{"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\/2017\/11\/snapchat-loses-40m-on-flop-spectacles\/","title":{"rendered":"Snapchat loses $40m on flop Spectacles"},"content":{"rendered":"
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
Snap launched Spectacles in September 2016, originally selling them only through pop-up vending machines.<\/p>\n
Pressing a button on the glasses records a short video that can be shared on the Snapchat messaging app.<\/p>\n
But on Tuesday\u00a0the company revealed costs\u00a0of $40m (\u00a330m) due to “excess inventory” and cancelled orders.<\/p>\n