IBM beats: A fluke or a hint of things to come?

International Business Machines Corp. (NYSE: IBM) outperformed earnings expectations in the fourth quarter, allaying analysts' concerns of a potential tech slowdown at least for now.

Before the market open, Big Blue said it would earn $2.80 per share, 20 cents better than analysts' expectations. IBM shares, down about 10% since the start of the year, rose $7.85 to $105.52 in early trading. Other tech stocks including Google (NASDAQ: GOOG), Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) traded higher on the news.

Is the hoopla premature? Fears of a recession are quite real. Moreover, IBM Isn't like most tech companies. For one thing, the vast majority of its profits come from corporations and not individual consumers, and it also gets a huge amount of its revenue from outside the U.S. During the third quarter, revenue in the Americas rose 4% (3% adjusting for currency) to $10.2 billion while Europe/Middle East/Africa sales jumped 11% (4% when currencies are excluded) to $8.1 billion, and Asia-Pacific increased 9% (6% at constant currencies) to $4.9 billion.

The fourth quarter was more of the same. IBM's strength came from Asia, Europe and emerging markets, according to Chief Executive Sam Palmisano. The weak dollar may be giving IBM a huge boost as companies outside the U.S. may more inclined than domestic firms to buy IBM's hardware, software and services because they are pretty reasonably priced. Perhaps other tech companies such as Intel Corp. (NASDAQ: INTC) and Hewlett Packard Co. (NASDAQ: HPQ) will see similar benefits.

Tech stocks have been a basket case in the early days of 2008. In the next few days, investors will see whether IBM was a fluke or a hint of things to come.