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Jun 28, 2024
Dolby Q3 2024 Earnings Report
Dolby's Q3 2024 financial results were announced, showing revenue in line with expectations.
Key Takeaways
Dolby Laboratories reported third quarter fiscal 2024 financial results with a total revenue of $288.8 million and GAAP net income of $38.4 million, or $0.40 per diluted share. The results were in line with expectations, with continued momentum in Dolby Vision and Dolby Atmos content.
Total revenue was $288.8 million, compared to $298.4 million for the third quarter of fiscal 2023.
GAAP net income was $38.4 million, or $0.40 per diluted share, compared to $16.4 million, or $0.17 per diluted share, for the third quarter of fiscal 2023.
Non-GAAP net income was $68.8 million, or $0.71 per diluted share, compared to $54.1 million, or $0.55 per diluted share, for the third quarter of fiscal 2023.
Dolby repurchased approximately 423,000 shares of its common stock.
Dolby
Dolby
Dolby Revenue by Segment
Revenue by Segment
Licensing Revenue
CapyFin.comProducts and Services Revenue
CapyFin.com Forward Guidance
Dolby provided estimates for its fourth quarter of fiscal 2024.
Positive Outlook
- Total revenue is estimated to range from $300 million to $320 million.
- Licensing revenue is estimated to range from $275 million to $295 million.
- Gross margins are anticipated to be approximately 88%.
- Effective tax rate is anticipated to be around 29% on a GAAP basis and around 23% on a non-GAAP basis.
- Diluted earnings per share is anticipated to range from $0.31 to $0.46 on a GAAP basis and from $0.61 to $0.76 on a non-GAAP basis.
Challenges Ahead
- Operating expenses are anticipated to range from $225 million to $235 million on a GAAP basis and from $190 million to $200 million on a non-GAAP basis.
- Financial outlook relies on estimates of royalty-based revenue that take into consideration various factors that are subject to uncertainty, including consumer demand for electronic products.
- Actual results could differ materially from the estimates due in part to uncertainty resulting from the macroeconomic effect of certain conditions, including supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates.
- Uncertainty resulting from these factors has greatly reduced its visibility into Dolby’s future outlook.
- Estimates reflect certain assumptions about the potential impact of certain of these items, based upon a consideration of currently available external and internal data and information, which are subject to risks and uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income