<p>在 <strong>亚马逊</strong>（AMZN -0.20%）的第一季度财报发布前，投资者希望看到该公司的零售业务在经济放缓和关税威胁面前能够保持稳定，同时云业务能够实现稳健增长。</p>
<p>亚马逊在本季度超出了预期，营收增长 9%，达到 1557 亿美元，超过市场共识的 1551 亿美元。在底线方面，营业收入增长 20.2%，达到 184 亿美元，每股收益从 0.98 美元跃升至 1.59 美元，超出预期的 1.37 美元，受益于投资收益的增长。</p>
<p>展望第二季度，亚马逊预计营收在 1590 亿美元到 1640 亿美元之间，同比增长 7% 到 11%，与市场共识一致。</p>
<p>尽管取得了这些成绩，亚马逊的股票在周四盘后因关税威胁和经济放缓而下跌。在财报电话会议上，首席执行官安迪·贾西表示，公司已准备好应对贸易战带来的各种挑战。他提到，公司的销售大部分来自低价必需品，如食品杂货，其产品范围和 200 万卖家的基础使其比其他零售商更具灵活性。</p>
<p>关于云业务，贾西还提醒听众，全球 IT 支出的 85% 仍然是在本地进行的，这意味着只有 15% 是在云端，他预计这一比例将在未来 10 到 20 年内发生变化。</p>
<p>亚马逊网络服务（AWS）再次实现了稳健的增长，营收增长 17%，达到 293 亿美元，且该部门的营业收入从 94 亿美元增加至 115 亿美元。</p>
<p>然而，尽管 AWS 的增长率看似稳健，但仍然落后于其竞争对手。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MTkvYW1hem9uLXZhbi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MTkvYW1hem9uLXZhbi5qcGcmdz03MDA"/></p>
<p>图片来源：亚马逊。</p>
<h2>AWS 正在失去市场份额</h2>
<p>亚马逊在云基础设施领域与 <strong>微软</strong>（MSFT 2.31%）和 <strong>谷歌</strong>（GOOG 1.83%）（GOOGL 1.69%）展开激烈竞争。这三家公司有时被称为该行业的&#34;三巨头&#34;。</p>
<p>AWS 在营收方面处于领先地位，但其两个竞争对手的增长速度显著更快。在第一季度，微软报告 Azure 增长 33%，而谷歌的增长为 28%，达到 123 亿美元。</p>
<p>微软并未提供 Azure 的具体营收数据，但据信其占据了智能云部门的大部分，该部门的营收为 268 亿美元。</p>
<p>第一季度是微软和谷歌在云计算领域持续超越亚马逊的最新一例，这一趋势看起来将继续下去。微软受益于其庞大的企业软件应用，这些应用与 Azure 的集成非常顺畅，而谷歌则以其数据分析能力而闻名。</p>
<p>此外，这两家公司在过去几个季度的整体营收增长方面也超越了亚马逊，下面的图表显示了这一点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.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/3f7ec74a0d517850f63221f9175499af.png"/></p>
<p>AMZN 营业收入（季度同比增长）数据来源于 YCharts。</p>
<p>在第一季度，微软的营收增长为 13%，而亚马逊仅为 9%。</p>
<h2>亚马逊在人工智能方面也落后</h2>
<p>亚马逊在人工智能战略上也落后于微软和谷歌，因为亚马逊似乎对 ChatGPT 的推出感到措手不及。</p>
<p>微软在 2019 年与 OpenAI 建立了合作关系，而谷歌在此之前就已经在开发自己的人工智能模型。亚马逊此后已向人工智能初创公司 Anthropic 投资了数十亿美元，但尚未推出微软和谷歌所拥有的广泛人工智能产品和模型。</p>
<p>总体而言，亚马逊仍然具有相当的竞争优势，但其电子商务业务正在成熟，云计算业务正在向最接近的竞争对手失去市场份额。</p>
<p>考虑到其稳健的增长和合理的估值，抛售该股票似乎为时尚早。但在并排比较中，微软和谷歌在与亚马逊的对比中都表现良好，谷歌的股票也显著便宜。</p>
<p>对投资者来说，向这两个&#34;七大巨头&#34;中的一个或两个进行多元化投资是明智的选择。</p>

谷歌-C

微软

亚马逊

谷歌-A

<p>亚马逊第一季度财报显示收入增长 9%，达到 1557 亿美元，超出预期，运营收入增长 20.2%，达到 184 亿美元。尽管如此，由于关税威胁和经济担忧，亚马逊的股价下跌。AWS 增长 17%，达到 293 亿美元，但仍落后于竞争对手微软和谷歌，后者分别报告了 33% 和 28% 的增长。亚马逊在人工智能发展方面也处于劣势。虽然亚马逊的增长稳健，但投资者可能会考虑多元化投资于微软或谷歌，这两家公司在关键领域的表现优于亚马逊</p>

<p>Coming into <strong>Amazon</strong>'s (AMZN -0.20%) first-quarter earnings report, investors were hoping to see the company's retail business holding up in the face of a weakening economy and tariff threats and for the cloud business to deliver solid growth.</p>
<div class="lb-trans"><p>在 <strong>亚马逊</strong>（AMZN -0.20%）的第一季度财报发布前，投资者希望看到该公司的零售业务在经济放缓和关税威胁面前能够保持稳定，同时云业务能够实现稳健增长。</p>
</div><p>Amazon beat estimates in the quarter, turning in revenue growth of 9% to $155.7 billion, ahead of the consensus at $155.1 billion. On the bottom line, operating income rose 20.2% to $18.4 billion, and earnings per share jumped from $0.98 to $1.59, ahead of expectations at $1.37, as it benefited from gains on investments.</p>
<div class="lb-trans"><p>亚马逊在本季度超出了预期，营收增长 9%，达到 1557 亿美元，超过市场共识的 1551 亿美元。在底线方面，营业收入增长 20.2%，达到 184 亿美元，每股收益从 0.98 美元跃升至 1.59 美元，超出预期的 1.37 美元，受益于投资收益的增长。</p>
</div><p>Looking ahead to the second quarter, Amazon called for revenue of $159 billion to $164 billion, up 7% to 11%, which was in line with the consensus.</p>
<div class="lb-trans"><p>展望第二季度，亚马逊预计营收在 1590 亿美元到 1640 亿美元之间，同比增长 7% 到 11%，与市场共识一致。</p>
</div><p>Despite those results, Amazon stock fell on the news after hours on Thursday due to the threat of tariffs and a weakening economy. On the earnings call, CEO Andy Jassy said the company was prepared to respond to whatever challenges the trade war presented. He said much of its sales come from low-priced essentials like groceries, and its product range and base of 2 million sellers give it more flexibility than other retailers.</p>
<div class="lb-trans"><p>尽管取得了这些成绩，亚马逊的股票在周四盘后因关税威胁和经济放缓而下跌。在财报电话会议上，首席执行官安迪·贾西表示，公司已准备好应对贸易战带来的各种挑战。他提到，公司的销售大部分来自低价必需品，如食品杂货，其产品范围和 200 万卖家的基础使其比其他零售商更具灵活性。</p>
</div><p>Regarding the cloud business, Jassy also reminded listeners that 85% of global IT spending is still on premises, meaning just 15% is in the cloud, and he expects that share to flip in the next 10 to 20 years.</p>
<div class="lb-trans"><p>关于云业务，贾西还提醒听众，全球 IT 支出的 85% 仍然是在本地进行的，这意味着只有 15% 是在云端，他预计这一比例将在未来 10 到 20 年内发生变化。</p>
</div><p>Amazon Web Services delivered another solid round of growth, with 17% revenue growth up to $29.3 billion, and operating income in the segment increasing from $9.4 billion to $11.5 billion.</p>
<div class="lb-trans"><p>亚马逊网络服务（AWS）再次实现了稳健的增长，营收增长 17%，达到 293 亿美元，且该部门的营业收入从 94 亿美元增加至 115 亿美元。</p>
</div><p>However, despite AWS' seemingly solid growth rate, it continues to lag behind its competitors.</p>
<div class="lb-trans"><p>然而，尽管 AWS 的增长率看似稳健，但仍然落后于其竞争对手。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MTkvYW1hem9uLXZhbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816919%2Famazon-van.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>图片来源：亚马逊。</p>
</div><h2>AWS is losing market share</h2>
<div class="lb-trans"><h2>AWS 正在失去市场份额</h2>
</div><p>Amazon competes closely with <strong>Microsoft</strong>(MSFT 2.31%) and <strong>Alphabet</strong>(GOOG 1.83%)(GOOGL 1.69%) in cloud infrastructure. The trio of companies is sometimes known as the &#34;Big 3&#34; of that industry.</p>
<div class="lb-trans"><p>亚马逊在云基础设施领域与 <strong>微软</strong>（MSFT 2.31%）和 <strong>谷歌</strong>（GOOG 1.83%）（GOOGL 1.69%）展开激烈竞争。这三家公司有时被称为该行业的&#34;三巨头&#34;。</p>
</div><p>AWS is the leader in revenue, but its two rivals are growing significantly faster. In Q1, Microsoft reported 33% growth in Azure, while Alphabet posted 28% growth to $12.3 billion.</p>
<div class="lb-trans"><p>AWS 在营收方面处于领先地位，但其两个竞争对手的增长速度显著更快。在第一季度，微软报告 Azure 增长 33%，而谷歌的增长为 28%，达到 123 亿美元。</p>
</div><p>Microsoft doesn't provide a revenue figure for Azure, but it's believed to make up the majority of its intelligent cloud segment, which brought in $26.8 billion in revenue.</p>
<div class="lb-trans"><p>微软并未提供 Azure 的具体营收数据，但据信其占据了智能云部门的大部分，该部门的营收为 268 亿美元。</p>
</div><p>The first quarter is the latest in a long streak of Microsoft and Alphabet outgrowing Amazon in cloud computing, and that looks set to continue. Microsoft benefits from its vast enterprise software applications that integrate easily with Azure, while Alphabet is known for its prowess in data analytics.</p>
<div class="lb-trans"><p>第一季度是微软和谷歌在云计算领域持续超越亚马逊的最新一例，这一趋势看起来将继续下去。微软受益于其庞大的企业软件应用，这些应用与 Azure 的集成非常顺畅，而谷歌则以其数据分析能力而闻名。</p>
</div><p>Additionally, both of those companies have been outgrowing Amazon in overall revenue growth in the last several quarters, as the chart below shows.</p>
<div class="lb-trans"><p>此外，这两家公司在过去几个季度的整体营收增长方面也超越了亚马逊，下面的图表显示了这一点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.png" alt="" original-src="https://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.png"/></p>
<p>AMZN Operating Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 营业收入（季度同比增长）数据来源于 YCharts。</p>
</div><p>In Q1, Microsoft's revenue clocked in at 13%, compared to just 9% for Amazon.</p>
<div class="lb-trans"><p>在第一季度，微软的营收增长为 13%，而亚马逊仅为 9%。</p>
</div><h2>Amazon is also lagging in AI</h2>
<div class="lb-trans"><h2>亚马逊在人工智能方面也落后</h2>
</div><p>Amazon is also lagging behind Microsoft and Alphabet in its AI strategy, as Amazon seemed taken off guard by the launch of ChatGPT.</p>
<div class="lb-trans"><p>亚马逊在人工智能战略上也落后于微软和谷歌，因为亚马逊似乎对 ChatGPT 的推出感到措手不及。</p>
</div><p>Microsoft had partnered with OpenAI in 2019, while Alphabet had been developing its own AI models even before that. Amazon has since invested billions in Anthropic, an AI start-up, but it hasn't rolled out the wide range of AI products and models that Microsoft and Alphabet have.</p>
<div class="lb-trans"><p>微软在 2019 年与 OpenAI 建立了合作关系，而谷歌在此之前就已经在开发自己的人工智能模型。亚马逊此后已向人工智能初创公司 Anthropic 投资了数十亿美元，但尚未推出微软和谷歌所拥有的广泛人工智能产品和模型。</p>
</div><p>Amazon still has considerable competitive advantages overall, but its e-commerce business is maturing, and its cloud computing business is losing share to its closest rivals.</p>
<div class="lb-trans"><p>总体而言，亚马逊仍然具有相当的竞争优势，但其电子商务业务正在成熟，云计算业务正在向最接近的竞争对手失去市场份额。</p>
</div><p>Selling the stock seems premature, given its solid growth and reasonable valuation. But in a side-by-side comparison, Microsoft and Alphabet both stack up well next to Amazon, and Alphabet's stock is also significantly cheaper.</p>
<div class="lb-trans"><p>考虑到其稳健的增长和合理的估值，抛售该股票似乎为时尚早。但在并排比较中，微软和谷歌在与亚马逊的对比中都表现良好，谷歌的股票也显著便宜。</p>
</div><p>Diversifying into one or both of these fellow &#34;Magnificent Seven&#34; peers makes sense for investors.</p>
<div class="lb-trans"><p>对投资者来说，向这两个&#34;七大巨头&#34;中的一个或两个进行多元化投资是明智的选择。</p>
</div>

Is Amazon a Buy After Earnings? Not Compared to These "Magnificent Seven" Stocks

- 亚马逊第一季度营收增长 9% 至 1557 亿美元，超出预期。  
- 云业务 AWS 收入增长 17% 至 293 亿美元，但市场份额下降。  
- 面对竞争，亚马逊在 AI 和云计算领域落后于微软和谷歌。

亚马逊在财报发布后是否值得买入？与这些 “七大杰出” 股票相比，亚马逊并不值得买入