IBM fourth quarter earnings, revenue beat Street
(Reuters) - IBM, the world's largest technology services company, reported fourth-quarter earnings and revenue that beat estimates on the back of growth in emerging markets.
International Business Machines Corp said on Tuesday its quarterly net income rose 10 percent to $6.1 billion, or $5.39 a share from $4.71 a year earlier. Revenue dropped 1 percent to $29.3 billion.
Analysts had expected the Armonk, New York-based company to report net income of $5.95 billion, or $5.25 a share, on revenue of $29.05 billion, according to Thomson Reuters I/B/E/S.
Revenue in Brazil, India, Russia and China increased by 7 percent in 2012, or 12 percent adjusted for currency fluctuations.
IBM estimated earnings of at least $16.70 a share for the full year, above analysts' consensus forecast of $16.57.
Some analysts said IBM's results were a sign that the tech spending environment was improving.
"It is better than what people had feared," said Brian Marshall, an analyst at ISI Group.
"Virtually every segment did a little bit better than people expected. It supports the fact that things are getting better out there at least from a tech industry standpoint."
(The story corrects period of growth for BRIC countries to "2012" from "the quarter")
(Reporting by Nicola Leske; Editing by Richard Chang)
© Thomson Reuters 2017 All rights reserved.