<p><strong>亚马逊</strong>(AMZN -0.32%) 在其大部分公开存在的时间里都是一只表现优异的股票，除了任何资产正常的起伏。该公司通常能够达到其目标，并且定期找到新的业务进行主导，从而产生新的收入来源。目前，它正专注于生成性人工智能（AI），这是一个高利润的业务，应该会增加公司的收入和利润。</p>
<p>这很重要，因为如果你查看其财务报告和股价，你会注意到亚马逊的股价与其净收入的变化密切相关。</p>
<h2>营业收入与净收入</h2>
<p>亚马逊的管理层喜欢关注营业收入，并在每季度报告的开头强调这一指标。这是因为营业收入排除了与税务相关的费用和其他对公司运营没有强大影响的项目。</p>
<p>这样做可能是财政上负责任的做法。事实上，传奇人物沃伦·巴菲特，他也持有亚马逊的股份，曾称净收入指标为 “比无用还要糟糕”。相反，他关注营业收入，他认为这能更全面地反映公司的财务状况。</p>
<p>然而，并不是每位投资者都像巴菲特那样聪明，此外，关注营业收入与净收入的优劣也可以进行辩论。这个选择也会影响市盈率等估值指标，因此无论净收入是否是更好的底线指标，这对市场都是重要的。而亚马逊的股价与净收入的关系远比与收入或营业收入的关系更为密切。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40eef01983d53fa73661aae2439e6489.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/40eef01983d53fa73661aae2439e6489.png"/></p>
<p>AMZN 数据来源于 YCharts。</p>
<p>净收入在财务报表后面列出，但投资者应该找到并注意它。在第三季度，净收入从 2023 年的 99 亿美元增加到 2024 年的 153 亿美元。它不应该单独看待，而是作为整体情况的一部分。</p>

亚马逊

<p>亚马逊的股价与其净收入密切相关，净收入从 2023 年第三季度的 99 亿美元增加到 2024 年第四季度的 153 亿美元。尽管公司强调营业收入，但净收入对投资者仍然至关重要。对生成性人工智能的关注预计将增强收入来源，使净收入成为亚马逊投资者需要关注的关键指标</p>

<p><strong>Amazon</strong>(AMZN -0.32%) has been a winning stock for most of its public existence, save for the normal ebbs and flows of any asset. The company tends to hit its marks, and it regularly finds new businesses to dominate, generating new revenue streams. Right now, it's focusing on generative artificial intelligence (AI), which is a high-margin business that should increase the top and bottom lines.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.32%) 在其大部分公开存在的时间里都是一只表现优异的股票，除了任何资产正常的起伏。该公司通常能够达到其目标，并且定期找到新的业务进行主导，从而产生新的收入来源。目前，它正专注于生成性人工智能（AI），这是一个高利润的业务，应该会增加公司的收入和利润。</p>
</div><p>That's important, because if you take a look at its financial reports and its stock price, you'll notice that Amazon's stock price closely tracks the changes in its net income.</p>
<div class="lb-trans"><p>这很重要，因为如果你查看其财务报告和股价，你会注意到亚马逊的股价与其净收入的变化密切相关。</p>
</div><h2>Operating income vs. net income</h2>
<div class="lb-trans"><h2>营业收入与净收入</h2>
</div><p>Amazon's management likes to focus on operating income, and it highlights that metric at the beginning of each of its quarterly reports. This is because operating income factors out tax-related expenses and other items that don't have a strong bearing on the company's operations.</p>
<div class="lb-trans"><p>亚马逊的管理层喜欢关注营业收入，并在每季度报告的开头强调这一指标。这是因为营业收入排除了与税务相关的费用和其他对公司运营没有强大影响的项目。</p>
</div><p>That could be the fiscally responsible thing to do. In fact, Warren Buffett, the legend himself, who also has a stake in Amazon, has called the net income metric &#34;worse than useless.&#34; Instead, he focuses on operating income, which he agrees tells a more complete picture of a company's financial situation.</p>
<div class="lb-trans"><p>这样做可能是财政上负责任的做法。事实上，传奇人物沃伦·巴菲特，他也持有亚马逊的股份，曾称净收入指标为 “比无用还要糟糕”。相反，他关注营业收入，他认为这能更全面地反映公司的财务状况。</p>
</div><p>However, not every investor is as wise as Buffett, and in any case, the merits of focusing on operating income vs. net income can be debated. The choice also impacts valuation metrics like the P/E ratio, so whether or not net income is the better bottom-line metric to follow, it matters to the market. And Amazon's stock price tracks net income much more closely than revenue or operating income.</p>
<div class="lb-trans"><p>然而，并不是每位投资者都像巴菲特那样聪明，此外，关注营业收入与净收入的优劣也可以进行辩论。这个选择也会影响市盈率等估值指标，因此无论净收入是否是更好的底线指标，这对市场都是重要的。而亚马逊的股价与净收入的关系远比与收入或营业收入的关系更为密切。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40eef01983d53fa73661aae2439e6489.png" alt="" original-src="https://media.ycharts.com/charts/40eef01983d53fa73661aae2439e6489.png"/></p>
<p>AMZN data by YCharts.</p>
<div class="lb-trans"><p>AMZN 数据来源于 YCharts。</p>
</div><p>Net income is included later on in the financial statements, but investors should find it and take notice of it. In the third quarter, net income increased from $9.9 billion in 2023 to $15.3 billion in 2024. It shouldn't be viewed on its own, but as a piece of the whole picture.</p>
<div class="lb-trans"><p>净收入在财务报表后面列出，但投资者应该找到并注意它。在第三季度，净收入从 2023 年的 99 亿美元增加到 2024 年的 153 亿美元。它不应该单独看待，而是作为整体情况的一部分。</p>
</div>

Every Amazon Investor Should Keep an Eye on This Number

- 亚马逊专注于生成性人工智能，预计将提升收入。  
- 第三季度净收入从 2023 年的 99 亿美元增至 2024 年的 153 亿美元。  
- 净收入与股价变化密切相关，影响市场估值指标。  

每位亚马逊投资者都应密切关注这个数字