Snap Bows To Economic Slowdown; Aborts Plum Drone Project - Snap (NYSE:SNAP)

Snap Inc SNAP stopped the development of its Pixy flying selfie camera less than four months after launching the product publicly, the Wall Street Journal reports.
Snap became the latest technology company to downsize product plans amid the economic slowdown. CEO Evan Spiegel reasoned that it was part of a broader reprioritization of company resources.
Snap introduced Pixy during Snap's annual partner summit with plans to sell a limited quantity. It will continue to sell the current iteration of Pixy.
Also Read: Wanna Get Your Hands On A Pixy Flight Pack Drone? Oh, Snap! You Are Staring At A Long Waiting Time
Snap posted its weakest-ever quarterly sales growth in July due to disruptions in the digital advertising market. Shares plunged almost 40% on those results.
Snap also battled Apple Inc's AAPL privacy policy, following which Snap lost 80% of its market value.
Peer Meta Platforms Inc's META Facebook migrated resources from its Facebook News tab and newsletter platform Bulletin to focus on TikTok rivalry and metaverse ambitions.
Alphabet Inc GOOG GOOGL Google launched initiatives to boost productivity while not ruling out layoff options.
Netflix, Inc NFLX, Twitter, Inc TWTR, and Tesla, Inc TSLA downsized the workforce amid the slowdown.
Price Action: SNAP shares traded lower by 2.71% at $12.22 in the premarket on the last check Friday.
Photo by Souvik Banerjee from Pixabay