It was the 12th straight quarter that the Armonk, New York-based company reported a drop in quarterly revenue, including the effects of currency. IBM’s revenue has been shrinking for three years now as the company sheds low-profit businesses such as cash registers, low-end servers and semiconductors and focuses on emerging areas such as security software and cloud services, but the new businesses have so far failed to make up for revenue lost to divestitures. IBM did say that it has generated $7.7 billion in total cloud revenue over the past 12 months, up sharply from the year before.