http://247wallst.com/technology-3/2016/10/05/ibm-brand-value-collapses-19/
"The failure of IBM's turnaround continues to smother the business. IBM's shares are off 17% in the past two years, against a 9% improvement in the S&P 500. IBM's revenue in 2011 was $106.9 billion. In 2015, the figure fell to $81.7 billion.
IBM continues to promise an improvement in its results. It has placed bets on cloud computing and artificial intelligence products and services. However, there is no evidence that these strategies are working well.
Management's description of its progress has been particularly cryptic and has lacked hard numbers."