Nextdoor : Social Media Giant Slashes 25% of Staff

Nextdoor (NYSE:KIND), the neighborhood-centric social media platform headquartered in San Francisco, is slashing its employee count by a quarter as it looks to weather the economic challenges that have beset social media companies and the tech industry at large. 

The company confirmed the employee cutback in a third-quarter earnings report released Tuesday afternoon, with Nextdoor CEO Sarah Friar calling the layoffs “the hardest decision we have had to make as a team.” 

In a U.S. Securities and Exchange Commission filing last year, Nextdoor confirmed it employed 704 people. Assuming the number stayed flat, that means 176 Nextdoor employees will get a pink slip. A Nextdoor spokesperson did not provide an exact number but confirmed that almost 200 employees are part of the reduction.

This marks the first round of layoffs at Nextdoor this year but continues a worrisome uptick of layoffs in recent weeks as interest rates remain high and advertising revenue declines.