rising on Wednesday morning. As of 11 a.m. ET, Nextdoor had rallied by 18% for the day, handily outperforming the broader market.
It's been a challenging period for businesses that depend on advertising revenue like most social media companies , and Nextdoor hasn't been an exception. But the company just reported first-quarter results that took the market by surprise. For one thing, Nextdoor generated $49.8 million in revenue, and although it represents a slight year-over-year decline, it was about 8% more than analysts had been expecting.
Furthermore, the company posted an adjusted EBITDA loss of $21.7 million but this was also significantly better than expected.
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Here's Why Social Media Stock Nextdoor Is Soaring