Overall, you can say the quarter was on the mark,

That's been the sales pitch I've been hearing from all these companies.

Overall, you can say the quarter was on the mark. The sales and earnings were about where they should be for this quarter.

Prior to 1994, IBM didn't have the kind of structure it has now. They also had silos,

The mainframe is much more important to IBM than meets the eye. Off of that mainframe IBM gets a ton of other revenue.

Global Services results are disappointing, especially a $2 billion drop in its backlog in the fourth quarter. And a 9% decline in new contract signings? That means that the biggest IBM unit is losing more business from its backlog than it is signing.