IBM has posted its best ever fourth quarter results, reporting profits of $3bn for the period. The company said revenues had risen seven per cent on the same period last year to $27.7bn, boosted slightly by the weak dollar.

The company also announced total revenue for 2004 of $96.5bn, and said that 2005 would see that figure rise to $102bn.

Analysts had no trouble containing their praise, describing it as a "fairly matter-of-fact quarter" for the company. An analyst for Sanford C Bernstein & Co. told The New York Times: "It kind of speaks to IBM's strength and size."

Meanwhile, Goldman Sachs put a "buy" rating on IBM's stock, saying that the company had got a lot of things right in 2004. Selling off its loss-making PC division is almost certainly one of them. All told, IBM is handing Lenovo a business with nearly $1bn in losses in recent years.

Shares rose slightly on the news, gaining 80 cents for the day to close at $94.90 per share.

The full earnings release can be found here. ®

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