Abbott Labs posts Q1 earnings beat

Abbott Laboratories (ABT) reported first quarter results that topped Wall Street estimates on both the top and bottom lines. The healthcare products company also raised the lower end of its full-year earnings guidance range.

Yahoo Finance's Anjalee Khemlani breaks down the results in the video above.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Stephanie Mikulich.

Video transcript

SEANA SMITH: All right, guys let's take a look at Abbott Labs. Because that's on the move this morning. Reported earnings that beat expectations for the first quarter and also raised the low end of its full year profit guidance. Yahoo Finance's Anjalee Khemlani has the details for us, Angy

ANJALEE KHEMLANI: Yeah. That's right. And as you saw on the screen, the stock is down just a little bit. Looking at the volume of trading, there is what investors are saying they're just waiting till post the call to see how it works. But looking at what the company reported, we know they beat on not only for the quarter. But also raising guidance, so about 10 billion there for the quarter. And that is despite the fact that they are still getting a little bit of drag from the COVID testing. That diagnostic segment still a little bit down as you look at quarter over quarter.

But on the upside, there new labor or rather the Libre product. The medical device for glucose monitoring. That's been their strong point up 23%. And that is also something that's interesting as part of the GLP story because despite the fact that you've seen other companies get hit with negative outlooks based on that, they're actually seeing an increase in use of their glucose monitoring devices as GLP 1s take off. So that has been an interesting story for the company.

Meanwhile looking across at of course, the nutrition sector. We know that the baby formula story is still-- is actually in their past. Now they're definitely picking up pace from the loss that they experienced a couple of quarters ago. So all in all a flat I would say on balance quarter for the company. So that's sort of where things stand right now.

SEANA SMITH: All right. Anjalee, so much for bringing us the latest there on that. Again Abbott Labs, a name to keep in mind in today's trading session.