International Business Machines Corp. (IBM) posted strong results for its fourth fiscal quarter on Monday, beating analysts expectations on good results from its international divisions and boosting the overall tech sector.
IBM reported that its 4Q profit rose by $2.80 per share, with sales reaching $28.9 billion, topping earnings expectations of $2.60 per share and $27.7 billion in revenue.
Last week, Morgan Stanley High Technology Index fell 17 percent, but IBM's strong results were up more than 2 percent. The Philadelphia Semiconductor Indux rose more than 3 percent.
Shares of IBM rose $5.26, or 5.39 percent, to close at $102.93.
The firm will release a detailed report about its fourth quarter results on Thursday.
IBM's gains may have came from stronger sales in emerging markets. In the third quarter revenue in Brazil, Russia, India and China, rose 19 percent overall. Europe sales were up 11 percent. Asia-Pacific sales rose 9.4 percent and sales in the Americas climbed 3.8 percent.