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Medtronic Slips After Q4 Earnings Miss Estimates

Medtronic plc (MDT) shares are declining more than 5 percent on Thursday morning after the company's fourth-quarter earnings missed estimates.

On an adjusted basis, earnings Medtronic reported earnings of $1.52 per share for the period, while analysts were looking for $1.56 per share.

Revenue for the quarter fell 1.2 percent to $8.09 billion from $8.19 billion last year.
Looking ahead to full-year 2023, the company expects adjusted earnings in the range of $5.53 to $5.65 and organic revenue growth is projected in the range of 4 to 5 percent.

Currently, shares are at $100.03, down 5.22 percent from the previous close of $105.54 on a volume of 2,390,830. For the 52-week period, the shares have traded in a range of $98.18-$135.89 on average volume of 5,616,656.

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