MarketWatch First Take: IBM broke a long losing streak thanks to some of its oldest technology

IBM Corp. achieved its first quarter of revenue growth in more than five years thanks mostly to the same technology that helped make Big Blue a tech titan in the past, which doesn’t exactly bode well for its future.

IBM sales increased year-over-year for the first time in 23 quarters in a decent earnings report Thursday that was overshadowed by news that it would take a $5.5 billion charge related to the U.S. tax overhaul. The charge pushed IBM’s fourth quarter into a net loss of $1.05 billion, or $1.14 a share. Before the charge, IBM’s adjusted earnings were $5.18 a share, compared with consensus expectations of $5.17, according to FactSet.

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