Microsoft significantly exceeded earnings expectations for the June quarter and disclosed its standalone annual Azure revenue for the first time — providing new clarity into how it stacks up against Amazon and Google in the cloud.

Microsoft surpassed Wall Street estimates for quarterly revenue on Wednesday as strong demand from businesses for artificial intelligence tools drove steady growth in its Azure cloud-computing unit.

Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.