As Collapse of IBM Continues, Clueless CEO Crumbles

As International Business Machines Corp.’s (IBM) financial results continue a remarkable collapse, its CEO, Ginni Rometty, becomes ever more optimistic in her view of the company’s future. Rometty’s public comments are either a sign of self-delusion or a means to keep a job on which her grip weakens by the quarter.

Consider that IBM posted a 13.5% drop in revenue to $20.8 billion in the second quarter and that net income fell 16.6% to $3.6 billion. Measure that against her reaction:

Our results for the first half of 2015 demonstrate that we continue to transform our business to higher value and return value to shareholders. We expanded margins, continued to innovate across our portfolio and delivered strong growth in our strategic imperatives of cloud, analytics and engagement, which are becoming a significant part of our business.

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