In a three-month span filled with widespread layoffs and billions spent on AI, Microsoft made more than $27 billion.

The tech giant released financial results for its fourth fiscal quarter, which ran from May through the end of June, on Wednesday and exceeded Wall Street estimates. Microsoft reported $76.4 billion in revenue with $27.2 billion in profit, both metrics showing their highest year-over-year growth in over two years.

The company chalked up its superb growth to demand for artificial intelligence and cloud computing services.

Cloud and AI is the driving force of business transformation across every industry and sector," Microsoft CEO Satya Nadella said in a news release Wednesday.

For the first time Microsoft also broke out revenue for its cloud platform, Azure. Microsoft previously grouped the revenue with other products and services like Microsoft 365, which diluted comparisons with its rivals Amazon and Google parent company Alphabet.

Nadella said Azure surpassed $75 billion in revenue during the fiscal year, which ended on June 30. Amazon Web Services, Azure's biggest rival, is projected to reach over $111 billion in revenue this year, Amazon said in March.

Microsoft's financial results come a week after Nadella addressed the company's layoffs amid a consistent run of record quarterly revenues and profits. Nadella acknowledged the "uncertainty and seeming incongruence of the company's job cuts.

During the quarter, the company laid off more than 6,300 employees. Microsoft laid off another 9,000 in early July, days after its new fiscal year began.

Microsoft's stock rose by 7.5% in after-hours trading.

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