Abbott Laboratories (NYSE: ABT) reported second-quarter financial results before the regular trading hours on Thursday. Revenue for the quarter fell 8% to b $7.3 billion, while adjusted EPS declined 31% to $0.57.
However, the results were stronger than street projections, which sent the stock up 1% during pre-market hours. The stock has gained 11% since the beginning of this year.
The largest Medical Devices unit was the worst hit, where sales dropped 21%, as hospitals postponed various surgeries to cater to COVID patients. Earlier today, rival Johnson & Johnson (NYSE: JNJ) also reported a massive 35% decline in quarterly earnings, hurt by weakness in the medical devices segment.
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