New Delhi, Jan. 22 -- Abbott Laboratories stock slumped on Thursday following the firm's projection of first quarter earnings beneath Wall Street forecasts and its failure to meet revenue targets for the fourth quarter.

The medical device maker announced it anticipates first quarter adjusted profits per share between $1.12 and $1.18, trailing the consensus Wall Street projection of $1.19 per share.

During the fourth quarter, Abbott's revenues hit $11.5 billion, missing the mean analyst forecast of $11.8 billion.

Adjusted profits for the fourth quarter stood at $1.50 per share.

Nutrition-based revenues reached $1.9 billion, falling significantly below the average analyst target of $2.19 billion. The company's pediatric division has str...