Amazon利潤率創紀錄增長

https://www.wsj.com/articles/amazon-continues-profit-streak-1532635804

亞馬遜利潤率創紀錄增長（soars to record）新增業務助其季度銷量（Tally for quarter，tally，記賬）突破（top，通常見到形容詞，其動詞形式意思為高過，高出）20億。

Amazon的利潤首次超過了20億美元。公司的新增業務引領（usher，原意是接待員，引申為引導）這家線上零售巨頭（online retail giant）進入一個盈利能力膨脹的時代（into an era of swelling profitability）。

高增長領域（fast-growing areas）包括了公司的雲計算業務（cloud-computingbusiness），廣告以及在其亞馬遜網站上提供給賣家的服務，幫助推進了（propel）Amazon達到近年來最高的利潤率（profit margin）。該公司高管（executives）表示巨額投資正取得回報（paying off）。這些業務幫助彌補了（offset）其低利潤率但仍占營收大頭（still the bulk of its revenue）的零售業務。

周四，這家總部在西雅圖的公司二季度利潤從一年前的1.97億上升為25.3億美元。這也成為該公司連續三個季度利潤超過10億，並延續了三年來Amazon持續的盈利（profitability streak，streak：連勝）。Amazon不再是那個遭受損失（suffering losses）或把賺到的每一塊錢重新投資（plow back into investments, plow原意指耙地，這裡指投資）以得到極其微薄（razor-thin income，像刀片一樣薄的）收入的公司了。仍然，其他科技巨頭像Alphabet以及Microsoft都有著高得多的利潤。

Amazon的轟動季度（blockbusterquarter，blockbuster 原意為巨型炸彈，常指轟動的電影等）和Facebook形成了對比（contrasted with）。後者在周三晚間放出了減慢增長的信號，使得其股票在周四極速下跌（plunge）19%。這提醒投資者（a reminder for investors that）科技巨頭的增長並不是總能保證的(always guaranteed)。

Amazon也面臨自己的挑戰（faces its own challenges）。本周早間總統Trump再次對公司發出推特威脅，表示Amazon利用了（take advantage of）美國郵政系統（U.S. Postal Service）的便利，說美國郵政成了亞馬遜的快遞小哥。國會的一些成員也表達了（expressed concern about）對Amazon增長的規模和影響力(growing size and power)的擔心。Trump的許多推文都曾經導致股價下跌，因為投資者擔心Amazon會面臨更嚴格的監管甚至反壟斷行動(tougherregulationor evenantitrust action, trust為托拉斯，antitrust指反壟斷)。

但這些都沒減慢Amazon的增長。其季度營收529.9億未能給華爾街留下深刻印象（underwhelm），儘管增加了39%，但還是低於預期。並且其三季度的預測為540至575億美元也低於分析師平均預期（consensus estimates）。但是亮點（the star for the period）在Amazon的盈利能力。在與媒體召開的電話會議上，亞馬遜首席財務長（Finance Chief）Brian Olsavsky將利潤率改善歸功於財務紀律和服務業務的增長。5.6%的利潤率是去年二季度的一大跳躍，也是十多年來最高的比率。這個結果讓其股價增長了3.2%到$1866。今年其股價上漲了55%，其市值在$8600億徘徊。只有Apple高於此，達到$9460億。

Amazon主導了電商領域，賺取了美國約一半的網上消費。但它的網店增長相對緩慢（a smaller lift），只有12%，達到271.7億。公司從其他方面尋求擴張，將這部分的收入降到了總收入的一半。

Amazon對Whole Foods的收購新增了（added a new stream of, stream為水流，streaming常用來指在線播放，這裡指新的分支）他從實體店（physical outlets）的營收，總營收達到了43.1億。五月，Amazon向其Prime會員提供了Whole Foods 一些商品10%折扣等優惠。增加了這些優惠使得Amazon能對Prime會員提價。最近會員價增加了20%到$119一年。Amazon有超過1億會員，享受無限兩天寄送，影視內容及一些額外好處（perk），並幫助穩固了忠實客戶（foster loyalty），這些客戶通常購買兩倍於非會員。

Amazon最大的利潤驅動之一，Amazon Web Services（AWS），保持了其增長率（kept up its pace of growth）,其收益增長49%到61億。雖然（despite）有強力競爭者Microsoft和Google，AWS的營收在持續的三個季度保持增速。AWS的一些服務包括機器學習，人工智慧，數據分析收到用戶歡迎（have provenpopular）。

Amazon也發展了一些數字廣告業務，雖然小（albeit small），遠不如Google和Facebook。Amazon的優勢在於他能告訴廣告商用戶何時購買了產品，展現了廣告的有效性（effectiveness）。Amazon也在吸引類似傳統實體店（brick-and-mortar stores，brick磚mortar灰泥）保證好的上架率方面的花費。Amazon的其他營收，主要由廣告組成，較去年增長了近一倍到達21.9億。

原文節選，僅供參考：

Amazon』s Profit Soars to Record

Tally for quarter tops $2 billion with help of newer services businesses

Amazon.com Inc.』s profit topped $2 billion for the first time, powered by the company』s newer services businesses that are ushering the online retail giant into an era of swelling profitability.

Fast-growing areas including the company』s cloud-computing business, advertising offerings and services it provides to sellers on its site helped propel Amazon to its highest profit margin in years as executives said heavy investments are paying off. Those businesses have helped offset its traditional retail business, which tends to yield lower margins although still the bulk of its revenue.

The Seattle-based company on Thursday reported a second-quarter profit of $2.53 billion, up from $197 million a year earlier. That makes three straight quarters of profits over $1 billion, and extends Amazon』s profitability streak across three years. No longer is Amazon known for suffering losses or producing razor-thin income by plowing every dollar it makes back into investments. Still, other tech giants like Alphabet Inc. and Microsoft Corp. deliver much bigger profits.

「They』re paying attention more to the investor community, where in the past they seemed more long-range focused,」 said Christian Magoon, chief executive of Amplify ETFs and portfolio manager for a fund whose investments include Amazon.

Amazon』s blockbuster quarter contrasted with that of Facebook Inc., which late Wednesday signaled that its growth was slowing, sending its stock plunging 19% on Thursday. It was a reminder for investors that growth from tech』s titans isn』t always guaranteed.

Amazon faces its own challenges. President Trump earlier this week again tweeted a threat to the company, expressing his belief that Amazon takes advantage of the U.S. Postal Service, which he called its 「delivery boy.」 And some members of Congress have expressed concern about Amazon』s growing size and power. Many of the president』s tweets have sent stocks down on fears of tougher regulation or even antitrust action.

None of that is slowing Amazon, though its quarterly revenue of $52.89 billion did underwhelm Wall Street, coming in a bit below estimates even if up 39%. And its forecast third-quarter revenue of between $54 billion and $57.5 billion is also below analysts』 consensus estimates.

But the star for the period was Amazon』s profitability. Its operating margin was 5.6%, a big jump from last year』s second quarter and the highest rate in more than a decade.

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