Beating estimates, Amazon’s net sales jumped by 44 percent to $108.5 billion in the first quarter, driven by the ongoing online shopping boom caused by the Covid pandemic. Excluding a $2.1 billion favorable impact from changes in foreign exchange rates during the quarter, the revenue increase was limited at 41 percent. The revenues climbed by 40 percent in North America and by 60 percent in the rest of the world. The company’s operating income rose to $8.9 billion from $4.0 billion in the same period of last year. Net income jumped to $8.1 billion from $2.5 billion. Amazon Web Services (AWS), the company’s cloud business, saw revenues increase by 32 percent to $13.5 billion. Meanwhile, sales at the company’s own physical stores fell by 16 percent to $3.9 billion. Analysts expect Amazon to soon overtake Walmart as the largest retailer in the U.S.