$AMZN · Schwab Network · 2026-11-02
AMZN 第三季度业绩喜忧参半，但整体相当不错：每股收益 1.89 美元，低于预期的 1.96 美元；营收略低于 2020 亿美元，也略偏低；AWS 同比增长 39.3%，高于预期，但低于此前讨论的超过 40% 的数字，且为五年来最快增速。Phillip Securities 上调评级，并将目标价从 320 美元上调至 330 美元。预计 2026 年资本开支接近 2200 亿美元；没有提高成本令人松了一口气，云业务利润最高，但资本开支、AI 收入和广告业务放缓仍是隐忧；在科技股表现糟糕的周五，该股仅下跌 2%。
逐段跳播
Amazon 上周发布了财报。他们今天在华尔街获得了相当不错的反响。根据我最近一次查看，股价在盘前小幅上涨。是的，Phillip Securities 上调了 Amazon 的评级，并在其第三季度财报后将目标价从 320 美元上调至 330 美元。
Amazon released their report last week. They are getting a pretty good response on Wall Street today. According to my last check, the share price has increased slightly in the pre-market.
Yes, Phillip Securities upgraded Amazon's rating and raised its target price on the stock from $320 to $330 after their third-quarter report.
记住，他们上周发布的财报并不算太差。每股收益为 1.89 美元，而预期为 1.96 美元。营收略低于 2020 亿美元。这有点低，不是吗？但 AWS 实现了 39.3% 的同比增长，对吧？
这高于预期，但 Diana，我们之前谈到的那个秘密估计数字是 AWS 增长超过 40%，不过这已经是他们云业务过去 5 年来的最高增速了。
Remember, the report they released last week wasn't too bad. Their EPS was $1.89 versus the expected $1.96. Revenue came in at just under $202 billion. That was a bit low, wasn't it?
But AWS achieved 39.3 percent growth over last year, right? This was higher than expected, but Diana, the secret estimate number we talked about was that it was above 40 percent growth for AWS, but this is the highest growth rate in the last 5 years for their cloud business.
他们仍预计 2026 年的现金支出约为 2200 亿美元。他们没有削减成本，也许这让投资者有点害怕，但令人宽慰的是他们没有增加成本。其实利润率并不差，但他们仍在继续推进 AI 基础设施计划，对吧？
但与此同时，云业务也在增长。这是他们业务中最赚钱的部分。
They are still forecasting cash spending of about $220 billion for 2026. Maybe it scared investors a little that they didn't cut costs, but the relief is that they didn't increase costs.
Actually the margin wasn't bad, but they're continuing to build out their AI infrastructure plan, right? But at the same time, the cloud business is growing. This is the most profitable aspect of their business.
但看看这次上调评级，并不令人意外，因为该股在上周财报后下跌 2% 后，已从盘前低点反弹。它曾下跌 6-7%。但总的来说，业绩相当不错。你仍然会担心资本支出（CapEx）成本和 AI 带来的收入。
我们看到他们广告业务的某些部分出现了一些放缓，但他们表示自己在 AI 方面处于有利地位，并正在充分利用其全栈能力。
But when you look at the upgrade, it's not surprising, as the stock has rebounded from its pre-market lows after falling 2% after earnings last week. It had decreased by 6-7%. But all things considered, the results were pretty good.
You still have concerns about capital expenditure (CapEx) costs and revenue from AI. We've seen some slowdowns in some parts of their advertising business, but they've said they're in a good position when it comes to AI and are leveraging their full stack capabilities.
别忘了他们还有另一块业务，就是 tronium 芯片。我认为这个问题在很大程度上被忽视了。所以，是的，这一块我们还得等着看，但即便在周五科技股表现相当糟糕的一天，股价也只下跌了 2%。所以，这或许算是一个积极方面。
And don't forget that they have another side to their business, which is tronium chips. I think this issue is largely ignored. So, yes, we'll have to wait and see on this one, but even on a pretty bad day for tech on Friday, the stock price only fell 2%. So, that was maybe a positive aspect.
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。