technology

Snapchat counts a loss of over $50 million on spectacles

Snapchat counts a loss of over $50 million on spectacles

SNAP INC. has been trying to sell smart glasses that retain for over $200. It’s disappointing quarterly report suggests it’s not going well.

SNAPCHAT, if you didn’t know by now, has been trying to sell “exclusive spectacles”.

Unfortunately, it’s not been going terrifically well.

The Spectacles themselves are a pair of smart glasses that feature a camera lens capable of recording short video segments, which retail online for £129.99 ($223.75 AUD).

Snap Inc. released its third quarterly financial report on Tuesday, one which highlighted the disappointing sales from the glasses — a loss of nearly $50 million in total.

The report states: “These charges are non-reoccuring and not reflective of underlying trends in our business.”

Snap Inc’s stocks dropped by nearly 20 per cent hours after the announcement on Tuesday.

In total, the photo sharing app lost approximately $580 million in the quarter.

Snap Inc started making the spectacles easier to buy and introduced them to online vendors. Source: Bloomberg.Source:Bloomberg

Vanity Fair’s New Establishment Summit in October, where CEO Evan Spiegal revealed the sales of the spectacles had reached over 150,000. That number was more than 100,000 over initial expectations.

But the hype quickly subdued.

Snapchat’s competition with Facebook reached new heights after the latter introduced its own ‘Stories’ feature, similar to Snapchat’s main feature.

The report highlighted Snapchat added 4.5 million users last quarter, just a 3 per cent rise compared to the previous quarter.

In contrast, Facebook-owned Instagram boasted 800 million monthly and 500 million daily active users in September.

Online Source News.com.au.

technology

More in technology

10-year-old who looks like his mum hacks her iPhone’s Face ID

10-year-old who looks like his mum hacks her iPhone’s Face ID

The Indian TelegraphNovember 20, 2017
Four easy ways to make a little extra cash with your smartphone

Four easy ways to make a little extra cash with your smartphone

The Indian TelegraphNovember 16, 2017
iPhone X owners claim their gadget’s display doesn’t work properly in cold temperatures

iPhone X owners claim their gadget’s display doesn’t work properly in cold temperatures

The Indian TelegraphNovember 13, 2017
Personal records of 50,000 Australian employees exposed in data breach

Personal records of 50,000 Australian employees exposed in data breach

The Indian TelegraphNovember 3, 2017
Former Yahoo CEO Mayer, Equifax current and former CEOs to testify before US Senate for data breaches

Former Yahoo CEO Mayer, Equifax current and former CEOs to testify before US Senate for data breaches

The Indian TelegraphNovember 2, 2017
Apple sacks engineer over daughter’s iPhone X hands-on video

Apple sacks engineer over daughter’s iPhone X hands-on video

The Indian TelegraphOctober 31, 2017
Apple iPhone X pre-order warning: buy the smartphone now or you could wait until Christmas

Apple iPhone X pre-order warning: buy the smartphone now or you could wait until Christmas

The Indian TelegraphOctober 27, 2017
Google parent Alphabet leads $1 billion Lyft investment, deepening Uber rift

Google parent Alphabet leads $1 billion Lyft investment, deepening Uber rift

The Indian TelegraphOctober 20, 2017
Richard Branson joins Hyperloop One board, as it targets $200 million funding

Richard Branson joins Hyperloop One board, as it targets $200 million funding

The Indian TelegraphOctober 14, 2017
Apple investigates reports of iPhone 8 'splitting open'

Apple investigates reports of iPhone 8 ‘splitting open’

The Indian TelegraphOctober 3, 2017
Apple drops Bing search for Google

Apple drops Bing search for Google

The Indian TelegraphSeptember 27, 2017
Microsoft CEO Satya Nadella Once Surrendered His Green Card For Love

Microsoft CEO Satya Nadella Once Surrendered His Green Card For Love

The Indian TelegraphSeptember 26, 2017
Indian-Born Sriram Krishnan Joins Twitter As Senior Director

Indian-Born Sriram Krishnan Joins Twitter As Senior Director

The Indian TelegraphSeptember 20, 2017
iPhone fan camping outside Sydney’s Apple Store for 10 days to purchase new device

iPhone fan camping outside Sydney’s Apple Store for 10 days to purchase new device

The Indian TelegraphSeptember 12, 2017
Mark Zuckerberg

You can’t block Mark Zuckerberg or Priscilla Chan on Facebook. Here’s why

The Indian TelegraphSeptember 5, 2017
Apple iPhone 8 launch date set for September 12: Here are top five features to expect

Apple iPhone 8 launch date set for September 12: Here are top five features to expect

The Indian TelegraphSeptember 2, 2017
TCL teams up with Google for affordable smart TV that is really good value

TCL teams up with Google for affordable smart TV that is really good value

The Indian TelegraphAugust 29, 2017

Google will ask you if you’re depressed

The Indian TelegraphAugust 26, 2017

Android 8.0 Oreo announced: List of smartphones, devices which will get the OS

The Indian TelegraphAugust 23, 2017
Internet overuse may lead to neuropsychiatric dysfunctions’, new research says

Internet overuse may lead to neuropsychiatric dysfunctions’, new research says

The Indian TelegraphAugust 19, 2017
Google adds voice search for eight Indian languages: Here’s how it will work

Google adds voice search for eight Indian languages: Here’s how it will work

The Indian TelegraphAugust 14, 2017