Nextdoor (NYSE: KIND) has revealed a significant leadership transition, as well as preliminary unaudited financial results for the fourth quarter of 2023. The company, which serves as the neighborhood network for individuals, businesses, and public agencies in over 330,000 neighborhoods across 11 countries, announced the following:
Nirav Tolia, co-founder of Nextdoor, is set to take on the role of Chief Executive Officer, President, and Chairperson of the Board. Sarah Friar will step down from her positions as Chief Executive Officer, President, and Chairperson of the Board in an orderly transition in the second quarter of 2024. Preliminary Q4 2023 Financial Results: Weekly Active Users (WAU) reached 41.8 million, marking a 5% year-over-year increase and a 3% quarter-over-quarter increase. Preliminary unaudited Q4 revenue amounted to $56 million, surpassing the previously provided guidance range of $50 million to $52 million. Cash, cash equivalents, and marketable securities totaled $531 million as of December 31, 2023. Share Repurchase Authorization: The board of directors has approved a $150 million increase to the existing share repurchase authorization, bringing the total authorization to $250 million. Approximately $77 million of this authorization has already been executed. The share repurchase program has been extended until March 31, 2026. Nirav Tolia expressed his delight at returning to Nextdoor, emphasizing his gratitude to Sarah Friar for her leadership over the past five years. Friar, in turn, conveyed her optimism about the company's mission and momentum, acknowledging the significant growth achieved during her tenure.
Following these announcements, the company's shares moved 21.5%, and are now trading at a price of $2.09. For more information, read the company's full 8-K submission here.
