Curious why after nearly touching $200 in early trading IBM is down 4% in after hours trading? Perhaps this has something to do with it: as the chart below shows, in Q1 IBM reported only $22.5 billion in sales, well below the $22.9 billion expected by the street, and down 3.9% from a year ago. In fact, this quarter's revenue was the lowest for IBM since the first quarter of... 2009. Net Income (non-GAAP of course), which was $2.6 billion and which met reduced estimates, was down a whopping 22% from a year ago. But the punchline, one which Cisco is very familiar with, was this:"Revenues in the BRIC countries — Brazil, Russia, India and China — decreased 11 percent."