<p>在 <strong>亚马逊</strong>（AMZN -1.95%）第一季度财报发布前，投资者们确实感到一些焦虑。这是可以理解的，因为关税和经济疲软可能会对公司的电子商务业务产生负面影响。</p>
<p>在财报发布前，一位华尔街分析师表示，亚马逊必须&#34;降低价格&#34;，否则将失去市场份额。由于公司预计销售额与华尔街预期相符，但运营收入远低于预期，亚马逊似乎确实愿意降低一些价格。它表示，现在是保持低价的最重要时刻。</p>
<p>尽管如此，亚马逊强调，除了自身之外，它还有一个多样化的第三方卖家基础，可以提供不同价格区间的商品。它还通过在关税前囤积库存采取了一些积极措施。最终，亚马逊表示，它正在为各种经济状况做准备，同时专注于可以控制的因素，以保护客户体验。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NTgvYW1hem9uLXByaW1lLXZhbi1vbi1zdHJlZXQucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NTgvYW1hem9uLXByaW1lLXZhbi1vbi1zdHJlZXQucG5nJnc9NzAw"/></p>
<p>图片来源：亚马逊。</p>
<p>但正如公司所指出的，它&#34;并不是唯一容易受到关税影响的公司&#34;。每个广泛的综合商品零售商都会面临同样的压力。与此同时，关税的混乱最终会消失，或者消费者会适应——从长远来看没有其他选择。通过帮助保持低价并专注于快速交付和客户体验，亚马逊将继续在长期内占据零售市场份额。</p>
<h2><strong>AWS 仍然是其最大的增长驱动力</strong></h2>
<p>尽管最近围绕亚马逊的关注主要集中在其电子商务业务上，但其云计算业务亚马逊网络服务（AWS）仍然是其盈利能力最大的部门，也是增长最快的部门。在本季度，该部门的收入增长了 17%，达到 293 亿美元，而运营收入跃升 22%，达到 115 亿美元。然而，AWS 的收入略低于分析师预期的 294.2 亿美元，数据来自 StreetAccount。</p>
<p>亚马逊正在大力投资以扩展其数据中心基础设施，以跟上日益增长的人工智能需求，但公司也认为还有巨大的机会将企业从本地解决方案转移到云端。它指出，全球 IT 支出的 85% 仍然是在本地，但预计在未来 10 到 20 年内，这一支出将转向云端。</p>
<p>与此同时，亚马逊继续宣传其定制的人工智能芯片，指出其 Trainium 2 芯片的性价比比类似的图形处理单元高出 30% 到 40%。然而，公司也表示，它致力于为客户提供多个芯片供应商的选择。</p>
<p>在其业务的消费者方面，亚马逊的北美销售额增长了 8%，达到 929 亿美元，而国际销售额增长了 5%，以恒定货币计算增长了 8%，达到 335 亿美元。北美部门的运营收入跃升 16%，达到 50 亿美元，而国际部门的运营收入为 10 亿美元，去年为 9 亿美元。</p>
<p>广告服务继续成为亚马逊的亮点，收入增长 19%，达到 139.2 亿美元。这一数字超过了分析师共识的 137.4 亿美元，数据来自 StreetAccount。公司表示，其全渠道广告正在受到欢迎，品牌喜欢它们如何帮助他们更好地接触和连接客户。广告是一个高利润的业务，这帮助公司在其电子商务部门中更快地增长运营收入。</p>
<p>第三方卖家服务的收入增长了 7%，达到 365 亿美元，而在线商店的收入增长了 6%，达到 574 亿美元。实体店，如全食超市和亚马逊生鲜，销售额增长了 5%，达到 55 亿美元。与此同时，订阅服务的收入增长了 11%，达到 117 亿美元。</p>
<p>总体而言，亚马逊的收入增长了 9%，达到 1557 亿美元，略高于分析师共识的 1550 亿美元，数据来自 <strong>LSEG</strong>。调整后的每股收益飙升 62%，达到 1.59 美元，远超分析师预期的 1.36 美元。</p>
<p>亚马逊在本季度产生了 1139 亿美元的运营现金流和 259 亿美元的自由现金流。这表明尽管其在人工智能基础设施上的支出激进，但仍有大量现金剩余。</p>
<p>展望未来，它预计第一季度收入将在 1590 亿到 1640 亿美元之间，增长率为 7% 到 11%。与此同时，它预计运营收入将在 130 亿到 175 亿美元之间，而去年为 147 亿美元。分析师预计运营收入为 176 亿美元（StreetAccount），收入为 1609 亿美元（LSEG）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NTgvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NTgvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2><strong>是时候买入股票了</strong></h2>
<p>亚马逊已经存在很长时间，并且经历了各种经济环境。虽然关税和经济可能在短期内对其业绩产生负面影响，但这不会改变公司长期的增长轨迹。</p>
<p>其电子商务业务继续增长，但更重要的是，公司通过人工智能推动业务效率，这有助于提高运营杠杆并使其更具盈利能力。此外，它已经能够成为全球最大的数字广告平台之一，这有助于提供一条快速增长的高利润收入流。</p>
<p>然而，AWS 是其最大的增长驱动力，这项业务看起来仍然有很长的增长空间，得益于人工智能和持续从本地转向云端的趋势。凭借其定制的人工智能芯片，公司也具有成本优势。</p>
<p>以约 25 倍 2025 年分析师预期的前瞻市盈率交易，该股票仍然以其历史上最具吸引力的估值之一进行交易。这使得现在成为购买这只长期赢家股票的绝佳时机。</p>

亚马逊

<p>亚马逊预计将在经济和关税不确定性中继续成为长期赢家。在其财报发布之前，公司愿意降低价格以维持市场份额。其云计算部门 AWS 继续推动增长，收入显著增加。亚马逊的整体收入增长了 9%，达到 1557 亿美元，超出分析师预期。公司预测第一季度收入将在 1590 亿至 1640 亿美元之间，显示出持续增长。尽管面临短期挑战，亚马逊的长期增长轨迹依然强劲，使其成为投资者的潜在买入对象</p>

<p>Ahead of <strong>Amazon</strong>'s (AMZN -1.95%) first-quarter earnings report, there was certainly some angst among investors. This was understandable, as both tariffs and a weaker economy could negatively impact the company's e-commerce operations.</p>
<div class="lb-trans"><p>在 <strong>亚马逊</strong>（AMZN -1.95%）第一季度财报发布前，投资者们确实感到一些焦虑。这是可以理解的，因为关税和经济疲软可能会对公司的电子商务业务产生负面影响。</p>
</div><p>Ahead of its report, one Wall Street analyst said that Amazon would have to &#34;eat price&#34; or lose market share. With the company forecasting sales in line with Wall Street estimates but operating income well below, it appears Amazon is willing to indeed eat some price. It stated that there was never a more important time to keep prices low.</p>
<div class="lb-trans"><p>在财报发布前，一位华尔街分析师表示，亚马逊必须&#34;降低价格&#34;，否则将失去市场份额。由于公司预计销售额与华尔街预期相符，但运营收入远低于预期，亚马逊似乎确实愿意降低一些价格。它表示，现在是保持低价的最重要时刻。</p>
</div><p>That said, Amazon highlighted that besides itself, it also has a diverse third-party seller base that can offer items across price points. It has also taken some proactive measures by stockpiling inventory ahead of the tariffs. Ultimately, Amazon said it is planning for various economic conditions while focusing on what it can control to protect the customer experience.</p>
<div class="lb-trans"><p>尽管如此，亚马逊强调，除了自身之外，它还有一个多样化的第三方卖家基础，可以提供不同价格区间的商品。它还通过在关税前囤积库存采取了一些积极措施。最终，亚马逊表示，它正在为各种经济状况做准备，同时专注于可以控制的因素，以保护客户体验。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NTgvYW1hem9uLXByaW1lLXZhbi1vbi1zdHJlZXQucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816958%2Famazon-prime-van-on-street.png&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><p>But as the company noted, it is &#34;not uniquely susceptible&#34; to tariffs. Every broad-based, general merchandise retailer will see the same pressure. Meanwhile, the tariff fiasco will eventually go away, or consumers will adapt -- there isn't any other option over the long term. By helping keep prices low and focusing on rapid delivery and the customer experience, Amazon will continue to take retail share over the long run.</p>
<div class="lb-trans"><p>但正如公司所指出的，它&#34;并不是唯一容易受到关税影响的公司&#34;。每个广泛的综合商品零售商都会面临同样的压力。与此同时，关税的混乱最终会消失，或者消费者会适应——从长远来看没有其他选择。通过帮助保持低价并专注于快速交付和客户体验，亚马逊将继续在长期内占据零售市场份额。</p>
</div><h2><strong>AWS is still its biggest growth driver</strong></h2>
<div class="lb-trans"><h2><strong>AWS 仍然是其最大的增长驱动力</strong></h2>
</div><p>While a lot of the attention surrounding Amazon recently has been on its e-commerce business due to tariffs, its cloud computing business Amazon Web Services (AWS) is still its largest segment by profitability and its fastest-growing. In the quarter, the segment grew its revenue by 17% to $29.3 billion, while operating income jumped 22% to $11.5 billion. However, AWS revenue fell just short of the $29.42 billion expected by analysts, as compiled by StreetAccount.</p>
<div class="lb-trans"><p>尽管最近围绕亚马逊的关注主要集中在其电子商务业务上，但其云计算业务亚马逊网络服务（AWS）仍然是其盈利能力最大的部门，也是增长最快的部门。在本季度，该部门的收入增长了 17%，达到 293 亿美元，而运营收入跃升 22%，达到 115 亿美元。然而，AWS 的收入略低于分析师预期的 294.2 亿美元，数据来自 StreetAccount。</p>
</div><p>Amazon is investing heavily to build out its data center infrastructure to keep up with rising AI demand, but the company also feels that there is a huge opportunity left to shift companies from on-premise solutions to the cloud. It noted that 85% of global IT spend is still on premises, but it expects that spending to flip to the cloud over the next 10 to 20 years.</p>
<div class="lb-trans"><p>亚马逊正在大力投资以扩展其数据中心基础设施，以跟上日益增长的人工智能需求，但公司也认为还有巨大的机会将企业从本地解决方案转移到云端。它指出，全球 IT 支出的 85% 仍然是在本地，但预计在未来 10 到 20 年内，这一支出将转向云端。</p>
</div><p>Meanwhile, Amazon continues to tout its custom AI chips, noting that its Trainium 2 chips offer a 30% to 40% better price performance than similar graphics processing units. However, the company also noted that it is committed to giving customers the option of multiple chip providers.</p>
<div class="lb-trans"><p>与此同时，亚马逊继续宣传其定制的人工智能芯片，指出其 Trainium 2 芯片的性价比比类似的图形处理单元高出 30% 到 40%。然而，公司也表示，它致力于为客户提供多个芯片供应商的选择。</p>
</div><p>On the consumer side of its business, Amazon's North American sales increased 8% to $92.9 billion, while international sales rose 5%, or 8% in constant currencies, to $33.5 billion. Operating income for its North American segment jumped 16% to $5 billion, while its international segment posted operating income of $1 billion versus $0.9 billion a year ago.</p>
<div class="lb-trans"><p>在其业务的消费者方面，亚马逊的北美销售额增长了 8%，达到 929 亿美元，而国际销售额增长了 5%，以恒定货币计算增长了 8%，达到 335 亿美元。北美部门的运营收入跃升 16%，达到 50 亿美元，而国际部门的运营收入为 10 亿美元，去年为 9 亿美元。</p>
</div><p>Advertising services continue to be a bright spot for Amazon, with revenue climbing 19% to $13.92 billion. That was ahead of the $13.74 billion analyst consensus, as compiled by StreetAccount. The company said its full-funnel ads are catching on, with brands liking how well they help them reach and connect with customers. Ads are a higher-margin business, which has been helping the company grow operating income in its e-commerce segments more quickly than revenue.</p>
<div class="lb-trans"><p>广告服务继续成为亚马逊的亮点，收入增长 19%，达到 139.2 亿美元。这一数字超过了分析师共识的 137.4 亿美元，数据来自 StreetAccount。公司表示，其全渠道广告正在受到欢迎，品牌喜欢它们如何帮助他们更好地接触和连接客户。广告是一个高利润的业务，这帮助公司在其电子商务部门中更快地增长运营收入。</p>
</div><p>Third-party seller services revenue increased by 7% to $36.5 billion, while online store revenue rose by 6% to $57.4 billion. Physical stores, such as Whole Foods and Amazon Fresh, saw sales grow by 5% to $5.5 billion. Subscription services revenue, meanwhile, climbed 11% to $11.7 billion.</p>
<div class="lb-trans"><p>第三方卖家服务的收入增长了 7%，达到 365 亿美元，而在线商店的收入增长了 6%，达到 574 亿美元。实体店，如全食超市和亚马逊生鲜，销售额增长了 5%，达到 55 亿美元。与此同时，订阅服务的收入增长了 11%，达到 117 亿美元。</p>
</div><p>Overall, Amazon's revenue rose by 9% to $155.7 billion, which came in just ahead of the $155 billion analyst consensus, as compiled by <strong>LSEG</strong>. Adjusted earnings per share soared 62% to $1.59 and came in well ahead of analyst expectations of $1.36.</p>
<div class="lb-trans"><p>总体而言，亚马逊的收入增长了 9%，达到 1557 亿美元，略高于分析师共识的 1550 亿美元，数据来自 <strong>LSEG</strong>。调整后的每股收益飙升 62%，达到 1.59 美元，远超分析师预期的 1.36 美元。</p>
</div><p>Amazon generated $113.9 billion in operating cash flow for the quarter and $25.9 billion in free cash flow. This shows that despite its aggressive AI infrastructure spending it still has plenty of cash left over.</p>
<div class="lb-trans"><p>亚马逊在本季度产生了 1139 亿美元的运营现金流和 259 亿美元的自由现金流。这表明尽管其在人工智能基础设施上的支出激进，但仍有大量现金剩余。</p>
</div><p>Looking ahead, it forecast Q1 revenue to be between $159 billion and $164 billion, representing 7% to 11% growth. Meanwhile, it guided for operating income to be in a range of $13 billion to $17.5 billion versus $14.7 billion a year ago. Analysts were looking for operating income of $17.6 billion (StreetAccount) on revenue of $160.9 billion (LSEG).</p>
<div class="lb-trans"><p>展望未来，它预计第一季度收入将在 1590 亿到 1640 亿美元之间，增长率为 7% 到 11%。与此同时，它预计运营收入将在 130 亿到 175 亿美元之间，而去年为 147 亿美元。分析师预计运营收入为 176 亿美元（StreetAccount），收入为 1609 亿美元（LSEG）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NTgvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816958%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><strong>Time to buy the stock</strong></h2>
<div class="lb-trans"><h2><strong>是时候买入股票了</strong></h2>
</div><p>Amazon has been around for a long time and has navigated various economic environments. While tariffs and the economy could negatively impact its results in the short term, it will not change the company's long-term growth trajectory.</p>
<div class="lb-trans"><p>亚马逊已经存在很长时间，并且经历了各种经济环境。虽然关税和经济可能在短期内对其业绩产生负面影响，但这不会改变公司长期的增长轨迹。</p>
</div><p>Its e-commerce business continues to grow, but more importantly, the company continues to drive efficiencies in its business through AI, which helps drive operating leverage and make it more profitable. In addition, it has been able to become one of the world's largest digital advertising platforms, which helps provide a nicely growing stream of high-margin revenue.</p>
<div class="lb-trans"><p>其电子商务业务继续增长，但更重要的是，公司通过人工智能推动业务效率，这有助于提高运营杠杆并使其更具盈利能力。此外，它已经能够成为全球最大的数字广告平台之一，这有助于提供一条快速增长的高利润收入流。</p>
</div><p>AWS, though, is its biggest growth driver, and this business looks like it continues to have a long runway of growth in front of it due to AI and the continual shift from on-premise to the cloud. With its own custom AI chips, the company also has a cost advantage.</p>
<div class="lb-trans"><p>然而，AWS 是其最大的增长驱动力，这项业务看起来仍然有很长的增长空间，得益于人工智能和持续从本地转向云端的趋势。凭借其定制的人工智能芯片，公司也具有成本优势。</p>
</div><p>Trading at a forward price-to-earnings (P/E) ratio of about 25 times 2025 analyst estimates, the stock is still trading at one of the most attractive valuations in its history. That makes this a great time to pick up shares in this long-term winner.</p>
<div class="lb-trans"><p>以约 25 倍 2025 年分析师预期的前瞻市盈率交易，该股票仍然以其历史上最具吸引力的估值之一进行交易。这使得现在成为购买这只长期赢家股票的绝佳时机。</p>
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Prediction: Amazon Stock Will Be a Long-Term Winner Despite Economic and Tariff Uncertainty

- 亚马逊第一季度营收增长 9% 至 1557 亿美元，超出分析师预期。  
- AWS 业务收入增长 17% 至 293 亿美元，仍为最大盈利来源。  
- 公司预计未来营收将达 1590 亿至 1640 亿美元，保持长期增长潜力。  

预测：尽管经济和关税存在不确定性，亚马逊的股票仍将成为长期赢家