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IBM fourth quarter earnings and revenue beat Street
January 22, 2013 / 9:40 PM / in 5 years

IBM fourth quarter earnings and revenue beat Street

* Q4 revenue of $29.3 bln vs Street view $29.05 bln

* Q4 EPS was $5.39 vs $5.25, sees 2013 EPS of at least $16.70

* Shares up 3 percent

(Adds outlook, analyst comment)

Jan 22 (Reuters) - IBM (IBM.N), the world’s largest technology services company, reported fourth-quarter earnings and revenue that beat estimates on the back of growth in emerging markets.

International Business Machines Corp said on Tuesday its quarterly net income rose 10 percent to $6.1 billion, or $5.39 a share from $4.71 a year earlier. Revenue dropped 1 percent to $29.3 billion.

Analysts had expected the Armonk, New York-based company to report net income of $5.95 billion, or $5.25 a share, on revenue of $29.05 billion, according to Thomson Reuters I/B/E/S.

Revenue in Brazil, India, Russia and China increased by 7 percent in the quarter, or 12 percent adjusted for currency fluctuations.

IBM estimated earnings of at least $16.70 a share for the full year, above analysts’ consensus forecast of $16.57.

    Some analysts said IBM’s results were a sign that the tech spending environment was improving.

    “It is better than what people had feared,” said Brian Marshall, an analyst at ISI Group.

    “Virtually every segment did a little bit better than people expected. It supports the fact that things are getting better out there at least from a tech industry standpoint.”

    (Reporting by Nicola Leske; Editing by Richard Chang)

    (( 646 223 6134)(Reuters Messaging: Keywords: IBM RESULTS/

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