IBM announced a fifth consecutive drop in revenue in its second-quarter earnings report, although software remains a healthy moneymaker for the company. IBM's profit was $3.2 billion, down 17%, from the same period in 2012, while sales decreased to $24.9 billion. The figures beat Wall Street estimates. "Chief Financial Officer Mark Loughridge promised investors on a conference call that the company's results are poised to improve, pointing to a 3% increase in the company's services backlog, to $141 billion, and a strong pipeline for its software business," Spencer Ante writes.

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