$4.83 marked Snap’s intraday low on Wednesday, down from $5.86 on Tuesday after the company unveiled its long-awaited Specs AR glasses.
The selloff followed investor concern over the nearly $2,200 price tag, which raised doubts about profitability for a product aimed at a company whose core users are teenagers.
CEO Evan Spiegel defended the cost on CNBC, arguing Specs should be viewed as a high-end computer positioned between cheaper Meta Ray-Bans and the pricier Apple Vision Pro.
The weak debut adds to pressure on Snap shares, which were already down about 30% over the past year and had not regained their pre-announcement level.