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 reported revenue of $76.4 billion in its fourth quarter, up 18% from the same period last year and well above analyst forecasts of $73.8 billion, according to FactSet consensus. Net income climbed to $27.