IBM Makes More Money, Selling Less of What People Want - Businessweek

Excerpt from an IBM momentum reality check

"IBM portrays itself as an ahead-of-the-curve technology company. At any chance, IBM will tout its growth in Brazil, Russia, India, and China—revenue was up 14 percent during the fourth quarter in those countries—as a sign that it’s chasing the future. And we’ve all seen the ad campaigns about IBM’s data analytics prowess and ability to deliver a smarter planet. This, friends, is a company on the move.
The message, though, gets harder and harder to square with IBM’s financial results. Its revenue for 2012 came in at $104.5 billion, down 2 percent from $106.9 billion in 2011. During the same period, IBM’s net income rose to $16.6 billion from $15.9 billion. It made more money selling less stuff."

IBM Makes More Money, Selling Less of What People Want - Businessweek