Amazon on Thursday posted its eight straight quarter of net profitability, fueled by growth in e-commerce sales and its lucrative cloud service platform, Amazon Web Services.

Amazon easily topped earning expectations for its first quarter, ended March 31, reporting $1.48 per share, above the $1.12 Wall Street expected. Net income rose to $724 million from $513 million in the year-ago period.

Total revenue increased 22.6% to $35.71 billion, above the $35.30 billion that analysts were forecasting. Amazon Web Services accounted for $3.7 billion, up from $2.6 billion in the year-ago period. Sales in North America, Amazon’s biggest market, increased 23.5% to $20.99 billion.

In the…