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Snap loses over R500 million on unsold Spectacles

Snap, the company behind Snapchat, has released its Q3 2017 financial results. The results revealed that it lost almost £40 million thanks to unsold Spectacles, its camera-equipped sunglasses it sold online and in vending machines. The loss was attributed to “excess inventory reserves and inventory purchase commitment cancellation charges”, it said.

A report by The Verge[1] stated that Snap has sold just over 150,000 Spectacles.

Now read: Crazy discounts coming in Takealot Black Friday 2017 sale[2]

References

  1. ^ The Verge (www.theverge.com)
  2. ^ Crazy discounts coming in Takealot Black Friday 2017 sale (mybroadband.co.za)

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