<p><strong>亞馬遜</strong>(AMZN -0.70%) 的股票在報告 2025 年第二季度業績後的兩天內下跌了近 10%。此後，股價恢復了一些損失，但年初至今僅略有上漲，表現不及 <strong>標準普爾 500</strong> 和 <strong>納斯達克綜合指數</strong>。</p>
<p>以下是亞馬遜不受歡迎的原因，以及投資者在購買成長股時犯的最大錯誤。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NzQvYS1wZXJzb24tc2l0dGluZy1vbi1hLWNvdWNoLWxvb2tpbmctYXQtdGhlaXItcGhvbmUtaW4tYS1jb25jZXJuZWQtbWFubmVyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NzQvYS1wZXJzb24tc2l0dGluZy1vbi1hLWNvdWNoLWxvb2tpbmctYXQtdGhlaXItcGhvbmUtaW4tYS1jb25jZXJuZWQtbWFubmVyLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜的指引令人失望</h2>
<p>亞馬遜報告了出色的季度業績，包括運營收入的增長速度遠超收入。然而，其第三季度的指引和對亞馬遜雲服務（AWS）預期增長放緩的擔憂可能是股價回落的原因。考慮到 <strong>微軟</strong>(MSFT -0.16%) Azure 和 <strong>Alphabet</strong>(GOOGL -0.27%)(GOOG -0.30%) 的谷歌雲增長速度快於 AWS，這些 AWS 的結果尤其令人震驚。</p>
<p>更重要的是，亞馬遜的自由現金流在截至 2025 年 6 月 30 日的過去 12 個月內驟降至 182 億美元，而截至 2024 年 6 月 30 日的過去 12 個月為 530 億美元。公司正在將多餘的現金重新投入業務，以投資於大項目，例如建設 AWS 數據中心、推出生成性 AI 工具、擴展亞馬遜 Prime 配送能力等。然而，亞馬遜的第三季度指引僅預期 10% 至 13% 的收入增長，以及運營收入可能下降 11% 至增長 18%。</p>
<h2>亞馬遜的激進資本配置策略</h2>
<p>投資者在購買亞馬遜股票時犯的最大錯誤是沒有意識到公司的運作方式是將利潤再投資於創新想法，而不是追求短期利潤。亞馬遜承擔了很多風險，其中大多數都得到了回報，併為耐心的投資者帶來了驚人的長期收益。但這一策略也導致每股收益和現金流的不穩定。過去十年中，亞馬遜的股價至少三次從歷史高點下跌超過 25%——這顯示了股票的波動性。</p>
<p>亞馬遜的股票薪酬通常超過其股票回購。亞馬遜已經多年沒有回購股票，也不支付股息。與此同時，其過去 12 個月的股票薪酬超過 200 億美元，流通股數量持續上升，亞馬遜正在稀釋現有股東的股份。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="522" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png"/></p>
<p>AMZN 股票薪酬（TTM）數據來自 YCharts。TTM = 過去 12 個月。</p>
<p>這與其他大型科技巨頭如 <strong>蘋果</strong>(AAPL -0.92%)、微軟、Alphabet 和 <strong>Meta Platforms</strong>(META -0.49%) 的做法截然不同。與亞馬遜一樣，這些科技巨頭每年投入數十億美元的股票薪酬以吸引頂尖人才，但他們通過回購股票來抵消這一費用，從而避免稀釋。事實上，回購股票超過股票薪酬的做法通過減少流通股數量加速了收益增長。</p>
<p>與此同時，亞馬遜正在加大支出以追求長期增長。正如您在下圖中看到的，過去五年中，公司以令人矚目的速度增長了運營收入，但其資本支出也大幅增加。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="487" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png"/></p>
<p>AMZN 運營收入（TTM）數據來自 YCharts。TTM = 過去 12 個月。</p>
<p>AWS 仍然是全球雲市場的無可爭議的領導者，但其主導市場份額部分是由於其在行業中的根深蒂固的地位。在這方面，亞馬遜做出了正確的決定，將利潤再投資於 AWS，以擴大產能並增強其 AI 能力，以鞏固其競爭優勢。但投資者希望看到這些投資能夠帶來回報。</p>
<p>好消息是，隨着亞馬遜的收益增長，股價停滯不前，其估值變得更加吸引人。亞馬遜的前瞻市盈率（P/E）為 33.9，幾乎與微軟的 33.6 前瞻市盈率相同。</p>
<h2>投資亞馬遜股票的最佳方式</h2>
<p>購買並持有亞馬遜股票的投資者必須出於正確的理由。亞馬遜的資本支出正在激增，如果華爾街沒有看到這些投資帶來回報，股價可能會繼續下跌。</p>
<p>亞馬遜往往比其他大型公司受到更嚴格的審視，因此購買該股票需要較高的風險承受能力。但這種嚴格的審視是有意為之，因為亞馬遜可以輕鬆減少支出，提升現金流，或通過回購和分紅將資本返還給股東。</p>
<p>尋找資本配置更為平衡的公司的投資者可能希望考慮微軟或 Alphabet 作為優於亞馬遜的雲計算投資選擇。然而，對於希望投資雲計算並相信亞馬遜核心電子商務和廣告業務實力的人來説，亞馬遜的估值是相當不錯的。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜的股票在發佈 2025 年第二季度財報後，出現了近 10% 的下跌，市場對其第三季度指引和 AWS 增長放緩表示擔憂。該公司將利潤再投資於創新而非追求短期收益的策略導致了波動性和收益的不穩定。與其他科技巨頭不同，亞馬遜並未回購股票或支付股息，這導致了股東的稀釋。儘管其估值具有吸引力，但由於與資本支出相關的高風險以及股票價格可能繼續下跌，投資者必須保持謹慎</p>

<p><strong>Amazon</strong>(AMZN -0.70%) stock sold off nearly 10% in the two days after reporting second-quarter 2025 results. It has since recovered some of those losses but remains up just slightly year-to-date -- underperforming the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong>.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>(AMZN -0.70%) 的股票在報告 2025 年第二季度業績後的兩天內下跌了近 10%。此後，股價恢復了一些損失，但年初至今僅略有上漲，表現不及 <strong>標準普爾 500</strong> 和 <strong>納斯達克綜合指數</strong>。</p>
</div><p>Here's why Amazon is out of favor, along with the biggest mistake investors make when buying the growth stock.</p>
<div class="lb-trans"><p>以下是亞馬遜不受歡迎的原因，以及投資者在購買成長股時犯的最大錯誤。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NzQvYS1wZXJzb24tc2l0dGluZy1vbi1hLWNvdWNoLWxvb2tpbmctYXQtdGhlaXItcGhvbmUtaW4tYS1jb25jZXJuZWQtbWFubmVyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828574%2Fa-person-sitting-on-a-couch-looking-at-their-phone-in-a-concerned-manner.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>Amazon's underwhelming guidance</h2>
<div class="lb-trans"><h2>亞馬遜的指引令人失望</h2>
</div><p>Amazon reported excellent quarterly results, including growing operating income far faster than revenue. However, its third-quarter guidance and anticipated growth slowdown in Amazon Web Services (AWS) may be reasons for the stock's pullback. The AWS results are particularly jarring, considering <strong>Microsoft</strong>(MSFT -0.16%) Azure and <strong>Alphabet</strong>'s (GOOGL -0.27%)(GOOG -0.30%) Google Cloud are growing more quickly than AWS.</p>
<div class="lb-trans"><p>亞馬遜報告了出色的季度業績，包括運營收入的增長速度遠超收入。然而，其第三季度的指引和對亞馬遜雲服務（AWS）預期增長放緩的擔憂可能是股價回落的原因。考慮到 <strong>微軟</strong>(MSFT -0.16%) Azure 和 <strong>Alphabet</strong>(GOOGL -0.27%)(GOOG -0.30%) 的谷歌雲增長速度快於 AWS，這些 AWS 的結果尤其令人震驚。</p>
</div><p>What's more, Amazon's free cash flow plummeted to $18.2 billion for the trailing 12 months ended June 30, 2025, compared to $53 billion for the trailing 12 months ended June 30, 2024. The company is deploying excess cash back into the business to invest in big ideas, such as building out AWS data centers, launching generative AI tools, expanding Amazon Prime delivery capabilities, and more. And yet, Amazon's third-quarter guidance calls for just 10% to 13% revenue growth and between an 11% decline in operating income and an 18% increase.</p>
<div class="lb-trans"><p>更重要的是，亞馬遜的自由現金流在截至 2025 年 6 月 30 日的過去 12 個月內驟降至 182 億美元，而截至 2024 年 6 月 30 日的過去 12 個月為 530 億美元。公司正在將多餘的現金重新投入業務，以投資於大項目，例如建設 AWS 數據中心、推出生成性 AI 工具、擴展亞馬遜 Prime 配送能力等。然而，亞馬遜的第三季度指引僅預期 10% 至 13% 的收入增長，以及運營收入可能下降 11% 至增長 18%。</p>
</div><h2>Amazon's aggressive capital allocation strategy</h2>
<div class="lb-trans"><h2>亞馬遜的激進資本配置策略</h2>
</div><p>The biggest mistake investors make when buying Amazon stock is not realizing that the company's modus operandi is plowing profits back into innovative ideas rather than booking short-term profits. Amazon takes a lot of risks, most of which have paid off and led to phenomenal long-term gains for patient investors. But this strategy also produces inconsistent earnings per share and cash flow. Amazon has fallen at least 25% from its all-time high three times in the last decade -- showcasing the stock's volatility.</p>
<div class="lb-trans"><p>投資者在購買亞馬遜股票時犯的最大錯誤是沒有意識到公司的運作方式是將利潤再投資於創新想法，而不是追求短期利潤。亞馬遜承擔了很多風險，其中大多數都得到了回報，併為耐心的投資者帶來了驚人的長期收益。但這一策略也導致每股收益和現金流的不穩定。過去十年中，亞馬遜的股價至少三次從歷史高點下跌超過 25%——這顯示了股票的波動性。</p>
</div><p>Amazon's stock-based compensation regularly exceeds its buybacks. Amazon hasn't repurchased stock in years, and it doesn't pay a dividend. Meanwhile, its stock-based compensation is over $20 billion for the trailing 12 months, and its outstanding share count continues to climb as Amazon dilutes existing shareholders.</p>
<div class="lb-trans"><p>亞馬遜的股票薪酬通常超過其股票回購。亞馬遜已經多年沒有回購股票，也不支付股息。與此同時，其過去 12 個月的股票薪酬超過 200 億美元，流通股數量持續上升，亞馬遜正在稀釋現有股東的股份。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png" alt="" original-src="https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png"/></p>
<p>AMZN Stock Based Compensation (TTM) data by YCharts. TTM = trailing 12 months.</p>
<div class="lb-trans"><p>AMZN 股票薪酬（TTM）數據來自 YCharts。TTM = 過去 12 個月。</p>
</div><p>This is a far different approach from other big tech giants like <strong>Apple</strong>(AAPL -0.92%), Microsoft, Alphabet, and <strong>Meta Platforms</strong>(META -0.49%). Like Amazon, these tech giants shell out billions in stock-based compensation each year to attract top talent, but they more than offset this expense with buybacks, which avoid dilution. In fact, having buybacks outpace stock-based compensation accelerates earnings growth by lowering the number of outstanding shares.</p>
<div class="lb-trans"><p>這與其他大型科技巨頭如 <strong>蘋果</strong>(AAPL -0.92%)、微軟、Alphabet 和 <strong>Meta Platforms</strong>(META -0.49%) 的做法截然不同。與亞馬遜一樣，這些科技巨頭每年投入數十億美元的股票薪酬以吸引頂尖人才，但他們通過回購股票來抵消這一費用，從而避免稀釋。事實上，回購股票超過股票薪酬的做法通過減少流通股數量加速了收益增長。</p>
</div><p>Meanwhile, Amazon is ramping up spending in the pursuit of long-term growth. As you can see in the following chart, the company has grown its operating income at an impeccable pace over the last five years, but it has also magnified its capital expenditures.</p>
<div class="lb-trans"><p>與此同時，亞馬遜正在加大支出以追求長期增長。正如您在下圖中看到的，過去五年中，公司以令人矚目的速度增長了運營收入，但其資本支出也大幅增加。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png" alt="" original-src="https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png"/></p>
<p>AMZN Operating Income (TTM) data by YCharts. TTM = trailing 12 months.</p>
<div class="lb-trans"><p>AMZN 運營收入（TTM）數據來自 YCharts。TTM = 過去 12 個月。</p>
</div><p>AWS remains the undisputed leader in the global cloud market, but its dominant market share is partly due to its entrenched position in the industry. In this vein, Amazon is making the right decision to reinvest profits in AWS to expand capacity and build out its AI capacity to bolster its competitive advantages. But investors will want to see these investments pay off.</p>
<div class="lb-trans"><p>AWS 仍然是全球雲市場的無可爭議的領導者，但其主導市場份額部分是由於其在行業中的根深蒂固的地位。在這方面，亞馬遜做出了正確的決定，將利潤再投資於 AWS，以擴大產能並增強其 AI 能力，以鞏固其競爭優勢。但投資者希望看到這些投資能夠帶來回報。</p>
</div><p>The good news is that Amazon's valuation has gotten much more attractive as its earnings have grown and the stock price has stagnated. Amazon commands a 33.9 forward price-to-earnings (P/E) ratio -- which is nearly identical to Microsoft's 33.6 forward P/E ratio.</p>
<div class="lb-trans"><p>好消息是，隨着亞馬遜的收益增長，股價停滯不前，其估值變得更加吸引人。亞馬遜的前瞻市盈率（P/E）為 33.9，幾乎與微軟的 33.6 前瞻市盈率相同。</p>
</div><h2>The best way to approach Amazon stock</h2>
<div class="lb-trans"><h2>投資亞馬遜股票的最佳方式</h2>
</div><p>Investors who buy and hold Amazon stock must do so for the right reasons. Amazon's capital spending is surging, and if Wall Street doesn't see these investments pay off, the stock could keep tumbling.</p>
<div class="lb-trans"><p>購買並持有亞馬遜股票的投資者必須出於正確的理由。亞馬遜的資本支出正在激增，如果華爾街沒有看到這些投資帶來回報，股價可能會繼續下跌。</p>
</div><p>Amazon tends to get a shorter leash than other mega-cap names, so buying the stock requires a high risk tolerance. But this shorter leash is by design, as Amazon could easily pull back on spending and boost its cash flow or return capital to shareholders through buybacks and dividends.</p>
<div class="lb-trans"><p>亞馬遜往往比其他大型公司受到更嚴格的審視，因此購買該股票需要較高的風險承受能力。但這種嚴格的審視是有意為之，因為亞馬遜可以輕鬆減少支出，提升現金流，或通過回購和分紅將資本返還給股東。</p>
</div><p>Investors looking for a company with a more balanced capital allocation may want to consider Microsoft or Alphabet as preferred cloud plays over Amazon. However, Amazon is a decent valuation for folks looking to invest in the cloud and who believe in the strength of Amazon's core e-commerce and advertising business.</p>
<div class="lb-trans"><p>尋找資本配置更為平衡的公司的投資者可能希望考慮微軟或 Alphabet 作為優於亞馬遜的雲計算投資選擇。然而，對於希望投資雲計算並相信亞馬遜核心電子商務和廣告業務實力的人來説，亞馬遜的估值是相當不錯的。</p>
</div>

The Biggest Mistake Investors Make When Buying Amazon Stock

- 亞馬遜股價在 2025 年第二季度財報後下跌近 10%。  
- 第三季度指引不佳及 AWS 增長放緩是股價回調原因。  
- 投資者需謹慎，亞馬遜的資本支出激增可能影響股價表現。

投資者在購買亞馬遜股票時所犯的最大錯誤