Day 149: Nextdoor Is Meeting With Wall Street — But What About the People Who Actually Use the Platform?
Today's NXDR update: $2.01. That's down one penny from yesterday's $2.02.
A whole penny. Not exactly the kind of market excitement that gets investors reaching for the champagne.
But Nextdoor has something else on its calendar: another opportunity to meet with the investment community.
And that brings me to a question I've been asking throughout this case study: Who is Nextdoor really listening to?
Nextdoor is heading to the investor conference circuit
Today, Nextdoor announced that its management team will participate in three upcoming investor conferences:
November 18: 15th Annual ROTH Technology Conference — New York
December 2: 30th Annual UBS Global Technology and AI Conference — Scottsdale
December 8: Raymond James TMT and Consumer Conference — New York
According to the announcement, management will host one-on-one investor meetings at each conference.
Here's the announcement:
Nextdoor to Participate in Upcoming Investor Conferences
Now, let's talk about the Raymond James conference.
The investor conference: A room full of people who matter to Wall Street
The Raymond James TMT and Consumer Conference is part of the institutional investment conference world. TMT stands for Technology, Media, and Telecommunications.
These events connect company management with investors, analysts, and other financial professionals. One-on-one meetings give management an opportunity to discuss the business, its strategy, financial performance, and future opportunities.
Let's be clear: these conferences serve a purpose. Public companies need to communicate with the investment community. Institutional investors and analysts have questions, and management needs opportunities to explain the company's direction.
But there's a distinction worth making.
The investment conference circuit isn't the same as listening to the neighbors who use the platform, the small businesses that advertise on it, or the people who share feedback about their experiences.
It can feel like an exclusive club. Management gets scheduled meetings with people who influence investment decisions, while ordinary users are left trying to get a response to a straightforward question.
And yes, I'm speaking from my own experience.
149 days and still waiting
Today is Day 149.
That's how long I've been waiting for the full research study and methodology referenced in a Nextdoor blog post.
I've contacted Jacob Chavis, Senior Manager of Customer Insights, and included Nextdoor leadership in my follow-ups.
I'm not asking for a private investor presentation. I'm not asking for confidential financial information. I'm asking for the underlying research and methodology behind a study Nextdoor publicly discussed.
If you can share it, send it; if you can't, explain why.
It's a pretty straightforward request.
Yet Nextdoor can organize meetings with investors at conferences across the country while my request for research information remains unanswered.
That contrast is difficult to ignore.
What about the feedback?
I've spent considerable time providing feedback about Nextdoor's customer experience, moderation, advertising, research transparency, and communication.
I've also suggested ways the company could improve how it evaluates advertising effectiveness and supports small businesses.
With more than 20 years of experience in learning and development, customer experience, and contact center operations, I tend to look at companies through the lens of process, measurement, quality, and accountability.
Feedback isn't necessarily an attack. It can be an opportunity to identify problems before they become bigger problems.
But feedback only has value when someone is willing to receive it, evaluate it, and decide whether action is warranted.
I haven't seen much evidence of that happening in my own interactions with Nextdoor.
Perhaps the company is listening to other users. I can't speak for every interaction. But my experience has been a long series of unanswered questions.
The stock price tells a different story than the conference announcement
Let's put the numbers in perspective.
Following its November 5 earnings report, Nextdoor reported:
Revenue of approximately $79 million, up 14% year over year.
Platform weekly active users of 24.5 million, up 14%.
A net loss of approximately $659,000, compared with a $12.9 million loss in the same quarter last year.
Adjusted EBITDA of approximately $10.3 million.
Fourth-quarter revenue guidance of $78 million to $80 million.
Those are meaningful improvements in several areas. Nextdoor also reported $382 million in cash, cash equivalents, and marketable securities as of September 30.
But the fourth-quarter outlook and the market's reaction have raised questions about whether the company's growth can translate into sustainable financial performance.
Today, NXDR is at $2.01, down one cent from yesterday's $2.02.
Did the investor conference announcement cause that one-cent decline? I have no evidence of that, and I'm not suggesting it did.
But here's the bigger point: announcing participation in an investor conference doesn't automatically build investor confidence or raise the stock price.
Investors want more than a calendar of meetings. They want to understand the strategy, business model, monetization opportunities, and path to sustainable profitability.
And they want results.
Wall Street gets a meeting. What about everyone else?
This is where I think Nextdoor misses an opportunity.
The company has more than one audience:
Investors want financial performance and a credible business strategy.
Advertisers want measurable results and a reason to keep spending.
Small businesses want support and evidence that advertising on the platform works.
Neighbors want a useful platform where they can participate without feeling that moderation is arbitrary.
Local publishers want their content and community information treated fairly.
Users who provide feedback want to know that someone is listening.
These groups are connected. A platform's value doesn't come exclusively from its stock price or its investor presentations. It also comes from the people and businesses that use it.
If Nextdoor wants to improve monetization, shouldn't it be just as interested in understanding those people’s experiences?
If it wants advertisers to spend more, shouldn't it measure and communicate advertising effectiveness?
If it wants users to stay active, shouldn’t it pay attention to their feedback?
And if it wants to promote research as a differentiator, shouldn't it make the methodology available when it says the research can be requested?
Day 149: I'll keep asking
I understand why Nextdoor wants to meet with institutional investors and financial professionals. That's part of running a publicly traded company.
But I also believe listening shouldn't be reserved for people with a conference badge, a large investment portfolio, or a seat at a private meeting.
The everyday users, small businesses, local publishers, and community members matter, too.
Nextdoor can attend the Raymond James TMT and Consumer Conference on December 8. It can hold one-on-one investor meetings and discuss its strategy.
Meanwhile, I'm still waiting for a response to a research request that is now 149 days old.
Maybe the next investor presentation should include a slide titled: "What Are We Hearing From Our Users — And What Are We Doing About It?"
That might be a useful conversation for everyone.
Day 149. NXDR: $2.01. The request is still outstanding.
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