Late last year, photo sharing platform Snap rebranded itself, ditching the "chat" and positing itself to investors as a hardware company touting $130 smart Spectacles – available by vending machine, of course.
But the company's first ever earnings report, published Thursday, disappointed investors. Its augmented reality and camera glasses made just over $8 million, a drop in the ocean of its $150 million revenue.
Following the news, Snap shares plummeted to roughly $17.50, their lowest since the company's initial public offering (IPO) in early March. According to Reuters, this wiped off more than $6 billion of its market value.
Facebook and its other platforms Instagram and Whatsapp have launched copycat offerings of Snap's main selling point – photos and videos that disappear from users' view after 24 hours.