ARMONK, N.Y. (AP) — ARMONK, N.Y. (AP) — International Business Machines Corp. (IBM) on Wednesday reported fourth-quarter net income of $3.29 billion.

The Armonk, New York-based company said it had profit of $3.55 per share. Earnings, adjusted for one-time gains and costs, were $3.87 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.78 per share.

The technology and consulting company posted revenue of $17.38 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $17.28 billion.

For the year, the company reported profit of $7.5 billion, or $8.14 per share. Revenue was reported as $61.86 billion.

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