Since the beginning of the year, Nextdoor Holdings (KIND, Financial) has seen its stock price drop nearly 30%. The community-based social media platform announced plans to change its stock ticker from "KIND" to "NXDR" later this month. This change is linked to the company's upcoming product revamp. The new ticker will be effective starting July 21.
Nextdoor also revealed that it will release its second-quarter earnings report on August 7. In the previous quarter, the company reported revenue of $54 million with a net loss of $22 million. Despite financial losses, the platform experienced a 6% increase in weekly active users, reaching 46.1 million.
On the announcement day, Nextdoor's stock saw a slight uptick in the early trading session. However, the stock has experienced a significant decline of nearly 30% year-to-date.
