Snapchat parent company Snap will not continue to develop the Pixy selfie drone in the future, people familiar with the matter said.
The Pixy drone will cost $230, and existing versions will continue to be sold. Snap launched the Pixy just a few months ago, and it can fly a few feet above users and take selfies and videos.
Many companies have been forced to cut back on marketing spending due to rising costs and a number of other economic issues, and companies like Snap, Facebook, Twitter and Pinterest, which rely heavily on advertising, have naturally been severely disrupted.
With the current economic turmoil and increased competitive pressures, Snap has not performed as well as expected, and last month Snap warned of a challenging future.
Snap said it would significantly slow down hiring and continue to invest in its advertising business and find new revenue streams.
