Dolby Labs fades after quarterly results, outlook

Dolby Laboratories

17/11/2021 14:44

** Shares in audio and imaging technology supplier Dolby
Laboratories Inc  DLB.N  down 2.5% after quarterly revenue
missed Wall Street estimates and its outlook disappointed
    ** Late on Tuesday Dolby reported Q4 non-GAAP EPS of $0.58/
shr above Street view of $0.56 but rev of $285.02 mln was below
consensus estimate of $299.95, according to Refinitiv data
 urn:newsml:reuters.com:*:nASA02T6L  urn:newsml:reuters.com:*:nGNX32lmwG
    ** It forecast FY 2022 EPS $2.53-$3.03 on A GAAP basis and
$3.52 TO $4.02 on a non-GAAP basis with revenue in the range of
$345 mln to $375 mln. From analysts, FY2022 earnings per share
view $3.94, rev view $1.37 bln, per Refinitiv 
    ** Dolby last traded at $83 after closing at $88.95 on Tues,
already down 8.4% YTD
    ** Median price target for the stock is $113
    ** JPM cut its target price for the stock to $113 from $125
after the news 

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))