Snap loses nearly $40 million on unsold camera glasses
US-based Snap, maker of photo-sharing app Snapchat, has said that the company lost nearly $40 million on unsold camera glasses called Spectacles. The company said the loss was "primarily related to excess inventory reserves" and cancellation charges after significant number of users returned them. Notably, the Spectacles accounted for about 9% of Snap's losses in the third quarter of 2017.