Another one on it’s way to the Startup Graveyard for 2017? maybe 2018?
Snap says it lost nearly $40 million on the Spectacles device, “primarily related to excess inventory reserves and inventory purchase commitment cancellation charges.”
Snap’s fiscal third quarter 2017 earnings came in way under Wall Street expectations.
The news sent its stock plummeting nearly 20 percent.
The $40 million investment loss on the stupid looking Spectacles disaster was packaged in its quarterly statement in a tiny nugget of news regarding the company’s Spectacles product.
I am willing to bet some lunatic SV investors will pour few tens of millions more in this totally hyped-up quick sand (trap) idea.
Snap lost nearly $40 million on unsold Spectacles: https://lnkd.in/gCtrVd6?