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Medtronic Shares Jump High As Fiscal Q1 Earnings Beat Expectations

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Nov, 21st 13:35

Shares of Medtronic PLC jumped more than 3 percent in pre-market trading on Tuesday after the world’s largest standalone medical equipment development company reported a better-than-expected earnings report for the last quarter.

Medtronic’s shares added 3.05 percent to trade at $81.31 before the opening bell on Tuesday, reversing higher after having closed Monday’s regular trading session in a sour note. The medical device company posted net income of $2.01 billion, or $1.48 a share, in its fiscal second quarter ended October 28th. The reading marked an advance compared to net income of $1.12 billion, or 80 cents a share, in the year-earlier period.

The company reported adjusted per-share earnings came of $1.07 on profit of $1.46 billion. Although the figure declined from $1.56 billion, or $1.12 per share, in last year’s second quarter, it surpassed analysts’ forecast for adjusted EPS of 98 cents.

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