Dolby Laboratories Reports Q1 Earnings Beat
SAN FRANCISCO, Calif. -- Dolby Laboratories Inc. (DLB) reported a profit of $67.8 million in its fiscal first quarter, beating Wall Street expectations.
On a per-share basis, the San Francisco-based company earned 70 cents in the quarter. Adjusted for stock option expense and amortization costs, earnings came in at $1.14 per share, exceeding the $1.07 per share consensus estimate from analysts surveyed by Zacks Investment Research.
Revenue for the quarter reached $357 million, also surpassing analyst projections of $346.4 million.
The creator and licensor of audio, video, and voice technologies attributed its strong performance to continued demand for its products and services in the professional, broadcast, and consumer markets.
"Our first-quarter results demonstrate the strength of our core business and our ability to execute on our long-term growth strategy," said Dolby CEO Kevin Yeaman in a statement. "We remain optimistic about the future and believe we are well-positioned to capitalize on the opportunities ahead."