WASHINGTON (AP) — Drug and medical device maker Abbott Laboratories reported a higher third-quarter profit Wednesday, edging past analyst expectations, even as revenue slipped. The company, which is in the process of spinning off some of its businesses, also laid off 550 employees globally and said it plans to eliminate several hundred additional positions next year.

Spokeswoman Adelle Infante said that the layoffs were in Abbott’s nutrition, medical devices, established pharmaceuticals and molecular diagnostics divisions.