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IBM stock declined 4% in after hours trading Thursday, despite beating analyst expectations for both revenues and earnings per share its fourth quarter 2017 earnings. The stock fell around $162.17, down from $169.19 when markets closed, though it was not immediately clear why. 

It was a monumental quarter for the tech giant which grew its revenues from the year before, for the first time in 23-quarters.

However, a one-time tax charge of $5.5 billion related to changes in the US tax code caused IBM to swing to a loss of $1.14 in GAAP earnings per share versus earnings of $4.73 per share in the year ago period.

Here's what the company reported:

• Revenues for the quarter (GAAP) were $22.54 billion, up 4% from the same time last year. This is compared to analyst expectations of $22.05 billion.

• Earnings per share for the quarter (non-GAAP) were $5.18, up 3% from the same time last year. This is compared to analyst expectations of $5.17. 

• Revenues for the year (GAAP) were $79.1 billion, down 1% from last year. This is compared to analyst expectations of $78.62 billion.

• Earnings per share for the year (non-GAAP) were $13.80, up 2% from last year. This is compared to analyst expectations of $13.81.

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