Why Abbott Laboratories Stock Got Whacked on Wednesday
Wednesday morning, Abbott Laboratories (NYSE: ABT) beat on both the top and bottom lines in its freshly reported fourth quarter of 2022. This, however, was not good enough to send the veteran pharmaceutical company's stock higher, as its price fell by nearly 1.5% on the day.
For the period, Abbott's sales fell by 12% on a year-over-year basis to just shy of $10.1 billion. That slide was chiefly due to a steep decline in sales of COVID-19 testing-related offerings. Yet even removing that from the equation, the veteran healthcare company still would have recorded a sales drop (by 1.4%).
Meanwhile, non-GAAP (adjusted) net income tumbled more violently, falling by 23% to hit just over $1.8 billion ($1.03 per share).
Source Fool.com
