On the positive side, our services revenue grew by nearly $1 billion and this business made a major contribution to the company's earnings. Our software revenues showed good growth and the software gross margin improved for the fifth consecutive quarter,

[IBM itself is very positive about the recent quarter.] We achieved good earnings results despite a number of challenges, ... We have been able to deliver consistent financial results because of the breadth and diversity of our overall business portfolio, which is unmatched in our industry.

Results from these areas more than offset revenue declines in some other segments, most notably our consumer PC business

Computers are magnificent tools for the realization of our dreams, but no machine can replace the human spark of spirit, compassion, love, and understanding.

Our biggest constraint is hiring good people. The demand is almost [insatiable] and it's serious demand...very sophisticated demand,

I would admit to you that we could take some credit, but there's a fair amount of luck in that too,