Snap Isn't Giving Up on Spectacles

In no uncertain terms, Snap's (NYSE: SNAP)first shot at hardware was an utter disaster in just about every way imaginable. Snap ordered far too many units, which resulted in inventory writedowns and other costs associated with canceling its purchase commitments with suppliers. Meanwhile, the company also lost money on each unit sold, and the product failed to generate any type of meaningful engagement.

The percentage of Snaps that were created from Spectacles was a literal rounding error (I estimated it at 0.002% of all Snapscreated in the year-ago quarter).