UPDATE: Abbott Posts Upbeat Q2 Profit

Abbott Laboratories

reported a drop in its second-quarter profit. Abbott's quarterly profit fell to $476 million, or $0.30 per share, versus $1.73 billion, or $1.08 per share, in the year-earlier quarter. Its adjusted earnings from continuing operations surged to $0.46 per share from $0.43 per share. Its net sales jumped 2.5% to $5.45 billion from $5.31 billion. However, analysts were projecting earnings of $0.44 per share on sales of $5.52 billion. Abbott shares closed at $35.70 yesterday.