Revenue, with which the company has long struggled, fell again by 3% -- missing analysts' estimates for the second consecutive quarter. If you believe that I'm being too hard on this company, understand that this quarter's 3% revenue drop preceded 4% decline in the April quarter, which then preceded a 2% drop in the January quarter. I'm sure by now you get the picture. I believe that if this was any other company not named IBM, say, BlackBerry ( BBRY) or Microsoft ( MSFT), there would have been a deluge of articles proclaiming the company's death. But not IBM. And when looking at the results on a segmental basis, there are even more reasons for concern. First, I don't like the fact that the company's usually strong service business was down 4% year over year. Service revenue has been IBM's "offsetting strength" -- supporting the company's perpetually weak hardware business, which was down again this quarter -- this time by 12%. It's time that investors face a new reality -- this company is no longer untouchable. It's going to be hard for IBM to maintain any sort of competitive advantage over Oracle ( ORCL) and Accenture ( ACN). Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.