盘后怒涨14%！AWS三季度创三年最快增速，亚马逊资本支出超预期

Core Viewpoint - Amazon's third-quarter performance exceeded market expectations, driven by a significant acceleration in AWS growth to 20%, marking the largest increase in three years, which led to a post-market stock surge of 14% [1][3][9] Financial Highlights - Net Sales: Third-quarter net sales grew by 13% to $180.2 billion, surpassing the previous year's $158.9 billion and analyst expectations of $177.8 billion. Excluding currency effects, the year-over-year growth was 12% [4] - Operating Profit: Operating profit for the third quarter was $17.4 billion, unchanged from the previous year. Adjusted for special expenses related to FTC settlements and layoffs, the operating profit would have reached $21.7 billion [4] - Net Profit: Net profit increased to $21.2 billion, with earnings per share at $1.95, exceeding analyst expectations of $1.58. The previous year's net profit was $15.3 billion, with earnings per share of $1.43 [5] - Cash Flow: Operating cash flow for the past 12 months grew by 16% to $130.7 billion, while free cash flow decreased to $14.8 billion [5] Business Segment Performance - North America: Sales in the North America segment grew by 11% to $106.3 billion, with operating profit at $4.8 billion, down from $5.7 billion the previous year. Adjusted for special expenses, the operating profit would have been $7.3 billion [6] - International: International segment sales increased by 14% to $40.9 billion, with an operating profit of $1.2 billion, down from $1.3 billion the previous year [6] - Cloud Services (AWS): AWS revenue grew by 20% to $33 billion, exceeding analyst expectations of $32.42 billion. Operating profit was $11.4 billion, up from $10.4 billion the previous year [6][11] Future Guidance - Fourth Quarter Operating Profit: Expected operating profit for the fourth quarter is projected to be between $21 billion and $26 billion, compared to $21.2 billion in the previous year [7] Strategic Initiatives - AI Infrastructure Investment: Amazon is significantly increasing its capital expenditures, with an expected $125 billion in 2025, higher than the analyst forecast of $118.76 billion. Capital expenditures for 2026 are also expected to rise [1][12] - Collaboration with Anthropic: Amazon has invested $11 billion in the "Rainier Project" to enhance its partnership with Anthropic, focusing on AI infrastructure. The company has also reported that its self-developed AI chips are fully booked [1][14] - AI Demand: The company is experiencing strong demand for AI and core infrastructure, with over 3.8 gigawatts of capacity added in the past year [12]