Seeking Alpha

Abbott Laboratories (ABT -4%) says it's laying off about 550 workers and plans several hundred...

Abbott Laboratories (ABT -4%) says it's laying off about 550 workers and plans several hundred more layoffs throughout 2013, citing "evolving business needs." The disclosure comes on the back of a Q3 earnings report earlier today showing surging profit amid a double-digit percentage fall in expenses.
Comments (5)
  • But Obama told us last night we are on the right track for growth.
    17 Oct 2012, 03:34 PM Reply Like
  • Oh, come on that is a low blow, worse than any that Romney has attempted. Is it always the President's (dem/rep) that a company lays people off! Companies have been laying off people at all times and under all presidents. If Republicans want no lay offs, they can pass a law (at least in the House) banning companies from laying off people.
    17 Oct 2012, 04:45 PM Reply Like
  • I'm am retired for Abbott- and this has been going on sin 2000- when they laid off 1,000 workers in Abbott Diagnostics- ADD. For the people in other divisions who were not aware of this layoff- there was and have always been a false sense of security! With a split- there is always reorganization. Regardless of what the Ryans and Romneys tell you they can fix. It is what it is! In order for the big guys to serve they have to eliminate their most value resource which are human- fastest way to boost revenues and look good for investors and wallstreet. I have been there and landed on my feet.
    17 Oct 2012, 06:11 PM Reply Like
  • What am I missing? Great profit & double digit reduction in expenses seems to me to warrant more hires. Are layoffs attrition people and will this result in a further reduction of expenses which should increase profits further?
    18 Oct 2012, 01:24 AM Reply Like
  • read the income statement, the double-digit decline in expenses was due to a one-time charge taken in the same period last year.
    18 Oct 2012, 09:52 AM Reply Like
DJIA (DIA) S&P 500 (SPY)