How moving to Cloud Computing is affecting earnings?

Has anyone seen or read any good articles about how moving to Cloud Computing is affecting companies' earnings? 

i.e. traditionally, in having on-premise computer servers, costs are CapEx with the depreciation flowing out under the earnings/EBITDA line - in the new world of Cloud Computing, most costs are Opex and come straight out of a earnings/EBITDA.

It would be interesting to hear if any analysis has been done on this, and to see what companies are thinking. One option is, if there is a big impact, is to re-define your earnings measure... but would be good to understand how the industry is looking at this as businesses transition to Cloud.