San Francisco-based film and TV noise-reduction specialists Dolby Labs has reported a decline in profit for Q1, as revenues decreased and operating expenses rose. Nevertheless, earnings for the quarter came in ahead of analysts’ expectations. First-quarter net income was $73.16 million (compared to $86.4 million for the same period last year).
For Q1 Dolby generated total revenues of $233.4 million ($242.7m). CEO Kevin Yeaman said, “In the first quarter, we grew licensing revenue year over year on the strength of our broadcast and mobile markets.”
For fiscal 2012, Dolby continues to target revenue of $910 million to $970 million.