IBM bucked the gloomy trend in the IT industry by releasing its third quarter results showing a 20% rise in net profits compared to the same period last year.

Revenues were $25.3 billion, with net profit of $2.8 billion while its gross profit was 43.3%, compared to 41.3% in its last year's third quarter.

Its results were not supposed to be out until October 16th, but apparently it wanted to crow to the whole world that while all around misery prevailed, in Big Blue land everything is happy, happy, happy.

Sam Palmisano, the CEO of IBM, said his firm was doing well because of a combination of recurring revenues, and investment in emerging markets. IBM has the edge in "good times and tough times," said Palmisano in his statement. X