Dolby Labs Q2 exceeds expectations
May 9, 2023
By Chris Forrester
San Francisco-based Dolby Labs has reported Q2 profits of $95.7 million (€87.2m), and $375.9 million in revenues, up from $334.4 million in the same period last year.
Dolby, a creator and licensor of audio, video and voice technologies for broadcasters and the movie and games industries, exceeded market expectations (four analysts had expected consensus revenues of $347 million). Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Cash flow from operations was $104.5 million, compared to $63 million for Q2/2022.
Dolby said it expects revenue in the range of $285 million to $315 million for its Q3 period.
“In the first half of the year, we continued to bring Dolby Atmos and Dolby Vision to more consumers across our movies and TV, music and user-generated content ecosystems,” said Kevin Yeaman, President/CEO, Dolby Labs. “We remain focused on our long-term growth opportunities and bringing Dolby to all the ways people experience their content.”
Dolby’s shares have added about 17.3 percent since the beginning of the year. Dolby repurchased 0.6 million shares of its common stock and ended the quarter with approximately $262 million of stock repurchase authorization available going forward.