Medtronic posts mixed results
Medtronic Plc (NYSE: MDT) reported latest financial results for its second quarter of fiscal year 2023, which ended October 28, 2022 on Tuesday.
The medical technology company posted mixed results for the quarter.
Revenue reported at $7.585 billion (down 3% year-over-year) vs. $7.698 billion expected.
Earnings per share reported at $1.30 per share (down by 2% year-over-year) vs. $1.277 per share estimate.
“Slower than predicted procedure and supply recovery drove revenue below our expectations this quarter. We continue to take decisive actions to improve the overall performance of the company, including streamlining our organizational structure, strengthening our supply chain, driving a performance culture, and strategically allocating capital to support our best growth opportunities with the investments they deserve,” Geoff Martha, CEO of the company said in press release.
“We’re seeing the benefit of these changes – along with new incentives and strong execution – in certain businesses, and we’re focused on ensuring these efforts translate into improved performance across the company. Looking ahead, we’re confident we have a clear path to delivering durable growth and increased shareholder value,” Martha concluded.
The stock was down by around 5% on Tuesday at $77.74 a share.
Stock performance
Medtronic price targets
Medtronic is the 114th largest company in the world with a market cap of $109.37 billion.
You can trade Medtronic Plc (NYSE: MDT) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
Sources: Medtronic Plc, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
Another low volatility, quiet news day saw risk assets reverse Monday’s price action with US equities steadily rising throughout the session on lack of any obvious catalyst. Tech outperformed on the improved risk outlook with global risk appetite seemingly unperturbed by the continued ramp-up of Chinese COVID restrictions. The US dollar so...
Many traders early on in their trading journey may jump into trading without knowing if their system or edge can be profitable. The most important met...