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Snap (NYSE:SNAP) is scrapping the development of its Pixy flying selfie camera, the WSJ said Thursday, citing its sources.
The social media giant is said to be scrapping the development of the drone just four months after publicly launching the product, making it the latest technology company to adjust product plans due to economic uncertainty.
The WSJ said Snap’s Chief Executive Evan Spiegel recently informed staff of the decision during a regular question and answer session, with the decision part of a broader reprioritization.
Snap will continue to sell the current model of the drone, which started selling towards the end of April with a $230 starting price.
Tech companies have moved to reduce spending in recent months, with several firms, including Snap slowing hiring and laying off staff.
