Warby Parker’s Revenue, Profits Soar in Third Quarter

Warby Parker’s revenue jumped 15 percent to $222 million in the third quarter of the year, driven by a 20 percent bump in store sales.

The eyewear maker opened 15 standalone stores during the period, along with five shop-in-shops in Target. The higher revenue, driven by the retail expansion, helped offset a ramp up in performance and brand marketing. Warby Parker’s net profits more than tripled to $6 million in the third quarter.

In the coming year, Warby Parker plans to dive head first into the smart glasses trend. In May, the company announced it received a $150 million investment from Google to develop AI-based glasses with the tech giant. On a Thursday earnings call, the brand announced it is also partnering with Samsung to bring those wares to market.

But the eyewear brand is being cautious about its full-year revenue projections given the volatile macroeconomic environment. The company now expects sales to jump as high as 13 percent to $874 million in 2025, down from a previous outlook of 15 percent growth to $888 million. The lowered guidance likely spooked investors as Warby Parker’s stock dropped more than 13 percent in pre-market trading.

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Warby Parker to Launch Smart Glasses With Google

The eyewear maker will also receive an investment from the tech giant of up to $150 million as part of the collaboration, which is set to debut after 2025.