Snap is reportedly discontinuing development of its Pixy flying drone technology less than 4 months after it was launched

• Snap is halting the development of its selfie drone, called "Pixy," according to the Wall Street Journal.
• Snap's CEO told employees that the decision is part of a reordering of resources as the company faces a slowdown.

Snap is reportedly halting the development of its selfie drone technology just four months after launching it amid companywide cost cuts.

CEO Evan Spiegel recently told employees the company's decision to stop the development of its Pixy drone is part of a reordering of company resources, according to a report by the Wall Street Journal.

The drone, which was unveiled by Snap in late April, starts at $230 and syncs users' photos with the Snapchat app. Snap said Pixy takes off and lands directly into users' hands.

The Pixy was only Snap's second rollout of hardware technology after its Spectacles, which are sunglasses that use augmented reality.

A person familiar with the matter told the Journal that Snap still plans to sell the current version of the Pixy, but it will not roll out future iterations.

Snap could not be immediately reached by Insider for comment.

The move comes after Snap reported dismal quarterly results in July, citing low demand from advertisers and inflationary pressures.

Earlier this year, Spiegel sent a memo to employees announcing a hiring slowdown amid a "further and faster" deterioration of the macro environment.

Snap's rollout of the drone last spring was not without its hiccups. The Verge reported in May that early buyers of Pixy were told they'd have to wait three months to get it.

Around the time of Pixy's launch, Spiegel told The Verge that "maybe we would make more with version two if people love the original product."