IBM has reported a 12% increase in net income to $4.42 billion for the fourth quarter 2008, compared to $3.95 billion in the year-ago quarter, on revenue down 6% at $27 billion.

IBM chairman, president, and chief executive, Sam Palmisano, said: "In 2008 IBM performed well in an extremely difficult economic environment. Clearly our strategic transformation, migrating to the more profitable segments of the industry, investing in growth regions of the world, and driving productivity through global integration is continuing to pay dividends. We are confident about 2009, based on our 2008 performance, we are ahead of pace on our roadmap for $10 to $11 per share."

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