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SAN FRANCISCO -- Fourth-quarter profit grew at Dolby (DLB) - Get Dolby Laboratories Report, which beat analysts' earnings expectations.

Dolby's profit grew 10% to $48.6 million, or 42 cents a share, from $44.2 million, or 39 cents a share, in the year-ago period. Analysts were looking for earnings of 34 cents.

The company, which sells digital audio software to the entertainment industry, said fourth-quarter revenue rose 26% to $163.1 million, compared with $129 million in the same period last year. Analysts were anticipating revenue of $146.7 million

Dolby shares rose $1.28, or 4.5%, to $29.50 in extended trading.

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For 2009, Dolby expects revenue of $660 million to $720 million. EPS is expected to range from $1.57 to $1.77. Analysts were looking for revenue of $707.8 million and EPS of $1.77.