Abbott Labs stock up 2% premarket after earnings beat despite declining COVID testing sales

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Abbott Labs stock up 2% premarket after earnings beat despite declining COVID testing sales
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Abbott Laboratories stock rose 2% in premarket trade Wednesday, after the diagnostics and medical device company beat earnings estimates for the first...

Abbott Laboratories stock ABT rose 2% in premarket trade Wednesday, after the diagnostics and medical device company beat earnings estimates for the first quarter, although declining sales of COVID tests continued to weigh. The company posted net income of $1.318 billion, or 75 cents a share, down from $2.447 billion, or $1.37 a share, in the year-earlier period. Adjusted per-share earnings came to $1.03, ahead of the 99 cent FactSet consensus. Sales fell to $9.747 billion from $11.

37 a share, in the year-earlier period. Adjusted per-share earnings came to $1.03, ahead of the 99 cent FactSet consensus. Sales fell to $9.747 billion from $11.895 billion a year ago, but also beat the $9.666 billion FactSet consensus. Global COVID testing-related sales fell to $730 million in the quarter from $3.304 billion a year ago. In the company’s pediatric nutrition business, global sales rose 9.2%, while in the U.S., they grew 36.

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