In April, Snap announced its new hardware innovation, Pixy a drone camera that is light-weight, fits in your palm, and looks as cute as the name sounds. The announcement made at the Snap Partner Summit also showcased some very exceptional features. This drone was a more ‘fun’ version as compared to the complex and heavy drones that are available in the market.
The company had previously cleared that it is not looking to generate a lot of revenue with this product. CEO Evan Spiegel mentioned in an interview, “When we look at our approach to hardware, it’s really just about extending the core of what people are doing and love about Snapchat.”
Now, just after four months, the company seems to be giving up on the device. The Wall Street Journal reported that the CEO of the company informed its employees that it will stop further work on the selfie drone and will discontinue developing any versions of it. The $250 drone is still available to buy from their website.
“When we look at our approach to hardware, it’s really just about extending the core of what people are doing and love about Snapchat.”
– Snap CEO, Evan Spiegel
The company has been reprioritizing its resources like many other tech companies amidst the global economic situation. It recently announced to slow down hiring with the company’s plans to hire around 500 people this year as compared to the 2,000 people last year. In July 2022, the company also reported its weakest quarterly sales growth. This caused a 40% dip in Snap’s share price.
A lot of tech companies have been slowing down on hiring, laying off employees, and in short, reprioritizing their spending to keep themselves prepared for anything looking at the macroeconomic environment.
Featured Image Credits: Snap
