Snap, Inc. Lost $40 Million on Spectacles

Snap, Inc., the team behind Snapchat, has revealed it has lost $40 million on its Spectacles peripheral due to “excess inventory reserves and inventory purchase commitment cancellation charges”.

Originally released in September 2016, Snap Spectacles allowed wearers to record video clips up to 10 seconds in length, to be uploaded to the social messaging platform.

But they failed to make much of an impact, selling 150,000 units in total. The device’s price point of $129 was criticised, along with its poor recording quality. They were sold through ‘pop-up’ kiosks.