亚马逊Q1利润率再新高，但利润指引逊色，预警关税冲击，盘后一度跌5% | 财报见闻

Core Viewpoint - Amazon's first-quarter performance showed resilience, but the second-quarter guidance indicates potential challenges due to tariffs and trade policies, particularly affecting its cloud business AWS, which experienced a sales slowdown beyond Wall Street's expectations [1][20]. Financial Data Summary - Revenue: In Q1, net sales reached $155.67 billion, a year-over-year increase of 8.6%, surpassing analyst expectations of $155.16 billion, with Q4 growth at approximately 10% [4]. - EPS: Q1 diluted earnings per share (EPS) was $1.59, up about 62.2% year-over-year, exceeding analyst expectations of $1.36, with Q4 growth at 86% [4]. - Capital Expenditure: Q1 capital expenditures were $25.02 billion, a year-over-year increase of approximately 67.6%, compared to Q4's growth of 90.8% [5]. - Operating Income: Q1 operating income was $18.405 billion, a year-over-year increase of 20.2%, exceeding analyst expectations of $17.51 billion, with an operating margin of 11.8% [5]. Business Segment Data - Online Stores: Q1 net sales for online stores were $57.407 billion, a year-over-year increase of 5%, compared to Q4's growth of 7.1% [6]. - Physical Stores: Q1 net sales for physical stores were $5.533 billion, a year-over-year increase of approximately 6.4%, exceeding analyst expectations of $5.41 billion [7]. - Subscription Services: Q1 net sales from subscription services, including Prime memberships, were $11.715 billion, a year-over-year increase of approximately 9.3% [8]. - AWS: Q1 net sales for AWS were $29.267 billion, a year-over-year increase of approximately 16.9%, slightly below analyst expectations of $29.36 billion [9]. Market Segment Data - North America: Q1 net revenue in North America was $92.89 billion, a year-over-year increase of approximately 7.6%, exceeding analyst expectations of $92.63 billion [10]. - International: Q1 net revenue outside North America was $33.51 billion, a year-over-year increase of approximately 4.9%, with an operating margin of 3% [10]. Guidance Summary - Revenue Guidance: For Q2, Amazon expects net sales between $159 billion and $164 billion, with analyst expectations at $161.42 billion [11]. - Operating Income Guidance: Q2 operating income is expected to be between $13 billion and $17.5 billion, below analyst expectations of $17.82 billion [11][17]. - Tariff Impact: Amazon's guidance does not account for potential tariff impacts post-April, indicating that future performance may be affected by trade policies [20].