Reportedly, Snap Inc (SNAP - Free Report) CEO Evan Spiegel has said that the company has sold over 150,000 Snapchat Spectacles since the specs debuted almost a year back.
Speaking at the Vanity Fair’s New Establishment Summit in California, Spiegel was quoted by media reports saying that the sales number exceeded internal expectations of 100,000. He also added that the specs underscored the company’s efforts to increase its presence in hardware products. Snap has always marketed itself as a camera company.
Spiegel said, “Our view is that hardware is going to be an important vehicle for delivering our customer experience, maybe in a decade. But if we believe it's going to be important in a decade, we don't want to be starting a decade from now." The company is already working on second generation specs that support augmented reality.
Notably, shares of Snap have declined 40.7% since its listing date of Mar 2, 2017 against 8.3% growth of its industry.
Recently, research firm eMarketer once again slashed the 2017 U.S. ad revenue estimates for Snap from $770 million to $642.5 million. The market research firm had earlier in March slashed the domestic ad revenue forecast from $805 million to $770 million.
Currently, Snap has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Top-ranked stocks in the broader technology sector include NVIDIA Corporation (NVDA - Free Report) Applied Materials (AMAT - Free Report) and Jabil Inc (JBL - Free Report) . All sport a Zacks Rank #1.
Long-term earnings growth rate for NVIDIA, Applied Materials and Jabil is currently projected to be 10.3%, 17.1% and 12%, respectively.
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