Microsoft Azure generated $33.17 billion in fiscal-Q1 revenue, growing 48% in constant currency during the quarter.

Microsoft’s fiscal-Q1 earnings reports put Azure revenue at $33.17 billion, with 48% growth excluding foreign-exchange effects. The broader Microsoft Cloud revenue measure was $63.9 billion, while total company revenue was $92.28 billion; these are distinct reporting scopes.

Microsoft’s supplied Form 10-Q excerpt defines Azure as consumption-based services covering both non-GPU and GPU workloads. Non-GPU services include compute, data and analytics, storage, networking, and security, while GPU workloads include GPU infrastructure-as-a-service and Foundry.

Azure is included in Microsoft’s Agents and Infra segment, alongside Microsoft 365 cloud and other businesses. The supplied filing does not break the $33.17 billion revenue figure into GPU and non-GPU components, so it cannot be characterized as GPU-cloud revenue alone.

For fiscal Q2, the CFO clarified Azure growth guidance to 49%–50% in constant currency. Management also said approximately 30% of cloud-business remaining performance obligations would be recognized as revenue over the next 12 months; that is a broader cloud measure and a future recognition expectation, not current-quarter Azure revenue.