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
- Airport Garners Social Media Award
- Social Media Campaign Increases Organ Donor Registrations
- Cost of Health Care Slowing in U.S.
- World Bank: Rich Countries Must Curb Emissions
- Intel Working on Smartwatch; Mum on Possible Apple Link
- Patriots' Aaron Hernandez Questioned in Slaying
- Using Acids to Unlock Shale Oil OK, Regulator Says
- Microsoft Says XBox Is No Big Brother
- Fed Will Keep Buying Bonds for Now; Markets Dip
- NHU, Canada College Partner on B.A. in Child Development