Microsoft disclosed Azure’s quarterly revenue in dollars for the first time on Wednesday, reporting $33.2 billion for the July-September quarter, up 48% year over year. That beats the $32.3 billion analysts expected by about $850 million and exceeds the 44% to 45% growth Chief Financial Officer Amy Hood had forecast on the company’s July earnings call. Until now, Microsoft only shared Azure growth percentages or vague dollar milestones, so the exact figure lets investors compare Azure directly with Amazon Web Services and Google Cloud, whose parent companies already report cloud revenue in dollars every quarter.

Alphabet also reported earnings on Wednesday: Google Cloud brought in $30.7 billion for the same period, placing Azure slightly ahead. TechCrunch’s calculations note that Google Cloud, which includes Google Workspace subscriptions, roughly doubled its revenue from a year earlier and grew about twice as fast as Azure. Azure, where businesses rent computing power to run applications, SaaS, and build and run AI models, is Microsoft’s largest and fastest-growing product line by the company’s own figures, accounting for roughly 36% of Microsoft’s $92.3 billion total quarterly revenue.

The disclosure coincides with a change in Microsoft’s segment reporting. Azure now sits inside Agents and Infra, one of two new business segments introduced this quarter. Microsoft previously reported three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The new Agents and Infra segment, which groups Azure with Microsoft 365’s cloud business, brought in $76.8 billion, up 25% from a year earlier.

Amazon reports its earnings on Thursday, with analysts expecting AWS to grow. AWS remains the largest cloud, and no one expects Microsoft to overtake it right now, but with all three reporting actual dollars, the comparisons are now direct.