Abbott Labs shares pop as revenue, earnings defy drop in Covid sales


The Abbott manufacturing facility in Sturgis, Michigan, on May 13, 2022.

Jeff Kowalsky | AFP | Getty Images

Shares of Abbott Laboratories popped Wednesday after the company’s earnings and revenue topped Wall Street’s expectations, defying a dramatic slowdown in sales of its Covid-19 tests. 

The medical-products company posted adjusted earnings per share of $1.03. That’s above the average estimate of 99 cents per share, based on a survey of analysts by Refinitiv. Shares jumped over 7%.

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Abbott reported revenue of $9.7 billion for the first quarter, slightly surpassing the Refinitiv estimate of $9.64 billion due to recovery in its medical devices business. But the…

Source cnbc.com

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