Technology giant IBM posted a 6.3 per cent
rise in profits Tuesday despite a slight decline in revenue.
The company often known as Big Blue said it posted a profit of 5.83 billion dollars compared to the 5.49 billion dollars a year earlier. Revenue slipped 0.6 per cent to 29.3 billion dollars.
IBM CEO Virginia Rometty said the higher profits reflected the company's shift to higher value markets.
"Our performance in the fourth quarter and for the full year was driven by our strategic growth initiatives-growth markets, analytics, cloud computing, Smarter Planet solutions-which support our continued shift to higher-value businesses," said Rometty in a statement.
Revenue in the growth markets of Brazil, India, China and Russia climbed 7 per cent, while in Asia the revenue growth was 4 per cent. Growth was stagnant in the US and dropped 5 per cent in Europe.
Most Popular Stories
- Study: Recessions Can Postpone Motherhood Forever
- Hispanic Entrepreneurs Short-changed in Texas
- Washington's 'The Equalizer' Debuts With $35 Million
- Effort to Oust Assad Put on Hold
- Hispanics Carry Big Clout: Census
- Los Angeles Set to Host Small Business Summit
- Qantas Puts World's Largest Plane on Longest Route
- White House Intruder Got Farther Than Reported
- Chicago Flight Delays: Questions Answered
- Jeb Bush: GOP Senate Would 'Fix a Few Things'