UPDATE: Medtronic Reports FQ1 Profit of $821M

Medtronic Inc MDT released its results for the fiscal first quarter on Tuesday. Medtronic's quarterly earnings dropped to $821 million, or $0.77 per share, from $830 million, or $0.76 per share, in the year-earlier period. Weighted average shares outstanding fell to 1.07 billion from 1.09 billion. On an adjusted basis, Medtronic's earnings came in at $0.79 per share, versus analysts' estimates of $0.79 per share. Its revenue climbed 7% to $4.05 billion. Medtronic shares gained 2.31% to $31.90 in pre-market trading.