Snapchat's parent company Snap Inc. (SNAP) is taking another stab at camera glasses with the release of two new stylish designs for its Spectacles line on Wednesday -- but investors still aren't buying it. Shares of the social media company fell to all-time lows on the news, reflecting larger concerns on the Street that Snap has little hope in regaining ground against Facebook Inc.'s (FB) Instagram and monetizing its photo and video sharing platform. 

Trading down 4.2% on Wednesday at $10.15, SNAP reflects a 30.5% decline year-to-date (YTD), sharply underperforming its high-flying tech peers and the broader S&P 500, up 8% over the same period. 

Snap Struggles to Boost User Engagement

Snap's new Spectacle 2 glasses, named Veronica and Nico, look more like traditional sunglasses than prior styles, and contain all of the same features and recording quality improvements as the first model launched in April. The main difference in the glasses is their style, as well as the addition of polarized lenses. Spectacles 2 start selling today at a price of $199 in "limited quantities" and will debut at select Nordstrom and Neiman Marcus stores in the US and Europe this fall. 

Snap's Spectacles reflect the company's larger goal of boosting engagement on its mobile application. The company indicates that users on average post 40% more photos and videos captured with the glasses. Snapchat has also made an effort to facilitate sharing on other platforms by adding automatic camera roll sales and allowing video exports to the conventional square and horizontal formats. This fall, a new feature will automatically curate the Spectacle highlights of the day and create a 24-hour story. 

The Venice, California-based company has attempted to diversify its business as digital ad dollars continue to flow towards Instagram and other competitors. Instagram's rival Stories platform now boasts twice the number of users and is growing six times faster than Snapchat. Meanwhile, a report from Cowen earlier this year showed Snap's daily engagement down 7% over last year, while the platform ranked the lowest in a survey of ad buyers.

In July, rumors surfaced that Snap was working with Amazon.com Inc. (AMZN) to add a feature which would allow users to identify products, songs, and item barcodes and link them to product listings. The social media company is also reportedly mapping its expansion into the red-hot gaming industry and has doubled down on its internal Lens Studio to develop software for specialized augmented reality (AR) filters.