Q2 2024 Nextdoor Holdings Inc Earnings Call Transcript
Key Points
- Revenue grew 11% year over year in Q2, driven by the Nextdoor Ads platform's enhanced capabilities.
- Weekly active users (WAU) increased to over 45 million, reflecting an 8% year-over-year growth.
- Improved employee productivity and margins, with a 23 percentage point year-over-year improvement in adjusted EBITDA margin.
- Significant increase in new users joining through word of mouth or unpaid acquisition channels.
- Strong advertiser retention, with top 50 advertiser retention improving to 96% in Q2.
- The transformation of the user experience is expected to take time, with meaningful progress not anticipated until mid-2025.
- Q2 adjusted EBITDA loss was $6 million, indicating ongoing financial challenges.
- A one-time restructuring charge of $26 million was recognized in Q2, impacting financial results.
- Q3 revenue is expected to be approximately $62 million, with an anticipated adjusted EBITDA loss of $8 million.
- The company is still in the early stages of revitalizing its core product, which is crucial for long-term growth.
Good afternoon. Thank you for attending the Nextdoor second-quarter 2024 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to your host, John T. Williams, Head of Investor Relations. You may proceed.
Thank you, operator. I'm John T. Williams, Head of Investor Relations. Good afternoon and thank you for joining us to review Nextdoor's second-quarter 2024 financial results. With us on the call today are Nirav Tolia, Chief Executive Officer; and Matt Anderson, Chief Financial Officer.
During this call, we may make statements related to our business that are forward-looking statements under federal securities laws. These statements are not guarantees of future performance. They are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward-looking statements.
For a discussion of the material risks and other important factors
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