IBM just announced its 2009 Q1 results. What we can see is that IBM's revenue has decreased (example : 6 % for Software Group) but thanks to IBM's ability to control costs, the margins more or less stay (-1%).

What's nice is that my favorite topic, BPM, is going up :

For the WebSphere family of software products, which facilitate customers’ ability to manage a wide variety of business processes using open standards to interconnect applications, data and operating systems, revenues increased 5 percent year over year.