Snap falls after launching Specs augmented-reality glasses
BUZZ-Snap falls after launching Specs augmented-reality glasses Updates
** Snap SNAP.N shares slide 6.8% to $5.31
** Snapchat-parent launches its first augmented-reality (AR) glasses for consumers, priced $2,195
** Shipments expected this fall in the U.S., UK and France, with wider availability tied to pre-order demand
** Launch comes at a time when Snap is under activist investor pressure to spin off or shut down its cash-burning Specs unit
** Emarketer senior analyst Minda Smiley says she does not think people would necessarily view AR glasses as a positive alternative to screen time
** Also questions the potential return on investment on the expensive devices; suggests Snap needs to discover a compelling use case to attract consumer interest amid increasing competition
** As of last close, stock down ~29% this year
(Reporting by Anzar Mehraj and Jaspreet Singh in Bengaluru)
Recent news on Snap
See all newsFactbox: Companies cutting jobs as investments shift toward AI
Media: Australia to sue Facebook, TikTok for alleged breaches of ban - Bloomberg News
Norway targets 'harmful' social media, games with under-16 ban
Florida can enforce state law barring young kids from social media, appeals court rules
Factbox: Companies cutting jobs as investments shift toward AI