International Business Machines posted its Q4 results on January 19th. In line with our expectations, the revenues declined by 2% in constant currency (9% as reported) to $22.1 billion due to declining revenue in the Middleware and Business Services segments. Net income from continuing operations declined by 19% to $4.7 billion in the fourth quarter of 2015. Additionally, the gross margin declined by 160 basis points to 51.7%.

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