亚马逊盈利引担忧：今年支出指引2000亿美元远超预期，AWS增利不如意

新财闻02-12

亚马逊(AMZN.US)公布了第四财季业绩。Q4营收同比增长14%至2134亿美元，高于市场普遍预期的2115亿美元;GAAP每股收益为1.95美元，比预期低0.02美元。该公司还宣布今年计划斥资 2000 亿美元用于数据中心和其他设备。该公司公布的营业利润为250亿美元，高于市场普遍预期的248亿美元，也高于公司此前给出的210亿美元至260亿美元的指引区间。然而，过去十二个月的自由现金流降至...

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(USD) ACC"},"translate_title":"Amazon's earnings raise concerns: this year's spending guidance of US $200 billion far exceeds expectations, AWS's profit increase is not satisfactory","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZD":0.6,"AMZN":1.98,"AMZU":0.6,"AMZW":0.6,"USAW.SI":0.6,"AMZZ":0.6,"AZYY":0.6,"AMZY":0.6},"content_text":"亚马逊(AMZN.US)公布了第四财季业绩。Q4营收同比增长14%至2134亿美元，高于市场普遍预期的2115亿美元;GAAP每股收益为1.95美元，比预期低0.02美元。该公司还宣布今年计划斥资 2000 亿美元用于数据中心和其他设备。该公司公布的营业利润为250亿美元，高于市场普遍预期的248亿美元，也高于公司此前给出的210亿美元至260亿美元的指引区间。然而，过去十二个月的自由现金流降至112亿美元，主要原因是购置物业和设备的支出(扣除销售所得和激励措施后)同比增长507亿美元。据悉，这一增长主要反映了对人工智能的投资。去年同期，自由现金流为382亿美元。云业务增长成焦点问题亚马逊云服务(AWS，该公司的云计算部门)第四季度营收增长24%至356亿美元，创三年多来最大季度增幅，高于预期的349亿美元，但这却被公司资本支出的大幅增长所掩盖。AWS业务部门的营业利润为125亿美元。尽管AWS在亚马逊的业务规模较小，仅占总销售额的15%至20%，但其云平台业务却贡献了公司超过60%的营业利润。分析指出，AWS的利润率较去年同期略有下降，这并非好兆头——很可能是导致盘后交易中股价回调的因素之一。相比之下，亚马逊的竞争对手谷歌云(GOOGL.US)和微软(MSFT.US)Azure在去年第四季度的销售额分别增长了48%和39%。不过，在公司召开的业绩电话会议上，首席执行官安迪·贾西语气强硬，抨击竞争对手，并吹嘘AWS 的众多新产品。他说道：“提醒一下，在年化营收1420亿美元的基础上实现24%的同比增长，与在基数明显更小的情况下实现更高的百分比增长(就像我们的竞争对手那样)是截然不同的。”其他业务虽然云计算业务的规模更大，利润也更高，但是电子商务业务仍然是亚马逊的主要收入来源。亚马逊致力于加快配送速度，以吸引消费者购买更多商品，包括新鲜食品杂货。与此同时，亚马逊关闭了许多实体零售实验项目，包括亚马逊品牌的杂货店和无人收银便利店。亚马逊计提了6.1亿美元的资产减值准备，主要与旗下实体店业务有关，其中包括Amazon Go和Amazon Fresh超市。该公司表示，将逐步退出实体店业务，关闭所有Amazon Fresh和Amazon Go门店，并将部分门店改建为Whole Foods超市。该公司一直在对其零售部门进行重大改革，最新的举措是扩大其 Whole Foods 门店的规模，并建造一家22.5万平方英尺的巨型商店，旨在与沃尔玛(WMT.US)和开市客(COST.US)等公司竞争。在线商店销售额增长 10% 至 830 亿美元，超过分析师平均预期的 823 亿美元，这表明尽管面临来自其他零售商日益激烈的竞争，总部位于西雅图的亚马逊仍然是互联网购物者的首选目的地。Emarketer 分析师Sky Canaves在一份声明中表示：“核心零售业务在至关重要的假日季保持了稳健增长，北美地区的盈利能力显著提高，这主要得益于履约运营的杠杆作用，尽管配送速度不断加快。”其中，第四财季北美地区总营收增长10%至1271亿美元，国际营收增长17%至507亿美元。北美业务部门的营业利润为115亿美元，国际业务部门的营业利润为10亿美元。在繁忙的假日季，亚马逊的广告业务依然是亮点。亚马逊的广告收入增长了23%，达到213亿美元，略高于预期。投资者密切关注亚马逊广告业务的增长率，因为这有助于提高这家在线零售企业的盈利能力。贾西表示，公司已在Prime Video中添加了人工智能选项，以便营销人员能够在减少人工干预的情况下制作广告。为了精简机构、提升亚马逊的运营效率，杰西上个月裁掉了1.6万名公司员工。此次裁员使亚马逊最近一次的员工总数达到了3万人。在最新一轮裁员宣布之前，截至12月31日，亚马逊的全职和兼职员工人数同比增长1%，达到约158万人。科技巨头中资本支出最激进，亚马逊烧钱引利润担忧亚马逊表示，由于公司正积极投资数据中心和其他基础设施以满足人工智能需求的激增，预计今年的资本支出将继续攀升。据FactSet的数据显示，该公司预计今年的资本支出将达到2000亿美元，而分析师此前的预期为1466亿美元。亚马逊2025年的资本支出约为1310亿美元。贾西在一份声明中表示:“鉴于市场对我们现有产品和服务的强劲需求，以及人工智能、芯片、机器人和低地球轨道卫星等开创性机遇，我们预计亚马逊将在 2026 年投入约 2000 亿美元的资本支出，并期待获得强劲的长期投资回报。”在与投资者的电话会议上，贾西表示，支出将“主要”流向AWS，因为AWS上非人工智能工作负载的增长速度“超出了我们的预期”。去年10月，亚马逊斥资110亿美元启用了名为Project Rainier的人工智能数据中心，该数据中心专门用于运行Anthropic公司的工作负载。投资者担心，该公司对人工智能的巨额投资将挤压利润，而且可能无法获得回报。截至发稿，亚马逊股价在盘后交易中下跌超过11%，此前该股在纽约收于222.69美元。截至周四收盘，亚马逊股价今年已累计下跌3.5%。Motley Fool高级投资分析师Asit Sharma表示，亚马逊预计2026年的支出将超过其运营现金流，这很难消除投资者对亚马逊和其他大型科技公司在人工智能基础设施方面过度支出的风险的担忧。展望未来，亚马逊预计第一季度营收为1735亿美元至1785亿美元(中值为1765亿美元)，高于市场普遍预期的1755亿美元。亚马逊同时预计第一季度营业利润为165亿美元至215亿美元(中值为190亿美元)，低于市场普遍预期的222亿美元。DA Davidson & Co.分析师Gil Luria表示：“这种负面反应是由于资本支出增长幅度大于 AWS 收入增长幅度造成的。亚马逊等陷入了不断升级的建设困境，而这种建设可能对它们所有人来说都没有好处。”科技公司已制定雄心勃勃的人工智能投资计划，承诺投入数十亿美元。亚马逊的支出计划目前是包括Meta、谷歌和微软在内的大型科技公司中最激进的，它们今年预计总共将在人工智能及相关项目上花费约 6300 亿美元。谷歌母公司Alphabet周三表示，预计2026年支出将在1750亿美元至1850亿美元之间，而Meta(META.US)表示，其资本支出可能比去年翻一番，达到 1150 亿美元至 1350 亿美元。此前公布业绩的微软也因支出超过了预期而股价大幅下跌，因为人们越来越担心对人工智能服务的需求不足以支撑如此巨大的支出。相比之下，谷歌今年的资本支出预测在周三更得到了投资者的认可，因为该公司云收入实现了惊人的增长，Meta支出计划也同样获得了认可。Aptus Capital Advisors 的投资组合经理 Dave Wagner 在谈到亚马逊的业绩时表示：“我们希望看到持续强劲的盈利增长，但这并没有发生。市场不喜欢为了实现这样的增长速度而不断投入大量资金进行资本支出。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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