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Dolby Labs stock rallies 4% on fiscal Q1 earnings beat

Economy, Finance

Dolby Laboratories Inc. stock rose more than 4% in the extended session Thursday after the company reported fiscal first-quarter results that came in well above Wall Street expectations. Dolby said it earned $135.2 million, or $1.30 a share, compared with $48.8 million, or 47 cents a share, in the year-ago period. Adjusted for one-time items, Dolby earned $153.3 million, or $1.48 a share, compared with 64 cents a share a year ago. Revenue rose to $389.9 million, compared with $291.9 million in the first quarter of fiscal 2020. Analysts polled by FactSet expected a GAAP EPS of 80 cents a share on sales of $345 million. Dolby said the pandemic continues to impact its revenue and the extent it will continue to do so in the future remains “uncertain.” The company guided for fiscal second-quarter total revenue between $280 million and $310 million and GAAP EPS between 36 cents to 51 cents. Shares of Dolby ended the regular trading day up 3%.

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