<p><strong>亚马逊</strong>(AMZN 2.06%) 继续报告强劲增长，但由于疲软的指引和对关税的担忧，上周其股价下跌。这是一家拥有众多业务的庞大公司，但市场正关注负面因素。</p>
<p>这是因为市场是前瞻性的，这些都是对未来的担忧。但也许它的前瞻性还不够。如果你看看第二季度，或许亚马逊的更新令人失望。但该公司有超出指引的习惯，就像它在第一季度所做的那样。此外，如果你展望未来几年，这次下跌开始看起来像是一个绝佳的买入机会。</p>
<h2>好与坏，以及不明确的因素</h2>
<p>亚马逊报告了 2025 年第一季度的良好业绩。销售额同比增长 10%（货币中性）至 1555.7 亿美元，超出了 1555 亿美元的高端指引，运营收入为 184 亿美元，较去年的 153 亿美元有所增长，并超出了 180 亿美元的高端指引。每股收益（EPS）从去年的 0.98 美元上升至今年的 1.59 美元，轻松超出华尔街 1.37 美元的预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxMDcvYW1hem9uLWZyZXNoLWRlbGl2ZXJ5LTEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxMDcvYW1hem9uLWZyZXNoLWRlbGl2ZXJ5LTEuanBnJnc9NzAw"/></p>
<p>图片来源：亚马逊。</p>
<p>但市场对第二季度的指引感到困惑。管理层预计销售额同比增长 9%，但运营收入可能会下降。亚马逊预计运营收入在 100 亿美元到 175 亿美元之间，而去年为 147 亿美元。</p>
<p>影响这一展望的因素有几个。首席执行官安迪·贾西提到关税问题，表示：“目前很难判断关税会发生什么。很难判断它们会在哪里落定以及何时落定。”</p>
<p>管理层补充说，它还面临与其 Kuiper 宽带启动相关的成本。然而，贾西指出：“我们在短期和中期考虑的许多事情实际上也会影响我们对长期的看法，” 这涉及到选择和低价格。</p>
<h2>亚马逊如何看待关税</h2>
<p>贾西在第一季度的收益电话会议上并没有掩饰关税可能带来的影响，他表示到目前为止，需求并没有减弱，并且某些类别的购买量有所增加，这可能表明市场对关税的预期。然而，他提出了几个观点，说明投资者可以如何看待亚马逊的优势带来的影响：</p>
<ul>
<li>亚马逊主要销售必需品，无论如何顾客都会购买。在第一季度，日常必需品的增长速度是整体业务的两倍，约占平台上销售产品的三分之一。</li>
<li>亚马逊是全球最大的杂货商之一，去年销售额达到 1000 亿美元，不包括全食超市和亚马逊生鲜。</li>
<li>亚马逊拥有庞大的产品种类，可能超过其同行，拥有超过 200 万卖家。当市场出现普遍波动时，亚马逊能够帮助顾客以最佳价格找到所需商品。</li>
<li>当消费者感到不确定时，他们倾向于从信任的商店购买。随着亚马逊建立其网络，更快地将订单送达顾客，并提供更多产品，顾客对其必需品的依赖程度也在增加。</li>
</ul>
<h2>还有更多事情在发生</h2>
<p>亚马逊的业务远不止电子商务。贾西对人工智能的潜力发表了他一贯的看法：“全球 IT 支出中超过 85% 仍然是在本地，而不是在云端。对我来说，这个方程式在未来 10 到 20 年内将会翻转似乎是相当简单的。”</p>
<p>亚马逊网络服务（AWS）在第一季度的收入同比增长 17%，并且在生成性人工智能（AI）业务和非生成性 AI 业务中都看到了增长。它与 <strong>Adobe</strong>、<strong>Uber Technologies</strong> 和 <strong>NextEra Energy</strong> 等公司签署了新协议，AWS 的运营收入同比增长 22%，占总收入的 63%。</p>
<p>换句话说，如果你能关注长期机会，你会发现，在下跌时购买亚马逊是一个不容错过的机会。</p>
<h2>为什么是现在？</h2>
<p>亚马逊的股价在收益公布后下跌，但其市盈率保持在 30 左右，因为收益增加。这意味着市场认为亚马逊在这个价格上是合理估值，负面情绪已经反映在股价中。这表明市场看到了这里的好东西，并不愿意将其估值进一步降低。</p>
<p>市场没有保证，但考虑到管理层对关税的鼓励态度以及众多长期机会，股价可能很快会开始回升。如果你有较长的投资时间框架，并且对亚马逊的股票犹豫不决，现在可能是买入的时机。</p>

亚马逊

<p>亚马逊的股票最近因疲软的指引和关税担忧而下跌，尽管在 2025 年第一季度报告了强劲的增长，销售额增长了 10%，营业收入也有所上升。首席执行官安迪·贾西强调了公司的韧性，指出对基本生活用品的需求依然强劲。随着市盈率稳定在 30 左右，市场认为亚马逊的估值合理，这表明当前的下跌可能为长期投资者提供了一个买入机会</p>

<p><strong>Amazon</strong>(AMZN 2.06%) continues to report strong growth, but its stock fell last week after weak guidance and worries about tariffs. It's a huge company with many moving parts, but the market is focusing on the negative.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 2.06%) 继续报告强劲增长，但由于疲软的指引和对关税的担忧，上周其股价下跌。这是一家拥有众多业务的庞大公司，但市场正关注负面因素。</p>
</div><p>That's because the market is forward-looking, and these are concerns about the future. But maybe it's not forward-looking enough. If you look into the second quarter, perhaps Amazon's update was disappointing. But the company has a habit of beating guidance, like it did in the first quarter. Furthermore, if you look down the road a few years, this dip starts to look like an excellent buying opportunity.</p>
<div class="lb-trans"><p>这是因为市场是前瞻性的，这些都是对未来的担忧。但也许它的前瞻性还不够。如果你看看第二季度，或许亚马逊的更新令人失望。但该公司有超出指引的习惯，就像它在第一季度所做的那样。此外，如果你展望未来几年，这次下跌开始看起来像是一个绝佳的买入机会。</p>
</div><h2>The good and the bad, and the unclear</h2>
<div class="lb-trans"><h2>好与坏，以及不明确的因素</h2>
</div><p>Amazon reported a solid 2025 first quarter. Sales increased 10% year over year (currency neutral) to $155.57 billion, beating even the high end of guidance of $155.5 billion, and operating income was $18.4 billion, up from $15.3 billion last year and beating the high end of guidance of $18 billion. Earnings per share (EPS) rose from $0.98 last year to $1.59 this year, easily beating Wall Street's expectations of $1.37.</p>
<div class="lb-trans"><p>亚马逊报告了 2025 年第一季度的良好业绩。销售额同比增长 10%（货币中性）至 1555.7 亿美元，超出了 1555 亿美元的高端指引，运营收入为 184 亿美元，较去年的 153 亿美元有所增长，并超出了 180 亿美元的高端指引。每股收益（EPS）从去年的 0.98 美元上升至今年的 1.59 美元，轻松超出华尔街 1.37 美元的预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxMDcvYW1hem9uLWZyZXNoLWRlbGl2ZXJ5LTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817107%2Famazon-fresh-delivery-1.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><p>But the market got hung up on second-quarter guidance. Management is guiding for sales to increase 9% year over year but for a potential decrease in operating income. Amazon is calling for operating income of $10 billion to $17.5 billion when it came in at $14.7 billion last year.</p>
<div class="lb-trans"><p>但市场对第二季度的指引感到困惑。管理层预计销售额同比增长 9%，但运营收入可能会下降。亚马逊预计运营收入在 100 亿美元到 175 亿美元之间，而去年为 147 亿美元。</p>
</div><p>There were several factors figuring into that outlook. CEO Andy Jassy mentioned the tariff situation, saying: &#34;It's hard to tell what's going to happen with tariffs right now. It's hard to tell where they're going to settle and when they're going to settle.&#34;</p>
<div class="lb-trans"><p>影响这一展望的因素有几个。首席执行官安迪·贾西提到关税问题，表示：“目前很难判断关税会发生什么。很难判断它们会在哪里落定以及何时落定。”</p>
</div><p>Management added that it also has costs associated with its Kuiper broadband launch. However, Jassy noted, &#34;A lot of what we're thinking about short and medium term actually turns out to be what we think about long-term too,&#34; in terms of selection and low prices.</p>
<div class="lb-trans"><p>管理层补充说，它还面临与其 Kuiper 宽带启动相关的成本。然而，贾西指出：“我们在短期和中期考虑的许多事情实际上也会影响我们对长期的看法，” 这涉及到选择和低价格。</p>
</div><h2>How Amazon is looking at tariffs</h2>
<div class="lb-trans"><h2>亚马逊如何看待关税</h2>
</div><p>Jassy didn't whitewash the potential effects of tariffs on the first-quarter earnings call, and he said that so far, demand has not attenuated, and there has been a streak of higher buying in some categories that may indicate tariff expectations. However, he made several points about how investors can view the impact in light of Amazon's advantages:</p>
<div class="lb-trans"><p>贾西在第一季度的收益电话会议上并没有掩饰关税可能带来的影响，他表示到目前为止，需求并没有减弱，并且某些类别的购买量有所增加，这可能表明市场对关税的预期。然而，他提出了几个观点，说明投资者可以如何看待亚马逊的优势带来的影响：</p>
</div><ul>
<li>Amazon mostly sells essentials, which customers are still going to buy no matter what. In the first quarter, everyday essentials increased at a rate more than twice that of the whole business, accounting for 1 in 3 products sold on the platform.</li>
<li>Amazon is one of the largest grocers in the world, selling $100 billion in groceries last year, excluding Whole Foods and Amazon Fresh.</li>
<li>Amazon has a massive product assortment, possibly larger than its peers, with more than 2 million sellers. When there's general volatility, Amazon is well positioned to help customers find what they need at the best price.</li>
<li>When consumers feel uncertainty, they tend to buy from stores they trust. As Amazon builds its network, gets orders to customers faster, and offers more products, customers count on it more for their essentials.</li>
</ul>
<div class="lb-trans"><ul>
<li>亚马逊主要销售必需品，无论如何顾客都会购买。在第一季度，日常必需品的增长速度是整体业务的两倍，约占平台上销售产品的三分之一。</li>
<li>亚马逊是全球最大的杂货商之一，去年销售额达到 1000 亿美元，不包括全食超市和亚马逊生鲜。</li>
<li>亚马逊拥有庞大的产品种类，可能超过其同行，拥有超过 200 万卖家。当市场出现普遍波动时，亚马逊能够帮助顾客以最佳价格找到所需商品。</li>
<li>当消费者感到不确定时，他们倾向于从信任的商店购买。随着亚马逊建立其网络，更快地将订单送达顾客，并提供更多产品，顾客对其必需品的依赖程度也在增加。</li>
</ul>
</div><h2>There's a lot more going on</h2>
<div class="lb-trans"><h2>还有更多事情在发生</h2>
</div><p>There's so much more happening at Amazon than e-commerce. Jassy made his usual comments about the potential for AI: &#34;More than 85% of the global IT spend is still on premises, so not in the cloud yet. It seems pretty straightforward to me that this equation will flip in the next 10 to 20 years.&#34;</p>
<div class="lb-trans"><p>亚马逊的业务远不止电子商务。贾西对人工智能的潜力发表了他一贯的看法：“全球 IT 支出中超过 85% 仍然是在本地，而不是在云端。对我来说，这个方程式在未来 10 到 20 年内将会翻转似乎是相当简单的。”</p>
</div><p>Amazon Web Services (AWS) revenue increased 17% year over year in the first quarter, and it's seeing growth both from generative artificial intelligence (AI) business as well as non-generative AI business. It inked new deals with companies like <strong>Adobe</strong>, <strong>Uber Technologies</strong>, and <strong>NextEra Energy</strong>, and AWS operating income increased 22% year over year, accounting for 63% of the total.</p>
<div class="lb-trans"><p>亚马逊网络服务（AWS）在第一季度的收入同比增长 17%，并且在生成性人工智能（AI）业务和非生成性 AI 业务中都看到了增长。它与 <strong>Adobe</strong>、<strong>Uber Technologies</strong> 和 <strong>NextEra Energy</strong> 等公司签署了新协议，AWS 的运营收入同比增长 22%，占总收入的 63%。</p>
</div><p>In other words, if you can focus on the long-term opportunity, you'll see that buying Amazon on the dip is an opportunity you don't want to pass up.</p>
<div class="lb-trans"><p>换句话说，如果你能关注长期机会，你会发现，在下跌时购买亚马逊是一个不容错过的机会。</p>
</div><h2>Why now?</h2>
<div class="lb-trans"><h2>为什么是现在？</h2>
</div><p>Amazon stock fell after earnings, but its P/E ratio has remained steady around 30, because earnings increased. That means the market thinks Amazon is fairly valued at this price, and the negativity is built into the stock price. It's an indication that the market sees the good stuff here and isn't willing to knock its valuation down lower.</p>
<div class="lb-trans"><p>亚马逊的股价在收益公布后下跌，但其市盈率保持在 30 左右，因为收益增加。这意味着市场认为亚马逊在这个价格上是合理估值，负面情绪已经反映在股价中。这表明市场看到了这里的好东西，并不愿意将其估值进一步降低。</p>
</div><p>There are no guarantees in the market, but with management's encouraging stance on tariffs and plenty of long-term opportunities, the stock might start to climb back up soon. If you have a long time horizon and have been on the fence about Amazon stock, now might be the time to buy.</p>
<div class="lb-trans"><p>市场没有保证，但考虑到管理层对关税的鼓励态度以及众多长期机会，股价可能很快会开始回升。如果你有较长的投资时间框架，并且对亚马逊的股票犹豫不决，现在可能是买入的时机。</p>
</div>

Amazon Sell-Off: Why Now May Be the Best Time to Buy Amazon Stock

- 亚马逊第一季度销售同比增长 10%，达到 1555.7 亿美元，超出预期。  
- 尽管业绩强劲，市场对第二季度指引感到失望，导致股价下跌。  
- 管理层对长期前景持乐观态度，认为当前股价可能是买入机会。

亚马逊股票抛售：为何现在可能是买入亚马逊股票的最佳时机