Snap Establishes Specs Unit for Smartglasses Launch

MT Newswires Live01-28

Snap (SNAP) said Wednesday it is establishing a distinct, wholly-owned unit, called Specs to provide operational focus and alignment ahead of a public launch later this year.

The new structure allows for distinct branding and supports clearer valuation while enabling new partnerships and capital flexibility, including potential minority investments, the company said.

The unit also expects the digital goods created with the eyewear to reduce waste by replacing physical objects such as instruction manuals and whiteboards, the company added.

Shares of the company were up about 3% in recent trading.

Price: 7.77, Change: +0.31, Percent Change: +4.09

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