In cloud storage, the digital data is stored in logical storage pools, backed by heterogeneous physical storage media and computing infrastructure that are managed by a Cloud Service Provider (CSP). To balance the tradeoff between service performance and cost, CSPs often employ different storage tiers, for instance, cold storage and hot storage. Storing data in hot storage incurs high storage cost yet delivers low access latency, whereas cold storage is able to inexpensively store massive amounts of data and thus provides lower cost with higher latency. In this paper, we address a major challenge confronting the CSPs utilizing such tiered storage architecture - how to maximize their overall profit over a variety of storage tiers that offer distinct characteristics, as well as file placement and access request scheduling policies. To this end, we propose a scheme where the CSP offers a two-stage auction process for (a) requesting storage capacity, and (b) requesting accesses with latency requirements. Our two-stage bidding scheme provides a hybrid storage and access optimization framework with the objective of maximizing the CSP's total net profit over four dimensions: file acceptance decision, placement of accepted files, file access decision and access request scheduling policy. The proposed optimization is a mixed-integer nonlinear program that is hard to solve. We propose an efficient heuristic to relax the integer optimization and to solve the resulting nonlinear stochastic programs. The algorithm is evaluated under different scenarios and with different storage system parameters, and insightful numerical results are reported by comparing the proposed approach with other profit-maximization models. We see a profit increase of over 60% of our proposed method compared to other schemes in certain simulation scenarios.