<p>财报季至今有些令人担忧。像 <strong>Microsoft</strong>(MSFT 0.73%)、<strong>Meta Platforms</strong>(META 2.10%) 和 <strong>Apple</strong>(AAPL 0.65%) 这样的知名公司，其股票在业绩平平和/或指引失望的情况下都遭遇了回调。考虑到这些公司是市场上最具生产力的企业之一，它们的问题对整个市场的前景构成了负面影响。</p>
<p>不过，不要急于得出如此全面的结论。不同公司的表现存在明显的分歧。有些公司在挣扎，但其他公司表现良好。</p>
<p>电子商务巨头 <strong>Amazon</strong>(AMZN 1.90%) 就属于后者。事实上，它可能刚刚成为顶级股票选择。</p>
<h2>即使同行表现不佳，Amazon 也在做对的事情</h2>
<p>这个说法乍一看似乎有些夸张，但经过仔细审视后，实际上是成立的。上个季度的收入为 1589 亿美元，同比增长 11%，每股利润从去年第三季度的 0.94 美元上升到本季度的 1.43 美元。这一销售增长强于老牌公司 Apple 的表现。</p>
<p>与此同时，尽管 Microsoft 和 Meta 在相关的三个月内实现了更好的收入增长，但这两家公司仍然给出了平淡的预测。Meta 打算在不久的将来大幅增加对人工智能的支出，而 Microsoft 对于截至 12 月的季度预计收入为 681 亿美元，低于市场共识的 698 亿美元。Amazon 预计本季度的销售增长约为 9%，因此运营收入也提升了 36%。表现不错。</p>
<p>所有这些都是每只股票在财报发布后表现的关键因素。不过，在这四家公司中，只有 Amazon 的股票在消息发布后上涨。</p>
<p>然而，不仅仅是 Amazon 的整体数字推动了其股票上周的上涨。它是如何实现这一增长的——以及可能会继续这样做——也是一个关键因素。大部分增长来自其云计算部门 Amazon Web Services (AWS)。其收入增长 19%，使 AWS 的运营收入从一年前的不到 70 亿美元提升至今年第三季度的超过 104 亿美元，运营利润率从当时的 30% 上升至现在的 38%。这一指标还有继续扩大的空间，进一步增加了 AWS 已经占公司整体运营收入的 60%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYyODUvMTEwMTI0LWF3cy5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYyODUvMTEwMTI0LWF3cy5wbmcmdz03MDA"/></p>
<p>数据来源：Amazon Inc. 作者绘制的图表。数字单位为十亿美元。</p>
<p>接下来是其广告业务。这一高利润收入增长了 19%，达到了第三季度创纪录的 143 亿美元，再次确认了 Amazon 商业模式的演变是合理的。这大约占公司总收入的十分之一。</p>
<p>但，也许该公司在今年第三季度最令人鼓舞的胜利是其国际电子商务业务的持续进展。</p>
<p>由于其相对较小的规模，这一细节常常被忽视，但历史上，Amazon 的海外业务一直处于亏损状态。直到现在。最终，凭借足够的规模和适当的成本控制，其国际部门正在持续产生运营收入，并且这一趋势在不断增强。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYyODUvMTEwMTI0LWFtYXpvbi1pbnRlcm5hdGlvbmFsLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYyODUvMTEwMTI0LWFtYXpvbi1pbnRlcm5hdGlvbmFsLnBuZyZ3PTcwMA"/></p>
<p>数据来源：Amazon。作者绘制的图表。数字单位为十亿美元。</p>
<p>尽管尚未成为一个特别大的利润中心，但 Amazon 的国际业务正在快速增长，收入增长更快。它现在对公司底线的贡献远比大多数人意识到的要大，并且在一段时间内将继续如此。</p>
<p>关键在于：尽管 Microsoft、Apple 和 Meta 的股票在过去三年中屡创新高（使它们容易遭受最近的抛售），但 Amazon 的情况并非如此。尽管上周因财报激励而上涨，Amazon 的股票现在仅略高于疫情引发的峰值。它仍有继续上涨的空间，而不会过度扩张。</p>
<h2>不是永远，但至少在现在和可预见的未来</h2>
<p>这些并不是在暗示 Apple 或 Microsoft 是不可投资的，或者它们的股票将永远不会再次上涨。情况会变化。实际上，变化是常态。它们的股票最终会再次达到一个有吸引力的价格。它们的收入和利润将会像投资者期待的那样再次增长。只需给它们一些时间。</p>
<p>在时间就是金钱的情况下，目前，Amazon 可以说是市场上最好的投资之一，毫无疑问是所谓的 &#34;七大奇迹&#34; 股票中最具前景的选择。上个季度的财报没有任何短板可供挑剔，而正在进行的财政第四季度的指引也没有低于投资者的预期。没有理由认为这种情况在可预见的未来不会继续存在，而 Meta、Apple、Microsoft 和其他公司则正面临疑虑的阴影。</p>
<p>这无疑是将 Amazon 与可比替代品进行的一个哲学上简单的比较。但这正是重点。有时，正是那些简单——甚至显而易见——的差异最终带来的回报远超预期。</p>

亚马逊

<p>亚马逊在主要科技公司面临挑战的财报季中，已成为顶级投资选择。尽管微软、Meta 和苹果遭遇挫折，亚马逊却报告了同比 11% 的收入增长，云计算部门 AWS 的显著增长以及广告业务的创纪录表现是主要驱动力。值得注意的是，亚马逊的国际电子商务业务现在已经盈利，对其净利润产生了积极影响。与同行不同，亚马逊的股票仍低于疫情高峰，暗示着进一步增长的潜力。总体而言，亚马逊在当前市场中被视为一个强劲的投资机会</p>

<p>Earnings season has been a bit concerning so far. Shares of stalwart names like <strong>Microsoft</strong>(MSFT 0.73%), <strong>Meta Platforms</strong>(META 2.10%), and <strong>Apple</strong>(AAPL 0.65%) have all suffered pullbacks in the wake of lackluster results and/or disappointing guidance. Given that these are among the market's most prolific companies, their trouble bodes bearishly for the market as a whole.</p>
<div class="lb-trans"><p>财报季至今有些令人担忧。像 <strong>Microsoft</strong>(MSFT 0.73%)、<strong>Meta Platforms</strong>(META 2.10%) 和 <strong>Apple</strong>(AAPL 0.65%) 这样的知名公司，其股票在业绩平平和/或指引失望的情况下都遭遇了回调。考虑到这些公司是市场上最具生产力的企业之一，它们的问题对整个市场的前景构成了负面影响。</p>
</div><p>Don't be too quick to jump to such a sweeping conclusion though. There's a clear divergence in performances of different companies. Some are struggling, but others are doing great.</p>
<div class="lb-trans"><p>不过，不要急于得出如此全面的结论。不同公司的表现存在明显的分歧。有些公司在挣扎，但其他公司表现良好。</p>
</div><p>E-commerce giant <strong>Amazon</strong>(AMZN 1.90%) is of the latter variety. In fact, it may have just become a top stock pick.</p>
<div class="lb-trans"><p>电子商务巨头 <strong>Amazon</strong>(AMZN 1.90%) 就属于后者。事实上，它可能刚刚成为顶级股票选择。</p>
</div><h2>Amazon is doing everything right even if its peers aren't</h2>
<div class="lb-trans"><h2>即使同行表现不佳，Amazon 也在做对的事情</h2>
</div><p>The claim seems overly sensational at first, but it actually holds up under the light of scrutiny. Last quarter's top line of $158.9 billion was up 11% year over year, driving per-share profits up from $0.94 in Q3 of last year to $1.43 this time around. That's stronger sales growth than the venerable Apple was able to muster.</p>
<div class="lb-trans"><p>这个说法乍一看似乎有些夸张，但经过仔细审视后，实际上是成立的。上个季度的收入为 1589 亿美元，同比增长 11%，每股利润从去年第三季度的 0.94 美元上升到本季度的 1.43 美元。这一销售增长强于老牌公司 Apple 的表现。</p>
</div><p>Meanwhile, although Microsoft and Meta saw better top-line growth for the three-month stretch in question, both of these other outfits still served up lackluster forecasts. Meta intends to significantly ramp up spending on artificial intelligence in the near future, while Microsoft's projected revenue of $68.1 billion for the quarter ending in December fell short of the consensus of $69.8 billion. Amazon's looking for sales growth of around 9% for the current quarter, pumping operating income up to the tune of 36% as a result. Not bad.</p>
<div class="lb-trans"><p>与此同时，尽管 Microsoft 和 Meta 在相关的三个月内实现了更好的收入增长，但这两家公司仍然给出了平淡的预测。Meta 打算在不久的将来大幅增加对人工智能的支出，而 Microsoft 对于截至 12 月的季度预计收入为 681 亿美元，低于市场共识的 698 亿美元。Amazon 预计本季度的销售增长约为 9%，因此运营收入也提升了 36%。表现不错。</p>
</div><p>All of these were key factors in each stock's post-earnings action. Of these four names though, Amazon stock was the only one to move higher following the news.</p>
<div class="lb-trans"><p>所有这些都是每只股票在财报发布后表现的关键因素。不过，在这四家公司中，只有 Amazon 的股票在消息发布后上涨。</p>
</div><p>It's not just Amazon's overall numbers, however, that sent its stock higher last week. <em>How</em> it produced this growth -- and will likely continue doing so -- is a key factor as well. Most of the improvement was supplied by its cloud computing arm, Amazon Web Services (AWS). Its revenue growth of 19% pumped up AWS' operating income from just under $7 billion a year ago to more than $10.4 billion in Q3 of this year, inflating its operating profit margin from 30% then to 38% now. There's room for this measure to continue widening as well, adding to the 60% of companywide operating income that Amazon Web Services alone already accounts for.</p>
<div class="lb-trans"><p>然而，不仅仅是 Amazon 的整体数字推动了其股票上周的上涨。它是如何实现这一增长的——以及可能会继续这样做——也是一个关键因素。大部分增长来自其云计算部门 Amazon Web Services (AWS)。其收入增长 19%，使 AWS 的运营收入从一年前的不到 70 亿美元提升至今年第三季度的超过 104 亿美元，运营利润率从当时的 30% 上升至现在的 38%。这一指标还有继续扩大的空间，进一步增加了 AWS 已经占公司整体运营收入的 60%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYyODUvMTEwMTI0LWF3cy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796285%2F110124-aws.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Amazon Inc. Chart by author. Figures are in billions.</p>
<div class="lb-trans"><p>数据来源：Amazon Inc. 作者绘制的图表。数字单位为十亿美元。</p>
</div><p>Then there's its advertising business. This high-margin revenue improved 19% to a third-quarter record of $14.3 billion, once again confirming that this evolution of Amazon's business model makes good sense. That's roughly one-tenth of the company's total top line.</p>
<div class="lb-trans"><p>接下来是其广告业务。这一高利润收入增长了 19%，达到了第三季度创纪录的 143 亿美元，再次确认了 Amazon 商业模式的演变是合理的。这大约占公司总收入的十分之一。</p>
</div><p>But, perhaps the company's most encouraging win during its third quarter of the year is the continued progress being made by its international e-commerce business.</p>
<div class="lb-trans"><p>但，也许该公司在今年第三季度最令人鼓舞的胜利是其国际电子商务业务的持续进展。</p>
</div><p>It's an often-overlooked detail due to its relatively small size, but historically, Amazon's overseas efforts have been unprofitable. That is, until now. Finally, with enough scale and the right cost controls in place, its international arm is consistently generating operating income. And increasingly so.</p>
<div class="lb-trans"><p>由于其相对较小的规模，这一细节常常被忽视，但历史上，Amazon 的海外业务一直处于亏损状态。直到现在。最终，凭借足够的规模和适当的成本控制，其国际部门正在持续产生运营收入，并且这一趋势在不断增强。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYyODUvMTEwMTI0LWFtYXpvbi1pbnRlcm5hdGlvbmFsLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796285%2F110124-amazon-international.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Amazon. Chart by author. Figures are in billions.</p>
<div class="lb-trans"><p>数据来源：Amazon。作者绘制的图表。数字单位为十亿美元。</p>
</div><p>Although not a particularly big profit center yet, Amazon's international operation is a fast-growing one, with even faster-growing income. It's now making a much bigger contribution to the company's bottom line than most people realize, and should continue doing so for a while.</p>
<div class="lb-trans"><p>尽管尚未成为一个特别大的利润中心，但 Amazon 的国际业务正在快速增长，收入增长更快。它现在对公司底线的贡献远比大多数人意识到的要大，并且在一段时间内将继续如此。</p>
</div><p>The kicker: Whereas shares of Microsoft, Apple, and Meta have all been soaring to repeated record highs for the past three years (leaving them vulnerable to the sort of selling they've each recently suffered), that's not the case for Amazon. Amazon stock is now only slightly above its pandemic-prompted peak despite last week's earnings-inspired surge. There's also room for it to continue climbing before becoming overextended.</p>
<div class="lb-trans"><p>关键在于：尽管 Microsoft、Apple 和 Meta 的股票在过去三年中屡创新高（使它们容易遭受最近的抛售），但 Amazon 的情况并非如此。尽管上周因财报激励而上涨，Amazon 的股票现在仅略高于疫情引发的峰值。它仍有继续上涨的空间，而不会过度扩张。</p>
</div><h2>Not forever, but certainly for now and the foreseeable future</h2>
<div class="lb-trans"><h2>不是永远，但至少在现在和可预见的未来</h2>
</div><p>None of this is to suggest Apple or Microsoft are unownable, or that their stocks will never see gains again. Things change. Indeed, change is constant. Their stocks will eventually reach a compelling price again. Their top and bottom lines will begin growing the way investors expect them to again. Just give it time.</p>
<div class="lb-trans"><p>这些并不是在暗示 Apple 或 Microsoft 是不可投资的，或者它们的股票将永远不会再次上涨。情况会变化。实际上，变化是常态。它们的股票最终会再次达到一个有吸引力的价格。它们的收入和利润将会像投资者期待的那样再次增长。只需给它们一些时间。</p>
</div><p>To the extent time is money though, for the time being, Amazon is arguably one of the market's best investments, and certainly the top prospect among the so-called &#34;Magnificent Seven&#34; stocks. There are no shortcomings in last quarter's earnings report to pick apart, and guidance for the fiscal fourth quarter now underway was nothing less than what investors were anticipating. There's no reason to think this won't remain the case into the foreseeable future either, while shadows of doubt are now being cast on Meta, Apple, Microsoft, and others.</p>
<div class="lb-trans"><p>在时间就是金钱的情况下，目前，Amazon 可以说是市场上最好的投资之一，毫无疑问是所谓的 &#34;七大奇迹&#34; 股票中最具前景的选择。上个季度的财报没有任何短板可供挑剔，而正在进行的财政第四季度的指引也没有低于投资者的预期。没有理由认为这种情况在可预见的未来不会继续存在，而 Meta、Apple、Microsoft 和其他公司则正面临疑虑的阴影。</p>
</div><p>This is admittedly a philosophically simple comparison of Amazon to comparable alternatives. But, that's kind of the point. Sometimes it's the simple -- even obvious -- differences that end up paying off far more than it seems like they should.</p>
<div class="lb-trans"><p>这无疑是将 Amazon 与可比替代品进行的一个哲学上简单的比较。但这正是重点。有时，正是那些简单——甚至显而易见——的差异最终带来的回报远超预期。</p>
</div>

Amazon Just Became the Market's Best Investment

- 亚马逊在财报季表现强劲，营收同比增长 11%。
- 其云计算部门 AWS 和广告业务推动了利润增长。
- 相比之下，微软、苹果和 Meta 的前景不佳，亚马逊成为市场最佳投资选择。

亚马逊刚刚成为市场上最好的投资选择