Investing.com - IBM (NYSE:IBM) reported on Monday fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations.
IBM announced earnings per share of $3.35 on revenue of $16.7 billion. Analysts polled by Investing.com anticipated EPS of $3.30 on revenue of $16.09 billion.
IBM's hybrid cloud revenue in the fourth quarter was $6.2 billion, up 16%, while for the full year it came in at $20.2 billion, up 20%. Cloud adoption has seen a rapid increase worldwide, and IBM focuses on a hybrid cloud which is a combination of an on-premises data center and a public cloud to store data.
The company's consulting business revenue rose 13.1% to $4.75 billion. Overall, revenue increased 6.5%.
IBM shares gained 6.99% in after-hours trading following the report.
"We increased revenue in the fourth quarter with hybrid cloud adoption driving growth in software and consulting," said Arvind Krishna, IBM's chairman and CEO.
"Our fourth-quarter results give us confidence in our ability to deliver our objectives of sustained mid-single digit revenue growth and strong free cash flow in 2022."