Key facts
- EssilorLuxottica's third-quarter revenue of €7.49 billion beat analyst expectations of €7.36 billion.
- Sales of smart glasses made with Meta slowed compared to earlier in the year.
- The company's core eyewear business was the main growth driver.
EssilorLuxottica shares jumped more than 11% on Wednesday after the Ray-Ban maker surpassed third-quarter revenue expectations. The company reported revenue of €7.49 billion, exceeding the €7.36 billion anticipated by analysts. While sales of smart glasses produced in partnership with Meta showed moderating growth compared to earlier in the year, the core traditional eyewear business served as the primary growth engine. This performance eased concerns that have impacted the company's stock, which had nearly halved from its record market valuation of €149 billion ($167 billion) a year prior, partly due to governance and smart glasses business worries. Analysts at Bernstein noted that the prospect of smart glasses disrupting traditional eyewear remains a concern, especially with Alphabet's planned launch of Gemini AI glasses by the end of 2026.