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Earlier this week, Microsoft announced its fiscal first quarter financial earnings, positing another bumper period. While most Microsoft businesses are thriving, cloud continues to deliver big time for the company. However, Redmond remains quiet on the specifics of Microsoft Azure, such as how many customers it has and specific revenue.

For some reasons, Microsoft does not break down individual products. That’s why we don’t know how many Xbox One consoles have been sold or how many Surface devices are sold. Microsoft can be a bit more open on services, such as Xbox Live or Microsoft 365 subscribers.

However, with Azure the company is annoyingly vague. On Monday, all the company said was Intelligent Cloud revenue was at $13 billion, up 20%. This category covers more than just Microsoft Azure and all Microsoft said about its platform was it saw growth of 48%.

That’s meaningless without understanding 48% of what. It’s frustrating because it is clear Azure is thriving, so why won’t Microsoft give more detail?

Deeper Analysis

Luckily, Wedbush Securities analyst Dan Ives has done some digging and offered an estimation on Microsoft’s Intelligent Cloud business. He says the company’s overall cloud output has a market value of $1 trillion. In a note to investors, he says this is two-thirds of Microsoft’s overall $1.5 trillion market cap.

Speaking to Business Insider, Ives says he believes Microsoft Cloud will reach $100 million in annual revenue during fiscal year 2022.

Looking at Azure, Mizuho Securities in an investment note Wednesday estimates Azure makes up 17% of Microsoft’s total revenue. During the last quarter, the company posted overall revenue of $37.2 billion, which means Azure revenue would be $6.3 billion.