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'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.

Microsoft's Azure platform outperformed expectations with $75 billion in annual sales, thanks to strategic AI investments. The growth showcases Microsoft's strong position in the cloud market, despite competition from Amazon.