Categories: Economic News

Snap bows to the economic slowdown; Abort the Plum Drone project

  • Snap Inc SNAP halted development of its Pixy flying selfie camera less than four months after publicly launching the product, the Wall Street Journal reports.
  • Snap became the latest tech company to scale back product plans amid the economic slowdown. CEO Evan Spiegel reasoned that it was part of a broader reprioritization of the company’s resources.
  • Snap unveiled Pixy during Snap’s annual partner summit with plans to sell a limited amount. It will continue to sell the current iteration of Pixy.
  • Read also: Want to get your hands on a Pixy Flight Pack drone? Oh snap! You’re looking at a long wait
  • Snap posted its weakest quarterly sales growth ever in July due to disruptions in the digital advertising market. Shares fell nearly 40% on those results.
  • Snap also struggled Apple Inc AAPL privacy policy, after which Snap lost 80% of its market value.
  • company Meta Platforms Inc TARGET Facebook migrated resources from its Facebook News tab and Newsletter from the newsletter platform to focus on TikTok’s rivalry and metaverse ambitions.
  • Alphabet Inc GOOG GOOGLE Google launched initiatives to increase productivity without ruling out layoff options.
  • Netflix, Inc NFLX, Twitter, Inc TWTRi Tesla, Inc TSLA downsized amid slowdown.
  • Price action: Shares of SNAP traded down 2.71% at $12.22 in pre-market trading last check on Friday.
  • Photo by Souvik Banerjee from Pixabay

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