Amazon stock: AWS grows 39%, but the quarter falls short of forecasts
Amazon reported third-quarter results: AWS cloud grew 39%, but revenue, profit and the outlook came in slightly below forecasts, and the stock fell after the close.
事件: 2026年10月29日
原始来源: 2026年10月29日
本站发布时间: 2026年10月29日 20:57 UTC
阅读: 2 分钟
发生了什么
On 29 October, after the US market closed, Amazon reported third-quarter results. Revenue was $201.9 billion, up 12% on last year. Earnings were $1.89 a share. Analysts expected $1.97 on revenue of $202.25 billion, per the Bloomberg consensus cited by Yahoo Finance.
为什么和你有关
AWS, the cloud unit, brought in $46 billion, up 39% and above forecasts. But the fourth-quarter outlook is below consensus at its midpoint, and free cash flow over 12 months turned negative at minus $42.4 billion because of spending on capacity.
要核实和关注什么
Watch how the stock opens on Friday. It was down about 7% after hours. Fourth-quarter revenue guidance is $240 billion to $247 billion. This is not investment advice.
What happened. Amazon published its third-quarter 2026 results on 29 October, right after the New York close. Revenue was $201.9 billion, up 12% on last year. Operating income was $28.1 billion, against $17.4 billion a year ago. Net income was $20.7 billion, or $1.89 a share.
Against expectations. Yahoo Finance cites the Bloomberg consensus: $1.97 a share on revenue of $202.25 billion. So revenue and profit came in slightly lower. AWS was expected to bring in $45.68 billion and delivered $46 billion.
Where the growth is. AWS grew 39% and earned $17.8 billion in operating income. North America brought in $112.9 billion, up 6%. International was $43.1 billion, up 5%. Advertising was $19.6 billion, up 11%.
The cost of growth. Operating cash flow over 12 months rose to $168.3 billion. But after spending on equipment and buildings, free cash flow for the same period turned negative: minus $42.4 billion. A year ago it was plus $14.8 billion. That money is going into AI data centers.
Outlook. For the fourth quarter Amazon expects revenue of $240 billion to $247 billion and operating income of $28.5 billion to $33.5 billion. According to Yahoo Finance, analysts expected about $244.5 billion in revenue and about $33 billion in operating income.
Reaction. Per Yahoo Finance quotes at 4:55 p.m. New York time, the stock traded at $226.99 after hours, 6.9% below the close. Our take: the cloud is growing fast, but the market is looking at the outlook and at how much that growth costs. This is not advice to buy or sell.
已确认的事实
- Amazon's third-quarter 2026 revenue was $201.9 billion, up 12% on last year.[1]
- Net income was $20.7 billion, or $1.89 a share. Operating income was $28.1 billion, against $17.4 billion a year ago.[1]
- AWS revenue was $46.0 billion, up 39%, with AWS operating income of $17.8 billion.[1]
- North America $112.9 billion (+6%), International $43.1 billion (+5%), advertising $19.6 billion (+11%).[1]
- Trailing 12-month free cash flow was minus $42.4 billion. A year ago it was plus $14.8 billion.[1]
- Fourth-quarter guidance: revenue of $240 billion to $247 billion, operating income of $28.5 billion to $33.5 billion.[1]
- Bloomberg consensus: $1.97 a share on revenue of $202.25 billion, AWS at $45.68 billion.[2]
- Analysts expected fourth-quarter guidance of about $244.5 billion in revenue and about $33 billion in operating income.[2]
- At 4:55 p.m. New York time the stock traded at $226.99 after hours, down 6.9%.[2]
影响
- 已确认Amazon's cloud business is growing faster than a year ago: 39% against 20%.
- 已确认Spending on AI data centers currently eats all of the operating cash flow.
- 我们的解读If AWS growth does not speed up further, the spending may keep weighing on the stock.
仍未知
- How the stock opens in Friday's regular session.
- How much Amazon will spend on capacity next year.
- Whether AWS can keep growing above 35%.
影响到谁
USA, Worldwide. Readers who follow big tech stocks and the AI market
来源
封面：Freekonomist 图示，象征性图片，不是事件现场照片。 这是新闻解读，不构成投资建议。
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