Facebook


FB

recently announced the launch of its much-awaited smart glasses which have been developed in collaboration with EssilorLuxottica. The smart glasses called Ray-Ban Stories is priced at $299 and will be available in 20 style combinations online as well as in retail stores in the United States, Australia, Canada, Ireland, Italy and the U.K.

Ray-Ban Stories smart glasses are the first set of devices to come out of the Facebook- EssilorLuxottica partnership. People can use the device to capture photos and video, listen to music and connect phone calls. Its dual integrated five-megapixel cameras help in taking photos and up to 30-second videos using the capture button or hands-free with Facebook Assistant voice commands.

Ray-Ban Stories have built-in open-ear speakers as well as three-microphone audio array that delivers richer voice and sound transmission for calls and videos. Beamforming technology and a background noise suppression algorithm provide an enhanced calling experience similar to dedicated headphones.

Ray-Ban Stories pairs with the new Facebook View app that makes it easy to import, edit and share content captured on smart glasses to apps like Facebook, Instagram, WhatsApp, Messenger,

Twitter


TWTR

, TikTok and

Snap

’s

SNAP

Snapchat.

Facebook’s Ray-Ban Stories will help it to expand footprint in the smart glasses market that was valued at $4.5 billion in 2020 and is expected to witness a

CAGR of 6.8% from 2021 to 2028

, per Grand View Research.

Facebook’s Ray-Ban Stories is also a step forward toward its augmented reality (AR) and virtual reality (VR) initiatives. Markedly, an IDC report indicates that worldwide spending on AR/VR products and services is anticipated to see a

CAGR of 54% between 2020 and 2024

, which presents significant growth opportunities for the likes of Facebook,

Apple


AAPL

and Google.

Facebook is indeed working on an all-day AR wearable expected for release between 2023 and 2025. The company recently launched the open beta of Horizon Workrooms, available for free to download on Oculus Quest 2 in countries where Quest 2 is supported. Horizon Workrooms lets users come together to work in the same virtual room.

Facebook currently has a Zacks Rank #3 (Hold). You can see


the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

.

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