https://www.theregister.co.uk/2019/07/18/ibm_q2_fy2019_decline/

IBM notched up its fourth straight quarter of revenue decline as the areas it deems strategic – hybrid cloud, AI and blockchain – couldn't paper over cracks in the legacy operations of big iron and outsourcing.

That said, in Q2 2019, Big Blue took actions to "de-emphasise" its lower-margin services contracts and continued to wind down the OEM commercial financing portfolio, feeding into higher than expected profits. The IT giant also got $575m from selling software assets but this was negated by the cost of layoffs and a legal ruling that went against it.