Dolby Laboratories Down 9.4% On Lowered Guidance (DLB)

Shares of San Francisco, California-based Dolby Laboratories Inc. DLB are currently down 9.4% at $55.78 per share during Friday afternoon trading. Today's trading range for shares of Dolby Laboratories Inc has been between $54.10 and $57.60 per share. The consensus price target of analysts covering the company's stock is $73.75 per share. Volume of 2.4 million shares is already more than 4 times the daily average volume of 532,000 shares. Dolby Laboratories Inc. (DLB) released financial results late on Thursday that beat Wall Street estimates. Dolby Laboratories Inc reported 1st quarter adjusted earnings of 75 cents per share, on revenue of $242.7 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 62 cents per share, on revenue of $234.65 million. President and Chief Executive Officer Kevin Yeaman said, “During the first quarter, we generated double-digit revenue growth in many of our licensing markets and we remain well positioned for growth in the number of entertainment devices. In the near term, we have revised our fiscal 2011 outlook to reflect a slowdown in our PC market.” The company forecast full-year 2011 adjusted earnings of $2.82 to $2.98, on revenue in the range of $930 million to $970 million. Dolby Laboratories Inc is the global leader in technologies that are essential elements in the best entertainment experiences and is best known for high-quality audio and surround sound. Read more from Benzinga's Company news.