The following is a summary of the Dolby Laboratories, Inc. (DLB) Q3 2024 Earnings Call Transcript:
Financial Performance:
Dolby Laboratories reported a Q3 revenue of $289 million, down 3% year-over-year but above the midpoint of guidance.
The company expects full-year revenue to decline by approximately 1% to 2% and has maintained the non-GAAP EPS guidance for the year.
Non-GAAP EPS for Q3 was $0.71 per diluted share, above the high end of the guidance.
Business Progress:
Dolby continues to expand its Dolby Atmos and Dolby Vision ecosystems, with significant content growth across movies, TV shows, and live sports driving higher device attach rates.
New automotive partnerships have been announced, including vehicles from GM, Rivian, and Hyundai's Genesis brand, which now features Dolby Atmos across five models in Korea.
The company cited notable progress in mobile, with Transsion launching a Dolby-enabled low-cost phone in Malaysia and expanding in emerging markets.
Dolby is set to acquire GE licensing, boosting its patent offerings, especially in video codec technologies, and has also acquired THEO Technologies to enhance Dolby.io offerings.
Opportunities:
Continued expansion in Dolby Atmos and Dolby Vision content and growing engagement from ecosystem partners presents opportunities for revenue growth in various consumer electronics and automotive sectors.
Risks:
The current softness in global device sales, particularly in set-top boxes and gaming consoles, coupled with sluggish cinema box office results, poses risks to projected revenues.
More details: Dolby Laboratories IR
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