BUSINESS: Financial Snap Inc., Marketer of Spectacles Sunglasses, Issues First Quarterly Financial Report By Staff Monday, May 15, 2017 12:23 AM VENICE, Calif.—Snap Inc. (NYSE: SNAP), which markets the video-enabled Spectacles sunglasses, last week issued its first quarterly financial report as a public company.In the first quarter ended March 31, Snap reported sales of $149.6 million and a net loss of $2.2 billion, which Snap said included $2 billion of stock-based compensation expense. In the year-ago quarter, Snap had sales of $38.8 million and a loss of $104.6 million.Spectacles, one of the tech company’s newest and closely watched products, are sunglasses with an integrated video camera. Snap says the camera is “one of the smallest wireless video cameras in the world” and that it’s capable of shooting a day’s worth of “Snaps” on a single charge. The camera is integrated into sunglasses that are sold in three colors. Spectacles connect directly to the Snapchat app via Bluetooth or Wi-Fi.In a discussion of the Spectacles business that was posted on Snap Inc.’s website, company executives noted that about $8 million of its first-quarter revenue was attributable to the Spectacles business. “Other revenues were $8.3 million [in the quarter], primarily driven by Spectacles,” chief financial officer Drew Vollero noted. The company didn’t provide a breakdown of this revenue in terms of advertising sales versus actual sales of Spectacles sunglasses.In its financial report, Snap noted several operating highlights, including:• Daily active users (DAUs) grew from 122 million in Q1 2016 to 166 million in Q1 2017, an increase of 36 percent year-over-year. DAUs increased 5 percent quarter-over-quarter, from 158 million in Q4 2016.• Average revenue per user was 90 cents in Q1, an increase of 181 percent compared with Q1 2016 when ARPU was 32 cents per user.