专题：聚焦2025年第三季度美股财报 亚马逊今天发布了该公司的2025财年第三季度财报。报告显示，亚马逊第三季度净销售额为1801.69亿 美元，与去年同期的1588.77亿美元相比增长13%，不计入汇率变动的影响为同比增长12%；净利润为 211.87亿美元，与去年同期的153.28亿美元相比增长38%。亚马逊第三季度营收和每股摊薄收益均超出 华尔街分析师此前预期，对第四季度营收作出的展望也超出预期，从而推动其盘后股价大幅上涨近 14%。 财报发布后，亚马逊CEO安迪·贾西（Andy Jassy）、CFO布莱恩·奥萨维斯基（Brian Olsavsky）和投资 者关系主管戴夫·菲尔德斯（Dave Fildes）回答了投资者提问。 以下是电话会议实录： 美银美林分析师Justin Post：能否请管理层介绍一下你们目前对产能水平的看法，以及当前产能受限的 程度？另外，在之前发言中，你们提到了Trainium 3（AWS自研AI训练芯片）的需求，还有可能扩大客 户群体。能否谈谈在主要客户之外，你们看到的Trainium相关需求情况？谢谢。 安迪·贾西：好的，先说说产能方面。我们已大幅提升产能。正如我在开场发言中 ...

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]

Core Viewpoint - Amazon's Q3 financial results exceeded expectations, driven by strong growth in its cloud computing business, AWS, which is experiencing its highest growth rate since 2022 [1] Group 1: Financial Performance - AWS revenue grew by 20.2% to $33 billion, marking the highest growth rate since 2022, compared to 19% in the previous quarter [1] - Earnings per share (EPS) reached $1.95, surpassing the expected $1.57 [1] - Total revenue was $180.17 billion, exceeding the forecast of $177.8 billion [1] - Advertising revenue was $17.7 billion, above the expected $17.34 billion [1] Group 2: Cloud Business Insights - Unfulfilled orders at the end of Q3 increased to $200 billion, excluding several undisclosed orders from October [1] - AWS added 3.8 GW of power capacity over the past 12 months, doubling its capacity from 2022, with plans to double it again by 2027 [1] - The Rainier data center project includes 500,000 Trainium 2 chips, with expectations to grow to 1 million chips by year-end [1] - Trainium 2 chips have become a multi-billion dollar business, with a quarterly growth of 150% [1] Group 3: Capital Expenditure and Future Guidance - Capital expenditures for FY25Q3 were $34.2 billion, a year-over-year increase of 61% and a quarter-over-quarter increase of 9%, exceeding prior guidance [2] - The company expects Q4 revenue to grow to between $206 billion and $213 billion, representing a year-over-year increase of 10%-13% [4] - Projected capital expenditures for 2025 are expected to reach $125 billion, up from a previous estimate of $118 billion [4] Group 4: E-commerce Performance - Online store revenue for FY25Q3 was $67.407 billion, showing a year-over-year increase of 10% and a quarter-over-quarter increase of 10% [5] - Third-party seller services revenue for FY25Q3 was $42.486 billion, with a year-over-year increase of 24% and a quarter-over-quarter increase of 13% [5] - Subscription services revenue for FY25Q3 reached $12.574 billion, reflecting a year-over-year increase of 20% and a quarter-over-quarter increase of 7% [5]

Group 1 - Morgan Stanley anticipates that Marvell Technology (MRVL.US) may provide better-than-expected earnings guidance in light of the recent divestiture of its Automotive Ethernet business and market concerns regarding Amazon's Trainium chips [1] - Marvell is set to announce its Q2 FY2026 financial results on August 28, with market expectations of adjusted earnings per share at $0.67 and revenue at $2.01 billion [1] - The Automotive Ethernet business was sold to Infineon for $2.5 billion, which is expected to contribute $225 million to $250 million in revenue for FY2026 [1] Group 2 - Analyst Joseph Moore from Morgan Stanley expects the optical business to show upward potential this quarter, and despite slightly lowering expectations post-divestiture, anticipates a positive earnings outlook excluding that impact [1] - AI business revenue is projected to be $876 million for the July quarter (up 6.6% quarter-over-quarter) and $955 million for the October quarter (up 9.0% quarter-over-quarter), with dedicated integrated circuits (ASICs) showing rapid growth [1] - Moore believes that the optical business may outperform expectations due to strong AI growth momentum, and it is viewed as more robust and sustainable than ASIC business, which is expected to steadily reach $2 billion in revenue this year [1] Group 3 - Regarding Micron Technology (MU.US), Morgan Stanley predicts negative sentiment in the coming quarters, particularly concerning HBM 3e high-bandwidth memory pricing, which is expected to reset with at least one customer, NVIDIA (NVDA.US), committing to pricing for the entire year of 2025 [2] - Despite the negative market sentiment, HBM is expected to maintain a meaningful premium over DDR5, although the premium is anticipated to narrow [2]