In a pleasant surprise on an otherwise gloomy day, Intel Corp. (NASDAQ: INTC) and IBM (NYSE: IBM) today reported better-than-expected third-quarter results. Even Yahoo! (NASDAQ: YHOO) managed to beat Wall Street's already low expectations.

Is tech back? I think it's too early to tell. One quarter does not make a trend, but the earnings certainly gave hopes to bulls.

Yahoo! reported net profit of $151 million, or 11 cents per share. Gross revenue rose 12% to $1.77 billion. Excluding payments to partners, revenue was $1.2 billion. The results beat Wall Street consensus estimates of 8 cents. Shares of the internet portal rose in after-hours trading. My earlier skepticism about Yahoo remains.

More good news came from Intel . Net income rose 43% to $1.86 billion, or 31 cents per share, from $1.30 billion, or 22 cents per share, a year earlier. Revenue soared 15% to $10.9 billion. These results beat consensus forecasts of 30 cents on revenue of $8.74 billion. Intel Chief Executive Paul Otelini said he expects results to improve in the fourth quarter: "We are very pleased with the results and optimistic about our business." Shares of Intel soared in after-market action.

IBM's results were less dramatic but solid nonetheless.

Third-quarter income from continuing operations rose 6% to $2.4 billion, or $1.68, compared with $2.2 billion, or $1.45 a year earlier. Revenue rose 7% to $24.1 billion, buoyed by a strong performance from its services business, the Armonk, N.Y.-based company said. The company beat Wall Street profit forecasts by a penny.

"Our outstanding services results this quarter enabled us to stay on track toward our objective of accelerated earnings per share growth through 2010, while we work through a transition in our hardware business," said Samuel J. Palmisano, IBM chairman, president and chief executive officer, in the earnings release. "Our year-to-date performance underscores the strength of major elements of our long-term roadmap, including revenue growth, margin expansion, and continued success in emerging market countries and in the integration of our acquisitions."

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