Medtronic stock drops amid earnings beat, forecast missing expectations

Yahoo Finance Live discusses a drop in shares of Medtronic after the medical device maker issued a weaker than expected forecast.

Video transcript

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JULIE HYMAN: Now it's time for today's Trending Ticker. It is Medtronic. Though shares are down more than 5-and-a-1/2 percent, the medical device maker issuing a weaker than expected annual forecast, saying it expects US dollar strength to drag on sales in international markets. But the company's fourth quarter did beat estimates with stronger than estimated revenue thanks to a post-pandemic rise in non-urgent surgical procedures. The company has been focused on restructuring its core units over the past few years. But surging inflation and supply chain constraints have weighed heavily on costs.