Snap said to be working on a new version of Spectacles

James Martin  CNET

Snap's first-generation Spectacles are considered to have been a flop, with the company saying in November that it had to write down nearly $40 million in relation to the Spectacles, mostly due to " excess inventory and purchase commitment cancellations". This is because Snap wants to position itself more as an eyewear company.

Snap, Inc. calls itself a "camera company" so it shouldn't be all that surprising that it's working on new versions of its Spectacles hardware (especially since we reported just that last June). It explains why Snap is continuing to develop a product line that others would have probably already given up on. The second generation of the device, Cheddar said, will include a water-resistant design, will be available in new colors, and will include both performance updates and bug fixes.

Also, if Snap is serious about being a camera company, it won't give up after one middling attempt. Unfortunately a potential price is $300, making them more than double the cost of the originals. Snap is supposedly talking to major glasses companies, including Luxottica and Warby Parker, in an effort to license its camera technology.

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However, lifting interest rates to fight inflation makes the non-yielding metal less attractive. The dollar has pulled itself from three-year lows hit on February 16 on the back of rising U.S.

So, while Snapchat took a whopping $40 million loss on the first generation of Spectacles, it looks like it hasn't been deterred.

Snap Spectacles were an interesting concept, putting a basic camera into sunglasses and allowing you to quickly capture and upload events around you to Snapchat.

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