IBM just missed the mark on its fourth quarter revenue but grew profits.The company reported $5.5 billion in net income, up 4 per cent.
The stock is up 3% or so.
Total revenues for the fourth quarter of 2011 were $29.5 billion versus expectations of $29.71 billion.
Fourth-quarter 2011 diluted earnings were right in line with expectations at $4.62 per share.
The company reported increases in every segment.
- Software revenue up 9 per cent;
- Global Technology Services revenue up 3 per cent;
- Global Business Services revenue up 3 per cent, 2 per cent adjusting for currency;
- Services backlog of $141 billion, up $4 billion as reported.