DLB - Dolby Laboratories tanks 10% on guiding Q2 and FY22 below consensus

Dolby Laboratories (NYSE:DLB) fell 10% after company missed on top and bottom line and guiding Q2 and FY22 below consensus. Q1 Non-GAAP EPS of $1.01 missed estimates by $0.05. Revenue fell 10% Y/Y to $351.6M as licensing revenue revenue fell 11% Y/Y to $332.2M. Total gross margin in the first quarter was 90.7% on a GAAP basis and 91.3% on a non-GAAP basis. Q1 cash flows from operations was $31.7 million, compared to $82.2 million for the first quarter of fiscal 2021. The company declared dividend of $0.25 and added $250M to its existing repurchase program. 2Q22 Guidance: Total revenue is estimated to range from $315 million to $345 million vs. $355.84M consensus. Within that, licensing revenues could range from $300 million to $325 million. The Y/Y increase in revenue increase is anticipated to be driven by primarily by high – higher broadcast and PC revenues from Dolby Vision and Dolby Atmos. GAAP

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Dolby Laboratories tanks 10% on guiding Q2 and FY22 below consensus