Advanced Television

Dolby Labs buys back own stock

February 5, 2024

By Chris Forrester

San Francisco-based audio technology company Dolby Labs has reported revenue of $315.6 million (€293.4m) in its Q1 trading period – down from $334.9 million in the previous year. Despite the drop, the company still topped Wall Street expectations.

Dolby repurchased 968,000 shares of its common stock and ended the quarter with approximately $132 million of stock repurchase authorisation available going forward.

For the current Q2 period, Dolby is guiding for total revenues to range from $345 million to $375 million. For the full year Dolby is now guiding for total revenues to be roughly $1.3 billion and with a margin of about 89 per cent.

Dolby Labs stock opened at $80.26 on February 2nd, and its results were received favourably by the market. For example, Rosenblatt securities reissued a ‘BUY’ rating and a target share price of $98 close to its past year’s share price ‘high’ value of $91.

CEO Kevin Yeaman sold 18,060 vested shares back in December 2023 at an average value of $89.17.

This January the company confirmed it would receive Science & Technology Oscar’s from the Academy of Motion Picture Arts and Sciences for Dolby’s Atmos Cinema Sound System and the Christie E3LH Dolby Vision Cinema projection system. The Awards will be made on February 23rd.

More than 3,100 theatrical titles are mixed in Dolby Atmos, at more than 280 mixing facilities, and over 8,000 Dolby Atmos screens installed or committed across 137 countries.

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