Snap is slipping after demand for its much-hyped Spectacles wanes
- Snap's stock is down 0.69% after disappointing Spectacle sales.
- Snap has only sold 150,000 Spectacles since launch.
- Shares are 12.1% below their March IPO price.
Snap is slipping after Business Insider learned that sales of the company's first camera product, Spectacles, product have been disappointing.
Shares of Snap are down 0.69% at $14.87 after Business Insider's Alex Heath reported that the company has only sold 150,000 pairs of its "Spectacles" camera product so far and engagement with the product is low.
The company originally launched the camera-adorned glasses via hard-to-find vending machines that initially saw long lines. After a wider, global rollout of the product, the initial hype has seemed to wane. Less than half of those who bought the glasses continued using them a month after purchasing, Heath reported. A company spokesperson told Health that 73% of the reviews for Spectacles on Amazon are 5-star ratings, but a report from The Information said that the company still has "hundreds of thousands" of the Spectacles waiting to be sold.
Snap previously stated its intentions to become a camera company, but has seemed to stumble on its first step toward that goal. Evan Spiegel, Snap's CEO, has said the company is "just sort of beginning to dabble in hardware," at a conference earlier this month.
The company recently laid off about a dozen employees in its hardware divisions.
Snap is still 12.1% below it's $17 initial public offering price.
