A worker is pictured behind a logo at the IBM stand on the CeBIT computer fair in Hanover February 26, 2011.
Credit: /Tobias Schwarz
- International Business Machines Corp reported a better-than-expected quarterly adjusted profit, helped by increasing demand for its fast-growing cloud business.
Net income fell to $5.48 billion, or $5.51 per share, in the fourth quarter ended Dec. 31, from $6.19 billion, or $5.73 per share, a year earlier.
On an adjusted basis, the company earned $5.81 per share, beating analysts' average estimate of $5.41 per share, according to Thomson I/B/E/S.
The world's largest technology services company's total revenue fell nearly 12 percent to $24.11 billion.
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