So, the U.S. is benefiting most from a lot of the work to felt in Q3 around organic user growth but international clearly remains a focus for us as we get into 2024. Because in terms of a long-term growth strategy, it’s incredibly important that we continue to grow countries like the UK, Western Europe, Canada and so on. And I do want to give a shout-out that on the revenue side; international really was the highlight growing 79% year-over-year. So it’s a good indication that if we do continue to add more users there and do continue to drive WAU that we can sell that. With that, Matt, can I pass it to you in terms of Q4 guidance?
Matt Anderson: Yes. I’ll touch on that, and also close on your question, Robert, with regard to the session depth dynamics. So, first, with regards to the Q4 revenue guide, it really is a couple of different components. The first and the one we have highlighted already quite clearly is, it starts with the vertical dynamics. And specifically, we started to see – we’ve seen continued slowdowns in areas like we’ve highlighted, like financial services, but at the same time areas like home services started to see more pressure relative to prior periods and prior expectations. Now, while we see continued momentum in a number of different verticals, you called out a few of those, things like healthcare in Q4, areas like retail, at the end of the day, that wasn’t enough to offset the near-term pressures on our enterprise direct-sold demand.
That downstream has effects on our CPM in the period. And so, those supply and demand dynamics meant that a greater share of – in the fourth quarter, specifically the greater share of our ad impression inventory, which is still growing significantly, was ultimately met by slightly lower CPM dynamics. Now, this is on top of broader industry-wide CPM pressures as a number of our peers have highlighted. At the end of the day though, it comes back to one key point, which is, we continue to see very high levels of advertiser retention. And so, that gives us confidence that has expanded new verticals as those new logos as Sarah added continue to ramp on the platform, and there is still a very solid foundation for future growth. Unfortunately, that growth is going to be over a slightly longer time horizon than what we had previously indicated.
So that’s on the revenue front. And then, with regards to session depth, you also referenced session frequency. That certainly is a core part of our notification strategy. Session depth is really getting into the dynamics, when a neighbor comes and engages on the platform, and so I want also to be highlighting that 30% growth that Sarah mentioned is quite substantial, and it is a continuation of the dynamics that we saw in Q2 and it’s something we expect to continue in Q4. And that’s really a function of content – more relevant, more personalized content. This is where areas like AI become really important and have played a role in helping us be smarter about understanding how neighbors engage with notifications, how different neighbors interact with different types of notifications.
And ultimately, we have a richer picture of how they engage and how to make their time in the app better. So that’s really been a core part of our session depth dynamics, and that’s an area where we continue to have conviction.
Robert Zeller: Okay. Great. Thank you both.
Operator: Thank you, Youssef. [Operator Instructions] Our next question comes from Brian Nowak of Morgan Stanley. Brian, your line is open. Please go ahead.
Unidentified Analyst: Hi this is Chole on for Brian. Thank you so much for taking our question. I guess, first, just could you please speak a bit more to the changes and updates you’re making in the Nextdoor Ads Manager? It sounds like there’s a lot of positive traction momentum there, particularly for SMB advertisers. But as you think into next year, what areas and sort of what’s the roadmap going forward for that to drive revenue and hopefully contribute to results. And then, second, on generative AI, also just curious for a little bit more color on how you’re thinking about expanding the ways that AI can both improve the user experience and the advertiser experience on the platform, sort of above and beyond some of the current tools and offerings. Thank you.
