Why Are Abbott Laboratories Shares Trading Lower?
Portfolio Pulse from Vaishali Prayag
Abbott Laboratories (NYSE: ABT) shares are trading lower despite reporting better-than-expected Q2 2024 financial results. The decline is attributed to a significant drop in COVID-19 testing-related sales, which overshadowed strong growth in other sectors.
July 18, 2024 | 6:51 pm
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Abbott Laboratories reported Q2 2024 sales of $10.377 billion, slightly beating estimates, and EPS of $1.14, surpassing expectations. Despite strong growth in medical devices and other sectors, a significant drop in COVID-19 testing sales led to a 4.32% decline in share price.
Abbott's Q2 results showed strong performance in several sectors, but the significant decline in COVID-19 testing sales negatively impacted overall diagnostics sales, leading to a drop in share price.
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