Microsoft reveals that its Azure cloud computing platform has generated over $75 billion in annual revenue, marking a 34% increase from the previous year

The tech giant released financial results for its fourth fiscal quarter, which ran from May through the end of June, on Wednesday and exceeded Wall Street estimates. Microsoft reported $76.4 billion in revenue with $27.2 billion in profit, both metrics showing their highest year-over-year growth in over two years.

Microsoft Corp. reported better-than-expected growth in its cloud business and said spending on AI infrastructure hit a record.

Microsoft forecast on Wednesday a record $30 billion in capital spending for the current fiscal first quarter, after booming sales in its Azure cloud computing business showcased the growing returns on its massive bets on artificial intelligence.