<p><strong>亚马逊</strong>(AMZN 3.97%) 刚刚公布了截至 6 月 30 日的三个月财务业绩（2025 年第二季度）。根据截至 8 月 4 日的股价从 7 月 31 日公告当天下跌近 10% 来看，市场显然对管理层提供的更新并不满意。</p>
<p>收入总计为 1677 亿美元，稀释每股收益为 1.68 美元。这两个关键数据均超出了华尔街的预期，差距甚至相当大。然而，领导团队对第三季度的指导为 180 亿美元（中位数），远低于分析师预测的 195 亿美元。</p>
<p>投资者跟进亚马逊最近的财务表现是很重要的。但这些事情应该放在更大的背景下来看。这只 “壮丽七侠” 股票是否是一个明智的长期投资？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc5OTgvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc5OTgvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>增长正在加速</h2>
<p>在第二季度，亚马逊的收入同比增长了 13.3%。与第一季度相比，这一增速明显加快，显然是一个令人鼓舞的迹象。值得注意的是，尽管在过去 12 个月内实现了 6700 亿美元的净销售额，但业务仍在强劲扩张。即使在当前规模下，增长仍然是亚马逊故事的一部分。</p>
<p>北美部门的收入增长了 11%。这是自 2024 年第一季度以来最快的扩张速度。公司举办了有史以来最大的 Prime Day，并在美国扩大了当日和次日送达服务。</p>
<p>亚马逊的数字广告部门值得关注。收入飙升 22%，达到 157 亿美元。这正成为公司越来越重要的盈利来源。在数字广告销售方面，亚马逊仅次于 <strong>Meta Platforms</strong> 和 <strong>Alphabet</strong>。</p>
<p>那些认为亚马逊增长引擎正在放缓的投资者得到了一个惊喜。也许在未来的几年里，业务仍然有许多双位数的收入增长。</p>
<h2>AWS 是否失去光彩？</h2>
<p>亚马逊最令人兴奋的部分与在线购物或数字广告无关。相反，投资者似乎最关注的是亚马逊网络服务（AWS），这是一个市场份额领先的云计算平台。最新的财务更新可能让股东们感到谨慎。</p>
<p>AWS 的收入同比增长了 17.5%，达到 309 亿美元。这个数字略高于分析师的预期。然而，值得指出的是，两个最大的竞争对手，<strong>微软</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud，增长速度都快得多。这意味着 AWS 正在失去市场份额。</p>
<p>更重要的是，AWS 的营业收入仅增长了 9.7%，低于收入增长，因为支出有所增加。但首席执行官安迪·贾西对 AWS 的机会仍然非常有信心。</p>
<p>“我经常说这一点，但请记住，全球 IT 支出的 85% 到 90% 仍然是在本地而不是在云端，” 他在 2025 年第二季度的财报电话会议上指出。</p>
<p>客户对使用不断扩展的人工智能（AI）工具的需求也将持续强劲。</p>
<p>值得一提的是，投资者必须适应正在发生的支出，因为亚马逊今年可能会进行近 1200 亿美元的资本支出。如果业务不这样做，就有可能在人工智能竞争中落后。</p>
<h2>把握低点</h2>
<p>截至 8 月 4 日，亚马逊的股价比 2 月份的峰值低了 13%。我认为这个下跌是一个明智的买入机会。投资者现在有机会在市场对最新财务结果持悲观态度时，将全球顶尖公司的股票加入他们的投资组合。从长期来看，这项业务将继续保持技术领导者的地位，尽管每个季度的数字可能会有很大变化。我仍然认为耐心的投资者应该会得到回报。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊 2025 年第二季度的财务结果显示，收入为 1677 亿美元，每股收益为 1.68 美元，超出预期。然而，第三季度的运营收入指引未能达到分析师的预测，导致股价下跌近 10%。尽管对 AWS 的增长速度相比竞争对手有所放缓表示担忧，亚马逊的整体收入同比增长了 13.3%，在数字广告方面取得了显著增长。分析师建议，目前股价的下跌为长期投资者提供了买入机会，因为亚马逊仍然是科技行业的主导者</p>

<p><strong>Amazon</strong>(AMZN 3.97%) just reported financial results for the three-month period that ended June 30 (second-quarter 2025). Judging by the fact that the share price was down nearly 10% (as of Aug. 4) from the day of the announcement on July 31, the market clearly hasn't been happy with the update that management provided.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 3.97%) 刚刚公布了截至 6 月 30 日的三个月财务业绩（2025 年第二季度）。根据截至 8 月 4 日的股价从 7 月 31 日公告当天下跌近 10% 来看，市场显然对管理层提供的更新并不满意。</p>
</div><p>Revenue totaled $167.7 billion, with diluted earnings per share coming in at $1.68. These two headline figures were ahead of Wall Street's expectations. It wasn't even close. However, the leadership team's guidance was for operating income to be $18 billion (at the midpoint) for the third quarter, well below analysts' $19.5 billion forecast.</p>
<div class="lb-trans"><p>收入总计为 1677 亿美元，稀释每股收益为 1.68 美元。这两个关键数据均超出了华尔街的预期，差距甚至相当大。然而，领导团队对第三季度的指导为 180 亿美元（中位数），远低于分析师预测的 195 亿美元。</p>
</div><p>It's important that investors are keeping up with Amazon's most recent financial performance. But these things should be viewed with the bigger picture in mind. Is this &#34;Magnificent Seven&#34; stock a smart long-term buy?</p>
<div class="lb-trans"><p>投资者跟进亚马逊最近的财务表现是很重要的。但这些事情应该放在更大的背景下来看。这只 “壮丽七侠” 股票是否是一个明智的长期投资？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc5OTgvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827998%2Famazon-locker-with-package-inside.png&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>Growth is picking up</h2>
<div class="lb-trans"><h2>增长正在加速</h2>
</div><p>During Q2, Amazon's top line grew at a 13.3% year-over-year rate. This was an acceleration compared to the first quarter, which is obviously an encouraging sign. What's remarkable is that the business is expanding at a strong clip, despite collecting a massive $670 billion in net sales in the last 12 months. Even at its current size, growth is still a part of the Amazon story.</p>
<div class="lb-trans"><p>在第二季度，亚马逊的收入同比增长了 13.3%。与第一季度相比，这一增速明显加快，显然是一个令人鼓舞的迹象。值得注意的是，尽管在过去 12 个月内实现了 6700 亿美元的净销售额，但业务仍在强劲扩张。即使在当前规模下，增长仍然是亚马逊故事的一部分。</p>
</div><p>The North America segment posted an 11% revenue gain. This was the fastest expansion rate since Q1 2024. The company had its biggest Prime Day ever. It also expanded same-day and next-day delivery in the U.S.</p>
<div class="lb-trans"><p>北美部门的收入增长了 11%。这是自 2024 年第一季度以来最快的扩张速度。公司举办了有史以来最大的 Prime Day，并在美国扩大了当日和次日送达服务。</p>
</div><p>Amazon's digital advertising segment deserves some attention. Revenue soared 22% to $15.7 billion. This is becoming a more important money-maker for the company. Amazon is behind only <strong>Meta Platforms</strong> and <strong>Alphabet</strong> when it comes to digital ad sales.</p>
<div class="lb-trans"><p>亚马逊的数字广告部门值得关注。收入飙升 22%，达到 157 亿美元。这正成为公司越来越重要的盈利来源。在数字广告销售方面，亚马逊仅次于 <strong>Meta Platforms</strong> 和 <strong>Alphabet</strong>。</p>
</div><p>Investors who believed that Amazon's growth engine was slowing got a pleasant surprise. Perhaps the business still has many years left of double-digit revenue gains as we look ahead.</p>
<div class="lb-trans"><p>那些认为亚马逊增长引擎正在放缓的投资者得到了一个惊喜。也许在未来的几年里，业务仍然有许多双位数的收入增长。</p>
</div><h2>Is AWS losing its luster?</h2>
<div class="lb-trans"><h2>AWS 是否失去光彩？</h2>
</div><p>The most exciting part of Amazon has nothing to do with online shopping or digital advertising. Instead, it's Amazon Web Services (AWS), the cloud computing platform with industry-leading market share, that investors seem to focus on the most. The latest financial update might have given shareholders a reason to be cautious.</p>
<div class="lb-trans"><p>亚马逊最令人兴奋的部分与在线购物或数字广告无关。相反，投资者似乎最关注的是亚马逊网络服务（AWS），这是一个市场份额领先的云计算平台。最新的财务更新可能让股东们感到谨慎。</p>
</div><p>AWS registered 17.5% year-over-year revenue growth to $30.9 billion. That number was slightly ahead of analyst estimates. However, it's worth pointing out that the two biggest rivals, <strong>Microsoft</strong> Azure and Alphabet's Google Cloud, are both growing at much faster rates. This means that AWS is losing market share.</p>
<div class="lb-trans"><p>AWS 的收入同比增长了 17.5%，达到 309 亿美元。这个数字略高于分析师的预期。然而，值得指出的是，两个最大的竞争对手，<strong>微软</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud，增长速度都快得多。这意味着 AWS 正在失去市场份额。</p>
</div><p>What's more, AWS' operating income increased by just 9.7%, lower than the revenue gain, as expenses crept up. But CEO Andy Jassy remains very confident on the opportunity AWS has.</p>
<div class="lb-trans"><p>更重要的是，AWS 的营业收入仅增长了 9.7%，低于收入增长，因为支出有所增加。但首席执行官安迪·贾西对 AWS 的机会仍然非常有信心。</p>
</div><p>&#34;I say this frequently, but remember that 85 to 90% of worldwide IT spend is still on premises versus in the cloud,&#34; he pointed out on the Q2 2025 earnings call.</p>
<div class="lb-trans"><p>“我经常说这一点，但请记住，全球 IT 支出的 85% 到 90% 仍然是在本地而不是在云端，” 他在 2025 年第二季度的财报电话会议上指出。</p>
</div><p>There will also continue to be robust demand from customers looking to use the expanding set of artificial intelligence (AI) tools.</p>
<div class="lb-trans"><p>客户对使用不断扩展的人工智能（AI）工具的需求也将持续强劲。</p>
</div><p>For what it's worth, investors must get comfortable with the amount of spending happening, as Amazon could undertake almost $120 billion in capital expenditures just this year. If the business didn't do this, then it would risk falling behind in the AI race.</p>
<div class="lb-trans"><p>值得一提的是，投资者必须适应正在发生的支出，因为亚马逊今年可能会进行近 1200 亿美元的资本支出。如果业务不这样做，就有可能在人工智能竞争中落后。</p>
</div><h2>Buy the dip</h2>
<div class="lb-trans"><h2>把握低点</h2>
</div><p>As of Aug. 4, shares of Amazon trade 13% below their peak from February. I view this dip as a smart buying opportunity. Investors have the chance right now to add one of the world's top companies to their portfolios at a time when the market is pessimistic about the latest financial results. Over the long term, this business will remain a dominant tech leader, even though the numbers each quarter could vary substantially. I still think patient investors should be rewarded.</p>
<div class="lb-trans"><p>截至 8 月 4 日，亚马逊的股价比 2 月份的峰值低了 13%。我认为这个下跌是一个明智的买入机会。投资者现在有机会在市场对最新财务结果持悲观态度时，将全球顶尖公司的股票加入他们的投资组合。从长期来看，这项业务将继续保持技术领导者的地位，尽管每个季度的数字可能会有很大变化。我仍然认为耐心的投资者应该会得到回报。</p>
</div>

Is Amazon Stock a Long-Term Buy?

- 亚马逊第二季度营收为 1677 亿美元，超出华尔街预期。  
- 但第三季度运营收入指引低于分析师预期，市场反应不佳。  
- AWS 增长放缓，面临竞争压力，投资者需关注长期潜力。

亚马逊的股票是否适合长期投资？