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Snap CEO Evan Spiegel sidestepped investors’ questions about preorder demand for the company’s long-awaited Specs smart glasses during Monday’s earnings call, just weeks before the device’s September launch event. “What we’re hearing from folks is really that they want to try Specs,” Spiegel told investors. “It’s obviously a high consideration purchase at $2,195. Obviously, developers…
Snap will be spinning off an internal generative AI video team into a separate company. The new company — dubbed Dotmo — will focus on developing AI models that can create interactive gaming experiences, Snap told TechCrunch. Snap cited the high costs of conducting such work internally as one of the reasons for the spinoff….
Snap’s long-awaited AR glasses, Specs, didn’t have the best debut. The company’s stock hasn’t been on the healthiest trajectory lately. It’s dropped 30% over the past year. Following Specs’ launch, it sank more than 5% — falling from $5.86 a share on Tuesday to a low of $4.83 on Wednesday morning. As of this writing,…
Snap has announced a new partnership between its AR-glasses focused subsidiary, Specs, and chipmaker Qualcomm, as the company revs up for the release of its wearable later this year. The Snapchat creator has been teasing the release of the glasses—dubbed Spectacles, or merely Specs—for a long time and, earlier this year, it spun off a…
Snap is on a mission to diversify its revenue sources—moving from a business model in which it largely chases ad revenue to one where it can also make money through subscriptions and, eventually, hardware. The company’s latest quarterly earnings report shows that, so far, the firm is having moderate success with that strategy. In Q4,…
Days ahead of a scheduled trial, social media company Snap has settled a lawsuit accusing the platform of causing social media addiction, according to reports from multiple outlets. According to the New York Times, the settlement was announced Tuesday in the California Superior Court in Los Angeles County. The lawsuit against Snap was brought by…
Snap has acquired Saturn, a calendar app that helps students manage their school schedules and share them with others, the company confirmed to TechCrunch on Friday. The financial terms of the deal were not disclosed. Saturn will continue to operate as a standalone app. The news was first reported by Engadget. Snap says almost the…
Snap CEO Evan Spiegel and the chief executive of the California Community Foundation, Miguel Santana, are launching a program focused on helping residents in Altadena and Pacific Palisades rebuild on their own terms after last month’s wildfires. The California Community Foundation, Snap, Spiegel, and Snap CTO Bobby Murphy are committing $10 million in funding to staff…
In an unusual move, the Federal Trade Commission has released a statement announcing that it has referred a complaint against Snapchat owner Snap Inc. to the Department of Justice. The Commission was vague on the details, but said that it ” pertains to the company’s deployment of an artificial intelligence powered chatbot, My AI, in…
Snapchat is introducing a revamped, unified monetization program for creators. The new program will reward creators for both content posted to Stories and Spotlight, its TikTok copycat. Previously, Snapchat monetized these two formats through separate programs. Under the new program, creators will earn revenue from ads displayed within eligible Stories and Spotlight posts. “With Spotlight…