Snap is screwed. Following an earnings call on Tuesday, a fifth of the company's value disappeared in after-hours trading, Mark Zuckerberg is eating its lunch, Snap Spectacles are in the toilet. Yes, things are bad. But are they Vine-levels of bad? Or Twitter-bad? Trick question, Twitter's very screwed!
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"Excess" Spectacles have cost Snapchat's parent company Snap $US39.9 million ($52 million) in the last three months. This news is not a great look for Snap, which reportedly had "hundreds of thousands" of pairs of the Spectacles camera sunglasses piling up in warehouses as of last month. We knew about the inventory; now we're learning about the cancelled orders for more.
With the release of Spectacles, its first piece of hardware, Snapchat also announced that it was renaming its corporation Snap Inc. -- a move that would position them as a broader tech enterprise. After months of restricting supply to IRL pop-ups, Snap will now sell the video-recording sunglasses online in the US.
I am such an arsehole. That is the only conclusion I could come to after waiting five hours in line for two pairs of Snap Inc.'s new Spectacles -- sunglasses with a camera attached that work with Snapchat -- in New York City on Thursday.
It seems like it was ages ago that Google Glass was the future that nobody wanted. The wearable tech had at least one bad design flaw -- it seemed to get its early adopters punched in the face because people didn't like the camera being pointed at them. Now, Snapchat thinks people are finally ready for glasses-mounted personal recording.