Medical device maker Medtronic plc (NYSE: MDT) has reported an increase in profit for the fourth quarter of 2022, despite a modest decline in revenues.
The company said revenues declined 1% year-over-year to $8.1 billion in the final three months of fiscal 2022. The top line was hurt by weakness in the Medical-Surgical and Neurosciences divisions, which more than offset positive performance by the Cardiovascular segment.
Meanwhile, adjusted earnings increased 2% to $1.52 per share. Reported net income, including special items, was $1.49 billion or $1.10 per share, compared to $1.36 billion or $1.00 per share in the fourth quarter of 2021.
“We remain keenly focused on delivering innovation-driven growth with a robust pipeline of technologies in fast-growing markets, and we’re committed to creating strong shareholder value through strategic capital allocation and active portfolio management,” said Geoff Martha, chief executive officer of Medtronics.
For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected
Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales
Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to