Nextdoor, a social media platform that utilized neighborhoods to connect individuals, announced layoffs in the company’s third-quarter earnings call. The layoffs will cut around 200 employees, which will reduce the company’s workforce by approximately 25%. Nextdoor stated that the company is financially strong and around 40 million users actively use Nextdoor, but the layoffs are a measure to set the company up for future financial success. The costs saved from the layoffs will put Next Door on track to break even in cash flow by 2025. Nextdoor is just one of numerous social media platforms and technology companies that have cut workers this past year, due to various economic challenges, such as high interest rates and decreasing demand for advertising.
See "Neighborhood social media platform Nextdoor announces layoffs", Joshua Bote, The San Francisco Standard, November 9, 2023