Snapchat parent Snap will halt future development of its Pixy flying selfie drone, The Wall Street Journal reported Thursday, citing people familiar with the matter. Pixy, which costs $230 (around Rs 18,300), will continue to be sold in its current version, according to the report.
The news comes nearly four months after the Santa Monica, Calif.-based company launched the pocket-sized Fairy camera, which can fly a few meters above its user to take photos and videos.
Last month, Snap warned of “incredibly difficult conditions” due to the current economic turmoil and growing competition after announcing disappointing results.
The company, which is reeling from Apple’s privacy changes iPhonealso said he would significantly slow down hiring, invest in his advertising business and find new revenue streams as part of his belt-tightening efforts.
Social media companies, including Instantaneous, Twitterand Metaplatformsall of which derive the majority of their revenue from the sale of digital advertising, are facing a weakened advertising market due to record inflation that is forcing brands to rein in their marketing spend.
Snap’s Shares fell 25% last month after disappointing second-quarter results as they suffered from weaker advertising demand than Wall Street had expected. Chief Executive Evan Spiegel said the company will work to accelerate revenue growth, in part through new revenue streams.
© Thomson Reuters 2022
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