Tuesday was a fine day to be a (NYSE: MDT) investor. The company's performance in its inaugural quarter of fiscal 2024 was better than expected, and the market rewarded Medtronic shares with a 3% bump in price. That was more than 3 times the percentage increase of the S 500 index.

For its first quarter, Medtronic managed to grow its revenue by nearly 5% on a year-over-year basis to $7.7 billion. Non-GAAP (adjusted) net income rose at a slightly higher rate, advancing by 6% to land at slightly under $1.6 billion, or $1.20 per share.

Analysts tracking the medical device maker were underestimating its potential. On average, they were anticipating Medtronic would earn less than $7.6 billion in revenue and post an adjusted net income figure of $1.11.

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Source Fool.com