{"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

\n
\n

<\/p>\n

<\/div>\n<\/div>\n<\/figure>\n

Chief executive Evan Spiegel has previously said 150,000 units have been sold.<\/p>\n

The company’s latest earnings report pinned the cost on “excess inventory reserves and inventory purchase commitment cancellation charges”.<\/p>\n

Critics said the $129 glasses were too expensive and the picture quality of recorded videos was poor.<\/p>\n

\"Snap<\/span><\/figure>\n

“They were a fun gimmick for some people, but not compelling enough for a lot of people to get involved,” said Stuart Miles from technology news website Pocket-lint.<\/p>\n

“Snap is a social-media company that is experimenting with merchandise and hardware. They’re new to manufacturing, and they must have got their projections wrong.<\/p>\n

“It never caught on in the way they were hoping.”<\/p>\n

–<\/p>\n

Source: BBC<\/p>\n","protected":false},"excerpt":{"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. 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 […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[],"yoast_head":"\nSnapchat loses $40m on flop Spectacles - Citi 97.3 FM - Relevant Radio. 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