Computer giant IBM said yesterday fourth quarter net profits rose 39 per cent to $1.7 billion (£1.07 billion). IBM employs 500 people in Ireland. The better than expected results sent IBM shares up $3.75 on Wall Street to $90.87.

IBM's fourth quarter sales were $21.9 billion, up from $ 19.9 billion in the same period a year earlier.

IBM said its newly acquired Lotus software unit - also performed well.