AI 猛投、关税搅局，亚马逊重进 “下蹲期”？

Core Viewpoint - Amazon's Q1 2024 earnings report shows mixed results, with AWS performance disappointing in terms of growth but exceeding profit expectations, while retail segments are experiencing a decline in growth rates and profitability [8][10]. AWS Performance - AWS revenue growth for Q1 2024 was 16.9%, a slowdown of approximately 2 percentage points from the previous quarter and below the market expectation of 17.3% [1][14]. - Despite the growth slowdown, AWS's operating profit margin was unexpectedly high at 39.5%, exceeding both the previous quarter and market expectations by 2.6 percentage points and 4 percentage points, respectively [2][18]. - The decline in AWS growth is attributed to supply bottlenecks in acquiring high-performance GPUs and new data centers, limiting the release of AI demand [1][16]. Retail Segment Analysis - The overall retail revenue for Amazon was $126.4 billion, with a year-over-year growth rate of 6.9%, which is a decline of 2.2 percentage points from the previous quarter [3][20]. - North American retail growth decreased from 9.5% to 7.6%, indicating a weakening consumer environment, while international retail nominal growth dropped by 3 percentage points to 4.9% [2][21]. - Subscription services showed resilience with a 9.6% year-over-year growth, while advertising revenue grew by 17.7%, both outperforming market expectations [4][25]. Profitability Insights - Amazon's overall operating profit for the quarter was $18.4 billion, slightly above the market expectation of $17.5 billion [5][29]. - The operating profit margin for North American retail fell to 6.3%, a decrease of 1.7 percentage points from the previous quarter, while international retail maintained a margin of 3%, above market expectations [5][31]. - The increase in capital expenditures (Capex) to $26 billion indicates ongoing investments, although it raises concerns about short-term profitability pressures [6][38]. Future Guidance - For the next quarter, Amazon expects revenue in the range of $159 billion to $164 billion, implying a year-over-year growth of 9.1%, which is slightly lower than the current quarter [7][6]. - The guidance for operating profit is set between $13 billion and $17.5 billion, suggesting a potential decline in profit margins due to expected pressures on both AWS and retail profitability [7][6].