Their current gen glasses do not do any AR - but they've been acquiring / hiring very aggressively in space for a couple of years now. It's pretty transparent what their long term goal is with their glasses.

I think it's actually a really smart approach. MS spent ~2 billion and multiple years of R+D to get the Hololens built. Snapchat's coming at it from another angle, start simple and build up with each successive generation. The fact that they already have people clamoring for something this basic is telling...