There were five baby swallows chirping in the nest.
The kanji and the word are exactly the same. That means they share meanings as well. This can refer to all kinds of things, like a spider's nest or a mouse's burrow or a bee's hive, etc. Basically, it's a place where animals live, not necessarily just a nest as in a bird's "nest," etc.
The reading is the same as the one you learned with the kanji.