Flop Spectacles

Snapchat loses $40m on flop Spectacles

Snap launched Spectacles in September 2016, originally selling them only through pop-up vending machines.

Pressing a button on the glasses records a short video that can be shared on the Snapchat messaging app.

But on Tuesday the company revealed costs of $40m (£30m) due to "excess inventory" and cancelled orders.

Chief executive Evan Spiegel has previously said 150,000 units have been sold.

The company's latest earnings report pinned the cost on "excess inventory reserves and inventory purchase commitment cancellation charges".