Ben Thompson of Stratechery precisely wrote about this last week:

>Given this week’s theme, though, I wanted to focus on AWS: revenue was up 46%, and while that may be lower than Azure in percentage terms, it is almost certainly higher in absolute terms. AWS had $6.7 billion in revenue last quarter, while Microsoft’s entire Server Products and Cloud Services — the majority of which remains on-premises — was $5.7 billion. Microsoft of course has other cloud revenue, including Office 365 and Dynamics 365; those are SaaS products though and generally don’t compete with AWS.

https://stratechery.com/2018/ibm-red-hat-follow-up-microsoft...