UPDATE: Dolby Posts Upbeat FQ1 Profit
Dolby Laboratories (NYSE: DLB) reported around 30% drop in its fiscal first-quarter net income.
Dolby's quarterly profit declined to $51.3 million, or $0.50 per share, from $73.2 million, or $0.67 per share, in the year-ago quarter. On an adjusted basis, it earned $0.64 per share.
Its revenue climbed 1% to $236.6 million. However, analysts were expecting a profit of $0.46 per share on revenue of $222.3 million.
Its operating expenses climbed 26% to around $144 million.
Dolby expects FQ2 earnings of $0.53 to $0.60 per share on revenue of $240 million to $250 million. However, analysts were expecting a profit of $0.64 per share on revenue of $250.8 million.
Dolby shares gained 4% to $33.02 in after-hours trading.
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