IBM CEO Ginni Rometty IBM IBM just reported earnings, and it's a big beat on earnings with a slight shortfall on revenue. The company's revenue has now declined for 12 straight quarters.

Here are the big numbers:

$19.59 billion in revenue, versus $19.73 billion expected.

Non-GAAP EPS of $2.91 versus expectations of $2.82.

Non-GAAP net income of $2.9 billion, up 4% from last year.

Investors had been warned that the stock will be hit hard from unfavorable foreign exchange rates compared with last year, so investors were ready for that.

The good news that investors were looking for: IBM said its cloud revenues were up 75%, adjusting for foreign exchange headwinds, and up 60% on a straight GAAP basis. The company boasted a cloud-services revenue run rate of $3.8 billion, way up from last year's figure of $2.3 billion.

Revenue from Global Services, IBM's consulting business, was down 12% from last year, to $12.2 billion, while software revenue dropped 8% to $5.2 billion.

You can read more details on IBM's site.