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Sep 29, 2023
Dolby Q4 2023 Earnings Report
Dolby reported solid Q4 2023 financial results, with revenue increasing and strategic advancements in key technology integrations.
Key Takeaways
Dolby Laboratories announced its Q4 and full year fiscal 2023 financial results, with Q4 revenue at $290.6 million compared to $278.2 million for the fourth quarter of fiscal 2022. GAAP net income was $9.2 million, or $0.09 per diluted share, compared to GAAP net income of $27.8 million, or $0.28 per diluted share, for the fourth quarter of fiscal 2022. On a non-GAAP basis, fourth quarter net income was $63.9 million, or $0.65 per diluted share, compared to $52.8 million, or $0.54 per diluted share, for the fourth quarter of fiscal 2022.
Total revenue for Q4 2023 reached $290.6 million, an increase from $278.2 million in Q4 2022.
GAAP net income for Q4 2023 was $9.2 million, or $0.09 per diluted share.
Non-GAAP net income for Q4 2023 was $63.9 million, or $0.65 per diluted share.
Apple debuted its latest iPhones powered by Dolby Vision and Dolby Atmos.
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 first quarter and full year of fiscal 2024, but actual results could differ materially due to increased uncertainty resulting from macroeconomic events, geopolitical instability, and continuing concerns around inflation and elevated interest rates.
Positive Outlook
- Total revenue is estimated to range from $300 million to $330 million for Q1 2024.
- Gross margins are anticipated to range from 89% to 90% for Q1 2024.
- Diluted earnings per share is anticipated to range from $0.44 to $0.59 on a GAAP basis for Q1 2024.
- Diluted earnings per share is anticipated to range from $0.80 to $0.95 on a non-GAAP basis for Q1 2024.
- Total revenue is expected to be approximately $1.30 billion for FY 2024.
Challenges Ahead
- Actual results could differ materially from the estimates due to macroeconomic events, including supply chain constraints, international conflicts, and consumer demand for electronic products.
- Increased uncertainty resulting from geopolitical instability.
- Continuing concerns around inflation.
- Elevated interest rates.
- Reduced visibility into its future outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income