"Whatever IBM is doing, it is simply not working. Their transition to the cloud is facing stiff competition from competitors. I am very concerned that management is now claiming they aren't interested in revenue growth anymore, despite their stock being hammered relative to the Amazons and Facebooks of the world.
Buybacks are masking massive earnings declines and margins are being compressed as IBM is supposed to become a leaner, more profitable company. Until the company starts to actually show some progress, I would exit the stock. Frankly, in a company as large as IBM that has under-delivered so heavily over the years, I'm surprised there hasn't been more activist pressure."
https://seekingalpha.com/article/4089506-ibm-get-caught-value-trap