ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Thursday reported fourth-quarter net income of $1.36 billion.

On a per-share basis, the Armonk, New York-based company said it had net income of $1.51. Earnings, adjusted for one-time gains and costs, were $2.07 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.

The technology and consulting company posted revenue of $20.37 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $20.59 billion.

For the year, the company reported profit of $5.59 billion, or $6.23 per share. Revenue was reported as $73.62 billion.

IBM shares have increased almost 5% since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 3%. In the final minutes of trading on Thursday, shares hit $131.65, a decline of slightly more than 5% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBM at https://www.zacks.com/ap/IBM

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