<p>这是我们对 <strong>亚马逊</strong> (AMZN 1.70%) 财报的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>1480 亿美元</td>
<td>1677 亿美元</td>
<td>13%</td>
<td>超出</td>
</tr>
<tr>
<td>每股收益</td>
<td>1.26 美元</td>
<td>1.68 美元</td>
<td>33%</td>
<td>超出</td>
</tr>
<tr>
<td>AWS 收入</td>
<td>263 亿美元</td>
<td>309 亿美元</td>
<td>17%</td>
<td>符合</td>
</tr>
<tr>
<td>广告收入</td>
<td>128 亿美元</td>
<td>157 亿美元</td>
<td>23%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>亚马逊对人工智能实施及其回报的关注</h2>
<p>投资者对亚马逊抱有很高的期望，尤其是该公司的 AWS 云业务，继 <strong>微软</strong> (MSFT 3.94%) 发布强劲业绩后。亚马逊的收入和收益分别增长了 13% 和 33%，超出预期，AWS 的销售额增长了 17%，达到了 309 亿美元。</p>
<p>亚马逊的发布会强调了其迄今为止最大的 Prime Day 和与 <strong>耐克</strong> (NKE -2.67%) 的新合作伙伴关系。但重点显然在于人工智能。首席执行官安迪·贾西在声明中表示：“我们坚信人工智能将改变每个客户的体验，这一信念开始显现，” 并指出公司在 AWS 以及 Alexa、机器人等其他领域的举措。</p>
<p>亚马逊预计未来将有更多增长，预测当前季度的净销售额将在 1740 亿美元到 1795 亿美元之间。这比去年增长 10% 到 13%，即使在低端也高于 1730 亿美元的共识。</p>
<p>但所有这些增长都是有代价的。本季度的运营费用增长了 11%，达到了 1485 亿美元，自由现金流在过去 12 个月中减少至 182 亿美元，去年为 530 亿美元。AWS 本季度的运营利润率从去年的 35.5% 降至 32.9%。</p>
<p>当前季度的运营收入预计将在 155 亿美元到 205 亿美元之间。中间值表明与去年的 174 亿美元几乎没有增长，略低于分析师的预期。</p>
<h2>立即市场反应</h2>
<p>投资者对结果感到失望。亚马逊的股价在财报发布后在盘后交易中下跌了 3%，但在公司与投资者的电话会议之前。</p>
<h2>关注事项</h2>
<p>尽管 AWS 的增长令人印象深刻，但按百分比计算仍低于微软在 Azure 上报告的 34% 的增长。微软在财报发布后大幅上涨，因为该公司成功阐述了所有人工智能支出的好处。投资者将急切希望听到贾西和其他亚马逊高管在财报电话会议上做出同样的论述。</p>
<p>亚马逊远不止于 AWS，产品销售增长了 11%，达到了 680 亿美元，而其广告业务同比增长了 23%。</p>
<p>该公司在多个方面仍然处于良好位置，并且有望成为长期赢家。但在所有目光都集中在人工智能的投资和回报的环境中，投资者对业绩和前景设定了高标准。</p>
<h2>有用资源</h2>
<ul>
<li>完整财报</li>
<li>投资者关系页面</li>
<li>其他报道</li>
</ul>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊 2024 年第二季度财报显示，收入为 1480 亿美元，每股收益为 1.26 美元，均超出预期。AWS 收入增长 17%，达到 263 亿美元，但运营费用上升 11%，影响了利润预测。尽管 Prime Day 表现强劲且专注于人工智能，但财报发布后，股价下跌 3%。亚马逊预测第三季度销售额将在 1740 亿美元至 1795 亿美元之间，显示出增长，但由于对人工智能投资的高期望，投资者保持谨慎</p>

<p>Here's our initial take on <strong>Amazon</strong>'s (AMZN 1.70%) financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>亚马逊</strong> (AMZN 1.70%) 财报的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2024</th>
<th>Q2 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>$148.0 billion</td>
<td>$167.7 billion</td>
<td>13%</td>
<td>Beat</td>
</tr>
<tr>
<td>Earnings per share</td>
<td>$1.26</td>
<td>$1.68</td>
<td>33%</td>
<td>Beat</td>
</tr>
<tr>
<td>AWS revenue</td>
<td>$26.3 billion</td>
<td>$30.9 billion</td>
<td>17%</td>
<td>Met</td>
</tr>
<tr>
<td>Advertising revenue</td>
<td>$12.8 billion</td>
<td>$15.7 billion</td>
<td>23%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>1480 亿美元</td>
<td>1677 亿美元</td>
<td>13%</td>
<td>超出</td>
</tr>
<tr>
<td>每股收益</td>
<td>1.26 美元</td>
<td>1.68 美元</td>
<td>33%</td>
<td>超出</td>
</tr>
<tr>
<td>AWS 收入</td>
<td>263 亿美元</td>
<td>309 亿美元</td>
<td>17%</td>
<td>符合</td>
</tr>
<tr>
<td>广告收入</td>
<td>128 亿美元</td>
<td>157 亿美元</td>
<td>23%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Amazon's Focus on AI Implementation and Payoff</h2>
<div class="lb-trans"><h2>亚马逊对人工智能实施及其回报的关注</h2>
</div><p>Investors had big expectations for Amazon, and in particular the company's AWS cloud unit, following strong results from <strong>Microsoft</strong>(MSFT 3.94%). Amazon revenue and earnings were up 13% and 33%, respectively, beating expectations, and AWS sales grew by 17% to $30.9 billion.</p>
<div class="lb-trans"><p>投资者对亚马逊抱有很高的期望，尤其是该公司的 AWS 云业务，继 <strong>微软</strong> (MSFT 3.94%) 发布强劲业绩后。亚马逊的收入和收益分别增长了 13% 和 33%，超出预期，AWS 的销售额增长了 17%，达到了 309 亿美元。</p>
</div><p>Amazon's release boasted about its largest Prime Day to date and new partnerships including a <strong>Nike</strong>(NKE -2.67%) storefront. But the focus was clearly on AI. CEO Andy Jassy in a statement said that &#34;our conviction that AI will change every customer experience is starting to play out,&#34; noting the company's moves not just at AWS but across Alexa, robotics, and other areas.</p>
<div class="lb-trans"><p>亚马逊的发布会强调了其迄今为止最大的 Prime Day 和与 <strong>耐克</strong> (NKE -2.67%) 的新合作伙伴关系。但重点显然在于人工智能。首席执行官安迪·贾西在声明中表示：“我们坚信人工智能将改变每个客户的体验，这一信念开始显现，” 并指出公司在 AWS 以及 Alexa、机器人等其他领域的举措。</p>
</div><p>Amazon sees more growth ahead, predicting net sales to come in between $174 billion and $179.5 billion in the current quarter. That would be up 10% to 13% from a year ago, and even at the low end is above the $173 billion consensus.</p>
<div class="lb-trans"><p>亚马逊预计未来将有更多增长，预测当前季度的净销售额将在 1740 亿美元到 1795 亿美元之间。这比去年增长 10% 到 13%，即使在低端也高于 1730 亿美元的共识。</p>
</div><p>But all of that growth is coming at a price. Operating expenses in the quarter were up 11% to $148.5 billion, and free cash flow decreased to $18.2 billion for the trailing 12 months, from $53 billion a year ago. AWS's operating margin for the quarter fell to 32.9%, from 35.5% a year ago.</p>
<div class="lb-trans"><p>但所有这些增长都是有代价的。本季度的运营费用增长了 11%，达到了 1485 亿美元，自由现金流在过去 12 个月中减少至 182 亿美元，去年为 530 亿美元。AWS 本季度的运营利润率从去年的 35.5% 降至 32.9%。</p>
</div><p>Operating income in the current quarter is expected to come in between $15.5 billion and $20.5 billion. At the midpoint that suggests little growth over last year's $17.4 billion, and is slightly below analyst expectations.</p>
<div class="lb-trans"><p>当前季度的运营收入预计将在 155 亿美元到 205 亿美元之间。中间值表明与去年的 174 亿美元几乎没有增长，略低于分析师的预期。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>立即市场反应</h2>
</div><p>Investors were underwhelmed by the results. Amazon shares fell 3% in aftermarket trading following the release of the report but ahead of the company's call with investors.</p>
<div class="lb-trans"><p>投资者对结果感到失望。亚马逊的股价在财报发布后在盘后交易中下跌了 3%，但在公司与投资者的电话会议之前。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>The AWS growth, while impressive, on a percentage basis fell short of Microsoft's reported 34% growth at Azure. Microsoft surged post-earnings because the company successfully articulated the benefit of all of the AI spending. Investors will be eager to hear Jassy and other Amazon execs make the same case on the earnings call.</p>
<div class="lb-trans"><p>尽管 AWS 的增长令人印象深刻，但按百分比计算仍低于微软在 Azure 上报告的 34% 的增长。微软在财报发布后大幅上涨，因为该公司成功阐述了所有人工智能支出的好处。投资者将急切希望听到贾西和其他亚马逊高管在财报电话会议上做出同样的论述。</p>
</div><p>Amazon is a lot more than AWS, posting 11% growth in product sales to $68 billion, while its advertising business was up 23% year over year.</p>
<div class="lb-trans"><p>亚马逊远不止于 AWS，产品销售增长了 11%，达到了 680 亿美元，而其广告业务同比增长了 23%。</p>
</div><p>The company remains well positioned on many fronts, and is set up well to be a long-term winner. But in an environment where all eyes are on the investment -- and payoff -- of AI, investors have set a high bar on results and outlook.</p>
<div class="lb-trans"><p>该公司在多个方面仍然处于良好位置，并且有望成为长期赢家。但在所有目光都集中在人工智能的投资和回报的环境中，投资者对业绩和前景设定了高标准。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
<li>Additional coverage</li>
</ul>
<div class="lb-trans"><ul>
<li>完整财报</li>
<li>投资者关系页面</li>
<li>其他报道</li>
</ul>
</div>

Amazon: Capex Weighs on Profit Forecast

- 亚马逊 Q2 2025 收入达 $167.7 亿，超出预期 13%。  
- AWS 收入增长 17% 至 $30.9 亿，广告收入增长 23%。  
- 投资者反应平淡，股价在盘后交易中下跌 3%。  

亚马逊：资本支出对利润预测造成压力