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Medtronic Slips 5% On Lower Q2 Profit, FY23 Outlook

Shares of medical device company Medtronic plc (MDT) are down 5 percent on Tuesday's trading after the company reported lower profit in the second quarter and lowered its earnings forecast for the year ahead.

During the three-month period, the company posted earnings of $427 million, or $0.32 per share. This compares with $1.31 billion, or $0.97 per share, in last year's second quarter.

The company also said that it now expects fiscal 2023 earnings to be in the range of $5.25-$5.30 per share, and this guidance includes an estimated 18-cent negative impact from foreign currency. Medtronic previously expected earnings in the range of $5.53-$5.65 per share.

Currently at $77.50, the stock has traded between $77.09 and $115.61 during the past 52 weeks.

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