Snap Inc (NYSE:SNAP) has launched an updated version of Spectacles, the company’s glasses whivch are built with an embedded camera. The company also revealed that the first version of the glasses sold more than 220,000 pieces.
The company was forced to take a write down of $40 million in the third quarter due to excess inventory of the first version. However, instead of doing away with it, the company has maintained it. In a statement, Snap vice president of hardware Mark Randall said the company has carefully listened to feedback from its customers and incorporated their proposals in the new version.
The company has announced that the new version will be going for between $150 — $20 more than the initial version. The new version comes in three color denomination- sapphire, ruby and onyx. The glasses are water resistant and are able to take videos and photos in high definition. The videos and photos taken can be uploaded on a smartphone and shared on Snapchat faster than the previous version.
Randall said the colors on the new version are little more approachable after they removed the yellow ring in the front. He added that the new glasses are even easy to use as ordinary glasses. Randall said that the new glasses come in different prescription and polarized lenses to meet the needs of different customers.
Commenting on the financial shortfall in the new version, the company says it was caused by the business model and not the popularity of the product. To avoid problems caused by inventory management in the first version when the company sold the glasses through specialized vending machines, plus several retailers like Amazon.com, the new glasses will only be sold through Spectacles.com.
Randall said that the company is fully committed to developing its hardware in the long run. With almost all the 3.5 billion Snaps taken daily, captured through the phone, the company is working hard to become a leader in camera technology. According to Randall, the company is learning the trends in the market and making improvements on its previous versions. Many will be waiting to see if the company will post improved profits as a result of the eyewear.