<p><strong>亞馬遜</strong>(AMZN 3.97%) 剛剛公佈了截至 6 月 30 日的三個月財務業績（2025 年第二季度）。根據截至 8 月 4 日的股價從 7 月 31 日公告當天下跌近 10% 來看，市場顯然對管理層提供的更新並不滿意。</p>
<p>收入總計為 1677 億美元，稀釋每股收益為 1.68 美元。這兩個關鍵數據均超出了華爾街的預期，差距甚至相當大。然而，領導團隊對第三季度的指導為 180 億美元（中位數），遠低於分析師預測的 195 億美元。</p>
<p>投資者跟進亞馬遜最近的財務表現是很重要的。但這些事情應該放在更大的背景下來看。這隻 “壯麗七俠” 股票是否是一個明智的長期投資？</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>圖片來源：Getty Images。</p>
<h2>增長正在加速</h2>
<p>在第二季度，亞馬遜的收入同比增長了 13.3%。與第一季度相比，這一增速明顯加快，顯然是一個令人鼓舞的跡象。值得注意的是，儘管在過去 12 個月內實現了 6700 億美元的淨銷售額，但業務仍在強勁擴張。即使在當前規模下，增長仍然是亞馬遜故事的一部分。</p>
<p>北美部門的收入增長了 11%。這是自 2024 年第一季度以來最快的擴張速度。公司舉辦了有史以來最大的 Prime Day，並在美國擴大了當日和次日送達服務。</p>
<p>亞馬遜的數字廣告部門值得關注。收入飆升 22%，達到 157 億美元。這正成為公司越來越重要的盈利來源。在數字廣告銷售方面，亞馬遜僅次於 <strong>Meta Platforms</strong> 和 <strong>Alphabet</strong>。</p>
<p>那些認為亞馬遜增長引擎正在放緩的投資者得到了一個驚喜。也許在未來的幾年裏，業務仍然有許多雙位數的收入增長。</p>
<h2>AWS 是否失去光彩？</h2>
<p>亞馬遜最令人興奮的部分與在線購物或數字廣告無關。相反，投資者似乎最關注的是亞馬遜網絡服務（AWS），這是一個市場份額領先的雲計算平台。最新的財務更新可能讓股東們感到謹慎。</p>
<p>AWS 的收入同比增長了 17.5%，達到 309 億美元。這個數字略高於分析師的預期。然而，值得指出的是，兩個最大的競爭對手，<strong>微軟</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud，增長速度都快得多。這意味着 AWS 正在失去市場份額。</p>
<p>更重要的是，AWS 的營業收入僅增長了 9.7%，低於收入增長，因為支出有所增加。但首席執行官安迪·賈西對 AWS 的機會仍然非常有信心。</p>
<p>“我經常説這一點，但請記住，全球 IT 支出的 85% 到 90% 仍然是在本地而不是在雲端，” 他在 2025 年第二季度的財報電話會議上指出。</p>
<p>客户對使用不斷擴展的人工智能（AI）工具的需求也將持續強勁。</p>
<p>值得一提的是，投資者必須適應正在發生的支出，因為亞馬遜今年可能會進行近 1200 億美元的資本支出。如果業務不這樣做，就有可能在人工智能競爭中落後。</p>
<h2>把握低點</h2>
<p>截至 8 月 4 日，亞馬遜的股價比 2 月份的峯值低了 13%。我認為這個下跌是一個明智的買入機會。投資者現在有機會在市場對最新財務結果持悲觀態度時，將全球頂尖公司的股票加入他們的投資組合。從長期來看，這項業務將繼續保持技術領導者的地位，儘管每個季度的數字可能會有很大變化。我仍然認為耐心的投資者應該會得到回報。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜 2025 年第二季度的財務結果顯示，收入為 1677 億美元，每股收益為 1.68 美元，超出預期。然而，第三季度的運營收入指引未能達到分析師的預測，導致股價下跌近 10%。儘管對 AWS 的增長速度相比競爭對手有所放緩表示擔憂，亞馬遜的整體收入同比增長了 13.3%，在數字廣告方面取得了顯著增長。分析師建議，目前股價的下跌為長期投資者提供了買入機會，因為亞馬遜仍然是科技行業的主導者</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>亞馬遜</strong>(AMZN 3.97%) 剛剛公佈了截至 6 月 30 日的三個月財務業績（2025 年第二季度）。根據截至 8 月 4 日的股價從 7 月 31 日公告當天下跌近 10% 來看，市場顯然對管理層提供的更新並不滿意。</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>收入總計為 1677 億美元，稀釋每股收益為 1.68 美元。這兩個關鍵數據均超出了華爾街的預期，差距甚至相當大。然而，領導團隊對第三季度的指導為 180 億美元（中位數），遠低於分析師預測的 195 億美元。</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>投資者跟進亞馬遜最近的財務表現是很重要的。但這些事情應該放在更大的背景下來看。這隻 “壯麗七俠” 股票是否是一個明智的長期投資？</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>圖片來源：Getty Images。</p>
</div><h2>Growth is picking up</h2>
<div class="lb-trans"><h2>增長正在加速</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，亞馬遜的收入同比增長了 13.3%。與第一季度相比，這一增速明顯加快，顯然是一個令人鼓舞的跡象。值得注意的是，儘管在過去 12 個月內實現了 6700 億美元的淨銷售額，但業務仍在強勁擴張。即使在當前規模下，增長仍然是亞馬遜故事的一部分。</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>北美部門的收入增長了 11%。這是自 2024 年第一季度以來最快的擴張速度。公司舉辦了有史以來最大的 Prime Day，並在美國擴大了當日和次日送達服務。</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>亞馬遜的數字廣告部門值得關注。收入飆升 22%，達到 157 億美元。這正成為公司越來越重要的盈利來源。在數字廣告銷售方面，亞馬遜僅次於 <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>那些認為亞馬遜增長引擎正在放緩的投資者得到了一個驚喜。也許在未來的幾年裏，業務仍然有許多雙位數的收入增長。</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>亞馬遜最令人興奮的部分與在線購物或數字廣告無關。相反，投資者似乎最關注的是亞馬遜網絡服務（AWS），這是一個市場份額領先的雲計算平台。最新的財務更新可能讓股東們感到謹慎。</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 的收入同比增長了 17.5%，達到 309 億美元。這個數字略高於分析師的預期。然而，值得指出的是，兩個最大的競爭對手，<strong>微軟</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud，增長速度都快得多。這意味着 AWS 正在失去市場份額。</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 的營業收入僅增長了 9.7%，低於收入增長，因為支出有所增加。但首席執行官安迪·賈西對 AWS 的機會仍然非常有信心。</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>“我經常説這一點，但請記住，全球 IT 支出的 85% 到 90% 仍然是在本地而不是在雲端，” 他在 2025 年第二季度的財報電話會議上指出。</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>客户對使用不斷擴展的人工智能（AI）工具的需求也將持續強勁。</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，投資者必須適應正在發生的支出，因為亞馬遜今年可能會進行近 1200 億美元的資本支出。如果業務不這樣做，就有可能在人工智能競爭中落後。</p>
</div><h2>Buy the dip</h2>
<div class="lb-trans"><h2>把握低點</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，亞馬遜的股價比 2 月份的峯值低了 13%。我認為這個下跌是一個明智的買入機會。投資者現在有機會在市場對最新財務結果持悲觀態度時，將全球頂尖公司的股票加入他們的投資組合。從長期來看，這項業務將繼續保持技術領導者的地位，儘管每個季度的數字可能會有很大變化。我仍然認為耐心的投資者應該會得到回報。</p>
</div>

Is Amazon Stock a Long-Term Buy?

- 亞馬遜第二季度營收為 1677 億美元，超出華爾街預期。  
- 但第三季度運營收入指引低於分析師預期，市場反應不佳。  
- AWS 增長放緩，面臨競爭壓力，投資者需關注長期潛力。

亞馬遜的股票是否適合長期投資？