By Maria Armental 

International Business Machines Corp., which Thursday reported results for the quarter and year ended in December, said it expects to return to revenue growth in 2021. Here's what you need to know:

PROFIT: Net income for the quarter fell to $1.36 billion, or $1.51 a share, from $3.67 billion, or $4.11 a share a year earlier. On an adjusted basis, profit from continuing operations was $2.07 a share. The results include a roughly $2 billion charge before taxes. Analysts surveyed by FactSet expected an adjusted profit of $1.81 a share.

REVENUE: Total revenue for the quarter fell to $20.37 billion from $21.78 billion a year earlier. Analysts expected $20.68 billion.

YEAR: IBM ended the year at a profit of $5.59 billion on $73.62 billion in revenue, compared with a profit of $9.43 billion and $77.15 billion in revenue a year earlier.

OUTLOOK: IBM expects to return to revenue growth in 2021, based on current foreign exchange rates, and said it expects adjusted free cash flow of $11 billion to $12 billion in 2021. Adjusted free cash flow excludes approximately $3 billion of cash impacts from the company's structural actions initiated in the fourth quarter and the transaction costs associated with the separation of the managed infrastructure services business.


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(END) Dow Jones Newswires

January 21, 2021 16:31 ET (21:31 GMT)

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