DLB - Dolby Labs stock gains after FQ1 beats raised revenue outlook

Dolby Labs (DLB) reports fiscal Q1 beats with revenue up 34% Y/Y to $389.87M and $1.48 EPS. DLB shares are up 3.1% after hours."We had a good start to the fiscal year with solid financial results and ongoing progress across our growth initiatives," says CEO Kevin Yeaman. "Dolby Vision and Dolby Atmos continue to grow across more devices and services, including new focus areas like music and gaming, and we are in the early days of enabling a broader range of applications and services as we increase our engagement with developers through Dolby.io."For Q2, Dolby expects EPS of $0.57-0.72 (consensus: $0.64) and raises its revenue forecast to $280-310M (was: $270-300M; consensus: $290M).Key quote related to COVID-19: "The volume of shipments, aggregated across various end markets and devices, continues to be impacted and difficult to predict because of economic uncertainty due to COVID-19. The global cinema market has been adversely impacted by COVID-19, and we anticipate that

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Dolby Labs stock gains after FQ1 beats, raised revenue outlook