Why Abbott Laboratories Stock Is Slumping Today
Shares of the diversified healthcare company Abbott Laboratories (NYSE: ABT) are having a rough session today. Specifically, the company's stock was in the red by a noteworthy 7.72% on sky-high volume as of 1:07 p.m. ET Wednesday afternoon.
What's weighing on Abbott's stock today? Ahead of the opening bell, the healthcare giant released its 2022 third-quarter results. While the company's Q3 results were strong overall (more on this below), investors appear to be focused on future declines stemming from an anticipated drop-off in COVID-19 testing revenue.
That said, Abbott's Q3 results were far from doom and gloom. Abbott handily beat Wall Street's consensus Q3 revenue estimate by nearly $800 million. What's more, the company's Q3 adjusted earnings per share of $1.15 topped analysts' average estimate by a whopping 22.3%. Abbott also raised its full-year 2022 earnings per share guidance during today's presentation. That being said, the company did not roll out an updated revenue forecast for the year.
Source Fool.com
