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
- Consumer Prices Edge Up, Surprising Economists
- Steris to Add 100 Jobs in Birmingham
- Clinton Rallies New England Women
- Market Jolt Offers a Reality Check for Investors
- Stocks Close Out Best Week in Nearly 2 Years
- Do Voters Want Compromise?
- Timeline for New York Ebola Doctor
- Microsoft Earnings Drive Stocks Higher
- 'Kissing Congressman' Admits Mistake in Reelection Bid
- Ebola in New York, Mali Raises Travel Jitters