They are basically a services company now. That's why they sold off printer division, storage division, laptop division, etc.. They just weren't making as much money as consulting.

No, they don't. The only reason they make money is that they have connections and in's at large organizations and access to lucrative government contracts. Many governments only deal with IBM scale organizations because for some reason they think that they can sue IBM if something goes wrong! (lololol) That idea is so ridiculous, IBM has some of the best lawyers around (and a literal army of them), there's NO WAY to sue IBM, it's not possible, and even doing so would be so costly and time consuming it would be a Pyrrhic victory at best.

the still make money hand over fist with the midrange and mainframe offerings. I know it is vogue to dismiss both here but the simple matter is many businesses rely on such hardware and they are companies many don't suspect.

I know the refrain, they need to switch to X, Y, or Z. Well the issue always comes down to, they don't know everything their current A, B, and C, platforms do. Then you look at all the touch points and realize that to swap X for A you suddenly need to get D through G to re engineer their solution too