IBM impresses with earnings

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.