IBM tops Street 4Q forecasts

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

The Armonk, New York-based company said it had net income 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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