The world’s largest internet retailer, Amazon, made net profit of $26.9 billion for the fiscal year (ended March 31). This is higher than the total figure for the three years before the start of the pandemic ($24.7 billion) and a historical record.

In the first quarter of 2021, the company’s net income rose to $8.1 billion, up from $2.5 billion in the same period last year. Revenue jumped 44 percent to $108 billion. Cloud services and advertising helped the company set financial records, and they became the drivers of growth. The internet retailer stated that sales could grow from $108 billion to $110-116 billion between April and June.

The retailer also pointed out that he will spend $1 billion on wage increases for more than half a million of its U.S. employees. Amazon’s market value has increased 47 percent over the past year to $1.74 trillion.