Abbott Diagnostics' worldwide sales took a hit despite bringing in about $615 million in revenues from COVID-19 diagnostic testing during the second quarter of 2020 (end-June 30, 2020).
The company reported sales dropped 8.2% to $7.3 billion in the second quarter of 2020, compared to $7.97 billion during the same period in 2019.
Furthermore, net earnings dropped dramatically. Income fell about 46.6% to $537 million in the second quarter of 2020. That compares to net earnings of $1.006 billion in the second quarter of 2019.