“Over the past several years we have invested aggressively in technology and our people to reposition IBM,” James Kavanaugh, IBM’s new chief financial officer, said in a statement Thursday after the company reported its fourth-quarter earnings.
The company still reported a quarterly loss of $1.05 billion, reflecting a $5.5 billion charge associated with recent tax legislation. IBM reported a $4.5 billion profit in the same period a year earlier.
The technology and consulting company posted revenue of $22.54 billion in the period, which topped Wall Street forecasts. Six analysts surveyed by Zacks expected $21.96 billion.
For the year, the company reported profit of $5.75 billion, or $6.14 per share, down from $11.87 billion, or $12.38 a share, in 2016. Annual revenue for 2017 was $79.14 billion.
On a per-share basis, the Armonk, New York-based company said it had a quarterly loss of $1.14. Adjusted for pretax expenses and non-recurring costs, IBM reported a quarterly profit of $5.18 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for an adjusted profit of $5.17 per share.
IBM shares have risen 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 5 percent. In the final minutes of trading on Thursday, shares hit $169.15, a climb of slightly more than 1 percent in the last 12 months.