<p>财报季正在如火如荼地进行，一些备受关注的公司向投资者提供了重要的信息。<strong>亚马逊</strong>（AMZN -0.23%）于 7 月 31 日公布了截至 6 月 30 日的第二季度财报。</p>
<p>1677 亿美元的收入和每股摊薄收益 1.68 美元均大幅超出分析师的共识预期。然而，重要的是要在亚马逊更大背景下看待这些新信息。</p>
<p>这家 “七大巨头” 股票的最新财报对长期投资者意味着什么。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MTUvcG9pbnRpbmctdG8tZmlsZXMtY2xvdWQtY29tcHV0aW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MTUvcG9pbnRpbmctdG8tZmlsZXMtY2xvdWQtY29tcHV0aW5nLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>第二季度亮点</h2>
<p>我认为首先简要概述一下最新季度最重要的财务驱动因素是合适的。收入同比增长 13%。北美关键业务板块的收入增长了 11%，推动了整体收入的增长。</p>
<p>运营收入在本季度飙升 31%，达到 192 亿美元。首席执行官安迪·贾西近年来一直专注于成本控制和运营效率，因此看到这一战略以利润上升的形式显现出来是非常令人鼓舞的。</p>
<p>然而，股票在消息公布后立即下跌。市场是一个前瞻性的机器。投资者对管理层对第三季度运营收入的预测并不满意，预计中值为 180 亿美元。这将意味着同比增长仅为 3%，远低于亚马逊近期的增长速度。</p>
<h2>放眼大局，关注全局</h2>
<p>每家公司的季度业绩都受到投资界的严格审查，但重要的是要退后一步，看看更大的图景。亚马逊最新的财务更新为长期投资者提供了一些关键见解。</p>
<p>第一个要点是领导团队对持续的人工智能（AI）热潮高度关注。这可以通过其支出的激增看出。资本支出在本季度总计 314 亿美元。</p>
<p>如果这种速度持续下去，年化支出将超过 1250 亿美元。这些巨额支出旨在扩展公司的技术基础设施，更好地满足对人工智能的需求。</p>
<p>另一个要点是亚马逊是一家全面发展的企业，这使其成为其他公司的羡慕对象。是的，这家企业首先以彻底颠覆零售行业而闻名。因此，电子商务仍然是其成功的关键。</p>
<p>然而，该公司有能力继续受益于其他强大的长期趋势。云计算是一个值得关注的领域。亚马逊网络服务（AWS）长期以来一直是云计算的领导者。但其主导地位正受到挑战，因为竞争对手的增长速度更快。</p>
<p>这并不令人惊讶，因为 AWS 的收入基数要大得多。整个行业正在快速扩张，这意味着多个参与者将有很多机会取得成功。尽管如此，投资者仍需密切关注该细分市场的销售增长。</p>
<p>数字广告已成为亚马逊业务中非常重要的一部分。该业务拥有宝贵的数字资产，包括其在线市场和 Prime Video 流媒体服务，使其能够展示广告。该细分市场的收入增长了 23%。根据顶级数字广告公司的盈利能力判断，亚马逊在这里肯定获得了可观的收益。</p>
<p>长期投资者也可以放心，这只股票仍然是一个明智的持有选择。截至 8 月 6 日，股票的市盈率为 33.9，远低于过去五年的平均水平。这表明该股票的估值远未被拉伸。对于能够展望五年或更长时间的耐心投资者来说，仍然有上行空间。</p>
<p>尽管市场对亚马逊第二季度业绩的反应消极，但很容易看出，这仍然是一家精英企业，值得在您的投资组合中占有一席之地。</p>

亚马逊

<p>亚马逊公布了强劲的第二季度财报，收入为 1677 亿美元，每股收益为 1.68 美元，超出分析师预期。然而，由于对第三季度运营收入的保守预测，股价下跌。对于长期投资者的关键见解包括亚马逊对人工智能的关注、显著的资本支出以及数字广告的增长。尽管市场反应不一，该股票的市盈率为 33.9，仍然被认为具有吸引力，暗示长期持有者可能会有上涨空间</p>

<p>Earnings season is in full swing, and some of the most closely watched companies have given investors crucial information to chew on. On July 31, <strong>Amazon</strong>(AMZN -0.23%) reported earnings for the second quarter (ended June 30).</p>
<div class="lb-trans"><p>财报季正在如火如荼地进行，一些备受关注的公司向投资者提供了重要的信息。<strong>亚马逊</strong>（AMZN -0.23%）于 7 月 31 日公布了截至 6 月 30 日的第二季度财报。</p>
</div><p>Revenue of $167.7 billion and diluted earnings per share of $1.68 both came in well ahead of consensus analyst estimates. However, it's important to view this fresh information in the context of Amazon's bigger picture.</p>
<div class="lb-trans"><p>1677 亿美元的收入和每股摊薄收益 1.68 美元均大幅超出分析师的共识预期。然而，重要的是要在亚马逊更大背景下看待这些新信息。</p>
</div><p>Here's what this &#34;Magnificent Seven&#34; stock's latest earnings report means for long-term investors.</p>
<div class="lb-trans"><p>这家 “七大巨头” 股票的最新财报对长期投资者意味着什么。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MTUvcG9pbnRpbmctdG8tZmlsZXMtY2xvdWQtY29tcHV0aW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826915%2Fpointing-to-files-cloud-computing.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>Second-quarter highlights</h2>
<div class="lb-trans"><h2>第二季度亮点</h2>
</div><p>I think it's appropriate to first give a brief high-level overview of the latest quarter's most important financial drivers. Revenue increased 13% year over year. The top line was bolstered by an 11% gain in the key North America segment.</p>
<div class="lb-trans"><p>我认为首先简要概述一下最新季度最重要的财务驱动因素是合适的。收入同比增长 13%。北美关键业务板块的收入增长了 11%，推动了整体收入的增长。</p>
</div><p>Operating income soared 31% to $19.2 billion in the quarter. CEO Andy Jassy has focused relentlessly on cost controls and operational efficiencies in recent years, so it's very encouraging to see this strategy play out in the form of rising profits.</p>
<div class="lb-trans"><p>运营收入在本季度飙升 31%，达到 192 亿美元。首席执行官安迪·贾西近年来一直专注于成本控制和运营效率，因此看到这一战略以利润上升的形式显现出来是非常令人鼓舞的。</p>
</div><p>However, the stock tanked immediately following the news. The market is a forward-looking machine. And investors were not happy with management's forecast for operating income in the third quarter to be $18 billion at the midpoint. This would translate to just a 3% year-over-year gain, much slower than the recent growth Amazon has put up.</p>
<div class="lb-trans"><p>然而，股票在消息公布后立即下跌。市场是一个前瞻性的机器。投资者对管理层对第三季度运营收入的预测并不满意，预计中值为 180 亿美元。这将意味着同比增长仅为 3%，远低于亚马逊近期的增长速度。</p>
</div><h2>Zoom out and focus on the big picture</h2>
<div class="lb-trans"><h2>放眼大局，关注全局</h2>
</div><p>Every company's quarterly results are scrutinized by the investment community, but it's important to take a step back and look at the bigger picture. Amazon's latest financial update provided some key insights for long-term investors.</p>
<div class="lb-trans"><p>每家公司的季度业绩都受到投资界的严格审查，但重要的是要退后一步，看看更大的图景。亚马逊最新的财务更新为长期投资者提供了一些关键见解。</p>
</div><p>The first takeaway is that the leadership team is intensely focused on the ongoing artificial intelligence (AI) boom. This is evident by looking at its surge in spending. Capital expenditures totaled $31.4 billion in the quarter.</p>
<div class="lb-trans"><p>第一个要点是领导团队对持续的人工智能（AI）热潮高度关注。这可以通过其支出的激增看出。资本支出在本季度总计 314 亿美元。</p>
</div><p>If this pace continues, it translates to more than $125 billion on an annualized basis. These are huge moves meant to expand the company's technical infrastructure and better serve demand for AI.</p>
<div class="lb-trans"><p>如果这种速度持续下去，年化支出将超过 1250 亿美元。这些巨额支出旨在扩展公司的技术基础设施，更好地满足对人工智能的需求。</p>
</div><p>Another takeaway is that Amazon is a well-rounded enterprise, which should make it the envy of other companies. Yes, this business is known first and foremost for how it totally disrupted the retail sector. Consequently, e-commerce remains key to its success.</p>
<div class="lb-trans"><p>另一个要点是亚马逊是一家全面发展的企业，这使其成为其他公司的羡慕对象。是的，这家企业首先以彻底颠覆零售行业而闻名。因此，电子商务仍然是其成功的关键。</p>
</div><p>However, the company is in a position to keep benefiting from other powerful secular trends. Cloud computing is one area to watch. Amazon Web Services (AWS) has long been the leader in cloud computing. But its dominant position is being challenged, as rivals exhibit faster growth.</p>
<div class="lb-trans"><p>然而，该公司有能力继续受益于其他强大的长期趋势。云计算是一个值得关注的领域。亚马逊网络服务（AWS）长期以来一直是云计算的领导者。但其主导地位正受到挑战，因为竞争对手的增长速度更快。</p>
</div><p>That's not too surprising because AWS is operating from a much bigger revenue base. The overall industry is rapidly expanding, which means there will be plenty of opportunities for multiple players to be successful. Nonetheless, investors will want to keep a close eye on this segment's sales growth.</p>
<div class="lb-trans"><p>这并不令人惊讶，因为 AWS 的收入基数要大得多。整个行业正在快速扩张，这意味着多个参与者将有很多机会取得成功。尽管如此，投资者仍需密切关注该细分市场的销售增长。</p>
</div><p>Digital advertising has become a very important piece of the Amazon pie. The business owns valuable digital real estate with its online marketplace and the Prime Video streaming service, which allows it to show ads. This segment grew revenue by 23%. And judging by the profitability of the top digital ad companies out there, Amazon is surely raking in meaningful earnings here.</p>
<div class="lb-trans"><p>数字广告已成为亚马逊业务中非常重要的一部分。该业务拥有宝贵的数字资产，包括其在线市场和 Prime Video 流媒体服务，使其能够展示广告。该细分市场的收入增长了 23%。根据顶级数字广告公司的盈利能力判断，亚马逊在这里肯定获得了可观的收益。</p>
</div><p>Long-term investors can also take solace in the fact that this stock remains a smart holding. As of Aug. 6, shares trade at a price-to-earnings ratio of 33.9, significantly below the trailing-five-year average. And it shows that the stock's valuation is not even close to being stretched. There is still upside for patient investors who can look out five years or more.</p>
<div class="lb-trans"><p>长期投资者也可以放心，这只股票仍然是一个明智的持有选择。截至 8 月 6 日，股票的市盈率为 33.9，远低于过去五年的平均水平。这表明该股票的估值远未被拉伸。对于能够展望五年或更长时间的耐心投资者来说，仍然有上行空间。</p>
</div><p>Despite the market's negative reaction to Amazon's second-quarter results, it's easy to see that this is still an elite business that deserves a place in your portfolio.</p>
<div class="lb-trans"><p>尽管市场对亚马逊第二季度业绩的反应消极，但很容易看出，这仍然是一家精英企业，值得在您的投资组合中占有一席之地。</p>
</div>

What Amazon's Latest Earnings Mean for Long-Term Investors

- 亚马逊第二季度营收为 1677 亿美元，超出分析师预期。  
- 运营收入增长 31%，但第三季度预期仅增长 3%。  
- 公司在人工智能和数字广告领域持续投资，长期前景依然乐观。

亚马逊最新的财报对长期投资者有何意义