Earnings Summary Dolby Laboratories Inc Reports Q3 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Earnings Summary: Dolby Laboratories, Inc. Reports Q3 2024 Financial Results
Overview
Dolby Laboratories, Inc. reported its financial results for the fiscal quarter ended June 28, 2024.
Key Financial Metrics
| Metric | Q3 2023 | Q3 2024 | % Change YoY | Estimate | Q2 2023 | Q3 2024 | % Change QoQ |
|---|---|---|---|---|---|---|---|
| Total Revenue | $298M | $287M | -3.7% | $286.18M (consensus) | $310M | $287M | -7.42% |
| Earnings Per Share (EPS) | $0.64 | $0.60 | -6.25% | $0.59 (consensus) | $0.67 | $0.60 | -10.45% |
Interpretation Dolby Laboratories reported a year-over-year decrease in both total revenue and earnings per share for Q3 2024. Revenue came in slightly below the previous year's results but was largely in line with Wall Street estimates. Quarter-over-quarter, both revenue and EPS saw notable declines, highlighting the current challenges. The actual EPS surpassed Wall Street expectations by a small margin.
Revenue Performance by Segment
| Segment | Q3 2023 Actual | Q3 2024 Actual | % Change YoY |
|---|---|---|---|
| Licensing | $267M | $262M | -1.87% |
| Products and Services | $31M | $25M | -19.35% |
Interpretation Dolby’s key licensing segment saw a small year-over-year decrease, maintaining relative stability. Meanwhile, the Products and Services segment experienced a more significant decline, highlighting possible market weaknesses or reduced demand for these offerings.
Dividends and Share Repurchase Program
Dolby declared a quarterly dividend of $0.30 per share for Q3 2024, which was paid to stockholders. The company's share repurchase program was increased by $350 million, bringing the total available for future repurchases to approximately $422 million.
Forward Guidance No forward guidance was provided.
Stock Price Movement After Earnings Release
After the earnings release, Dolby’s stock price showed a slight decline of -0.476%.
The provided financial data should inform stakeholders about Dolby Laboratories’ current performance and ongoing challenges, particularly in the Products and Services segment. The management’s ongoing commitment to returning value to shareholders through dividends and share buybacks is evident. However, with no forward guidance provided, stakeholders might remain cautious about the company’s future outlook.
