Shares of Dolby Laboratories (DLB) plunged 5.03% in pre-market trading on Friday following the release of its second-quarter earnings report and revised full-year guidance. The audio and imaging technology company reported mixed results and lowered its revenue outlook due to macroeconomic uncertainties.

Dolby's Q2 revenue came in at $369.56 million, up 1.4% year-over-year but falling short of analysts' expectations of $376.38 million. The company reported adjusted earnings per share of $1.34, beating the consensus estimate of $1.27. Despite the earnings beat, investors seemed more focused on the company's cautious outlook.

In response to the current economic environment, Dolby revised its full-year revenue guidance to a range of $1.31 billion to $1.38 billion, down from the previous forecast of $1.33 billion to $1.39 billion. The company cited potential headwinds from macroeconomic factors and uncertainty in consumer spending on devices as reasons for the adjustment. Additionally, Rosenblatt Securities cut its price target on Dolby Laboratories to $95 from $100, further contributing to investor concerns.