Nextdoor lays off 25% of its full-time staff as neighborhood social network works to cut costs
Nextdoor is laying off 25% of its full-time staff as the neighborhood-focused social network company cuts costs with its losses widening
NEW YORK (AP) — Nextdoor is laying off 25% of its full-time staff as the neighborhood-focused social network company cuts costs with its losses widening.
The job eliminations are part of a larger cost reduction plan that aims to slash Nextdoor's current personnel expenses by up to $60 million annually, the company said in a third-quarter financial report published Tuesday.
At the end of 2022, Nextdoor had 704 employees, according to an annual securities filing. A spokesperson for the San Francisco company confirmed to The Associated Press that almost 200 employees will be impacted by the job cuts announced Tuesday.
“This reduction in our team is the hardest decision we have had to make at Nextdoor” CEO Sarah Friar said in a prepared statement. “While our opportunity and belief in the transformative power of community remains unwavering, and our business is financially strong with a healthy balance sheet, we must follow through on our commitment to our shareholders. This means right sizing our business and aligning our team and other expenses with our near term revenue expectations."
