Snap stops developing Pixy selfie UAV

Beijing, August 19 (Xinhua)-- Snap, the parent company of Snapchat, will no longer develop Pixy selfie drones in the future, according to people familiar with the matter.

The Pixy drone costs $230 and will continue to be sold in the current version. Snap just launched Pixy a few months ago, which can fly a few feet above users and then take selfies and videos.

Due to rising costs and other economic problems, many companies have been forced to cut back on marketing spending, such as Snap, Facebook, Twitter, Pinterest and other companies that are highly dependent on advertising are naturally seriously disrupted.

Due to the current economic chaos and increased competitive pressure, Snap's performance fell short of expectations, and last month Snap warned of challenges ahead.

Snap says it will significantly slow down hiring and will continue to invest in advertising and look for new sources of revenue.