Highlights from the company’s conference call with analysts:

4:33: CFO Mark Loughridge will be flying solo on the call today.

4:35: He starts off with some examples of how IBM has been transforming itself, including globalization and shifting to “higher-value areas.”

4:36: IBM’s profit model now has less dependence on hardware, which is more subject to economic swings, he says. “This quarter effectively all of our pretax profit came from software, services and financing.”

4:38: Revenue down, but “we had outstanding margin performance.”

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