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Mar 31, 2023
Nextdoor Q1 2023 Earnings Report
Nextdoor's Q1 2023 performance reflected a mixed financial landscape with growth in weekly active users offset by a slight revenue decline.
Key Takeaways
Nextdoor's Q1 2023 showed a 2% year-over-year revenue decrease to $50 million. Weekly Active Users (WAU) grew by 16% year-over-year to 42.4 million. The company is focused on driving WAU and revenue growth through AI and platform improvements.
Q1 revenue decreased by 2% year-over-year to $50 million, but showed positive momentum throughout the quarter.
Weekly Active Users (WAU) reached 42.4 million, a 16% year-over-year increase and a 6% quarter-over-quarter increase, driven by AI innovations.
Adjusted EBITDA loss was $22 million, exceeding expectations due to revenue outperformance and expense management.
The company is focused on increasing new neighbor growth and improving advertiser efficacy to drive revenue growth and margin expansion.
Forward Guidance
Nextdoor anticipates revenue between $53M and $54M and an adjusted EBITDA loss between $24M and $23M for Q2 2023.
Positive Outlook
- Focus remains on growing the base of neighbors and organizations.
- Increasing engagement on the platform.
- Returning to strong revenue growth.
- Supporting the path to profitability.
- For the full year 2023, the company expects to return to revenue growth and adjusted EBITDA margin improvement.
Challenges Ahead
- Stock-based compensation expense is impacted by the future fair market value of common stock and other factors.
- These factors are difficult to predict.
- These factors are subject to frequent change.
- These factors are not within the company's control.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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