Amazon(US:AMZN) 智通财经网·2026-02-06 00:36Core Insights - Amazon reported Q4 revenue growth of 14% year-over-year to $213.4 billion, exceeding market expectations of $211.5 billion; GAAP EPS was $1.95, slightly below expectations by $0.02 [1] - The company plans to invest $200 billion in data centers and other infrastructure this year, reflecting a significant commitment to AI and technology [1][13] - Free cash flow decreased to $11.2 billion over the past twelve months, down from $38.2 billion in the same period last year, primarily due to increased capital expenditures [1] Cloud Business Focus - Amazon Web Services (AWS) saw a 24% revenue increase to $35.6 billion, marking the largest quarterly growth in over three years, surpassing expectations of $34.9 billion; however, profit margins slightly declined compared to the previous year [1][2] - AWS contributes over 60% of Amazon's operating profit, despite accounting for only 15% to 20% of total sales [1] E-commerce and Retail Operations - E-commerce remains Amazon's primary revenue source, with online store sales increasing by 10% to $83 billion, exceeding analyst expectations [7][9] - North American revenue grew by 10% to $127.1 billion, while international revenue rose by 17% to $50.7 billion, with North American operating profit at $11.5 billion [11] Advertising and Operational Efficiency - Amazon's advertising revenue grew by 23% to $21.3 billion, slightly above expectations, indicating a strong performance in the advertising sector [11] - The company has implemented significant layoffs, cutting 16,000 employees to enhance operational efficiency [13] Capital Expenditure and Investor Concerns - Amazon's capital expenditure is projected to reach $200 billion this year, significantly higher than previous analyst expectations of $146.6 billion, raising concerns about profitability [13][14] - Investors are worried that the substantial investment in AI may not yield adequate returns, leading to a decline in stock price by over 11% in after-hours trading [14] Competitive Landscape - Compared to competitors, Google Cloud and Microsoft Azure reported sales growth of 48% and 39% respectively in the same quarter, highlighting the competitive pressure on AWS [4] - CEO Andy Jassy defended AWS's growth, emphasizing the difference in revenue bases compared to competitors [4]