IBM has reported an 11 per cent rise in profit in its fourth-quarter results.
Today's announcement however failed to meet investor expectations, the share price dropping five per cent as a result on the stock exchange.
The firm reported net revenue of $26.3 billion (£13.5 billion), up from $24.4 billion (£12.5 billion) in 2006. Of this, $3.54 billion (£1.8 billion) was reported as profit, which translated to $2.31 per IBM share.
Commenting on the results, IBM chairman and president Samuel Palmisano said: "IBM had a terrific quarter and a good year with record cash performance, profit and [earnings per share], as well as record payouts to shareholders.
"We are well-positioned in the growth areas of a changing IT industry, focused on our evolving business model, and poised for long-term success for our clients and shareholders."
Sales in Europe, the Middle East and Africa provided the most promising figures for IBM, with revenue from the region up 11 per cent. Revenue from the Americas increased by six per cent and Asia-Pacific revenues increased seven per cent in comparison.
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