<p>尽管报告的第二季度收入和每股收益远超分析师对该季度的平均预期，但 <strong>亚马逊</strong>(AMZN 3.97%) 的股票在财报发布后大幅下跌。截至目前，自 7 月底财报发布以来，股价已下跌约 8%。股票严重下跌的主要原因可能是公司在云计算业务——亚马逊网络服务（AWS）上的增长低于预期。市场可能担心 <strong>微软</strong>(MSFT -0.56%) 和 <strong>谷歌母公司</strong>(GOOGL 0.75%) 的云业务增长速度更快，表明亚马逊这一重要服务在人工智能（AI）领域失去了竞争优势。此外，投资者可能对亚马逊第三季度盈利的指引存在一些担忧。</p>
<p>但市场是否反应过度？我认为是的。是的，AWS 的增长放缓是投资者应该关注的事情。但股票的回调可以说已经超过了与亚马逊庞大业务相关的风险增加所带来的影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgxOTkvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="459" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgxOTkvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>让投资者感到不安的原因</h2>
<p>从表面上看，亚马逊的第二季度业绩表现出色。这家电子商务和云计算巨头报告的收入为 1677 亿美元，同比增长 13%。每股收益增长更快，攀升 33% 至 1.68 美元。分析师的共识预测收入和每股收益分别为 1621 亿美元和 1.33 美元。</p>
<p>使报告看起来更好的，是公司对第三季度的收入增长进行了双位数的指引。具体来说，管理层表示预计该季度的收入将在 1740 亿美元到 1795 亿美元之间，同比增长 10% 到 13%。</p>
<p>尽管如此，公司在报告中可能在两个方面未能达到预期。</p>
<p>首先，AWS 的收入同比增长约 18%。与微软的 Azure 和谷歌云分别为 39% 和 32% 的同比收入增长相比，这一增长率显得微不足道。这两家竞争对手在云业务上的收入显著高于分析师对这些重要单位的平均预测，而亚马逊的收入仅略微超过预测。投资者可能担心亚马逊的低增长表明公司未能有效利用快速扩张的 AI 服务市场中的云计算机会。</p>
<p>另一个可能导致投资者不安的原因是亚马逊对第三季度运营收入的指引在 155 亿美元到 205 亿美元之间。该指引范围的中点为 180 亿美元，仅代表 3% 的同比增长。</p>
<h2>买入机会</h2>
<p>但在这里，事情对投资者变得乐观。确实，股票遭受了痛苦的打击。但随着股价下跌超过 9%，市场对亚马逊相较于竞争对手的云增长放缓以及管理层对第三季度盈利的低调预期反应过度。</p>
<p>放眼长远，这仍然是一家销售以双位数增长的公司。此外，其业务得到了强大的电子商务业务和云业务的支持，后者的同比收入增长接近 18%——略快于上一季度该细分市场的增长率。虽然这可能不及 Azure 和谷歌云的增长速度，但仍然是一个非常强劲的增长率。</p>
<p>目前，股票的市盈率仅为 33 倍，这对投资者来说是一个以合理估值买入美国最佳公司的难得机会。确实，无法预测底部在哪里，股价可能会更便宜。此外，随着 AI 在云计算中变得越来越重要，亚马逊失去竞争优势的风险是真实存在的。因此，投资者需要继续关注 AWS 在未来几个季度的表现。然而，最终，风险似乎在很大程度上已经被定价。这个价格的长期投资结果可能会相当可观。</p>
<p>那么，投资者应该在亚马逊股票下跌时买入吗？我认为应该。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票在报告强劲的第二季度财报后下跌了 8%，主要是由于其云业务 AWS 的增长速度相比于微软和 Alphabet 等竞争对手较慢。尽管对 AWS 的表现和谨慎的第三季度指引存在担忧，分析师认为市场可能反应过度。随着收入同比增长 13% 以及合理的市盈率为 33 倍，一些人认为此次下跌为投资者提供了买入机会，尽管建议持续关注 AWS 的表现</p>

<p>Despite reporting second-quarter revenue and earnings per share far ahead of analysts' average estimate for the period, shares of <strong>Amazon</strong>(AMZN 3.97%) sold off sharply following the earnings report. As of this writing, the stock is down about 8% since the report in late July. The main reason for the stock's severe decline is likely the company's lower than anticipated growth in its cloud-computing business, Amazon Web Services (AWS). The market may be worried that much faster growth at <strong>Microsoft</strong>(MSFT -0.56%) and <strong>Alphabet</strong>'s (GOOGL 0.75%) cloud businesses is a sign that the important Amazon service is losing its edge in the world of artificial intelligence (AI). In addition, investors may have some concerns about Amazon's guidance for third-quarter profitability.</p>
<div class="lb-trans"><p>尽管报告的第二季度收入和每股收益远超分析师对该季度的平均预期，但 <strong>亚马逊</strong>(AMZN 3.97%) 的股票在财报发布后大幅下跌。截至目前，自 7 月底财报发布以来，股价已下跌约 8%。股票严重下跌的主要原因可能是公司在云计算业务——亚马逊网络服务（AWS）上的增长低于预期。市场可能担心 <strong>微软</strong>(MSFT -0.56%) 和 <strong>谷歌母公司</strong>(GOOGL 0.75%) 的云业务增长速度更快，表明亚马逊这一重要服务在人工智能（AI）领域失去了竞争优势。此外，投资者可能对亚马逊第三季度盈利的指引存在一些担忧。</p>
</div><p>But has the market overreacted? I believe so. Yes, AWS's slowing growth is something investors should keep an eye on. But the stock's pullback has arguably more than compensated for the increased risks associated with this part of Amazon's sprawling business.</p>
<div class="lb-trans"><p>但市场是否反应过度？我认为是的。是的，AWS 的增长放缓是投资者应该关注的事情。但股票的回调可以说已经超过了与亚马逊庞大业务相关的风险增加所带来的影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgxOTkvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828199%2Famzn-stock-amazon-aws.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>What spooked investors</h2>
<div class="lb-trans"><h2>让投资者感到不安的原因</h2>
</div><p>On the surface of Amazon's second-quarter results, the company crushed it. The e-commerce and cloud-computing juggernaut reported revenue of $167.7 billion, up 13% year over year. Earnings per share grew even faster, climbing 33% to $1.68. The consensus analyst forecast called for revenue and earnings per share of just $162.1 billion and $1.33, respectively.</p>
<div class="lb-trans"><p>从表面上看，亚马逊的第二季度业绩表现出色。这家电子商务和云计算巨头报告的收入为 1677 亿美元，同比增长 13%。每股收益增长更快，攀升 33% 至 1.68 美元。分析师的共识预测收入和每股收益分别为 1621 亿美元和 1.33 美元。</p>
</div><p>Making the report look even better, the company guided for another quarter of double-digit revenue growth in Q3. Specifically, management said it expected revenue for the period to be between $174.0 billion and $179.5 billion, translating to 10% to 13% year-over-year growth.</p>
<div class="lb-trans"><p>使报告看起来更好的，是公司对第三季度的收入增长进行了双位数的指引。具体来说，管理层表示预计该季度的收入将在 1740 亿美元到 1795 亿美元之间，同比增长 10% 到 13%。</p>
</div><p>Still, the company may have missed the mark in the report in two areas.</p>
<div class="lb-trans"><p>尽管如此，公司在报告中可能在两个方面未能达到预期。</p>
</div><p>First, AWS revenue grew about 18% year over year. That's a meager growth rate compared with the 39% and 32% year-over-year revenue growth seen at Microsoft's Azure and Alphabet's Google Cloud, respectively. These two competitors' revenue in their cloud businesses was significantly higher than analysts' average forecasts for the important units, while Amazon's barely beat forecasts. Investors may be concerned that Amazon's lower growth indicates the company isn't effectively capitalizing on cloud-computing opportunities in the rapidly expanding AI services market.</p>
<div class="lb-trans"><p>首先，AWS 的收入同比增长约 18%。与微软的 Azure 和谷歌云分别为 39% 和 32% 的同比收入增长相比，这一增长率显得微不足道。这两家竞争对手在云业务上的收入显著高于分析师对这些重要单位的平均预测，而亚马逊的收入仅略微超过预测。投资者可能担心亚马逊的低增长表明公司未能有效利用快速扩张的 AI 服务市场中的云计算机会。</p>
</div><p>Another potential reason for investor skittishness is Amazon's guidance for third-quarter operating income to be between $15.5 billion and $20.5 billion. The midpoint of this guidance range is $18 billion, representing only 3% year-over-year growth.</p>
<div class="lb-trans"><p>另一个可能导致投资者不安的原因是亚马逊对第三季度运营收入的指引在 155 亿美元到 205 亿美元之间。该指引范围的中点为 180 亿美元，仅代表 3% 的同比增长。</p>
</div><h2>A buying opportunity</h2>
<div class="lb-trans"><h2>买入机会</h2>
</div><p>But here's where things turn optimistic for investors. Sure, shares have taken a painful hit. But with the stock down more than 9%, the market has arguably overreacted to Amazon's more modest cloud growth compared to its competitors, and to management's muted expectations for third-quarter profitability.</p>
<div class="lb-trans"><p>但在这里，事情对投资者变得乐观。确实，股票遭受了痛苦的打击。但随着股价下跌超过 9%，市场对亚马逊相较于竞争对手的云增长放缓以及管理层对第三季度盈利的低调预期反应过度。</p>
</div><p>Zooming out, this is still a business growing its sales at double-digit rates. In addition, its business is supported by both a robust e-commerce business and a cloud business, which has just nearly 18% year-over-year top-line growth -- slightly faster than the segment's growth rate in the prior quarter. Sure, it may not be as fast as Azure's and Google Cloud's growth. But it's still a very strong rate.</p>
<div class="lb-trans"><p>放眼长远，这仍然是一家销售以双位数增长的公司。此外，其业务得到了强大的电子商务业务和云业务的支持，后者的同比收入增长接近 18%——略快于上一季度该细分市场的增长率。虽然这可能不及 Azure 和谷歌云的增长速度，但仍然是一个非常强劲的增长率。</p>
</div><p>With the stock now trading at just 33 times earnings, this is a rare opportunity for investors to buy into one of the United States' best companies at a reasonable valuation. Sure, there's no telling where the bottom is. Shares could get cheaper. Additionally, the risks of Amazon losing its edge as AI becomes more central to cloud computing are real. Investors, therefore, will have to continue keeping tabs on how AWS performs in the coming quarters. Ultimately, however, risks seem largely priced in. The long-term investment outcome from this price will likely be respectable.</p>
<div class="lb-trans"><p>目前，股票的市盈率仅为 33 倍，这对投资者来说是一个以合理估值买入美国最佳公司的难得机会。确实，无法预测底部在哪里，股价可能会更便宜。此外，随着 AI 在云计算中变得越来越重要，亚马逊失去竞争优势的风险是真实存在的。因此，投资者需要继续关注 AWS 在未来几个季度的表现。然而，最终，风险似乎在很大程度上已经被定价。这个价格的长期投资结果可能会相当可观。</p>
</div><p>So should investors buy the dip in Amazon stock? I think so.</p>
<div class="lb-trans"><p>那么，投资者应该在亚马逊股票下跌时买入吗？我认为应该。</p>
</div>

Amazon Stock Just Got Pummeled. Buy the Dip?

- 亚马逊第二季度营收和每股收益超出分析师预期，但股价下跌约 8%。  
- 主要原因是云计算业务增长低于预期，市场担忧其在人工智能领域的竞争力。  
- 尽管面临风险，亚马逊仍是销售双位数增长的公司，当前股价提供了买入机会。

亚马逊的股票刚刚遭受重创，现在是否是趁低买入的好时机？