There are no surprises because WEB expected lower earnings in the short term (what you are seeing now) & massive profits LONG TERM.
Most great investors say "When I buy a great stock, it always promptly goes down. And when low class investors abandon the stock as in "this dog" or this "piece of sh@@@", it quietly goes up. It does go up FAST if its taken over.
DO NOT ATTACK ME THE MESSENGER; PRAY REPLY TO THE MESSAGE"
For a 10 year period (which should be the minimum) IBM is an out and out winner. Not only is the company making good profits they are buying back their shares. As Buffett said " Hope IBM buys back the 90% that we do not own (& we will own 100% of IBM without spending another dollar)"