IBM eases past Wall Street estimates

IBM narrowly beat Wall Street estimates as it reported declining profits across the board its fourth quarter results.

Big Blue lost 13 per cent on its overall income and shares dropped four per cent to $114.75 as investors bailed out.

Software was the company's only growth area, which rose by six per cent.

Revenues for the quarter was down 11 per cent to $22.8bn.

IBM reported yearly profits of $7.7bn, on revenues of $85.9bn.

Net profits declined 13 per cent, from $1.48 per share during the same period last year to $1.33 per share, or $2.3bn. Analyst consensus estimates were at $1.32 per share.

The company remained positive about its performance over 2002 and said it expects the IT market to return to health.