<p>儘管報告的第二季度收入和每股收益遠超分析師對該季度的平均預期，但 <strong>亞馬遜</strong>(AMZN 3.97%) 的股票在財報發佈後大幅下跌。截至目前，自 7 月底財報發佈以來，股價已下跌約 8%。股票嚴重下跌的主要原因可能是公司在雲計算業務——亞馬遜網絡服務（AWS）上的增長低於預期。市場可能擔心 <strong>微軟</strong>(MSFT -0.56%) 和 <strong>谷歌母公司</strong>(GOOGL 0.75%) 的雲業務增長速度更快，表明亞馬遜這一重要服務在人工智能（AI）領域失去了競爭優勢。此外，投資者可能對亞馬遜第三季度盈利的指引存在一些擔憂。</p>
<p>但市場是否反應過度？我認為是的。是的，AWS 的增長放緩是投資者應該關注的事情。但股票的回調可以説已經超過了與亞馬遜龐大業務相關的風險增加所帶來的影響。</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>圖片來源：Getty Images。</p>
<h2>讓投資者感到不安的原因</h2>
<p>從表面上看，亞馬遜的第二季度業績表現出色。這家電子商務和雲計算巨頭報告的收入為 1677 億美元，同比增長 13%。每股收益增長更快，攀升 33% 至 1.68 美元。分析師的共識預測收入和每股收益分別為 1621 億美元和 1.33 美元。</p>
<p>使報告看起來更好的，是公司對第三季度的收入增長進行了雙位數的指引。具體來説，管理層表示預計該季度的收入將在 1740 億美元到 1795 億美元之間，同比增長 10% 到 13%。</p>
<p>儘管如此，公司在報告中可能在兩個方面未能達到預期。</p>
<p>首先，AWS 的收入同比增長約 18%。與微軟的 Azure 和谷歌雲分別為 39% 和 32% 的同比收入增長相比，這一增長率顯得微不足道。這兩家競爭對手在雲業務上的收入顯著高於分析師對這些重要單位的平均預測，而亞馬遜的收入僅略微超過預測。投資者可能擔心亞馬遜的低增長表明公司未能有效利用快速擴張的 AI 服務市場中的雲計算機會。</p>
<p>另一個可能導致投資者不安的原因是亞馬遜對第三季度運營收入的指引在 155 億美元到 205 億美元之間。該指引範圍的中點為 180 億美元，僅代表 3% 的同比增長。</p>
<h2>買入機會</h2>
<p>但在這裏，事情對投資者變得樂觀。確實，股票遭受了痛苦的打擊。但隨着股價下跌超過 9%，市場對亞馬遜相較於競爭對手的雲增長放緩以及管理層對第三季度盈利的低調預期反應過度。</p>
<p>放眼長遠，這仍然是一家銷售以雙位數增長的公司。此外，其業務得到了強大的電子商務業務和雲業務的支持，後者的同比收入增長接近 18%——略快於上一季度該細分市場的增長率。雖然這可能不及 Azure 和谷歌雲的增長速度，但仍然是一個非常強勁的增長率。</p>
<p>目前，股票的市盈率僅為 33 倍，這對投資者來説是一個以合理估值買入美國最佳公司的難得機會。確實，無法預測底部在哪裏，股價可能會更便宜。此外，隨着 AI 在雲計算中變得越來越重要，亞馬遜失去競爭優勢的風險是真實存在的。因此，投資者需要繼續關注 AWS 在未來幾個季度的表現。然而，最終，風險似乎在很大程度上已經被定價。這個價格的長期投資結果可能會相當可觀。</p>
<p>那麼，投資者應該在亞馬遜股票下跌時買入嗎？我認為應該。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜的股票在報告強勁的第二季度財報後下跌了 8%，主要是由於其雲業務 AWS 的增長速度相比於微軟和 Alphabet 等競爭對手較慢。儘管對 AWS 的表現和謹慎的第三季度指引存在擔憂，分析師認為市場可能反應過度。隨着收入同比增長 13% 以及合理的市盈率為 33 倍，一些人認為此次下跌為投資者提供了買入機會，儘管建議持續關注 AWS 的表現</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>儘管報告的第二季度收入和每股收益遠超分析師對該季度的平均預期，但 <strong>亞馬遜</strong>(AMZN 3.97%) 的股票在財報發佈後大幅下跌。截至目前，自 7 月底財報發佈以來，股價已下跌約 8%。股票嚴重下跌的主要原因可能是公司在雲計算業務——亞馬遜網絡服務（AWS）上的增長低於預期。市場可能擔心 <strong>微軟</strong>(MSFT -0.56%) 和 <strong>谷歌母公司</strong>(GOOGL 0.75%) 的雲業務增長速度更快，表明亞馬遜這一重要服務在人工智能（AI）領域失去了競爭優勢。此外，投資者可能對亞馬遜第三季度盈利的指引存在一些擔憂。</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>但市場是否反應過度？我認為是的。是的，AWS 的增長放緩是投資者應該關注的事情。但股票的回調可以説已經超過了與亞馬遜龐大業務相關的風險增加所帶來的影響。</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>圖片來源：Getty Images。</p>
</div><h2>What spooked investors</h2>
<div class="lb-trans"><h2>讓投資者感到不安的原因</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>從表面上看，亞馬遜的第二季度業績表現出色。這家電子商務和雲計算巨頭報告的收入為 1677 億美元，同比增長 13%。每股收益增長更快，攀升 33% 至 1.68 美元。分析師的共識預測收入和每股收益分別為 1621 億美元和 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>使報告看起來更好的，是公司對第三季度的收入增長進行了雙位數的指引。具體來説，管理層表示預計該季度的收入將在 1740 億美元到 1795 億美元之間，同比增長 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>儘管如此，公司在報告中可能在兩個方面未能達到預期。</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 的收入同比增長約 18%。與微軟的 Azure 和谷歌雲分別為 39% 和 32% 的同比收入增長相比，這一增長率顯得微不足道。這兩家競爭對手在雲業務上的收入顯著高於分析師對這些重要單位的平均預測，而亞馬遜的收入僅略微超過預測。投資者可能擔心亞馬遜的低增長表明公司未能有效利用快速擴張的 AI 服務市場中的雲計算機會。</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>另一個可能導致投資者不安的原因是亞馬遜對第三季度運營收入的指引在 155 億美元到 205 億美元之間。該指引範圍的中點為 180 億美元，僅代表 3% 的同比增長。</p>
</div><h2>A buying opportunity</h2>
<div class="lb-trans"><h2>買入機會</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>但在這裏，事情對投資者變得樂觀。確實，股票遭受了痛苦的打擊。但隨着股價下跌超過 9%，市場對亞馬遜相較於競爭對手的雲增長放緩以及管理層對第三季度盈利的低調預期反應過度。</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>放眼長遠，這仍然是一家銷售以雙位數增長的公司。此外，其業務得到了強大的電子商務業務和雲業務的支持，後者的同比收入增長接近 18%——略快於上一季度該細分市場的增長率。雖然這可能不及 Azure 和谷歌雲的增長速度，但仍然是一個非常強勁的增長率。</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，股票的市盈率僅為 33 倍，這對投資者來説是一個以合理估值買入美國最佳公司的難得機會。確實，無法預測底部在哪裏，股價可能會更便宜。此外，隨着 AI 在雲計算中變得越來越重要，亞馬遜失去競爭優勢的風險是真實存在的。因此，投資者需要繼續關注 AWS 在未來幾個季度的表現。然而，最終，風險似乎在很大程度上已經被定價。這個價格的長期投資結果可能會相當可觀。</p>
</div><p>So should investors buy the dip in Amazon stock? I think so.</p>
<div class="lb-trans"><p>那麼，投資者應該在亞馬遜股票下跌時買入嗎？我認為應該。</p>
</div>

Amazon Stock Just Got Pummeled. Buy the Dip?

- 亞馬遜第二季度營收和每股收益超出分析師預期，但股價下跌約 8%。  
- 主要原因是雲計算業務增長低於預期，市場擔憂其在人工智能領域的競爭力。  
- 儘管面臨風險，亞馬遜仍是銷售雙位數增長的公司，當前股價提供了買入機會。

亞馬遜的股票剛剛遭受重創，現在是否是趁低買入的好時機？