Snap CEO Evan Spiegel suggested the company's Spectacles were selling well when he revealed over 150,000 pairs had sold as of October. Although that was seemingly framed in a positive way at the time, more recent reports have revealed Spectacles didn't do very well.
It turns out the company drastically overestimated demand. It saw a lot of initial interest and decided to double-down on the product. Spiegel now says Snap "made the wrong decision" with Spectacles since the company ordered far more units than it was able to sell.
Last month we learned Snap was sitting on "hundreds of thousands" of units.