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Markets News

Abbott quarterly profit plunges as COVID-19 batters medical device unit

July 16 (Reuters) - Abbott Laboratories on Thursday reported a 46.6% fall in second-quarter profit as the COVID-19 pandemic continued to batter its medical device unit.

The company’s net earnings fell to $$537 million, or 30 cents per share, in the quarter ended June 30, from $1 billion, or 56 cents per share, a year earlier.

Net sales fell to $7.33 billion from $7.98 billion. (Reporting by Trisha Roy and Manojna Maddipatla in Bengaluru; Editing by Maju Samuel)

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