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Dow Jones Newswires: Nextdoor lowers revenue outlook, will rein in hiring; stock slammed

Nextdoor Holdings Inc.
KIND,
-6.98%

shares fell 13% in after-hours trading Tuesday after it cut its full-year revenue outlook and said it would limit hiring.

The holding company for a neighborhood network platform said net loss was $37 million, or 10 cents a share, during the recent period. Second-quarter revenue grew 19% to $55 million, driven by advertising demand, while weekly active users grew 26% from a year ago.

Nextdoor said it expects third-quarter revenue between $53 million and $55 million, and it lowered its full-year revenue outlook based on macroeconomic headwinds. It now expects full-year revenue to be $220 million to $225 million, compared with guidance issued in March for $254 million to $256 million in revenue.

Nextdoor said in a letter to shareholders that it needs to sharpen its focus on weekly active users and revenue growth initiatives, and to limit hiring to its most critical roles.

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