Two keys to understanding IBM
1. They should rename themselves IBMSS - International Business Machines, Software, and Services. Each
contributes about one third of revenues. Not sure about the profit contribution. Software tied to mainframes is the breadwinner of that division.
2. At heart, they really only want to sell to Fortune 500 companies and Governments, preferrably on a golf course or at an Executive Briefing close to a general aviation airport. Dealing with small business is a pain, best done by a legion of desperate VARs, and selling to end user customers is a royal PITA.
This explains why they sell off half billion dollar chunks of the company every decade or so [citation needed but not supplied].