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According to the CEO the declining revenues are not a bug, they are a feature. From http://www.cnbc.com/2015/11/03/ibm-ceo-said-sometimes-size-m... :

>"In my tenure, I've divested $8 billion of businesses," Rometty said. "The point was, they weren't about the future of where we were going."

>Rometty cited an example of a recent divestiture in hardware — making semiconductors. Now, only 10 percent of IBM is comprised of hardware.

see also their pdf on the same http://www.ibm.com/annualreport/2013/bin/assets/ibm_ghv_marc...

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