Azure stays afloat because they managed to secure ties with governmental agencies thanks to their strong and suspicious lobby, it's not an organic growth (AWS and Google is an example of organic growth and industry leadership and innovation), what area Microsoft innovated? in Europe for example, Microsoft is a monopoly
- education
- public administrations
They all use Microsoft services, office, windows and now azure
And it's not just with Europe, they managed to secure multiple times billions of cash (questionable Hololens contract with the military)
And lets not forget they have a track record of bribery cases
https://www.reuters.com/article/us-microsoft-settlement-idUS...
https://www.washingtonpost.com/technology/2019/07/22/microso...
https://www.theregister.com/2022/03/25/microsoft_accused_of_...
http://techrights.org/2014/05/28/microsoft-brazil/
Xbox, Windows, HW revenue down too