Shares of Nextdoor Holdings (KIND) surged 5.79% on Tuesday, driven by the company's better-than-expected third quarter 2024 financial results and an optimistic outlook for the full year. The neighborhood networking platform also announced the appointment of a new Chief Design Officer, further boosting investor confidence.
For the third quarter, Nextdoor reported revenue of $66 million, beating analysts' estimates of $62.4 million. The company's adjusted EBITDA loss of $1 million also showed significant improvement compared to a loss of $20 million in the year-ago period. Weekly active users grew 13% year-over-year to 45.9 million, reflecting Nextdoor's continued user engagement.
Encouraged by the strong performance, Nextdoor raised its full-year 2024 financial outlook, signaling the company's confidence in its growth trajectory. CEO Nirav Tolia highlighted the company's focus on operational efficiency and resource allocation towards growth initiatives.
In a separate announcement, Nextdoor introduced Georg Petschnigg as its new Chief Design Officer. Petschnigg, who led the redesign efforts at The New York Times, will spearhead Nextdoor's complete product transformation initiative, dubbed "NEXT." His extensive experience in user experience and design is expected to enhance Nextdoor's product offerings and drive user engagement.
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