Snap lost $40 million on Spectacles

It turns out Snap’s Spectacles weren’t quite as exclusive as the company’s marketing would have you believe.

The company said in its earning report on Tuesday that it lost nearly $40 million on unsold devices, The Verge first reported. That comes out to around 300,000 pairs of the camera glasses.

The company said the loss was “primarily related to excess inventory reserves and inventory purchase commitment cancellation charges.”

The disclosure confirms a report from The Information last month that came after Snap CEO Evan Spiegel admitted to only having sold 150,000 units. Read more…

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