International Business Machines Corp. (NYSE: IBM) on Tuesday reported fourth-quarter net income of $4.46 billion even as revenue declined for the 15th consecutive quarter.

On a per-share basis, the Armonk, New York-based company said it had net income of $4.59. Earnings, adjusted for one-time gains and costs, were $4.84 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $4.76 per share.

“We continue to make significant progress in our transformation to higher value. In 2015, our strategic imperatives of cloud, analytics, mobile, social and security grew 26 percent to $29 billion and now represent 35 percent of our total revenue,” said Ginni Rometty, IBM’s chairman and chief executive officer.  

“We strengthened our existing portfolio while investing aggressively in new opportunities like Watson Health, Watson Internet of Things and hybrid cloud. As we transform to a cognitive solutions and cloud platform company, we are well positioned to continue delivering greater value to our clients and returning capital to our shareholders.”

The technology and consulting company posted revenue of $22.06 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $22.23 billion.

For the year, the company reported profit of $13.19 billion, or $13.42 per share. Revenue was reported as $81.74 billion.

IBM shares have decreased almost 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has fallen 8 percent. In the final minutes of trading on Tuesday, shares hit $128.12, a fall of 18 percent in the last 12 months.

Read the full earnings report:

http://www-03.ibm.com/press/us/en/pressrelease/48846.wss