Microsoft Reports Azure Revenue of $33.2B, Up 48% Year Over Year

Microsoft reported Azure revenue of $33.2 billion for the July–September quarter, up 48% from a year earlier — the first time the company has published the Azure figure in dollars.

That edges past Google Cloud’s roughly $30.7 billion for a similar period, even as Google Cloud still grows faster on a percentage basis. AI infrastructure demand continues to dominate hyperscaler earnings narratives.

For buyers, the takeaway is simple: cloud AI capacity is still a scarce, expensive resource — and pricing power remains with the platforms that can secure GPUs and power.