Snap loses over R500 million on unsold Spectacles

Snap, the company behind Snapchat, has released its Q3 2017 financial results.

The results revealed that it lost almost $40 million thanks to unsold Spectacles, its camera-equipped sunglasses it sold online and in vending machines.

The loss was attributed to “excess inventory reserves and inventory purchase commitment cancellation charges”, it said.

A report by The Verge stated that Snap has sold just over 150,000 Spectacles.

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Snap loses over R500 million on unsold Spectacles