IBM's business model is to operate in the high value segment of the information technology market. High value means high margins, and it means you can get a return on the research and development dollars you spend.
We've staked out as our business model to operate in those areas of the IT industry where research can make a difference, which is pretty nice for the research team.
While we do exploratory stuff, we count on the research to help grow the parent. While Bell Labs spent a lot of money, they never really had a strong model on how research impacted the company.