Total revenues for the third quarter of 2012 of $24.7 billion were down 5 percent (down 2 percent, adjusting for currency) from the third quarter of 2011.  Net income of $3.8 billion was flat year-to-year; or $3.9 billion, up 3 percent excluding the impact of UK pension-related charges.  Operating (non-GAAP) net income was $4.2 billion compared with $4.0 billion in the third quarter of 2011, an increase of 5 percent.  Slowing demand for the company’s technology-consulting services and business-software products and economic deterioration in Europe are being blamed for the lower results. 

Source: IBM Press Release