Today IBM (NYSE:IBM) announced its fourth-quarter and full-year 2019 financial results. International Business Machines reported surprise growth in quarterly revenues and higher than expected earnings as well as revenues, driven by accelerated cloud performance. 

The GAAP earnings per share from continuing operations was USD 4.11 and operating (non-GAAP) USD 4.71 in the fourth-quarter of 2019. The fourth-quarter revenue was USD 21.8 billion, up 0.1% from the same period last year.

IBM reported total full-year 2019 revenues of USD 77.1 billion, down 3.1% from  2018, as well as net cash from operating activities of USD 14.8 billion and free cash flows of USD 11.9 billion. Consolidated diluted earnings per share for 2019 was USD 10.56, compared to USD 9.52 from last year and the total 2019 net income was USD 9.4 billion, up 8% year to year. 

Operating (non-GAAP) diluted earnings per share from continuing operations decreased 7% from 2018 and was USD 12.8. The full-year operating (non-GAAP) net income was USD 11.4 billion, compared to USD 12.7 billion in the last year.

“We ended 2019 on a strong note, returning to overall revenue growth in the quarter, led by accelerated cloud performance,”

said Ginni Rometty, IBM Chairman, President and Chief Executive Officer.

The Company stated that the full-year results reflect the impact of the items related to the Red Hat acquisition, that IBM closed in July 2019.

“Looking ahead, this positions us for sustained revenue growth in 2020 as we continue to help our clients shift their mission-critical workloads to the hybrid cloud and scale their efforts to become a cognitive enterprise,”

continued the CEO.

The world’s largest computer-services provider expects continuous revenue growth for 2020.