IBMAccording to Monday’s statement, revenue increased 6% during the fourth quarter.

This is how it worked:

• Earnings:Adjusted to $3.35 Per Share
• Revenue:$16.70 Billion

IBM spun out its managed infrastructure service business during quarter into Kyndryl. According to IBM, continuing operations saw a 6% increase in revenue compared with a year ago, according to a statement.

IBM executives told investors recently to aim for revenue growth of mid-single figures. IBM’s continued operations revenues increased by 2.2% during the previous quarter.

In the fourth quarter, net income rose 72% to $2.33Billion from last year. However gross margin shrank to 56.9% from 58%.

In conjunction with Kyndryl’s separation, IBM simplified its reporting segments in the fourth quarter. The company’s software business (formerly Cloud and Cognitive Software) generated $7.27 Billion in revenue. This is an increase of 8% over a previous year.

The revenue of the previously called Global Business Services consulting unit grew 13% to $4.75 Billion. IBM’s infrastructure business (which includes hardware) was 0.3% lower at $4.41 billion.

As of the close, IBM stock is down 4% since the start of the year, while the S&P 500 is down 8%.

Analysts and executives will be discussing the results of the year on a conference calling that begins at 5 p.m. ET.

This is the latest news. Stay tuned for new updates.

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