IBM(s ibm), in the midst of its massive transformation from a hardware-and-software-and-services company to a cloud-and-services company, is cutting jobs worldwide. The goal, besides remaking the 103-year-old tech giant into a modern IT leader that can take on Amazon(s amzn) Web Services and a flock of younger tech vendors, is to deliver on the promise to deliver $20 (non-GAAP) earnings per share by the end of 2015. Accomplishing that goal would be quite the feat, given the past few quarters of disappointing performance.

For IBM’s fourth quarter ending December 31, earnings — excluding some items — hit $6.13 per share, exceeding estimates of $6.00, according to Bloomberg. The trouble lay in revenue, which dipped for the seventh consecutive quarter — to $27.7 billion, missing estimates of $28.3 billion.

As for the job cuts, it’s not as if IBM didn’t warn us. On last month’s Q4 earnings…