KIND - Why Nextdoor Holdings Stock Was Falling Today
2023-11-08 15:07:23 ET
Shares of Nextdoor Holdings (NYSE: KIND) sank today, according to data from S&P Global Market Intelligence . The neighborhood-focused social media application posted weak user and revenue growth in the third quarter along with heavy operating losses. It also changed its CFO and announced a major employee layoff.
As of 1:55 p.m. ET on Wednesday, Nov. 8, shares of Nextdoor are down 14.8%. They are off 88% from all-time highs.
In the third quarter, Nextdoor's weekly active users (WAUs) grew at a slow 6% year-over-year rate to 40.4 million across the United States. The social application is focused on serving neighborhoods and building communities and is now a sizable force in the online world, although not nearly as big as the internet giants like Instagram or YouTube.
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Why Nextdoor Holdings Stock Was Falling Today