Abbott Stock Drops 8% After Missing Revenue Targets

Abbott Laboratories, a company that makes medical devices and nutrition products, recently announced that it didn't make as much money as expected in the last quarter of 2023.

This made their stock price drop by 8%.

The company also said it expects to make less money in the first quarter of 2024 than Wall Street predicted.

One of the main reasons is that their nutrition products, like baby formula and adult supplements, didn't sell as well.

The CEO said this is because of higher production costs and competition.

However, Abbott's medical equipment sales met expectations, and they recently bought a company that makes cancer-detection tests for $21 billion.

The stock has still gone up by 3.4% over the past year.