$AMZN · Schwab Network · 2026-10-30
AMZN 在净销售额、广告和线上商店业务上均不及预期，营收指引偏弱，并持续上调 AI 资本开支，自由现金流连续第二个季度为负；AWS 表现突出，增长 39%，指引指向 40% 出头的低段，但不足以抵消上述不及预期之处，门槛依然很高。
逐段跳播
我们先从 Amazon 说起。AWS 表现突出，但不足以弥补其他方面的不及预期。是的，我们看到股价下跌了约6.5%。净销售额实际上不及华尔街预期，为219.4亿美元。市场预期约为223亿美元。
同比仍增长12%，但仅汇率本身一项就带来了约9亿美元的不利影响。每股收益也不及预期，为189。华尔街预期为1.96美元。而且我们再次看到，Amazon 的自由现金流连续第二个季度为负。
Let's start out with Amazon. AWS was a standout, but it's not enough to account for the other misses. Yeah, we were seeing the shares down about 6.5%. Net sales actually did miss the streets expectations coming in at $21.94 billion.
She was looking for around $22.3 billion. It's still a 12% increase on a year-over-year basis, but they did see about $900 million in headwinds just from foreign exchange itself.
The EPS also did miss coming in at $189. Street was looking for $1.96. And we did see once again free cash flow actually coming in negative for Amazon for the second quarter in a row.
AWS 实际上超出了预期，同比增长39%。而他们未来的指引预计 AWS 实际上可能达到40%出头的低段，这确实是一个非常积极的信号。
Now AWS did beat actually seeing an increase of 39% on a year-over-year basis. And their guidance moving forward is estimating that AWS could actually achieve the the low 40% which is actually a really good sign here.
但看他们的年度订单积压，大约为5780亿美元，同比增长远超三位数。但广告业务实际上不及预期。该业务收入为196.4亿美元。华尔街预期超过208.2亿美元。他们的线上商店也不及预期。所以确实能看到一些疲软。
Uh but when you're looking at their annual uh their their backlog of orders, it's sitting around $578 billion, growing well over triple digits on a year-over-year basis. But the advertising business did actually miss.
That came in at 19.64 billion. Street was looking over 20.82 billion. And their online stores also missed here. So you are seeing some some weakness.
他们未来的指引略显偏低，尤其是看营收指引时。而且不幸的是，他们仍在谈论提高资本支出，显然是为了搭建他们的 AI 技术栈，这又一次在拖累市场情绪。
Their guidance moving forward came in a little bit light, especially when you're looking at the revenue guidance. And unfortunately they still are talking about raising capback spend in order to obviously uh build out their AI uh stack and once again that's kind of hurting the street.
所以我们看到股价向下回落。我认为这再次说明门槛很高，而且在这个叙事下，负自由现金流在市场上并不被看好，也不应该被看好。所以我们看到股价向下回落。但让我们看看在当前水平是否真的有买家进场。
So we are seeing a pullback to the downside. Uh and I think this is once again a high bar and a narrative where negative free cash flow is just something that is not being touted here in the market nor should it be.
So we are seeing a pullback to the downside. But let's see if we actually have some buyers stepping in at these current levels.
这个频道对 $AMZN 的历次判断
Schwab Network 在这只股票上共 25 条判断，这里只列相邻的几条。