Snap halts development of flying selfie drone

Yahoo Finance anchors discuss Snap winding down its selfie drone.

Video transcript

SEANA SMITH: Snap, the company adjusting product plans. Once again, the "Journal" reporting that Snap is scrapping the future development of its Pixy selfie drone just four months after introducing the device. Now, Snap CEO Evan Spiegel reportedly telling employees, it's part of a broader move to reprioritize company resources.

Now, the current version of the camera drone is still for sale on Snap's website. So if you want to get your hands on it, it starts at $230. Latest example, though, Josh, of snap really struggling. We know this company has been under a tremendous amount of pressure. This we are-- especially, just over the last couple of weeks following their earnings report. Another tough, I guess, announcement here from Snap, and really proof that the hardware isn't working.

JOSH SCHAFER: Well, it's another example of, what does this company do?

SEANA SMITH: Yeah.

JOSH SCHAFER: They were an ad company, right? They're--

SEANA SMITH: They kind of have an identity crisis.

JOSH SCHAFER: Yeah, they're a social media company that was selling ads. And that was their main source of revenue. And that's come down. And now, you're seeing them trying to get into some other things. And people just aren't really that into it. $230 for that drone. I'm probably not gonna buy it. You guys probably aren't gonna buy it. And it doesn't seem like--

SEANA SMITH: It's a very safe bet.

JOSH SCHAFER: --enough people were.

DAVE BRIGGS: I'm continually surprised day by day at how much the young people do use Snap--

JOSH SCHAFER: Sure.

DAVE BRIGGS: --all or more than they use texting.

SEANA SMITH: Yeah.

DAVE BRIGGS: That is how they communicate. Can they profit on that? What does that mean to investors and shareholders? Not much right now. But if they can find a way to get the ad part of it right--

JOSH SCHAFER: Yeah, it's like Twitter. It's like other social media stocks.

DAVE BRIGGS: Yes.

JOSH SCHAFER: The usage is there, people are interested.

SEANA SMITH: And then they also have the spectacles, the glasses, which they had debuted just about five years ago, six years ago. You don't hear many people talking about them. I don't know anyone who owns one. So it's interesting that they did try to introduce another product in the hardware space. And then after four months saying, hey, we're actually not going to--