RTTNews | Aug 3, 2020 05:35PM EDT

17:35 Monday, August 3, 2020 (RTTNews.com) - Dolby Laboratories, Inc. (DLB) Monday reported third-quarter profit of $67.3 million or $0.66 per share, up from $39.6 million or $0.38 per share last year.

Adjusted earnings for the quarter were or $0.86 per share, compared to $0.76 per share last year.

Third-quarter revenues dropped to $246.9 million from $302.2 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.27 per share and revenues of $232.61 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, Dolby expects adjusted earnings of $0.22 to $0.37 per share on revenues of $225 million to $255 million. Analysts currently estimate earnings of $0.42 per share on revenues of $251.74 million for the quarter.

For the fiscal year, the company expects adjusted earnings of $2.76 to $2.91 per share and revenues of $1.12 billion to $1.15 billion. Analysts currently estimate earnings of $2.36 per share on revenues of $1.13 billion for the full year.

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