See below thread, but Azure + Enterprise services + server products are reported as "Intelligent cloud". It's intelligent cloud that has the $48bn run rate. So it's not a like-for-like comparison with AWS even though it doesn't include Office365.
Follow up question: It would be interesting to see the market share and revenues excluding the use from the own company or different orgs. E.g.: AWS without the Amazon Website use, Azure without the Office use, etc.
Is there any public information about it available?
On the flip side, if Google started 'buying' capacity from GCP for their search, ad, and other infrastructure, they would be the largest cloud vendor tomorrow by most measurements.
Azure is under “Intelligent Cloud”, which earned $11.9b this last quarter.
0: https://www.microsoft.com/en-us/investor/earnings/FY-2020-Q2...