The market reaction followed Snapchat CEO Evan Spiegel’s showcase of the new wearable, with shares dropping sharply after the announcement.
Snap shares fell nearly 11% after Snapchat CEO Evan Spiegel showcased the new Specs augmented reality glasses priced at $2,195. The move points to a negative immediate market reaction to the product reveal, as investors weighed the prospects for Snap’s AR hardware push against the high price of the device.