Dolby Labs Inc. DLB, -0.53% shares fell more than 8% in the extended session Thursday after the audio company reported fiscal fourth-quarter earnings and sales below expectations, and guided for lower earnings in the current quarter. Dolby earned $27.8 million, or 28 cents a share, compared with $44.2 million, or 42 cents a share, in the year-ago period. Adjusted for one-time items, Dolby earned 54 cents a share. Revenue fell to $278 million from $285 million a year ago. Analysts polled by FactSet expected Dolby to earn 41 cents a share on sales of $305 million. Dolby guided for fiscal first-quarter revenue between $300 million and $330 million, and GAAP EPS between 46 cents and 61 cents. The analysts surveyed by FactSet expect earnings of 80 cents a share on sales of $366 million in the quarter. For fiscal 2023, Dolby said it expects revenue to grow by low single digits year-on-year. Shares of Dolby ended the regular trading day down 0.5%.