IBM's quarterly revenue falls 1.3 percent


International Business Machines Corp reported a 1.3 percent fall in quarterly revenue, hurt by a stronger dollar and continued weakness in the company's traditional hardware division.

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IBM's revenue fell to $21.77 billion in the fourth quarter ended Dec. 31 from $22.06 billion a year earlier.

The company's net income rose to $4.50 billion, or $4.72 per share, from $4.46 billion, or $4.59 per share.

IBM has shown pockets of revenue growth in recent quarters, with newer businesses such as cloud computing and artificial intelligence driving the company's turnaround efforts.

Revenue from "strategic imperatives", which includes cloud and mobile computing, data analytics, social and security software, rose 11 percent to $9.5 billion.

(Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel)