UPDATE 2-Dolby posts higher Q2 profit; raises 2008 view

(Recasts; adds details, updates share movement)

May 1 (Reuters) - Audio technology licensor Dolby Laboratories Inc (DLB.N) posted a better-than-expected 45 percent rise in quarterly profit, driven by strong gaming, broadcast and personal computer markets, sending its shares up 11 percent.

Dolby, known for its movie theater surround-sound systems, raised its profit outlook for fiscal 2008, saying a strong personal computer market would boost its high-margin licensing revenue.

For the second quarter, the company earned $56.8 million, or 49 cents a share, compared with $39.1 million, or 34 cents a share, a year ago.

Revenue rose 34 percent to $172.6 million, helped by a 40 percent jump in licensing revenue to $149.6 million.

Analysts, on average, were expecting a profit of 42 cents a share, before special items, on revenue of $159.6 million, according to Reuters Estimates.

The company raised its full year outlook for the second straight quarter despite a deteriorating consumer spending environment in the United States.

The company, whose technology is used in consumer electronic products like DVD players, personal computers, televisions and gaming consoles, now sees 2008 profit of $1.47 to $1.57 a share, on revenue of $585 million to $615 million.

However, Dolby warned that products and services revenue, which accounted for about 13 percent of second-quarter revenue, would fall in 2008 as product revenue related to digital cinema will be deferred through fiscal 2008.

San Francisco-based Dolby had previously forecast earnings of $1.34 to $1.44 a share on revenue of $575 million to $615 million for the year.

Analysts were looking for full-year earnings of $1.45 a share, before special items, on revenue of $608.7 million.

Shares of the company, whose rivals range from Sony Corp (6758.T) and Philips Electronics (PHG.AS) to SRS Labs Inc (SRSL.O) and DTS Inc (DTSI.O), rose $4.50 to $46.25 in trading after the bell. They closed at $41.75 Thursday on the New York Stock Exchange. (Reporting by Saumyadeb Chakrabarty and Savio D'Souza in Bangalore; Editing by Himani Sarkar, Deepak Kannan)