Doing some rudimentary math on the below statements suggests Azure proper is about 20% of 11.9 Billion i.e. approx 2.38 Billion.

The rest of it is from Windows Server and other server products like SQL Server, SharePoint ... and Enterprise services. As an example SQL server running in AWS also counts in that number.

<quote>

"Revenue in Intelligent Cloud was $11.9 billion and increased 27% (up 28% in constant currency), with the following business highlights:

Server products and cloud services revenue increased 30% (up 32% in constant currency) driven by Azure revenue growth of 62% (up 64% in constant currency)

Enterprise Services revenue increased 6% (up 7% in constant currency) "

</end quote>

It's 'inflated' as in a large section of their enterprise software is included with Azure, similar to GCP with G suite. That being said, Amazon Chime and Workdocs are also included in AWS revenue, but probably make up a much less significant portion of AWS revenue compared to GCP and Azure.

It's still inflated because azure revenue is counted with other server products like Windows Server, SQL server and Enterprise mobility under the 'Intelligent Cloud' division.