×

So far, Snapchat's Spectacles are completely irrelevant to its business

A woman wears Snapchat's Spectacles on the floor of the New York Stock Exchange during the company's initial public offering in New York, March 2, 2017.
Brendan McDermid | Reuters
A woman wears Snapchat's Spectacles on the floor of the New York Stock Exchange during the company's initial public offering in New York, March 2, 2017.

Snap's hardware play, Spectacles, had people lined up around the block to pick them up.

Unfortunately, the buzz hasn't done much for Snap's bottom line. Executives told analysts on a conference call that the augmented reality and camera glasses made a little more than $8 million during the quarter — that's out of total revenue of $150 million.

At just under $130 a pair, that means the company sold about 61,500 units of the Spectacles, which saw limited release for the first few months via pop-up stores and vending machines.

CEO Evan Spiegel said that "over 5 million Snaps" have been created with Spectacles to date. In total, Snap saw more than 3 billion Snaps taken each day in the first quarter, according to its earnings presentation.

"I think in terms of our hardware strategy, our approach when we're exploring new technology is to usually work on it ourselves," Spiegel told analysts in an earnings conference call. "That's our way to explore something really, really quickly and learn from it. So that's been our strategy today with Spectacles. I think it's been really exciting to see people capture memories from their perspective. There's obviously something exciting about that."

Still, Spiegel said the company will "keep experimenting there."

"It's a modest program for us right now," chief financial officer Drew Vollero said.

Disclosure: NBCUniversal, the parent company of CNBC, is an investor in Snap.

Watch: Pro says spectacles a genius marketing gimmick