{"id":369716,"date":"2017-11-09T08:23:17","date_gmt":"2017-11-09T08:23:17","guid":{"rendered":"http:\/\/citifmonline.com\/?p=369716"},"modified":"2017-11-09T08:23:17","modified_gmt":"2017-11-09T08:23:17","slug":"snapchat-loses-40m-on-flop-spectacles","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=369716","title":{"rendered":"Snapchat loses $40m on flop Spectacles"},"content":{"rendered":"<p class=\"story-body__introduction\">The company behind Snapchat has taken a $40m (\u00a330m) hit to its finances after its video-recording sunglasses failed to sell as well as hoped.<\/p>\n<p>Snap launched Spectacles in September 2016, originally selling them only through pop-up vending machines.<\/p>\n<p>Pressing a button on the glasses records a short video that can be shared on the Snapchat messaging app.<\/p>\n<p>But on Tuesday\u00a0the company revealed costs\u00a0of $40m (\u00a330m) due to &#8220;excess inventory&#8221; and cancelled orders.<\/p>\n<figure class=\"media-with-caption\">\n<div class=\"player-with-placeholder\">\n<p><img decoding=\"async\" class=\"media-placeholder player-with-placeholder__image narrative-video-placeholder\" src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p054pmbf.jpg\" \/><\/p>\n<div class=\"player-with-placeholder\"><\/div>\n<\/div>\n<\/figure>\n<p>Chief executive Evan Spiegel has previously said 150,000 units have been sold.<\/p>\n<p>The company&#8217;s latest earnings report pinned the cost on &#8220;excess inventory reserves and inventory purchase commitment cancellation charges&#8221;.<\/p>\n<p>Critics said the $129 glasses were too expensive and the picture quality of recorded videos was poor.<\/p>\n<figure class=\"media-landscape has-caption full-width\"><span class=\"image-and-copyright-container\"><img loading=\"lazy\" decoding=\"async\" class=\"responsive-image__img js-image-replace\" src=\"https:\/\/ichef-1.bbci.co.uk\/news\/624\/cpsprodpb\/F59C\/production\/_98667826_gettyimages-652273084.jpg\" alt=\"Snap Spectacles\" width=\"976\" height=\"549\" data-highest-encountered-width=\"624\" \/><\/span><\/figure>\n<p>&#8220;They were a fun gimmick for some people, but not compelling enough for a lot of people to get involved,&#8221; said Stuart Miles from technology news website Pocket-lint.<\/p>\n<p>&#8220;Snap is a social-media company that is experimenting with merchandise and hardware. They&#8217;re new to manufacturing, and they must have got their projections wrong.<\/p>\n<p>&#8220;It never caught on in the way they were hoping.&#8221;<\/p>\n<p>&#8211;<\/p>\n<p>Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company behind Snapchat has taken a $40m (\u00a330m) hit to its finances after its video-recording sunglasses failed to sell as well as hoped. Snap launched Spectacles in September 2016, originally selling them only through pop-up vending machines. Pressing a button on the glasses records a short video that can be shared on the Snapchat [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[106],"tags":[],"class_list":["post-369716","post","type-post","status-publish","format-standard","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/369716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=369716"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/369716\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=369716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=369716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=369716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}