亚马逊公布第三季度业绩超出市场预期，得益于AWS增速加快至20%，创三年来最大涨幅，推动股价盘后一度大涨14%。该公司正全力加码AI基础设施建设，预计2025年的资本支 出约为1250亿美元，高于分析师预测的1187.6亿美元，2026年的资本支出还会进一步增加。该公司还表示，已通过110亿美元的"雷尼尔计划"强化与Anthropic的合作，自研AI芯片 供不应求 硬·AI 净销售额： 第三季度净销售额增长13%，达到1,802亿美元，高于2024年第三季度的1,589亿美元以及分析师预期的1778.2亿美元。如果不考虑全年汇率变动带来的15 亿美元利好影响，同比增长为12%。 营业利润： 第三季度营业利润为174亿美元，与2024年第三季度的174亿美元持平。2025年第三季度的营业利润包含两项特别支出——与联邦贸易委员会（FTC）法 律和解相关的25亿美元支出，以及主要与计划裁撤岗位相关的18亿美元预计遣散费用。如果不计入这些支出，营业利润将达到217亿美元。 作者 | 赵雨荷 编辑 | 硬 AI 亚马逊周三盘后公布财报显示，该公司第三季度业绩超出分析师预期，其中云业务创下三年来最大增幅，推动该公司股价盘 ...

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]