[smackfu]

I believe his premise is that IBM will do anything to improve revenue-per-share numbers, even if that kills their future. So from his perspective, good stock performance is expected even if you agree with him that the company is doomed.

[hga]

Exactly. Based on reading some of his previous essays, plus many other sources that are seeing the problem, "In 2010, Rometty’s predecessor, Sam Palmisano, pledged that per-share earnings would reach $20 in five years, a plan called Roadmap 2015. (http://www.businessweek.com/articles/2014-05-22/ibms-eps-tar...).

So part of this policy is an explicit pledge of the company. How it's being achieved, or attempted, is of course another story, as well as, say, whether everyone should dump their IBM stock once it reaches that goal, assuming enough greater fools can be found....