EssilorLuxottica SA posted revenue that beat analysts’ estimates in the third quarter, lifted by a new batch of AI glasses with partner Meta Platforms Inc.  

Sales increased 11.7% at constant exchange rates to €6.87 billion ($8.02 billion), according to a statement Thursday. That beat the average estimate for 8.5% growth from analysts tracked by Bloomberg.

The world’s largest eyewear group got a boost from sales of wearable technology, which posted “exponential growth,” the company said. Investors are closely watching for signs that EssilorLuxottica’s high-profile partnership with Meta can deliver on lofty expectations.

The quarterly sales figures suggest the category is gaining momentum. In September, the company unveiled its latest Ray-Ban Meta and Oakley Meta glasses. That helped AI glasses emerge as a “key growth driver” at company owned stores such as Sunglass Hut, EssilorLuxottica said.

Chairman and Chief Executive Officer Francesco Milleri cited “booming wearables and strong momentum across vision care and sunglasses” for the sales performance, adding that the company enters the fourth quarter with “strong momentum and a clear ambition to drive lasting transformation.”

The company has intensified its push into wearables and medical technology as it seeks to cement its dominance in the evolving eyewear segment. Myopia management, a newer category that involves lenses made to limit progression of short-sightedness, drove results in EssilorLuxottica’s professional solutions division.

On Wednesday, EssilorLuxottica announced the acquisition of RetinAI, a company specializing in artificial intelligence and data management in eyecare. The deal follows the acquisitions this year including a unit of South Korea’s PUcore Co. which develops monomers used in contact lenses, and Optegra, a group with more than 70 eye hospitals and diagnostic facilities in Europe. 

While the Meta collaboration generated an estimated €365 million in revenue for EssilorLuxottica in 2024, the total could approach €800 million this year and surpass €6 billion by 2030, based on the most optimistic projections from Barclays. The analysts see room for industry sales to rise from about 3 million smart glasses a year to 60 million by 2035.

EssilorLuxottica shares advanced 2.4% in Paris on Thursday prior to the results. The stock has gained 17% this year.