In early announcement, tech giant delivers results beating Wall Street's expectations; stock surges. NEW YORK (CNNMoney.com) -- IBM issued preliminary quarterly earnings Monday that handily beat Wall Street's estimates, sending its stock soaring.
Armonk, N.Y.-based IBM (IBM, Fortune 500) shares gained nearly 10 percent in pre-market trading on the announcement.
The tech bellwether said fourth-quarter earnings from continuing operations rose to $2.80 a share, up 24 percent from $2.26 a share a year earlier. Wall Street had been expecting earnings of $2.60 a share, according to Thomson Financial.
IBM is due to formally report its results Thursday.
IBM said revenue for the quarter gained 10 percent to $28.9 billion, also beating estimates.
"The broad scope of IBM's global business - led by strong operational performance in Asia, Europe and emerging countries - drove these outstanding results," Samuel Palmisano, IBM's chairman and CEO said in a statement.
Palmisano also offered an upbeat outlook, saying the company is on track to reach its 2010 earnings target.
IBM said 2007 earnings jumped to $7.18 a share, up 18 percent from 2006, helped by the sale of its printing systems division during the second quarter.
The company said it would provide more detailed information about its quarterly and full-year results Thursday.(Source money.cnn.com)
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