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Microsoft’s Azure cloud services have always been a mystery in terms of revenue, as the company never breaks them down separately in its financial reports. Instead, Azure is lumped together with other server and enterprise services under the Intelligent Cloud division, which reported a revenue of $22.08 billion in the latest quarter, with a 27% growth rate for Azure and other cloud services.

However, a recent court document has shed some light on the actual revenue of Azure for the fiscal year 2022. The document is part of the ongoing legal dispute between Microsoft and the FTC over the proposed acquisition of Activision Blizzard. It contains a presentation by Microsoft CEO Satya Nadella to the board of directors, in which he revealed that Azure generated $34 billion in revenue for FY22. This is significantly lower than AWS, which posted $72 billion in revenue for the same period.

This revelation has sparked a lot of online debates about whether Microsoft has been hiding Azure’s numbers because they are not impressive enough. However, I think that this $34 billion figure does not tell the whole story about Azure’s performance. It depends on what products and services are included in this figure, and what are excluded. For example, does it only cover Azure’s infrastructure as a service (IaaS) offering, or does it also include its security services, data platform (SQL, Power BI, etc.), enterprise mobility (Intune, etc.)? Without more clarity from Microsoft, we cannot judge how well Azure is doing compared to its competitors.

Note: AWS revenue of $72 billion includes productivity applications, business applications, developer services and tools and few others.