Yesterday, Snap announced some new options to its Spectacle lineup. The company introduced its Spectacles 2 earlier this year, and is now adding new, sleeker styles to it. These styles, called Veronica and Nico, offer all the same features but look more like regular sunglasses.
Investors don’t seem to like the new products. The company’s stock has continued to bottom out, hitting a new low of $9.81 today, which is the first time it fell below $10. This is well below the company’s debut price of $17.
It’s true that nearly every social media stock is taking a beating today. Facebook, for instance, is down over 2.5%; Twitter is down over 4.5%. The difference between Snap and the other two, however, is that Snap didn’t testify before Congress yesterday. Perhaps the decline is because investor enthusiasm in the space has gone down as a result of this heightened government attention.
Still, this price dip is not good for Snap. If an updated product doesn’t help boost the company, it’s anyone’s guess what will.