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CNBC's Jim Cramer unpacked Thursday's market action, saying that even though tech stocks took a hit, they might not stay down for long, praising recent quarters from Apple and Amazon."After Apple's good quarter and fabulous guidance, and Amazon's great quarter and great guidance, I wouldn't be surprised if the money comes right back into tech," he said. "Tech will be back in the saddle tomorrow."Stocks dipped during the session as investors analyzed quarterly reports from Big Tech. The S&P 500 declined 0.99 ...

Amazon (AMZN) came out with quarterly earnings of $1.95 per share, beating the Zacks Consensus Estimate of $1.58 per share. This compares to earnings of $1.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +23.42%. A quarter ago, it was expected that this online retailer would post earnings of $1.33 per share when it actually produced earnings of $1.68, delivering a surprise of +26.32%.Over the last four quarters, the company ...

Cash Flow and Investments - Operating cash flow for Q3 2025 was $35.5 billion, an increase from $26.0 billion in Q3 2024, driven by higher net income and improved working capital management [111]. - Cash capital expenditures for Q3 2025 were $34.2 billion, up from $21.3 billion in Q3 2024, primarily reflecting investments in technology infrastructure and fulfillment network capacity [112]. - The company expects to invest an additional $1.4 billion in a convertible note in Q4 2025, following a $1.3 billion investment in Q2 2025 [113]. - Cash provided by investing activities was $(26.1) billion for Q3 2025, compared to $(16.9) billion in Q3 2024, with significant variability due to marketable securities transactions [112]. - As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $94.2 billion, with $20.4 billion held in foreign currencies [110]. - The company anticipates using cash on hand to settle the FTC lawsuit, indicating potential future cash flow impacts [111]. - The company has no outstanding borrowings under its unsecured revolving credit facilities as of September 30, 2025, indicating strong liquidity [115]. Tax and Regulatory Environment - The effective tax rate is expected to decrease significantly in 2025 due to the 2025 Tax Act, which reinstates 100% accelerated depreciation deductions [117]. - The company is subject to various tax controversies that could materially affect operating results or cash flows [109]. Sales and Revenue - Net sales for Q3 2025 reached $180.2 billion, a 13% increase year-over-year, with North America contributing $106.3 billion and AWS $33.0 billion [123][124][127]. - International sales grew by 14% in Q3 2025, totaling $40.9 billion, with foreign exchange rates contributing an increase of $1.5 billion [126]. - Changes in foreign exchange rates increased net sales by $1.5 billion for Q3 2025 and $1.6 billion for the nine months ended September 30, 2025 [123][126]. - International segment net sales accounted for 23% of consolidated revenues in Q3 2025, with a positive impact of $1.5 billion from foreign exchange rate fluctuations compared to Q3 2024 [160]. Operating Expenses - Total operating expenses for Q3 2025 were $162.7 billion, reflecting a 15% increase year-over-year, with cost of sales rising by 10% [128]. - Fulfillment costs increased by 12% in Q3 2025, totaling $27.7 billion, influenced by sales growth and investments in the fulfillment network [134]. - Technology and infrastructure costs rose by 30% in Q3 2025, amounting to $29.0 billion, primarily due to increased infrastructure spending [136][137]. - Sales and marketing expenses increased by 10% in Q3 2025, totaling $11.7 billion, driven by higher advertising costs [140]. - General and administrative costs for Q3 2025 were $2.9 billion, reflecting an increase primarily due to severance costs [142]. Operating Income - Operating income for Q3 2025 was $17.4 billion, with a nine-month total of $55.0 billion, reflecting charges of $2.5 billion for a lawsuit settlement and $1.8 billion in severance costs [144]. - North America operating income decreased in Q3 2025 due to increased operating and shipping costs, despite higher unit and advertising sales; however, it increased for the nine months ended September 30, 2025, primarily due to increased unit sales [145]. - International operating income decreased in Q3 2025 due to higher shipping and fulfillment costs, but increased for the nine months ended September 30, 2025, driven by higher unit and advertising sales [146]. - AWS operating income increased in Q3 2025 due to higher sales, offset by technology infrastructure spending and severance costs; this trend continued for the nine months ended September 30, 2025 [147][148]. Other Income and Tax Provisions - Interest income was $1.1 billion in Q3 2025, with a nine-month total of $3.3 billion, primarily due to a higher average balance of invested funds [149]. - Other income increased to $10.2 billion in Q3 2025 and $14.1 billion for the nine months ended September 30, 2025, mainly from adjustments related to investments in Anthropic [151]. - The income tax provision for the nine months ended September 30, 2025, was $14.1 billion, including $354 million of net discrete tax expense related to gains from investments in Anthropic [152]. Cash Flow Forecast - Free cash flow for the trailing twelve months ended September 30, 2025, was $14.8 billion, down from $47.7 billion in the prior year, reflecting increased capital expenditures [154]. - Guidance for Q4 2025 anticipates net sales between $206.0 billion and $213.0 billion, representing a growth of 10% to 13% compared to Q4 2024, with expected operating income between $21.0 billion and $26.0 billion [157]. Investment Valuations - As of September 30, 2025, the recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $46.9 billion [163]. - Equity and equity warrant investments in publicly traded companies amounted to $4.8 billion, including the investment in Rivian, and are recorded at fair value [163]. - Equity warrant investments in private companies are recorded at fair value, with adjustments made for observable price changes or impairments [163]. - The available-for-sale convertible debt investments in private companies, primarily related to Anthropic, are also recorded at fair value [163]. - Valuations of private companies are complex due to the lack of readily available market data [163]. - Current global economic conditions contribute to additional uncertainty in market valuations [163]. - Market sensitivities are considered impractical under the current economic conditions [163].

"我有两家店铺的主体是深圳的，其中一家就收到短信了，说我们申报的三季度增值税销售收入，少于 互联网平台企业向税务机关报送的收入金额，要求及时自查更正，避免产生不必要的法律风险和经济损 失。"深圳的一位跨境卖家陈先生对记者表示，他还有几家店铺主体在厦门，部分店铺也接到了税务机 关的电话通知。 近期，亚马逊等境内外电商平台启动中国卖家涉税信息报送的举动在中国跨境电商行业"炸开了锅"。根 据亚马逊发布的通知，2025年10月起，亚马逊将按季度向中国税务机关报送中国卖家相关信息，包括卖 家身份、交易数量、收入以及佣金和服务费等信息。亚马逊还提到，平台将于2025年10月31日前进行首 次季度信息报送，范围涵盖2025年第三季度（7月至9月）。 证券时报记者从业内了解到，不少跨境卖家已经收到税务机关发送的税务自查短信，第三方咨询机构也 频繁接到跨境卖家关于应对措施的咨询。这意味着，税务系统已实现与互联网平台数据打通，部分跨境 电商企业长期存在的税务漏洞将被堵上，行业合规化发展大幕徐徐开启。 头部平台已报送卖家信息 据称，这是中国跨境卖家首次收到此类税务信息提醒，但并非突如其来。今年6月，国务院发布《互联 网平台企业涉税 ...

Market Overview - Major indices declined, with the Dow Jones down 109.88 points (0.23%) to 47,522.12, the Nasdaq down 377.33 points (1.57%) to 23,581.14, and the S&P 500 down 68.24 points (0.99%) to 6,822.35 [1] - Technology stocks and Bitcoin fell, while gold rose above $4,000 [1] Commodity Prices - Light crude oil futures for December rose by $0.09 to $60.57 per barrel (0.15% increase), while Brent crude oil futures increased by $0.08 to $65.00 per barrel (0.12% increase) [2] - Gold surged by 2.44% to $4,024.76, with Wells Fargo raising its 2026 gold price target from $3,900-$4,100 to $4,500-$4,700 per ounce [3] Economic Policy - The U.S. Senate voted 51-47 to terminate Trump's national emergency for global tariffs, with four Republican senators breaking ranks [4] - The Federal Reserve's Vice Chair for Supervision, Bowman, plans to reduce the bank regulatory department's staff by 30% by 2026, aligning with broader regulatory rollbacks [5] Corporate News - Amazon's Q3 earnings exceeded expectations, with EPS at $1.95 (above the $1.57 forecast) and revenue at $180.2 billion (surpassing the $177.9 billion estimate), leading to an 11% after-hours stock increase [8] - Apple's Q4 revenue reached $102.47 billion, exceeding expectations, with strong demand for the iPhone 17 series, despite initial supply constraints [8] - Nvidia plans to invest up to $1 billion in AI startup Poolside, potentially quadrupling its valuation [9] - Meta's bond issuance received a record $125 billion in subscriptions, reflecting strong market demand for corporate bonds in the AI sector [10] - Tesla's Cybertruck has faced its tenth recall, involving 6,197 vehicles due to potential installation issues with off-road light bars [11]

Group 1: Economic Indicators - China's official composite PMI data for October is set to be released [3] - Eurozone's core harmonized CPI for October is also scheduled for publication [3] - The US core PCE price index for September will be announced [3] Group 2: Market Performance - US stock indices closed lower, with the Nasdaq down 1.57%, S&P 500 down 0.99%, and Dow Jones down 0.23% [4] - Meta Platforms saw a significant drop of over 11%, marking its largest single-day decline in three years, resulting in a market cap loss of approximately $214 billion [4] - International oil prices experienced slight declines, with WTI crude oil down 0.31% to $60.29 per barrel and Brent crude down 0.42% to $64.05 per barrel [6] Group 3: Corporate Developments - Agricultural Bank of China reported a net profit of 222.3 billion yuan for the first three quarters of the year, a year-on-year increase of 3.28% [23] - Apple Inc. reported Q4 revenue of $102.47 billion, a year-on-year increase of 7.9%, with net profit reaching $27.47 billion [24] - Amazon's Q3 net sales were $180.17 billion, exceeding expectations, with a net profit of $21.19 billion [25] Group 4: Regulatory and Policy Updates - China's Ministry of Commerce announced plans to accelerate the development of green and low-carbon logistics [9] - The Chinese government will implement a new policy for duty-free shops starting November 1, 2025, aimed at boosting consumption [10] - The Financial Regulatory Bureau has expanded the pilot areas for pension financial products to nationwide, with a trial period extended to three years [12] Group 5: Industry Trends - OpenAI announced plans for the "Stargate" data center project in Michigan, with a planned capacity exceeding 8 GW and an investment of over $450 billion in the next three years [31] - YouTube is undergoing a restructuring focused on artificial intelligence applications, indicating a shift towards AI-driven products [26] - WeChat has launched three new features aimed at enhancing user experience, including bulk message recall and selective notification settings [28]

每经AI快讯，10月31日，受苹果和亚马逊盘后上涨推动，纳指期货开盘上涨1.1%。 ...

Financial Data and Key Metrics Changes - The company reported revenue of $180.2 billion for Q3 2025, representing a 12% year-over-year increase, excluding foreign exchange impacts [6][25] - Operating income was $17.4 billion, which would have exceeded $21 billion without two special expenses totaling $4.3 billion [6][26] - Trailing 12-month free cash flow stood at $14.8 billion [6] Business Line Data and Key Metrics Changes - AWS revenue reached $33 billion, growing 20.2% year-over-year, marking the largest growth rate in 11 quarters [6][30] - North America segment revenue was $106.3 billion, an 11% increase year-over-year, while the International segment revenue was $40.9 billion, up 10% year-over-year [26] - Worldwide paid units grew by 11% year-over-year, with third-party seller unit mix increasing to 62% [27] Market Data and Key Metrics Changes - AWS backlog grew to $200 billion by the end of Q3, not including unannounced deals in October [8] - Amazon Ads generated $17.6 billion in revenue, growing 22% year-over-year [19][30] Company Strategy and Development Direction - The company is focused on expanding its AWS capabilities, particularly in AI and core services, with significant investments in infrastructure and custom silicon [15][32] - The grocery business is evolving with a strong emphasis on perishables and same-day delivery, aiming to change consumer habits [56] - The company is committed to enhancing its advertising offerings and leveraging partnerships to expand its reach [21][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AWS's growth trajectory, citing strong demand for AI workloads and infrastructure [6][31] - The company is preparing for the peak holiday season, emphasizing its commitment to customer experience [33] - Management acknowledged the importance of maintaining a lean organizational structure to foster innovation and speed [57] Other Important Information - The company has invested over $4 billion to expand its rural delivery network, increasing access to same-day and next-day delivery [18] - The introduction of AI-powered tools like Rufus and AgentCore is expected to enhance customer engagement and streamline operations [19][74] Q&A Session Summary Question: AWS capacity levels and Trainium demand - Management highlighted significant capacity additions, with 3.8 GW added in the last year and expectations to double capacity by 2027 [37] Question: Trainium positioning versus third-party chips - Management emphasized the importance of multiple chip options and the competitive advantages of Trainium in terms of price performance [43][45] Question: Project Rainier architecture and differentiation - Management described Project Rainier as a large-scale infrastructure feat that leverages Trainium chips for enhanced performance [49] Question: Grocery business and perishable delivery - Management noted that the grocery business has surpassed $100 billion in gross merchandising sales, with a focus on same-day delivery for perishables [52][56] Question: Future headcount and AI efficiencies - Management clarified that recent headcount changes were driven by cultural considerations rather than financial or AI efficiencies [57] Question: Robotics and automation opportunities - Management confirmed ongoing investments in robotics to improve safety, productivity, and customer experience [61][62] Question: Agentic commerce and customer service - Management expressed excitement about the potential of agentic commerce to enhance the online shopping experience [65][68] Question: AWS growth drivers and advertising contributions - Management indicated that both core infrastructure and AI workloads are driving AWS growth, with strong performance across advertising offerings [72][78]

Financial Data and Key Metrics Changes - The company reported revenue of $180.2 billion for Q3 2025, representing a 12% year-over-year increase, excluding foreign exchange impacts [6][25] - Operating income was $17.4 billion, which would have exceeded $21 billion without two special expenses totaling $4.3 billion [6][26] - Trailing 12-month free cash flow stood at $14.8 billion [6] Business Line Data and Key Metrics Changes - AWS revenue reached $33 billion, up 20.2% year-over-year, marking the largest growth rate in 11 quarters [6][31] - North America segment revenue was $106.3 billion, an 11% increase year-over-year, while international segment revenue was $40.9 billion, a 10% increase year-over-year [26] - Worldwide paid units grew by 11% year-over-year, with third-party seller unit mix increasing to 62% [27][28] Market Data and Key Metrics Changes - AWS backlog grew to $200 billion by the end of Q3, not including several unannounced deals in October [8] - The advertising segment generated $17.6 billion in revenue, growing 22% year-over-year [19][31] Company Strategy and Development Direction - The company is focused on expanding AWS capabilities, particularly in AI and core services, with significant investments in infrastructure and custom silicon [15][33] - The grocery business is evolving with a strong emphasis on perishables and same-day delivery, aiming to change consumer habits [16][55] - The company is committed to enhancing its advertising offerings and leveraging partnerships to expand its reach [20][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AWS's growth trajectory, citing strong demand for AI workloads and infrastructure [6][31] - The company is preparing for a busy Q4, anticipating high demand for AWS and innovations in AI-powered experiences [24][34] - Management emphasized the importance of maintaining a lean organizational structure to foster agility and innovation [57][58] Other Important Information - The company has committed over $4 billion to expand its rural delivery network, increasing access to same-day and next-day delivery [18] - The introduction of AI-powered tools like Rufus and AgentCore is expected to enhance customer experience and operational efficiency [18][74] Q&A Session Summary Question: AWS capacity levels and Trainium demand - Management highlighted significant capacity additions, with 3.8 gigawatts added in the last year and expectations to double capacity by 2027 [39] - Trainium 2 is fully subscribed, with strong demand from both large and medium-sized customers [40][41] Question: Trainium positioning versus third-party chips - Management confirmed the intention to maintain multiple chip options, emphasizing the advantages of Trainium in price performance [45][46] Question: Project Rainier architecture and differentiation - Project Rainier is designed for large-scale AI workloads, showcasing AWS's infrastructure capabilities and performance advantages [50] Question: Grocery business and perishable delivery - The grocery business has surpassed $100 billion in gross merchandising sales, with a focus on expanding same-day delivery for perishables [53][56] Question: Robotics and automation in operations - The company has over a million robots in its fulfillment network, with ongoing investments to enhance safety, productivity, and speed [61][62] Question: Agentic commerce future - Management expressed excitement about the potential of agentic commerce to enhance customer experiences and drive online shopping growth [65][68]