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
- Islamic State Obliterating Cultural Landmarks in Mosul
- The 2014 Fastest-Growing 100
- 'Lucy's' Super Powers Tops 'Hercules' at Box Office
- VW Site Could Mean Another 2,000 Jobs for Chattanooga
- RV Sales See Highest Increase Post Great Recession
- Report: China to Declare Qualcomm a Monopoly
- Eid al-Fitr Celebrations Mark End of Ramadan
- Oppression of Women Cripples Africa: Obama
- Insecticides Permeate U.S. Food, Water Supply
- Anarchy, Chaos Sweep Across Libya