<p><strong>亞馬遜</strong>(AMZN 2.06%) 繼續報告強勁增長，但由於疲軟的指引和對關税的擔憂，上週其股價下跌。這是一家擁有眾多業務的龐大公司，但市場正關注負面因素。</p>
<p>這是因為市場是前瞻性的，這些都是對未來的擔憂。但也許它的前瞻性還不夠。如果你看看第二季度，或許亞馬遜的更新令人失望。但該公司有超出指引的習慣，就像它在第一季度所做的那樣。此外，如果你展望未來幾年，這次下跌開始看起來像是一個絕佳的買入機會。</p>
<h2>好與壞，以及不明確的因素</h2>
<p>亞馬遜報告了 2025 年第一季度的良好業績。銷售額同比增長 10%（貨幣中性）至 1555.7 億美元，超出了 1555 億美元的高端指引，運營收入為 184 億美元，較去年的 153 億美元有所增長，並超出了 180 億美元的高端指引。每股收益（EPS）從去年的 0.98 美元上升至今年的 1.59 美元，輕鬆超出華爾街 1.37 美元的預期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxMDcvYW1hem9uLWZyZXNoLWRlbGl2ZXJ5LTEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxMDcvYW1hem9uLWZyZXNoLWRlbGl2ZXJ5LTEuanBnJnc9NzAw"/></p>
<p>圖片來源：亞馬遜。</p>
<p>但市場對第二季度的指引感到困惑。管理層預計銷售額同比增長 9%，但運營收入可能會下降。亞馬遜預計運營收入在 100 億美元到 175 億美元之間，而去年為 147 億美元。</p>
<p>影響這一展望的因素有幾個。首席執行官安迪·賈西提到關税問題，表示：“目前很難判斷關税會發生什麼。很難判斷它們會在哪裏落定以及何時落定。”</p>
<p>管理層補充説，它還面臨與其 Kuiper 寬帶啓動相關的成本。然而，賈西指出：“我們在短期和中期考慮的許多事情實際上也會影響我們對長期的看法，” 這涉及到選擇和低價格。</p>
<h2>亞馬遜如何看待關税</h2>
<p>賈西在第一季度的收益電話會議上並沒有掩飾關税可能帶來的影響，他表示到目前為止，需求並沒有減弱，並且某些類別的購買量有所增加，這可能表明市場對關税的預期。然而，他提出了幾個觀點，説明投資者可以如何看待亞馬遜的優勢帶來的影響：</p>
<ul>
<li>亞馬遜主要銷售必需品，無論如何顧客都會購買。在第一季度，日常必需品的增長速度是整體業務的兩倍，約佔平台上銷售產品的三分之一。</li>
<li>亞馬遜是全球最大的雜貨商之一，去年銷售額達到 1000 億美元，不包括全食超市和亞馬遜生鮮。</li>
<li>亞馬遜擁有龐大的產品種類，可能超過其同行，擁有超過 200 萬賣家。當市場出現普遍波動時，亞馬遜能夠幫助顧客以最佳價格找到所需商品。</li>
<li>當消費者感到不確定時，他們傾向於從信任的商店購買。隨着亞馬遜建立其網絡，更快地將訂單送達顧客，並提供更多產品，顧客對其必需品的依賴程度也在增加。</li>
</ul>
<h2>還有更多事情在發生</h2>
<p>亞馬遜的業務遠不止電子商務。賈西對人工智能的潛力發表了他一貫的看法：“全球 IT 支出中超過 85% 仍然是在本地，而不是在雲端。對我來説，這個方程式在未來 10 到 20 年內將會翻轉似乎是相當簡單的。”</p>
<p>亞馬遜網絡服務（AWS）在第一季度的收入同比增長 17%，並且在生成性人工智能（AI）業務和非生成性 AI 業務中都看到了增長。它與 <strong>Adobe</strong>、<strong>Uber Technologies</strong> 和 <strong>NextEra Energy</strong> 等公司簽署了新協議，AWS 的運營收入同比增長 22%，佔總收入的 63%。</p>
<p>換句話説，如果你能關注長期機會，你會發現，在下跌時購買亞馬遜是一個不容錯過的機會。</p>
<h2>為什麼是現在？</h2>
<p>亞馬遜的股價在收益公佈後下跌，但其市盈率保持在 30 左右，因為收益增加。這意味着市場認為亞馬遜在這個價格上是合理估值，負面情緒已經反映在股價中。這表明市場看到了這裏的好東西，並不願意將其估值進一步降低。</p>
<p>市場沒有保證，但考慮到管理層對關税的鼓勵態度以及眾多長期機會，股價可能很快會開始回升。如果你有較長的投資時間框架，並且對亞馬遜的股票猶豫不決，現在可能是買入的時機。</p>

亞馬遜

<p>亞馬遜的股票最近因疲軟的指引和關税擔憂而下跌，儘管在 2025 年第一季度報告了強勁的增長，銷售額增長了 10%，營業收入也有所上升。首席執行官安迪·賈西強調了公司的韌性，指出對基本生活用品的需求依然強勁。隨着市盈率穩定在 30 左右，市場認為亞馬遜的估值合理，這表明當前的下跌可能為長期投資者提供了一個買入機會</p>

<p><strong>Amazon</strong>(AMZN 2.06%) continues to report strong growth, but its stock fell last week after weak guidance and worries about tariffs. It's a huge company with many moving parts, but the market is focusing on the negative.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>(AMZN 2.06%) 繼續報告強勁增長，但由於疲軟的指引和對關税的擔憂，上週其股價下跌。這是一家擁有眾多業務的龐大公司，但市場正關注負面因素。</p>
</div><p>That's because the market is forward-looking, and these are concerns about the future. But maybe it's not forward-looking enough. If you look into the second quarter, perhaps Amazon's update was disappointing. But the company has a habit of beating guidance, like it did in the first quarter. Furthermore, if you look down the road a few years, this dip starts to look like an excellent buying opportunity.</p>
<div class="lb-trans"><p>這是因為市場是前瞻性的，這些都是對未來的擔憂。但也許它的前瞻性還不夠。如果你看看第二季度，或許亞馬遜的更新令人失望。但該公司有超出指引的習慣，就像它在第一季度所做的那樣。此外，如果你展望未來幾年，這次下跌開始看起來像是一個絕佳的買入機會。</p>
</div><h2>The good and the bad, and the unclear</h2>
<div class="lb-trans"><h2>好與壞，以及不明確的因素</h2>
</div><p>Amazon reported a solid 2025 first quarter. Sales increased 10% year over year (currency neutral) to $155.57 billion, beating even the high end of guidance of $155.5 billion, and operating income was $18.4 billion, up from $15.3 billion last year and beating the high end of guidance of $18 billion. Earnings per share (EPS) rose from $0.98 last year to $1.59 this year, easily beating Wall Street's expectations of $1.37.</p>
<div class="lb-trans"><p>亞馬遜報告了 2025 年第一季度的良好業績。銷售額同比增長 10%（貨幣中性）至 1555.7 億美元，超出了 1555 億美元的高端指引，運營收入為 184 億美元，較去年的 153 億美元有所增長，並超出了 180 億美元的高端指引。每股收益（EPS）從去年的 0.98 美元上升至今年的 1.59 美元，輕鬆超出華爾街 1.37 美元的預期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxMDcvYW1hem9uLWZyZXNoLWRlbGl2ZXJ5LTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817107%2Famazon-fresh-delivery-1.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><p>But the market got hung up on second-quarter guidance. Management is guiding for sales to increase 9% year over year but for a potential decrease in operating income. Amazon is calling for operating income of $10 billion to $17.5 billion when it came in at $14.7 billion last year.</p>
<div class="lb-trans"><p>但市場對第二季度的指引感到困惑。管理層預計銷售額同比增長 9%，但運營收入可能會下降。亞馬遜預計運營收入在 100 億美元到 175 億美元之間，而去年為 147 億美元。</p>
</div><p>There were several factors figuring into that outlook. CEO Andy Jassy mentioned the tariff situation, saying: &#34;It's hard to tell what's going to happen with tariffs right now. It's hard to tell where they're going to settle and when they're going to settle.&#34;</p>
<div class="lb-trans"><p>影響這一展望的因素有幾個。首席執行官安迪·賈西提到關税問題，表示：“目前很難判斷關税會發生什麼。很難判斷它們會在哪裏落定以及何時落定。”</p>
</div><p>Management added that it also has costs associated with its Kuiper broadband launch. However, Jassy noted, &#34;A lot of what we're thinking about short and medium term actually turns out to be what we think about long-term too,&#34; in terms of selection and low prices.</p>
<div class="lb-trans"><p>管理層補充説，它還面臨與其 Kuiper 寬帶啓動相關的成本。然而，賈西指出：“我們在短期和中期考慮的許多事情實際上也會影響我們對長期的看法，” 這涉及到選擇和低價格。</p>
</div><h2>How Amazon is looking at tariffs</h2>
<div class="lb-trans"><h2>亞馬遜如何看待關税</h2>
</div><p>Jassy didn't whitewash the potential effects of tariffs on the first-quarter earnings call, and he said that so far, demand has not attenuated, and there has been a streak of higher buying in some categories that may indicate tariff expectations. However, he made several points about how investors can view the impact in light of Amazon's advantages:</p>
<div class="lb-trans"><p>賈西在第一季度的收益電話會議上並沒有掩飾關税可能帶來的影響，他表示到目前為止，需求並沒有減弱，並且某些類別的購買量有所增加，這可能表明市場對關税的預期。然而，他提出了幾個觀點，説明投資者可以如何看待亞馬遜的優勢帶來的影響：</p>
</div><ul>
<li>Amazon mostly sells essentials, which customers are still going to buy no matter what. In the first quarter, everyday essentials increased at a rate more than twice that of the whole business, accounting for 1 in 3 products sold on the platform.</li>
<li>Amazon is one of the largest grocers in the world, selling $100 billion in groceries last year, excluding Whole Foods and Amazon Fresh.</li>
<li>Amazon has a massive product assortment, possibly larger than its peers, with more than 2 million sellers. When there's general volatility, Amazon is well positioned to help customers find what they need at the best price.</li>
<li>When consumers feel uncertainty, they tend to buy from stores they trust. As Amazon builds its network, gets orders to customers faster, and offers more products, customers count on it more for their essentials.</li>
</ul>
<div class="lb-trans"><ul>
<li>亞馬遜主要銷售必需品，無論如何顧客都會購買。在第一季度，日常必需品的增長速度是整體業務的兩倍，約佔平台上銷售產品的三分之一。</li>
<li>亞馬遜是全球最大的雜貨商之一，去年銷售額達到 1000 億美元，不包括全食超市和亞馬遜生鮮。</li>
<li>亞馬遜擁有龐大的產品種類，可能超過其同行，擁有超過 200 萬賣家。當市場出現普遍波動時，亞馬遜能夠幫助顧客以最佳價格找到所需商品。</li>
<li>當消費者感到不確定時，他們傾向於從信任的商店購買。隨着亞馬遜建立其網絡，更快地將訂單送達顧客，並提供更多產品，顧客對其必需品的依賴程度也在增加。</li>
</ul>
</div><h2>There's a lot more going on</h2>
<div class="lb-trans"><h2>還有更多事情在發生</h2>
</div><p>There's so much more happening at Amazon than e-commerce. Jassy made his usual comments about the potential for AI: &#34;More than 85% of the global IT spend is still on premises, so not in the cloud yet. It seems pretty straightforward to me that this equation will flip in the next 10 to 20 years.&#34;</p>
<div class="lb-trans"><p>亞馬遜的業務遠不止電子商務。賈西對人工智能的潛力發表了他一貫的看法：“全球 IT 支出中超過 85% 仍然是在本地，而不是在雲端。對我來説，這個方程式在未來 10 到 20 年內將會翻轉似乎是相當簡單的。”</p>
</div><p>Amazon Web Services (AWS) revenue increased 17% year over year in the first quarter, and it's seeing growth both from generative artificial intelligence (AI) business as well as non-generative AI business. It inked new deals with companies like <strong>Adobe</strong>, <strong>Uber Technologies</strong>, and <strong>NextEra Energy</strong>, and AWS operating income increased 22% year over year, accounting for 63% of the total.</p>
<div class="lb-trans"><p>亞馬遜網絡服務（AWS）在第一季度的收入同比增長 17%，並且在生成性人工智能（AI）業務和非生成性 AI 業務中都看到了增長。它與 <strong>Adobe</strong>、<strong>Uber Technologies</strong> 和 <strong>NextEra Energy</strong> 等公司簽署了新協議，AWS 的運營收入同比增長 22%，佔總收入的 63%。</p>
</div><p>In other words, if you can focus on the long-term opportunity, you'll see that buying Amazon on the dip is an opportunity you don't want to pass up.</p>
<div class="lb-trans"><p>換句話説，如果你能關注長期機會，你會發現，在下跌時購買亞馬遜是一個不容錯過的機會。</p>
</div><h2>Why now?</h2>
<div class="lb-trans"><h2>為什麼是現在？</h2>
</div><p>Amazon stock fell after earnings, but its P/E ratio has remained steady around 30, because earnings increased. That means the market thinks Amazon is fairly valued at this price, and the negativity is built into the stock price. It's an indication that the market sees the good stuff here and isn't willing to knock its valuation down lower.</p>
<div class="lb-trans"><p>亞馬遜的股價在收益公佈後下跌，但其市盈率保持在 30 左右，因為收益增加。這意味着市場認為亞馬遜在這個價格上是合理估值，負面情緒已經反映在股價中。這表明市場看到了這裏的好東西，並不願意將其估值進一步降低。</p>
</div><p>There are no guarantees in the market, but with management's encouraging stance on tariffs and plenty of long-term opportunities, the stock might start to climb back up soon. If you have a long time horizon and have been on the fence about Amazon stock, now might be the time to buy.</p>
<div class="lb-trans"><p>市場沒有保證，但考慮到管理層對關税的鼓勵態度以及眾多長期機會，股價可能很快會開始回升。如果你有較長的投資時間框架，並且對亞馬遜的股票猶豫不決，現在可能是買入的時機。</p>
</div>

Amazon Sell-Off: Why Now May Be the Best Time to Buy Amazon Stock

- 亞馬遜第一季度銷售同比增長 10%，達到 1555.7 億美元，超出預期。  
- 儘管業績強勁，市場對第二季度指引感到失望，導致股價下跌。  
- 管理層對長期前景持樂觀態度，認為當前股價可能是買入機會。

亞馬遜股票拋售：為何現在可能是買入亞馬遜股票的最佳時機