- Snap Inc. will start selling its augmented reality glasses, Specs, on September 16 for $2,195. Pre-orders opened in June with a $200 refundable deposit, and shipping begins this autumn in the US, the UK, and France.
- CEO Evan Spiegel described Specs as 'a new kind of computer built into see-through glasses' and emphasized that they represent 'our largest long-term opportunity'.
- Snap reported a 19% increase in revenue, totaling $1.6 billion for the second quarter, surpassing analysts' expectations.
- The September 16 launch event will provide a detailed look at Specs, covering AI assistance, work tools, entertainment, and shared experiences.
- The glasses business was spun out as a separate subsidiary in January, indicating a strategic shift for Snap.
- Snap's previous attempts at launching glasses, including Spectacles in 2016, did not yield significant sales, leading to financial losses.
- Spiegel expressed confidence in Specs' potential, stating that the long-term opportunity to develop the next computing platform is 'absolutely enormous'.
Snap Inc. is set to launch its augmented reality glasses, Specs, on September 16, priced at $2,195. CEO Evan Spiegel emphasized the product as the company’s 'largest long-term opportunity,' designed to integrate AI into daily tasks, allowing users to work hands-free.12348
The glasses, which have been in development since June, are positioned as a new computing platform, with Spiegel stating, “What is very clear to us is that the long-term opportunity to develop the next computing platform is absolutely enormous.” He compared the potential impact of Specs to that of laptops and desktops on traditional jobs, highlighting their ability to “bring computing to the real world.”
Snap's second-quarter results showed a 19% revenue increase to $1.6 billion, surpassing analyst expectations. Daily active users rose to 493 million, up from 483 million in the previous quarter. The company’s net loss narrowed to $164 million, down from $262.6 million a year earlier, indicating a positive trend in financial performance.
Spiegel noted that the September 16 event will mark the beginning of consumer engagement with Specs, stating, “I think it will be towards the end of the decade before we see mass-market consumer adoption.” He acknowledged the high price point as a barrier, but expressed confidence in the product's potential, citing a “first-mover” advantage over competitors like Apple and Meta.
The company has invested significantly in Specs, with a full-year adjusted operating expense outlook of $2.75 billion. This investment is part of Snap's strategy to pivot towards profitable growth following recent layoffs and restructuring efforts.
“Pre-orders opened in June with a $200 refundable deposit, and shipments are slated for fall in the US, UK, and France. Snap's stock rose as much as 12% after hours, though shares remain down more than 37% this year.”
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The Hollywood Reporter
