Key facts
- Snap CEO Evan Spiegel defended the company's new augmented-reality glasses, Specs, as a long-term strategic investment.
- The Specs device was launched at a price of $2,195.
- Activist investor Irenic Capital Management has called for Snap to spin off or shut down the Specs unit, noting over $3.5 billion has been spent on it.
- Spiegel stated Snap's commitment to long-term profitability and remaining an independent company.
- The Specs unit was established as a standalone subsidiary in January.
Snap CEO Evan Spiegel has defended the company's investment in its new augmented-reality glasses, Specs, asserting they are crucial to the company's long-term strategy and profitability. This stance comes amid pressure from activist investor Irenic Capital Management, which has urged Snap to consider spinning off or shutting down the cash-burning unit.