<p><strong>亚马逊</strong>（AMZN 0.61%）的股价在其第三季度财报发布后大幅上涨，这一增长再次得益于其云计算部门 AWS。该股票今年以来已上涨超过 25%。</p>
<p>显示市场的多变性，AWS 在第三季度的增长几乎与第二季度相同，而在第二季度时，股价因消息下跌，但投资者在第三季度报告后却显得更加乐观。让我们更仔细地看看亚马逊最近的业绩，看看现在是否已经太晚去购买该股票。</p>
<h2>AWS 推动增长</h2>
<p>AWS 再次成为亚马逊的主要亮点，云计算部门的收入飙升 19%，达到 275 亿美元。该部门的营业收入则从 70 亿美元激增近 49%，达到 104 亿美元。这是一个高固定成本的业务，具有很大的经营杠杆，收入的增加帮助推动了该部门的营业利润率达到历史最高水平。</p>
<p>亚马逊表示，其 AWS AI 收入则实现了三位数的增长。它表示将生成性 AI 视为 “千载难逢的机会”。公司计划在今年投入 750 亿美元用于资本支出（capex），以帮助抓住这一机会，并计划在 2025 年投入更多。</p>
<p>该公司还强调了其定制 AI 芯片的显著需求：用于训练的 Trainium 和用于推理的 Inferentia。它表示不得不多次回到制造合作伙伴那里，生产比最初预期更多的芯片。亚马逊还表示，组织正在标准化其 AI 模型，基于其 SageMaker 产品进行构建。</p>
<p>在消费业务方面，亚马逊北美的销售额增长了 9%，达到 9555 亿美元，而国际销售额增长了 12%，达到 359 亿美元。北美部门的营业收入跃升 33%，达到 57 亿美元，而国际部门则实现了 13 亿美元的营业收入，去年则出现了小幅亏损。</p>
<p>广告服务再次领跑，收入增长 19%，达到 143 亿美元。公司表示，赞助广告在大基数上表现良好，同时它也进入了 Prime Video 广告的首个播出季。订阅服务收入则增长 11%，达到 113 亿美元。</p>
<p>第三方卖家服务收入增长 10%，达到 379 亿美元。在线商店的收入增长 8%，达到 614 亿美元，而实体店的收入增长 5%，达到 52 亿美元。</p>
<p>总体而言，亚马逊在本季度录得 11% 的收入增长，达到 1589 亿美元，略高于 LSEG 编制的分析师共识的 1572 亿美元。调整后的每股收益飙升 52%，达到 1.43 美元，远超分析师预期的 1.14 美元。</p>
<p>亚马逊在本季度产生了 1127 亿美元的经营现金流和 477 亿美元的自由现金流。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0OTUvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0OTUvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在购买亚马逊股票是否太晚？</h2>
<p>亚马逊的 AWS 部门继续实现强劲的收入增长，并展现出很大的经营杠杆，导致营业收入增长更为强劲。AI 正在引领潮流，公司继续投资以跟上对其 AI 服务日益增长的需求。</p>
<p>与此同时，它通过多种方式从 AI 中获利，从云计算到与 SageMaker 和 Bedrock 的语言模型（LLM）服务，再到其自有的定制 AI 芯片 Trainium 和 Inferentia。它还通过帮助推荐、简化第三方卖家列出商品的过程以及优化其物流网络，将 AI 引入其消费业务。</p>
<p>公司的广告业务也显示出强劲的增长，主要由赞助产品广告推动。此外，它还在 Prime Video 服务中增加了更多广告，并与 NBA 达成协议，计划在下个赛季直播比赛，这可能会成为其广告业务在 2026 年的增长动力。</p>
<p>根据 2025 年的分析师预估，亚马逊目前的前瞻市盈率（P/E）接近 32.5，低于其历史市盈率水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6db4a4c96dd439c742f5f0c85c18c13.png?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://media.ycharts.com/charts/b6db4a4c96dd439c742f5f0c85c18c13.png"/></p>
<p>AMZN 前瞻市盈率（Forward 1y）数据来源于 YCharts</p>
<p>亚马逊从不害怕花钱去赢得市场。这使其成为全球最大的电子商务、物流和云计算公司。鉴于公司瞄准成为 AI 赢家并愿意花钱实现这一目标，考虑到其强大的执行历史，我会考虑购买该股票。</p>

亚马逊

<p>亚马逊的股票今年上涨超过 25%，主要得益于其 AWS 云计算部门的强劲表现，该部门的收入增长了 19%，达到 245 亿美元，营业收入增长了 49%。公司正在大力投资于人工智能，预计这一领域将实现显著增长。总体而言，亚马逊报告了本季度 11% 的收入增长，超出分析师预期，调整后的每股收益增长了 52%。分析师建议，考虑到亚马逊强劲的增长前景和历史表现，现在可能仍然是购买亚马逊股票的好时机</p>

<p><strong>Amazon</strong>(AMZN 0.61%) shares popped following its third-quarter results, which were once again powered by its cloud computing segment AWS. The stock is now up more than 25% on the year.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN 0.61%）的股价在其第三季度财报发布后大幅上涨，这一增长再次得益于其云计算部门 AWS。该股票今年以来已上涨超过 25%。</p>
</div><p>Showing the fickleness of the market, AWS' growth in Q3 was virtually the same as Q2, when the stock sold off on the news, but investors were much more upbeat after its Q3 report. Let's take a closer look at Amazon's most recent results to see whether it is too late to buy the stock.</p>
<div class="lb-trans"><p>显示市场的多变性，AWS 在第三季度的增长几乎与第二季度相同，而在第二季度时，股价因消息下跌，但投资者在第三季度报告后却显得更加乐观。让我们更仔细地看看亚马逊最近的业绩，看看现在是否已经太晚去购买该股票。</p>
</div><h2>AWS powers growth</h2>
<div class="lb-trans"><h2>AWS 推动增长</h2>
</div><p>AWS was once again the big story at Amazon, as revenue soared 19% for its cloud computing segment to $27.5 billion. The segment's operating income, meanwhile, surged nearly 49% from $7 billion to $10.4 billion. This is a high fixed-cost business with a lot of operating leverage, and the increase in revenue helped push operating margins to an all-time high for the unit.</p>
<div class="lb-trans"><p>AWS 再次成为亚马逊的主要亮点，云计算部门的收入飙升 19%，达到 275 亿美元。该部门的营业收入则从 70 亿美元激增近 49%，达到 104 亿美元。这是一个高固定成本的业务，具有很大的经营杠杆，收入的增加帮助推动了该部门的营业利润率达到历史最高水平。</p>
</div><p>Amazon said that its AWS AI revenue, meanwhile, grew by triple digits. It said it sees generative AI as a &#34;once-in-a-lifetime opportunity.&#34; The company will spend $75 billion in capital expenditures (capex) this year to help capture this opportunity, and it plans to spend even more in 2025.</p>
<div class="lb-trans"><p>亚马逊表示，其 AWS AI 收入则实现了三位数的增长。它表示将生成性 AI 视为 “千载难逢的机会”。公司计划在今年投入 750 亿美元用于资本支出（capex），以帮助抓住这一机会，并计划在 2025 年投入更多。</p>
</div><p>The company also touted the significant interest it is seeing for its custom AI chips: Trainium for training, and Inferentia for inference. It said it has had to go back to its manufacturing partners multiple times to produce more chips than it originally expected. Amazon also said it is seeing organizations standardize their AI model, building on its SageMaker product.</p>
<div class="lb-trans"><p>该公司还强调了其定制 AI 芯片的显著需求：用于训练的 Trainium 和用于推理的 Inferentia。它表示不得不多次回到制造合作伙伴那里，生产比最初预期更多的芯片。亚马逊还表示，组织正在标准化其 AI 模型，基于其 SageMaker 产品进行构建。</p>
</div><p>On the consumer side of its business, Amazon's North American sales increased 9% to $955.5 billion, while international sales rose 12% to $35.9 billion. Operating income for its North American segment jumped 33% to $5.7 billion, while its international segment posted operating income of $1.3 billion versus a small loss a year ago.</p>
<div class="lb-trans"><p>在消费业务方面，亚马逊北美的销售额增长了 9%，达到 9555 亿美元，而国际销售额增长了 12%，达到 359 亿美元。北美部门的营业收入跃升 33%，达到 57 亿美元，而国际部门则实现了 13 亿美元的营业收入，去年则出现了小幅亏损。</p>
</div><p>Advertising services once again led the way, with 19% revenue growth to $14.3 billion. The company said sponsored ads were performing very well on a large base, while it's entering its first broadcast season for Prime Video advertising. Subscription service revenue, meanwhile, rose 11% to $11.3 billion.</p>
<div class="lb-trans"><p>广告服务再次领跑，收入增长 19%，达到 143 亿美元。公司表示，赞助广告在大基数上表现良好，同时它也进入了 Prime Video 广告的首个播出季。订阅服务收入则增长 11%，达到 113 亿美元。</p>
</div><p>Third-party seller services revenue climbed 10% to $37.9 billion. Online stores grew revenue by 8% to $61.4 billion, while physical stores revenue rose 5% to $5.2 billion.</p>
<div class="lb-trans"><p>第三方卖家服务收入增长 10%，达到 379 亿美元。在线商店的收入增长 8%，达到 614 亿美元，而实体店的收入增长 5%，达到 52 亿美元。</p>
</div><p>Overall, Amazon recorded 11% revenue growth for the quarter to $158.9 billion, which came in just ahead of the $157.2 billion analyst consensus, as compiled by LSEG. Adjusted EPS soared 52% to $1.43 and came in well above analyst expectations of $1.14.</p>
<div class="lb-trans"><p>总体而言，亚马逊在本季度录得 11% 的收入增长，达到 1589 亿美元，略高于 LSEG 编制的分析师共识的 1572 亿美元。调整后的每股收益飙升 52%，达到 1.43 美元，远超分析师预期的 1.14 美元。</p>
</div><p>Amazon generated $112.7 billion in operating cash flow in the quarter and $47.7 billion in free cash flow.</p>
<div class="lb-trans"><p>亚马逊在本季度产生了 1127 亿美元的经营现金流和 477 亿美元的自由现金流。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0OTUvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796495%2Famazon-packaged-delivery-online-shopping-e-commerce-mercadolibre.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is it too late to buy Amazon stock?</h2>
<div class="lb-trans"><h2>现在购买亚马逊股票是否太晚？</h2>
</div><p>Amazon's AWS segment continues to put up strong revenue growth and show a lot of operating leverage, leading to even stronger operating income growth. AI is leading the way, and the company continues to invest to keep up with increasing demand for its AI services.</p>
<div class="lb-trans"><p>亚马逊的 AWS 部门继续实现强劲的收入增长，并展现出很大的经营杠杆，导致营业收入增长更为强劲。AI 正在引领潮流，公司继续投资以跟上对其 AI 服务日益增长的需求。</p>
</div><p>Meanwhile, it is profiting from AI is a variety of ways, from cloud computing to large language model (LLM) services with SageMaker and Bedrock to its own custom AI chips in Trainium and Inferentia. It is also bringing AI to its consumer business by helping with recommendations, making it easier for third-party sellers to list items, and for optimizing its logistic network.</p>
<div class="lb-trans"><p>与此同时，它通过多种方式从 AI 中获利，从云计算到与 SageMaker 和 Bedrock 的语言模型（LLM）服务，再到其自有的定制 AI 芯片 Trainium 和 Inferentia。它还通过帮助推荐、简化第三方卖家列出商品的过程以及优化其物流网络，将 AI 引入其消费业务。</p>
</div><p>The company's advertising business is also showing strong growth, led by sponsored product ads. In addition, it is adding more advertising to its Prime Video service, and a deal with the NBA to stream games next season will likely be a growth driver for its ad business in 2026.</p>
<div class="lb-trans"><p>公司的广告业务也显示出强劲的增长，主要由赞助产品广告推动。此外，它还在 Prime Video 服务中增加了更多广告，并与 NBA 达成协议，计划在下个赛季直播比赛，这可能会成为其广告业务在 2026 年的增长动力。</p>
</div><p>Amazon currently trades at a forward price-to-earnings (P/E) ratio of nearly 32.5, based on 2025 analyst estimates. That's below where it has traded from a historical P/E level.</p>
<div class="lb-trans"><p>根据 2025 年的分析师预估，亚马逊目前的前瞻市盈率（P/E）接近 32.5，低于其历史市盈率水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6db4a4c96dd439c742f5f0c85c18c13.png" alt="" original-src="https://media.ycharts.com/charts/b6db4a4c96dd439c742f5f0c85c18c13.png"/></p>
<p>AMZN PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>AMZN 前瞻市盈率（Forward 1y）数据来源于 YCharts</p>
</div><p>Amazon has never been afraid to spend money to win. This has led it to become the largest e-commerce, logistics, and cloud computing company in the world. With the company having its sights on being an AI winner and willing to spend money to get there, I'd be a buyer of the stock, given its strong history of execution.</p>
<div class="lb-trans"><p>亚马逊从不害怕花钱去赢得市场。这使其成为全球最大的电子商务、物流和云计算公司。鉴于公司瞄准成为 AI 赢家并愿意花钱实现这一目标，考虑到其强大的执行历史，我会考虑购买该股票。</p>
</div>

Amazon Stock Pops, Driven by AWS. Is It Too Late to Buy?

- 亚马逊第三季度财报显示，云计算部门 AWS 收入增长 19% 至 200 亿美元。  
- 公司计划在 2025 年进一步增加对生成 AI 的投资，预计将推动未来增长。  
- 亚马逊整体季度收入增长 11% 至 1400 亿美元，调整后每股收益增长 52% 至 0.43 美元。  

亚马逊股票因 AWS 的推动而上涨。现在买入是否已经太晚了？