Abbott Laboratories (NYSE: ABT) reported second-quarter financial results before the regular trading hours on Thursday. Revenue for the quarter fell 8% to b $7.3 billion, while adjusted EPS declined 31% to $0.57.

However, the results were stronger than street projections, which sent the stock up 1% during pre-market hours. The stock has gained 11% since the beginning of this year.  

Abbott Laboratories Q2 2020 earnings infographic

Looking forward to listening to management/ analysts comments on Q2 results? Stay tuned here for Abbott Q2 2020 earnings call transcript

The largest Medical Devices unit was the worst hit, where sales dropped 21%, as hospitals postponed various surgeries to cater to COVID patients. Earlier today, rival Johnson & Johnson (NYSE: JNJ) also reported a massive 35% decline in quarterly earnings, hurt by weakness in the medical devices segment.

Past performance

  • Abbott Laboratories (ABT) reports in-line earnings for Q3 2019, sales miss view; narrows FY19 outlook

Also read: Abbott (ABT) could make a new 52-week high after upbeat Q2 results and rosier outlook