<p>在 <strong>亞馬遜</strong>（AMZN -0.20%）的第一季度財報發佈前，投資者希望看到該公司的零售業務在經濟放緩和關税威脅面前能夠保持穩定，同時雲業務能夠實現穩健增長。</p>
<p>亞馬遜在本季度超出了預期，營收增長 9%，達到 1557 億美元，超過市場共識的 1551 億美元。在底線方面，營業收入增長 20.2%，達到 184 億美元，每股收益從 0.98 美元躍升至 1.59 美元，超出預期的 1.37 美元，受益於投資收益的增長。</p>
<p>展望第二季度，亞馬遜預計營收在 1590 億美元到 1640 億美元之間，同比增長 7% 到 11%，與市場共識一致。</p>
<p>儘管取得了這些成績，亞馬遜的股票在週四盤後因關税威脅和經濟放緩而下跌。在財報電話會議上，首席執行官安迪·賈西表示，公司已準備好應對貿易戰帶來的各種挑戰。他提到，公司的銷售大部分來自低價必需品，如食品雜貨，其產品範圍和 200 萬賣家的基礎使其比其他零售商更具靈活性。</p>
<p>關於雲業務，賈西還提醒聽眾，全球 IT 支出的 85% 仍然是在本地進行的，這意味着只有 15% 是在雲端，他預計這一比例將在未來 10 到 20 年內發生變化。</p>
<p>亞馬遜網絡服務（AWS）再次實現了穩健的增長，營收增長 17%，達到 293 億美元，且該部門的營業收入從 94 億美元增加至 115 億美元。</p>
<p>然而，儘管 AWS 的增長率看似穩健，但仍然落後於其競爭對手。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MTkvYW1hem9uLXZhbi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MTkvYW1hem9uLXZhbi5qcGcmdz03MDA"/></p>
<p>圖片來源：亞馬遜。</p>
<h2>AWS 正在失去市場份額</h2>
<p>亞馬遜在雲基礎設施領域與 <strong>微軟</strong>（MSFT 2.31%）和 <strong>谷歌</strong>（GOOG 1.83%）（GOOGL 1.69%）展開激烈競爭。這三家公司有時被稱為該行業的&#34;三巨頭&#34;。</p>
<p>AWS 在營收方面處於領先地位，但其兩個競爭對手的增長速度顯著更快。在第一季度，微軟報告 Azure 增長 33%，而谷歌的增長為 28%，達到 123 億美元。</p>
<p>微軟並未提供 Azure 的具體營收數據，但據信其佔據了智能雲部門的大部分，該部門的營收為 268 億美元。</p>
<p>第一季度是微軟和谷歌在雲計算領域持續超越亞馬遜的最新一例，這一趨勢看起來將繼續下去。微軟受益於其龐大的企業軟件應用，這些應用與 Azure 的集成非常順暢，而谷歌則以其數據分析能力而聞名。</p>
<p>此外，這兩家公司在過去幾個季度的整體營收增長方面也超越了亞馬遜，下面的圖表顯示了這一點。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.png?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://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.png"/></p>
<p>AMZN 營業收入（季度同比增長）數據來源於 YCharts。</p>
<p>在第一季度，微軟的營收增長為 13%，而亞馬遜僅為 9%。</p>
<h2>亞馬遜在人工智能方面也落後</h2>
<p>亞馬遜在人工智能戰略上也落後於微軟和谷歌，因為亞馬遜似乎對 ChatGPT 的推出感到措手不及。</p>
<p>微軟在 2019 年與 OpenAI 建立了合作關係，而谷歌在此之前就已經在開發自己的人工智能模型。亞馬遜此後已向人工智能初創公司 Anthropic 投資了數十億美元，但尚未推出微軟和谷歌所擁有的廣泛人工智能產品和模型。</p>
<p>總體而言，亞馬遜仍然具有相當的競爭優勢，但其電子商務業務正在成熟，雲計算業務正在向最接近的競爭對手失去市場份額。</p>
<p>考慮到其穩健的增長和合理的估值，拋售該股票似乎為時尚早。但在並排比較中，微軟和谷歌在與亞馬遜的對比中都表現良好，谷歌的股票也顯著便宜。</p>
<p>對投資者來説，向這兩個&#34;七大巨頭&#34;中的一個或兩個進行多元化投資是明智的選擇。</p>

谷歌-C

微軟

亞馬遜

谷歌-A

<p>亞馬遜第一季度財報顯示收入增長 9%，達到 1557 億美元，超出預期，運營收入增長 20.2%，達到 184 億美元。儘管如此，由於關税威脅和經濟擔憂，亞馬遜的股價下跌。AWS 增長 17%，達到 293 億美元，但仍落後於競爭對手微軟和谷歌，後者分別報告了 33% 和 28% 的增長。亞馬遜在人工智能發展方面也處於劣勢。雖然亞馬遜的增長穩健，但投資者可能會考慮多元化投資於微軟或谷歌，這兩家公司在關鍵領域的表現優於亞馬遜</p>

<p>Coming into <strong>Amazon</strong>'s (AMZN -0.20%) first-quarter earnings report, investors were hoping to see the company's retail business holding up in the face of a weakening economy and tariff threats and for the cloud business to deliver solid growth.</p>
<div class="lb-trans"><p>在 <strong>亞馬遜</strong>（AMZN -0.20%）的第一季度財報發佈前，投資者希望看到該公司的零售業務在經濟放緩和關税威脅面前能夠保持穩定，同時雲業務能夠實現穩健增長。</p>
</div><p>Amazon beat estimates in the quarter, turning in revenue growth of 9% to $155.7 billion, ahead of the consensus at $155.1 billion. On the bottom line, operating income rose 20.2% to $18.4 billion, and earnings per share jumped from $0.98 to $1.59, ahead of expectations at $1.37, as it benefited from gains on investments.</p>
<div class="lb-trans"><p>亞馬遜在本季度超出了預期，營收增長 9%，達到 1557 億美元，超過市場共識的 1551 億美元。在底線方面，營業收入增長 20.2%，達到 184 億美元，每股收益從 0.98 美元躍升至 1.59 美元，超出預期的 1.37 美元，受益於投資收益的增長。</p>
</div><p>Looking ahead to the second quarter, Amazon called for revenue of $159 billion to $164 billion, up 7% to 11%, which was in line with the consensus.</p>
<div class="lb-trans"><p>展望第二季度，亞馬遜預計營收在 1590 億美元到 1640 億美元之間，同比增長 7% 到 11%，與市場共識一致。</p>
</div><p>Despite those results, Amazon stock fell on the news after hours on Thursday due to the threat of tariffs and a weakening economy. On the earnings call, CEO Andy Jassy said the company was prepared to respond to whatever challenges the trade war presented. He said much of its sales come from low-priced essentials like groceries, and its product range and base of 2 million sellers give it more flexibility than other retailers.</p>
<div class="lb-trans"><p>儘管取得了這些成績，亞馬遜的股票在週四盤後因關税威脅和經濟放緩而下跌。在財報電話會議上，首席執行官安迪·賈西表示，公司已準備好應對貿易戰帶來的各種挑戰。他提到，公司的銷售大部分來自低價必需品，如食品雜貨，其產品範圍和 200 萬賣家的基礎使其比其他零售商更具靈活性。</p>
</div><p>Regarding the cloud business, Jassy also reminded listeners that 85% of global IT spending is still on premises, meaning just 15% is in the cloud, and he expects that share to flip in the next 10 to 20 years.</p>
<div class="lb-trans"><p>關於雲業務，賈西還提醒聽眾，全球 IT 支出的 85% 仍然是在本地進行的，這意味着只有 15% 是在雲端，他預計這一比例將在未來 10 到 20 年內發生變化。</p>
</div><p>Amazon Web Services delivered another solid round of growth, with 17% revenue growth up to $29.3 billion, and operating income in the segment increasing from $9.4 billion to $11.5 billion.</p>
<div class="lb-trans"><p>亞馬遜網絡服務（AWS）再次實現了穩健的增長，營收增長 17%，達到 293 億美元，且該部門的營業收入從 94 億美元增加至 115 億美元。</p>
</div><p>However, despite AWS' seemingly solid growth rate, it continues to lag behind its competitors.</p>
<div class="lb-trans"><p>然而，儘管 AWS 的增長率看似穩健，但仍然落後於其競爭對手。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MTkvYW1hem9uLXZhbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816919%2Famazon-van.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>圖片來源：亞馬遜。</p>
</div><h2>AWS is losing market share</h2>
<div class="lb-trans"><h2>AWS 正在失去市場份額</h2>
</div><p>Amazon competes closely with <strong>Microsoft</strong>(MSFT 2.31%) and <strong>Alphabet</strong>(GOOG 1.83%)(GOOGL 1.69%) in cloud infrastructure. The trio of companies is sometimes known as the &#34;Big 3&#34; of that industry.</p>
<div class="lb-trans"><p>亞馬遜在雲基礎設施領域與 <strong>微軟</strong>（MSFT 2.31%）和 <strong>谷歌</strong>（GOOG 1.83%）（GOOGL 1.69%）展開激烈競爭。這三家公司有時被稱為該行業的&#34;三巨頭&#34;。</p>
</div><p>AWS is the leader in revenue, but its two rivals are growing significantly faster. In Q1, Microsoft reported 33% growth in Azure, while Alphabet posted 28% growth to $12.3 billion.</p>
<div class="lb-trans"><p>AWS 在營收方面處於領先地位，但其兩個競爭對手的增長速度顯著更快。在第一季度，微軟報告 Azure 增長 33%，而谷歌的增長為 28%，達到 123 億美元。</p>
</div><p>Microsoft doesn't provide a revenue figure for Azure, but it's believed to make up the majority of its intelligent cloud segment, which brought in $26.8 billion in revenue.</p>
<div class="lb-trans"><p>微軟並未提供 Azure 的具體營收數據，但據信其佔據了智能雲部門的大部分，該部門的營收為 268 億美元。</p>
</div><p>The first quarter is the latest in a long streak of Microsoft and Alphabet outgrowing Amazon in cloud computing, and that looks set to continue. Microsoft benefits from its vast enterprise software applications that integrate easily with Azure, while Alphabet is known for its prowess in data analytics.</p>
<div class="lb-trans"><p>第一季度是微軟和谷歌在雲計算領域持續超越亞馬遜的最新一例，這一趨勢看起來將繼續下去。微軟受益於其龐大的企業軟件應用，這些應用與 Azure 的集成非常順暢，而谷歌則以其數據分析能力而聞名。</p>
</div><p>Additionally, both of those companies have been outgrowing Amazon in overall revenue growth in the last several quarters, as the chart below shows.</p>
<div class="lb-trans"><p>此外，這兩家公司在過去幾個季度的整體營收增長方面也超越了亞馬遜，下面的圖表顯示了這一點。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.png" alt="" original-src="https://media.ycharts.com/charts/3f7ec74a0d517850f63221f9175499af.png"/></p>
<p>AMZN Operating Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 營業收入（季度同比增長）數據來源於 YCharts。</p>
</div><p>In Q1, Microsoft's revenue clocked in at 13%, compared to just 9% for Amazon.</p>
<div class="lb-trans"><p>在第一季度，微軟的營收增長為 13%，而亞馬遜僅為 9%。</p>
</div><h2>Amazon is also lagging in AI</h2>
<div class="lb-trans"><h2>亞馬遜在人工智能方面也落後</h2>
</div><p>Amazon is also lagging behind Microsoft and Alphabet in its AI strategy, as Amazon seemed taken off guard by the launch of ChatGPT.</p>
<div class="lb-trans"><p>亞馬遜在人工智能戰略上也落後於微軟和谷歌，因為亞馬遜似乎對 ChatGPT 的推出感到措手不及。</p>
</div><p>Microsoft had partnered with OpenAI in 2019, while Alphabet had been developing its own AI models even before that. Amazon has since invested billions in Anthropic, an AI start-up, but it hasn't rolled out the wide range of AI products and models that Microsoft and Alphabet have.</p>
<div class="lb-trans"><p>微軟在 2019 年與 OpenAI 建立了合作關係，而谷歌在此之前就已經在開發自己的人工智能模型。亞馬遜此後已向人工智能初創公司 Anthropic 投資了數十億美元，但尚未推出微軟和谷歌所擁有的廣泛人工智能產品和模型。</p>
</div><p>Amazon still has considerable competitive advantages overall, but its e-commerce business is maturing, and its cloud computing business is losing share to its closest rivals.</p>
<div class="lb-trans"><p>總體而言，亞馬遜仍然具有相當的競爭優勢，但其電子商務業務正在成熟，雲計算業務正在向最接近的競爭對手失去市場份額。</p>
</div><p>Selling the stock seems premature, given its solid growth and reasonable valuation. But in a side-by-side comparison, Microsoft and Alphabet both stack up well next to Amazon, and Alphabet's stock is also significantly cheaper.</p>
<div class="lb-trans"><p>考慮到其穩健的增長和合理的估值，拋售該股票似乎為時尚早。但在並排比較中，微軟和谷歌在與亞馬遜的對比中都表現良好，谷歌的股票也顯著便宜。</p>
</div><p>Diversifying into one or both of these fellow &#34;Magnificent Seven&#34; peers makes sense for investors.</p>
<div class="lb-trans"><p>對投資者來説，向這兩個&#34;七大巨頭&#34;中的一個或兩個進行多元化投資是明智的選擇。</p>
</div>

Is Amazon a Buy After Earnings? Not Compared to These "Magnificent Seven" Stocks

- 亞馬遜第一季度營收增長 9% 至 1557 億美元，超出預期。  
- 雲業務 AWS 收入增長 17% 至 293 億美元，但市場份額下降。  
- 面對競爭，亞馬遜在 AI 和雲計算領域落後於微軟和谷歌。

亞馬遜在財報發佈後是否值得買入？與這些 “七大傑出” 股票相比，亞馬遜並不值得買入