They're almost certainly screwed
That really is the end of IBM. They're banking on marketing to turn around the business. Rather than sell products and services that aren't shit, they;'re using marketing to try to convince people that the shit isn't really shit.
That approach never ends well (although it may take a long time to play out). And it's almost certainly irreversible, because once you're at the stage where manglement adopts magical thinking it's almost a certainty that they'll be unable to figure out how fucking stupid it is. Ask Marissa (she'll tell you that it works, because she got a golden parachute out of it).
Time to short IBM, if you have any stock.