UPDATE: Dolby Posts Upbeat FQ1 Profit

Dolby Laboratories

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.