Dolby Laboratories Inc. posted fiscal first-quarter results that surpassed Wall Street expectations.
The audio technology company’s earnings came in at $1.30 a share, compared with 47 cents a share in the year-ago period. Adjusted for one-time items, Dolby’s earnings were $1.48 a share, compared with 64 cents a share a year ago. Analysts polled by FactSet expected a GAAP EPS of 80 cents a share.
Revenue increased to $389.9 million, compared with $291.9 million in the year-ago quarter. Analysts polled by FactSet had forecast revenue of $345 million.
The company issued guidance for fiscal second-quarter total revenue ranging between $280 million and $310 million. It projects GAAP EPS between 36 cents to 51 cents.
According to Dolby, the COVID-19 pandemic's impact in the future remains "uncertain."