Instantaneous is suspending development of Pixy, its $230 flying camera drone that was first announced in April, according to a person familiar with the matter who was not officially authorized to speak.
The news was first reported by the the wall street journalwho said the decision was relayed to company staff by CEO Evan Spiegel.
The Pixy was introduced as a new way for Snapchat users to capture photos from unique angles. It is capable of launching from a user’s hand and can follow four different flight paths, including one that follows the user.
Snap, which advertises itself as a camera company on its website, has tried to break into hardware, including through several iterations of Spectacles sunglasses with built-in cameras. The first version of Spectacles caused the company to take a nearly $40 million in impairment in 2017 due to excess inventory.
As the company’s struggles continue with physical products, its core advertising business is also struggling. Snap shares have lost nearly three-quarters of their value this year as the company counts on slowing demand for its advertising platform, a tough economy and Apple’s 2021 privacy changes that made the advertising targeting much more difficult.
Snap said in its second quarter earnings report in July that he was “not happy with the results we are getting, regardless of the current headwinds”. The company announced plans to significantly slow its hiring rate and operating expense growth rate.
The Pixy is still available to order on Snap’s website, suggesting the company could sell off any remaining inventory.
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