Just when Bank of America’s chief equity strategist complained that companies aren’t rewarded for exceeding Wall Street expectations…

IBM shares are going through the roof on Monday morning after the company reported impressive earnings results for the third quarter.

Non-GAAP earnings came in at US$3.30 per share, versus the expected US$3.28 per share expected, according to Bloomberg.

Following the report, gains have been hovering above 9% in New York trading late Monday morning.

Despite better than expected profits and revenue, sales declined for the 22nd consecutive quarter year-over-year.