The latest trading day saw Snap (SNAP) settling at $4.66, representing a -1.69% change from its previous close.
The smartphone era won't last forever, and the tech industry is spending billions to own whatever comes next. Artificial intelligence (AI) has sharpened that ambition, giving new momentum to an old dream: ambient computing that delivers information through a lens rather than a screen.
SNAP launches new SPECS AR glasses to expand its augmented reality ecosystem as developers build more experiences for the platform.
Snap's long-awaited AR glasses, Specs, didn't have the best debut.
On Tuesday's TBPN, the conversation drifted from SpaceX's eye-watering private mark to Snap's eye-watering hardware price tag.
Snap Inc (NYSE:SNAP) shares fell about 4% following the company's unveiling of its new augmented reality (AR) glasses, Specs, as investors weighed the high price tag and uncertain consumer demand against the company's long-term vision for wearable computing. The company introduced Specs at the Augmented World Expo in California, positioning the device as its first consumer-facing standalone AR glasses.
Snap unveiled its Specs AR glasses with EyeConnect at a Long Beach conference. The internet is balking over the $2,195 price tag on the Specs.
Featuring about four hours of battery life, Specs will be capable running apps via an overlay that will blend seamlessly as the user goes about their daily life, according to Snap.
Snap CEO Evan Spiegel told Reuters the company's new Specs augmented-reality glasses are part of its long-term strategy, pushing back on activist investor demands to shut down or spin off the cash-burning unit behind the device.
Snap is launching Specs, the company's first AR glasses geared toward the broader public instead of developers. The glasses cost $2,195 with a $200 refundable deposit, and are expected to ship later this year.
Snap remains innovative in AR but struggles with declining user growth and lacks a clear strategic direction. SNAP's heavy R&D spend—about 30% of $5.9B revenue—strains valuation, especially as competitors integrate similar features more profitably. Cost-cutting, reduced headcount, and a focus on core ad business signal a shift toward spending discipline and diversified revenue streams.
The latest trading day saw Snap (SNAP) settling at $5.26, representing a -1.31% change from its previous close.