Dolby shares fall on disappointing forecast
Shares of Dolby Laboratories Inc. (DLB) fell 4.8% after hours on Thursday after the audio and imaging technology developer forecast profit and sales for its next fiscal year that were below Wall Street's expectations. Management forecast fiscal 2024 sales of around $1.3 billion, a bit below FactSet estimates for $1.36 billion, and earnings per share of $2.30 to $2.45, below estimates for $2.89. The company's fourth-quarter per-share profit missed expectations, while sales just topped, helped in part by new Apple Inc. (AAPL) iPhones using Dolby's technology.
-Bill Peters
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11-16-23 1814ET
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