91.1 F
San Fernando
Saturday, Oct 1, 2022
-Advertisement-
Array

DTS Lowers Guidance, Shares Fall

DTS Inc. reported lower earnings and expects lower revenue for the year due to delays in the release of new electronic devices, leading to a double-digit decline in the company’s stock price on Tuesday. The Calabasas audio technology developer reported net income of $2.3 million (12 cents a share) for the quarter ending June 30, compared with $7 million (41 cents) in the same period a year earlier. Revenue dropped 5 percent to $34.4 million. The company attributed the drop in net income due to it taking a $3.3 million income tax benefit in the second quarter of last year. For the full year, the company now expects revenue in the range of $140 million to $145 million. It previously forecast revenue in the range of $148 to $155 million. “Despite some near-term delays impacting customer product launches, we are seeing growing engagement and demand for our technology solutions as we continue to lay the important groundwork for broader ecosystem development, greater penetration and higher unit volumes,” Chief Executive Jon Kirchner said in a prepared statement. DTS announced the outlook revision and quarterly financials after market close on Monday. Shares closed Tuesday down at $3.47, or nearly 11.6 percent to $26.42 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-