The information comes almost 4 months after the Santa Monica, California-based firm launched the pocket-sized Pixy digicam, which may fly just a few toes above its consumer to take images and movies.
Snap declined to touch upon the report.
Rising prices and different financial woes have compelled firms to curb their advertising and marketing spend, hurting ad-reliant on-line firms akin to Snap, Fb-parent Meta, Twitter, and Pinterest.
Final month, Snap had warned of “extremely difficult circumstances” because of the present financial turmoil and rising competitors after reporting disappointing outcomes.
The corporate, which is reeling from privateness modifications made to Apple’s iPhone, had additionally stated it might considerably sluggish hiring, put money into its promoting enterprise and discover new sources of income as a part of its belt-tightening efforts.
On Monday, Snap said it had reached 1 million subscribers for its Snapchat premium subscription, after launching the service in June as a brand new income.
Social media firms together with Snap, Twitter, and Meta Platforms, which all earn the vast majority of income from promoting digital promoting, are going through a weakening advert market on account of record-high inflation inflicting manufacturers to reign of their advertising and marketing spending.
Snap’s shares dropped 25 p.c final month after disappointing second quarter earnings, because it suffered from weaker promoting demand than Wall Avenue had anticipated. Chief Government Evan Spiegel stated the corporate would work to hurry up income progress, partly by means of new sources of income.
© Thomson Reuters 2022