Nextdoor Cuts 12% of Workforce in Quest for Profitability

Nextdoor Holdings Inc., the neighborhood social networking company, is eliminating 12% of its workforce, part of a broader effort by Chief Executive Officer Nirav Tolia to achieve profitability and revamp the business after years of struggles.

Nextdoor, which is cutting 67 jobs, announced the move Thursday with its second-quarter earnings report. The layoffs are part of a restructuring plan that will reduce annual operating expenses by roughly $30 million, the company said in a statement. Chief Financial Officer Matt Anderson is also resigning, effective Sept. 1.