New specs

Shares in Snap rose nearly 6 per cent on Thursday following a series of updates and new product announcements unveiled by the company during the Snap Partner Summit online presentation.

On Wednesday, Snap (SNAP) unveiled a new generation of augmented reality (AR) Spectacles and a host of new AR technologies for applications in apparel and accessories sales, gaming and beyond.

Snap announced that its social media platform Snapchat reached more than 500 million monthly active users.

Shares in Snap, up 213% over the past 12 months and 14% since the start of 2021, closed Thursday up 5.9%.

The new generation of Snap Spectacles is fully integrated with Lens Studio, Snap's powerful app for augmented reality creators and developers who can create and distribute lenses on Snap's AR platform.

Developers can create lenses, various augmented reality objects and effects to be superimposed on the 'real world'.

The lightweight 134 gram Snap glasses are powered by the powerful Qualcomm Snapdragon XR1 platform and feature 2 RGB cameras, 4 built-in microphones, 2 stereo speakers, technology Snap Spatial Engine tracks hand movements.

Users can also issue audio commands to the device. The new Spectacles are designed to last approximately 30 minutes of active use without recharging.

Snap said in a press release that the glasses are currently used by a select number of developers and are not intended for sale.

Snap's augmented reality lens technology already allows for various effects and AR objects to be superimposed on real buildings and other things.

Snap has also announced a partnership with the Walt Disney Co. (DIS) to allow tourists at Walt Disney World to use Snap AR in their visits and photos.

Snap has also announced new partnerships and products for developers on its Snap Kit, Games, Minis and Bitmoji platforms.

New app from Snap Story Studio

Story Studio will also offer Snapchat trend analysis. The app will launch later this year for free for iOS.

The company has also introduced a new way for popular creators to monetise their videos, allowing fans to pay money to send them "gifts" that can be exchanged for cash.