Snap Inc. may be about to bolster its drone business as it is in acquisition talks with China-based Zero Zero Robotics, according to a report Tuesday by The Information. In May, Snap reportedly bought struggling drone startup Ctrl Me Robotics Inc. for less than $1 million. Zero Zero is known for its line of $500 selfie drones, which use facial recognition to take photos mid-flight. The report did not mention a price for a possible purchase, but Zero Zero said in 2016 it had raised $25 million in funding. Snap has had a rough ride since its IPO; shares are down 26% in the past month, and down more than 46% since going public in March.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News