The Dow Jones Industrial Average briefly passed 26,000 Tuesday morning for the first time in the history of the index. The stock, however, dropped $7.00 or 4.14% in the after-hours trade.
Revenue was helped by the weakness of the dollar, since most of IBM's sales are outside the United States. Now that streak has finally ended - a positive sign as the company faces competition from faster-growing companies like Amazon, Google and Microsoft.
IBM swung to a loss of $1.05 billion from a year-ago profit of $4.50 billion, due to a $5.5 billion tax reform-related charge. "The charge encompasses several elements, including a tax on accumulated overseas profits and the revaluation of deferred tax assets and liabilities", the company said in the statement.
Including that particular charge, the rate for taxes during the quarter was 124% and 49% for the full year. Six analysts surveyed by Zacks expected $21.96 billion.
Strategic imperatives revenue grew 9 percent led by the cloud practice, mobile and analytics.
The company's new businesses grew 11 percent to $36.5 billion over the full year, IBM said, and the cloud business alone grew by 24 percent.
IBM closed Thursday's trading at $169.12, up $0.47 or 0.28%, on the NYSE.
IBM's "Strategic imperatives" includes the contribution of cloud computing - where firms use a remote network of data centers instead of their own hardware to cut costs.
Cognitive solutionsrevenue grew 3 percent, Global Business Services grew 1 percent, Technology Services and Cloud Platforms grew 1 percent, Systems grew 32 percent, and Global financing grew 1 percent year over year. Net income for operations was $4.8 billion, up 1 percent year over year. Its adjusted profit of $5.18 per share beat estimates by a penny.
Analysts were expecting $13.92 in earnings per share, excluding certain items, for the full year, according to Thomson Reuters. Analysts are looking for first-quarter EPS of $2.28 and revenues of $18.42.
On a conference call with analysts, CFO James Kavanaugh said the company has repositioned well and is entering 2018 with a "stronger revenue profile than a year ago". In October, the company had flagged a possible return to growth and since then its stock has gained about 16 percent, including rallying about 10 percent since the start of 2018. That tax rate will be up from 12% in 2017. This acceleration was driven by two of its software businesses: transaction processing software, which is largely mainframe software; and operating systems software, which also has a high percentage of mainframe software.
But some said the growth since IBM launched its Z14 in September hinted at a different outcome.
The cloud is the area which is proving to be the ultimate success story here, and while IBM might not be hitting with the heavy weights of the subsector, this successful quarter shows there is plenty of business to go around.
Despite impressive stats, it's not the most important thing for IBM at the moment.
Shutting down digital currency exchanges is "a live option, but government ministries need to very seriously review it", he said. That said, like Bitcoin, it is still way up in value compared to this time a year ago when Ethereum was valued at $8.
Taylor Swift continues to pump new life into Reputation , which released in November, with a new video from the album. It's a blink-and-you'll-miss-it shot, but it's just enough to make eagle-eyed fans scream with excitement.
In another instance, the player docks their Switch faces the TV screen and uses the Robot Kit to punch enemies or constructions. A Google cardboard kit is only assembled once, it doesn't have moving parts, and it still gets worn and tattered pretty fast.
Axe-wielding robbers have made off with nearly $7 million in jewellery after a daring heist at the luxury Ritz Hotel in Paris . The Ritz, which re-opened in 2016 after a four-year refurbishment, and is owned by the Egyptian businessman Mohamed Al-Fayed.
The demand for an end to the state persecution of Julian Assange must be taken up by the global working class. Mr Assange is unlawfully and arbitrarily detained by the United Kingdom authorities and must be released.
According to NIA official, the currency may belong to four to five individuals or the leading detergent maker. Earlier, the NIA had recovered Rs 36.34 crore in demonetised currency in Delhi in November previous year .
Tune in to their favorite local stations and also enjoy optimised battery life and less data usage than streaming radio apps. But local radio stations could still be able to function, and your phone's FM chip doesn't need an LTE signal.
If you suspect someone is the victim of human trafficking call the National Human Trafficking Hotline 1-888-373-7888. January marks human trafficking prevention month, and truckers are joining forces to help rescue those victims.
The San Francisco Giants have acquired Andrew McCutchen from the Pirates in exchange for Kyle Crick and other unknown players. McCutchen is a five-time All-Star , an MVP and, like Longoria, one of those guys who feels good to play alongside of.
As for the upcoming birth of her baby, Jenner is reportedly planning to sell the first photos of her child. Yesterday fan speculation reached fever pitch that Kylie had checked into Cedars-Sinai in Los Angeles.
Ben Stokes cleared to play by European Central Bank
England all-rounder Ben Stokes is "raring to go" after being made available for selection again, says head coach Trevor Bayliss. The suspension on Stokes was lifted following the England and Wales Cricket Board ( ECB ) meeting on Wednesday.
Nine members of National Parks board quit in protest
Nine of the 12 members said Zinke hadn't heard out their agenda for the parks service, which oversees national historic sites. The board was established in 1935 and is required to meet twice each year, though that has yet to happen under Trump .
Day 2 evenly poised as Ngidi claims maiden wicket
Although India's bowlers gave a good account of themselves, the batting line-up flattered to deceive once again on a lively track. Ishant and Jasprit Bumrah only conceded 12 runs in the first eight overs of the day before Mohammed Shami came on to bowl.
NFL Announces 2018 London Schedule
The NFL has scheduled arguably its most impressive slate of London games yet in an announcement at Tottenham's new stadium. The league is now more than a decade into playing regular-season games in London after kicking off the series in 2007.
Crimson Tide's Ridley declares for NFL Draft
He had six tackles against Georgia, while his performance against Clemson included an interception and a touchdown reception. ESPN's Mel Kiper Jr. rates Ridley as the draft's top receiver and the 10th-best player overall in his big board .