IBM posts higher 4Q net income

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Associated Press

Posted on January 21, 2014 at 3:01 PM

Updated Tuesday, Jan 21 at 3:02 PM

ARMONK, N.Y. (AP) — IBM says its fourth-quarter net income grew 6 percent, surpassing Wall Street's expectations even though revenue fell.

IBM Corp. said Tuesday that it earned $6.19 billion, or $5.73 per share, in the October-December period. That's up from $5.83 billion, or $5.13 per share, in the same period a year earlier.

IBM's adjusted earnings were $6.13 per share in the latest quarter.

Revenue fell 5.5 percent to $27.7 billion from $29.3 billion.

Analysts, on average, had expected adjusted earnings of $5.99 per share on revenue of $28.27 billion, according to FactSet.

The Armonk, N.Y., company is forecasting 2014 earnings of at least $17 per share and adjusted earnings of at least $18 per share. Analysts expect $18.02 per share.

The company's shares are down 2 percent in extended trading.

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