IBM is looking for help to formulate a defense against disgruntled shareholders who are upset about 11 straight quarters of revenue declines, according to Reuters.

Big Blue has sold off divisions, including its x86 server group in Raleigh to Lenovo, and has cut its work force by thousands even as it looks to fill some 15,000 jobs focused on emerging opportunities.

Layoffs have continued to hit IBM’s campus in RTP, according to reports from workers.

However, Reuters notes that two “activist investors” have declined to support any kind of move against IBM (NYSE: IBM).

They are:

  • Bill Ackman’s Pershing Square
  • Jeffrey Ubben’s ValueAct

​Reuters cited unnamed sources “with knowledge of the matter.”

IBM did respond to a query from Reuters, saying it was executing a strategy formulated by Chair and CEO Ginny Rometty to turn the company’s fortunes around.

Just last week, IBM announced a $3 billion investment in an “Internet of Things” effort.

“IBM is continuing to execute on our strategy—making investments in growth areas such as analytics and cloud, reinventing our core franchises, and returning capital to shareholders. We are managing the company for the long term,” IBM said.

“As revenues continued to decline year on year, however, some IBM investors began to lose confidence management, according to people familiar with the matter,” Reuters reported.

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