EssilorLuxottica surges to record high after saying Ray-Ban Meta glasses helped boost revenue growth
European eyewear company EssilorLuxottica said during its earnings call yesterday that its Ray-Ban Meta glasses helped boost its revenue growth, something that’s sent the ADR up to a record high.
“Clearly, there is a lift coming from Ray-Ban Meta wearables as a product category,” the company’s CFO, Stefano Grassi, said on the call Thursday. “The contribution from Ray-Ban Meta in wearables, as I mentioned before, is in excess of 4 percentage points overall for the group.”
EssilorLuxottica’s revenue was up 11.7% in the third quarter compared with a year ago.
Meta has a nearly 3% stake in the eyewear company, which it has partnered with on the smart glasses. Meta CEO Mark Zuckerberg has also claimed that its Ray-Ban Metas are a hit, saying that the “sales trajectory that we’ve seen is similar to some of the most popular consumer electronics of all time.” We looked at the numbers and aren’t so sure.
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