Analysts say that IBM delivered a “mediocre” quarter, but now all eyes are on its forthcoming $34 billion acquisition of Red Hat and whether IBM’s big bet will pay off.

On Tuesday, IBM announced it generated $18.18 billion in revenue this past quarter, missing analysts’ expectations of $18.51 billion. The following day, IBM’s stock was down 4%.

IBM’s multibillion-dollar acquisition got the company a lot of attention, but it hasn’t resolved fundamental questions about its big-picture vision and strategy.

“IBM today, they go to a hockey game wearing a football uniform,” Marty Wolf, the founder and president of the mergers and acquisitions advisory firm Martinwolf, told Business Insider. “They’re growing slower, their margins are less. Their business model is too complicated. They need to deconsolidate. Our belief is, they’re looking like a rhino in a field of cheetahs.”

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