IBM tops Street 4Q forecasts

IBM tops Street 4Q forecasts
In this July 16, 2013, file photo, an IBM logo is displayed in Berlin, Vt. International Business Machines Corporation reports financial results Thursday, Jan. 19, 2017. (AP Photo/Toby Talbot, File)

International Business Machines Corp. (IBM) on Thursday reported fourth-quarter profit of $4.5 billion.

The Armonk, New York-based company said it had of $4.72 per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to $5.01 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $4.89 per share.

The technology and consulting company posted revenue of $21.77 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $21.62 billion.

IBM shares have risen slightly since the beginning of the year, while the Standard & Poor's 500 index has risen 1 percent. In the final minutes of trading on Thursday, shares hit $166.81, an increase of 30 percent in the last 12 months.

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