Amazon.com, Inc. (NASDAQ:AMZN) Q3 2024 Earnings Call Transcript October 31, 2024 5:00 PM ET

亚马逊公司（纳斯达克:AMZN）2024 年第三季度收益电话会议记录 2024 年 10 月 31 日 美国东部时间下午 5:00

Company Participants 公司参与者

Dave Fildes - VP of IR

戴夫·菲尔德斯 - 投资者关系副总裁

Andy Jassy - CEO 安迪·贾西 - 首席执行官

Brian Olsavsky - CFO 布莱恩·奥尔萨夫斯基 - 首席财务官

Conference Call Participants

电话会议参与者

Doug Anmuth - JPMorgan 道格·安穆斯 - 摩根大通

Ross Sandler - Barclays 罗斯·桑德勒 - 巴克莱

Brian Nowak - Morgan Stanley

布莱恩·诺瓦克 - 摩根士丹利

Eric Sheridan - Goldman Sachs

埃里克·谢里丹 - 高盛

Colin Sebastian - Baird 科林·塞巴斯蒂安 - 贝尔德

Justin Post - Bank of America

贾斯汀·波斯特 - 美国银行

Operator 操作员

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Third Quarter 2024 Financial Results Teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's call is being recorded. And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Thank you, sir. Please go ahead.

感谢您的耐心等待。大家好，欢迎参加亚马逊公司 2024 年第三季度财务业绩电话会议。目前，所有参与者都处于只听模式。演示结束后，我们将进行问答环节。今天的电话会议正在录音中。现在，我将把电话交给投资者关系副总裁 Dave Fildes 先生进行开场发言。谢谢您，先生。请开始。

Dave Fildes 戴夫·菲尔德斯

Hello, and welcome to our Q3 2024 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023. Our comments and responses to your questions reflect management's views as of today, October 31, 2024 only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

您好，欢迎参加我们 2024 年第三季度财务业绩电话会议。今天与我们一起回答您问题的是我们的首席执行官安迪·贾西和首席财务官布莱恩·奥尔萨夫斯基。在收听今天的电话会议时，我们建议您查看我们的新闻稿，其中包括我们的财务业绩以及本季度的指标和评论。请注意，除非另有说明，否则本次电话会议中的所有比较均将与我们 2023 年同期的业绩进行比较。我们对您的问题的评论和回答仅反映截至今天 2024 年 10 月 31 日管理层的观点，并将包括前瞻性声明。实际结果可能会有重大差异。有关可能影响我们财务业绩的因素的更多信息已包含在今天的新闻稿和我们向美国证券交易委员会提交的文件中，包括我们最近的 10-K 年度报告和后续提交的文件。

During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast, and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

在此次电话会议中，我们可能会讨论某些非 GAAP 财务指标。在我们的新闻稿、此次网络直播的幻灯片以及我们向 SEC 提交的文件中，每一份都发布在我们的投资者关系网站上，您将找到关于这些非 GAAP 指标的额外披露，包括这些指标与可比 GAAP 指标的对账。我们的指导意见包含了我们迄今为止看到的订单趋势以及我们今天认为适当的假设。

Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed in our filings with the SEC. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings, or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我们的结果本质上是不可预测的，并可能受到许多因素的重大影响，包括外汇汇率波动、全球经济和地缘政治状况的变化以及客户需求和支出的变化，包括对衰退担忧、通货膨胀、利率、区域劳动力市场限制、世界事件、互联网增长速度、在线商务、云服务以及新兴技术的影响，以及我们在提交给美国证券交易委员会的文件中详细说明的各种因素。我们的指导假设中包括但不限于，我们不会进行任何额外的业务收购、重组或法律和解。无法准确预测对我们商品和服务的需求，因此，我们的实际结果可能与我们的指导存在重大差异。

And now, I'll turn the call over to Andy.

现在，我将电话交给安迪。

Andy Jassy 安迪·贾西

Thanks, Dave. Today, we're reporting $158.9 billion in revenue, up 11% year-over-year excluding the impact from foreign exchange rates. Operating income was $17.4 billion, up 56% year-over-year, and trailing 12-month free cash flow adjusted for equipment finance leases was $46.1 billion, up 128% or $25.9 billion year-over-year. As always, we're focused on making our customers' lives better and easier and thinking long term with respect to how we can keep helping customers and build a successful business to outlast all of us.

谢谢，戴夫。今天，我们报告的收入为 1589 亿美元，同比增长 11%，不包括外汇汇率的影响。营业收入为 174 亿美元，同比增长 56%，调整后的设备融资租赁的过去 12 个月自由现金流为 461 亿美元，同比增长 128%或 259 亿美元。我们一如既往地专注于改善和简化客户的生活，并从长远考虑如何持续帮助客户并建立一个能够超越我们的成功企业。

In our stores business, we saw sales growth of 9% year-over-year in the North America segment and 12% year-over-year in the international segment. Our team continues to focus on the inputs that matter most to customers, really broad selection, low prices, fast and free delivery, and a range of compelling Prime member benefits, including our recent additions of unlimited grocery delivery from Whole Foods Market, Amazon Fresh, and local third-party grocery partners for $9.99 a month and fuel savings of $0.10 a gallon at bp, Amoco, and ampm stations in the US.

在我们的门店业务中，北美地区的销售额同比增长了 9%，国际地区的销售额同比增长了 12%。我们的团队继续专注于对客户最重要的因素，包括非常广泛的选择、低价、快速且免费的配送，以及一系列吸引人的 Prime 会员福利，其中包括我们最近新增的 Whole Foods Market、Amazon Fresh 和本地第三方杂货合作伙伴的无限量杂货配送服务，每月仅需$9.99，以及在美国 bp、Amoco 和 ampm 加油站每加仑节省$0.10 的燃油费用。

At a time when consumers are being careful about how much they spend, we're continuing to lower prices and ship even more quickly, and we can see this resonating with customers as our unit growth continues to be strong and outpace even our revenue growth. In the last few months, we've hosted our largest and most successful Prime Day and Prime Big Deal Days ever and helped customers save over $5 billion across more than 50 million deals. And for the second year in a row, we are on track to deliver our fastest speeds ever for Prime members globally.

在消费者对支出更加谨慎的时期，我们继续降低价格并加快发货速度，我们可以看到这在客户中产生了共鸣，因为我们的单位增长继续强劲，甚至超过了我们的收入增长。在过去几个月中，我们举办了有史以来最大和最成功的 Prime 会员日和 Prime 大促销日，帮助客户在超过五千万个交易中节省了超过五十亿美元。而且连续第二年，我们有望为全球 Prime 会员提供有史以来最快的速度。

We also continue to focus on lowering our cost to serve and are pursuing several initiatives that we believe will have meaningful long-term impact in this area. First, we continue to believe there are more gains on top of what we've captured thus far in outbound regionalization and getting more items closer to end consumers. As such, we're in the process of significantly changing the way we inbound items into our fulfillment network and subsequently spread them to our regional fulfillment nodes. In the last few months, we've made hundreds of changes to our US inbound network and opened more than 15 inbound buildings. While still relatively early in this re-architecture, we've already improved our ability to spread inventory across our fulfillment centers by 25% year-over-year, allowing us to have more of the requisite items in fulfillment centers closest to the customer, so we can compile shipments and ship to customers even more quickly. As we scale and optimize this new design, we expect these changes will further improve inventory placement, offer faster delivery time, save transportation costs, and enable us to increase units shipped per box.

我们也继续专注于降低服务成本，并正在推进几项我们认为将在这一领域产生有意义的长期影响的举措。首先，我们继续相信，在出库区域化和将更多商品更接近终端消费者方面，我们已经取得的成果之上还有更多的提升。因此，我们正在显著改变将商品入库到我们的履行网络的方式，并随后将其分散到我们的区域履行节点。在过去的几个月中，我们对美国的入库网络进行了数百项更改，并开设了超过 15 个入库建筑。虽然这一重新架构仍处于相对早期阶段，但我们已经提高了在履行中心之间分配库存的能力，同比增长 25%，使我们能够在最接近客户的履行中心拥有更多必要的商品，从而能够更快地整理货物并发货给客户。随着我们扩大和优化这一新设计，我们预计这些变化将进一步改善库存放置，提供更快的交付时间，节省运输成本，并使我们能够增加每箱发货的单位数量。

Second, we continue to roll out same-day delivery facilities, which is not only the fastest way to get products to customers but also one of our lowest cost ways to deliver. Over 40 million customers this past quarter have had their orders delivered for free with same-day delivery, an increase of more than 25% year-over-year. And third, we continue to innovate in robotics to speed delivery, lower cost to serve, and further improve safety in our fulfillment network. We recently launched our 12th-generation fulfillment center design with the first building launching in Shreveport, Louisiana. This is the first facility that incorporates our newest robotics inventions that simplify stowing, picking, packing, and shipping processes. Thus far, this new design reduces fulfillment processing time by up to 25%, increases the number of items we can offer for same-day or next-day delivery and is expected to drive a 25% improvement in our cost to serve during peak within this next generation facility. Though we believe we have more expansive automation and robotics than other retail peers, it's still early days in how much automation we expect in our fulfillment network.

其次，我们继续推出当日送达设施，这不仅是将产品送达客户的最快方式，也是我们最低成本的送货方式之一。过去一个季度，超过 4000 万客户通过当日送达免费收到了他们的订单，同比增长超过 25%。第三，我们继续在机器人技术方面进行创新，以加快交付速度、降低服务成本，并进一步提高我们履行网络的安全性。我们最近在路易斯安那州什里夫波特推出了第十二代履行中心设计的首个建筑。这是第一个结合我们最新机器人发明的设施，简化了存储、拣选、包装和运输流程。到目前为止，这一新设计将履行处理时间缩短了多达 25%，增加了我们可以提供当日或次日送达的商品数量，并预计在这一下一代设施的高峰期内推动服务成本提高 25%。尽管我们相信我们的自动化和机器人技术比其他零售同行更为广泛，但在我们履行网络中预期的自动化程度上仍处于早期阶段。

In advertising, we remain pleased with our progress, generating $14.3 billion of revenue in the quarter, 18.8% year-over-year growth. Our expansive reach, ability to service relevant offers to our customers, opportunity to engage customers from the top of the funnel to point of purchase, and leading capabilities around measuring outcomes at every touch point provide all types of brands with full funnel advertising at scale.

在广告方面，我们对取得的进展感到满意，本季度实现了 143 亿美元的收入，同比增长 18.8%。我们广泛的覆盖范围、为客户提供相关优惠的能力、从漏斗顶端到购买点与客户互动的机会，以及在每个接触点测量结果的领先能力，为各种品牌提供了大规模的全漏斗广告服务。

With sponsored products, we're seeing meaningful growth on a very large base, and we see further opportunity in driving even better performance for advertisers by further improving the relevancy of the ads we show and by providing additional optimization controls. At the same time, some of our newer offerings are in their very early days. We're just entering our first broadcast season for Prime Video advertising, following a very strong showing at upfronts. And we're continuing to support brands of all sizes with our Generative AI-powered creative tools across display, video and audio, including our video generator that uses a single product image to curate custom AI-generated videos. While we're generating a lot of advertising revenue today, there remains considerable upside.

通过赞助产品，我们在一个非常大的基础上看到了有意义的增长，并且我们看到通过进一步提高我们展示广告的相关性和提供额外的优化控制来为广告商带来更好表现的进一步机会。同时，我们的一些新产品还处于非常早期的阶段。我们刚刚进入 Prime Video 广告的第一个播出季，在前期展示中表现非常强劲。我们继续通过我们的生成式 AI 创意工具支持各种规模的品牌，这些工具涵盖展示、视频和音频，包括使用单个产品图像来策划自定义 AI 生成视频的视频生成器。虽然我们今天正在产生大量广告收入，但仍有相当大的上升空间。

AWS grew 19.1% year-over-year and now stands at a $110 billion annualized run rate. We've seen significant reacceleration of AWS growth for the last four quarters. With the broadest functionality, the strongest security and operational performance and the deepest partner community, AWS continues to be a customer's partner of choice. There are signs of this in every part of AWS's business. We see more enterprises growing their footprint in the cloud, evidenced in part by recent customer deals with the ANZ Banking Group, Booking.com, Capital One, Fast Retailing, Itaú Unibanco, National Australia Bank, Sony, T-Mobile, and Toyota.

AWS同比增长19.1%，年化收入达到1100亿美元。过去四个季度，我们见证了AWS增长的显著加速。凭借最广泛的功能、最强的安全性和运营性能以及最深厚的合作伙伴社区，AWS继续成为客户的首选合作伙伴。在AWS的每个业务领域都可以看到这一迹象。越来越多的企业在云端扩大其业务规模，部分证据来自近期与客户的合作，包括澳新银行集团（ANZ Banking Group）、Booking.com、Capital One、迅销（Fast Retailing）、巴西伊塔乌联合银行（Itaú Unibanco）、澳大利亚国家银行（National Australia Bank）、索尼（Sony）、T-Mobile和丰田（Toyota）。

You can look at our partnership with NVIDIA called Project Ceiba, where NVIDIA has chosen AWS's infrastructure for its R&D supercomputer due in part to AWS's leading operational performance and security. And you can see how AWS continues to innovate in its infrastructure capabilities. With deliveries like Aurora Limitless Database, which extends AWS's very successful relational database to support millions of database writes per second and manage petabytes of data whilst maintaining the simplicity of operating a single database or with our custom Graviton4 CPU instances, which provide up to nearly 40% better price performance versus other leading x86 processors.

您可以查看我们与 NVIDIA 的合作项目，名为 Project Ceiba，其中 NVIDIA 选择了 AWS 的基础设施用于其研发超级计算机，部分原因是 AWS 在运营性能和安全性方面的领先地位。您可以看到 AWS 如何在其基础设施能力上不断创新。通过像 Aurora Limitless Database 这样的交付，它扩展了 AWS 非常成功的关系数据库，以支持每秒数百万次数据库写入，并在保持单一数据库操作简单性的同时管理 PB 级数据，或者通过我们的定制 Graviton4 CPU 实例，与其他领先的 x86 处理器相比，提供高达近 40%的更佳性价比。

Companies are focused on new efforts again, spending energy on modernizing their infrastructure from on-premises to the cloud. This modernization enables companies to save money, innovate more quickly, and get more productivity from their scarce engineering resources. However, it also allows them to organize their data in the right architecture and environment to do Generative AI at scale. It's much harder to be successful and competitive in Generative AI if your data is not in the cloud.

公司再次专注于新的努力，致力于将其基础设施从本地现代化到云端。这种现代化使公司能够节省资金、更快地创新，并从稀缺的工程资源中获得更高的生产力。然而，它也使他们能够在正确的架构和环境中组织数据，以大规模进行生成式人工智能。如果您的数据不在云端，在生成式人工智能方面取得成功和竞争力要困难得多。

The AWS team continues to make rapid progress in delivering AI capabilities for customers in building a substantial AI business. In the last 18 months, AWS has released nearly twice as many machine learning and GenAI features as the other leading cloud providers combined. AWS's AI business is a multibillion-dollar revenue run rate business that continues to grow at a triple-digit year-over-year percentage and is growing more than 3 times faster at this stage of its evolution as AWS itself grew, and we felt like AWS grew pretty quickly.

AWS团队在为客户提供人工智能能力方面持续快速推进，正在建立一个具有重要规模的人工智能业务。在过去的18个月中，AWS发布的机器学习和生成式AI功能数量几乎是其他主要云服务提供商总和的两倍。AWS的人工智能业务是一个年收入数十亿美元的业务，年同比增长率保持在三位数，增长速度是AWS本身在类似发展阶段的三倍以上，而当时我们已经觉得AWS的增长非常迅速了。

We talk about our AI offering as three macro layers of the stack, with each layer being a giant opportunity and each is progressing rapidly. At the bottom layer, which is for model builders, we were the first major cloud provider to offer NVIDIA's H200 GPUs through our EC2 P5e instances. And thanks to our networking innovations like Elastic Fabric adapter and Nitro, we continue to offer advantaged networking performance. And while we have a deep partnership with NVIDIA, we've also heard from customers that they want better price performance on their AI workloads. As customers approach higher scale in their implementations, they realize quickly that AI can get costly. It's why we've invested in our own custom silicon in Trainium for training and Inferentia for inference. The second version of Trainium, Trainium2 is starting to ramp up in the next few weeks and will be very compelling for customers on price performance. We're seeing significant interest in these chips, and we've gone back to our manufacturing partners multiple times to produce much more than we'd originally planned.

我们将我们的人工智能产品分为三大宏观层，每一层都是一个巨大的机会，并且每一层都在快速发展。在底层，为模型构建者提供服务，我们是首个通过我们的 EC2 P5e 实例提供 NVIDIA H200 GPU 的主要云服务提供商。得益于我们的网络创新，如 Elastic Fabric 适配器和 Nitro，我们继续提供优越的网络性能。虽然我们与 NVIDIA 有深厚的合作关系，但我们也听到客户希望在他们的人工智能工作负载上获得更好的性价比。当客户在实施中达到更高规模时，他们很快意识到人工智能可能会变得昂贵。这就是为什么我们在 Trainium 用于训练和 Inferentia 用于推理方面投资了我们自己的定制硅片。Trainium 的第二个版本，Trainium2 将在接下来的几周内开始加速推广，并将在性价比方面对客户非常有吸引力。我们看到对这些芯片的显著兴趣，并且我们多次回到制造合作伙伴那里，生产远超我们最初计划的数量。

We also continue to see increasingly more model builders standardize an Amazon SageMaker, our service that makes it much easier to manage your AI data, build models, experiment, and deploy to production. This team continues to add features at a rapid clip punctuated by SageMaker's unique hyperpod capability, which automatically splits training workloads across more than 1,000 AI accelerators, prevents interruptions by periodically saving checkpoints, and automatically repairing faulty instances from their last saved checkpoint and saving training time by up to 40%. At the middle layer where teams want to leverage an existing foundation model customized with their data and then have features to deploy high-quality Generative AI applications, Amazon Bedrock has the broadest selection of leading foundation models and most compelling modules for key capabilities like model valuation, guardrails, rag and agents.

我们还继续看到越来越多的模型构建者将亚马逊 SageMaker 标准化，这是我们的服务，使管理您的 AI 数据、构建模型、实验和部署到生产变得更加容易。这个团队继续以快速的速度添加功能，其中包括 SageMaker 独特的 hyperpod 功能，该功能可以自动将训练工作负载分配到超过 1,000 个 AI 加速器上，通过定期保存检查点来防止中断，并自动从最后保存的检查点修复故障实例，从而节省多达 40% 的训练时间。在中间层，团队希望利用现有的基础模型并根据他们的数据进行定制，然后拥有功能来部署高质量的生成式 AI 应用程序，Amazon Bedrock 拥有最广泛的领先基础模型选择和最具吸引力的模块，用于模型评估、护栏、RAG 和代理等关键功能。

Recently, we've added Anthropic's Claude 3.5 Sonnet model, Meta's Llama 3.2 models, Mistral's Large 2 models and multiple stability AI models. We also continue to see teams use multiple model types from different model providers and multiple model sizes in the same application. There's mucking orchestration required to make this happen. And part of what makes Bedrock so appealing to customers and why it has so much traction is that Bedrock makes this much easier. Customers have many other requests, access to even more models, making prompt management easier, further optimizing inference costs, and our Bedrock team is hard at work making this happen.

最近，我们添加了 Anthropic 的 Claude 3.5 Sonnet 模型、Meta 的 Llama 3.2 模型、Mistral 的大型 2 模型以及多个稳定的 AI 模型。我们还继续看到团队在同一个应用程序中使用来自不同模型提供商的多种模型类型和多种模型大小。要实现这一点需要进行复杂的编排。而 Bedrock 之所以对客户如此有吸引力并且获得如此多的关注，部分原因是 Bedrock 使这一过程变得更加容易。客户还有许多其他请求，比如访问更多的模型、简化提示管理、进一步优化推理成本，我们的 Bedrock 团队正在努力实现这些目标。

At the application or top layer, we're continuing to see strong adoption of Amazon Q, the most capable Generative AI-powered assistant for software development and to leverage your own data. Q has the highest reported code acceptance rates in the industry for multiline code suggestions. The team has added all sorts of capabilities in the last few months, but the very practical use case recently shared where Q Transform saved Amazon's teams $260 million and 4,500 developer years in migrating over 30,000 applications to new versions of the Java JDK as excited developers and prompted them to ask how else we could help them with tedious and painful transformations. Spend a few minutes reading developer forums about what they wish they could move away from, and you'll get an idea of what they want. Expect more practical AI game changers from Q.

在应用或顶层，我们继续看到对 Amazon Q 的强劲采用，这是最强大的生成式 AI 驱动的辅助工具，用于软件开发和利用您自己的数据。Q 在多行代码建议的代码接受率方面是行业中最高的。团队在过去几个月中增加了各种功能，但最近分享的一个非常实用的用例是 Q Transform 在将超过 30,000 个应用程序迁移到 Java JDK 的新版本时，为亚马逊团队节省了 2.6 亿美元和 4,500 个开发人员年的时间，这让开发人员感到兴奋，并促使他们询问我们还能如何帮助他们进行繁琐而痛苦的转换。花几分钟阅读开发者论坛，了解他们希望摆脱的东西，您就会明白他们想要什么。期待 Q 带来更多实用的 AI 变革者。

We're also using Generative AI pervasively across Amazon's other businesses with hundreds of apps in development or launched. For consumers, we've expanded Rufus, our Generative AI-powered expert shopping assistant to the UK, India, Germany, France, Italy, Spain, and Canada. And in the US, we've added more personalization, the ability to better narrow customer intent and real-time pricing and deal information. We've recently debuted AI Shopping Guides for consumers, which simplifies product research by using Generative AI to pair key factors to consider in a product category with Amazon's wide selection, making it easier for customers to find the right product for their needs.

我们还在亚马逊的其他业务中广泛使用生成式人工智能，开发或推出了数百个应用程序。对于消费者，我们已将生成式人工智能驱动的专家购物助手 Rufus 扩展到英国、印度、德国、法国、意大利、西班牙和加拿大。在美国，我们增加了更多个性化功能，能够更好地缩小客户意图范围，并提供实时定价和交易信息。我们最近为消费者推出了 AI 购物指南，通过使用生成式人工智能将产品类别中需要考虑的关键因素与亚马逊的广泛选择相结合，简化了产品研究，使客户更容易找到适合其需求的产品。

For sellers, we've recently launched Project Amelia, an AI system that offers tailored business insights to boost productivity and drive seller growth. We continue to rearchitect the brain of Alexa with a new set of foundation models that we'll share with customers in the near future, and we're increasingly adding more AI into all of our devices. Take the new Kindle Scribe we just announced. The note-taking experience is much more powerful with the new built-in AI-powered notebook, which enables you to quickly summarize pages of notes into concise bullets in a script font that can easily be shared.

对于卖家，我们最近推出了 Project Amelia，这是一种 AI 系统，提供量身定制的商业洞察，以提高生产力并推动卖家增长。我们继续用一套新的基础模型重新构建 Alexa 的大脑，并将在不久的将来与客户分享，同时我们在所有设备中越来越多地加入 AI。看看我们刚刚宣布的新款 Kindle Scribe。借助新的内置 AI 驱动的笔记本，记笔记体验更加强大，可以快速将页面笔记总结为简洁的要点，并以易于分享的手写字体呈现。

Speaking of Kindle products, we just launched a completely new Kindle lineup, the first time we've done a portfolio refresh of this size. Apart from the Scribe, it includes the first-ever color Kindle, the fastest Kindle Paperwhite ever and a new pocket-sized Kindle. The early sales for these devices have significantly outperformed our expectations, and Kindle is having an excellent year with customers reading more than ever. We now have over 20 billion average monthly pages read on Kindle devices worldwide.

说到 Kindle 产品，我们刚刚推出了全新的 Kindle 产品线，这是我们首次进行如此大规模的产品更新。除了 Scribe 之外，还包括首款彩色 Kindle、有史以来最快的 Kindle Paperwhite 和一款新的口袋型 Kindle。这些设备的早期销售大大超出了我们的预期，Kindle 今年表现出色，客户的阅读量比以往任何时候都多。我们现在在全球 Kindle 设备上每月平均阅读超过 200 亿页。

There are so many things we're energized by right now, but we'll quickly mention one more, the progress we're making in improving customers' pharmacy experience. Brick-and-mortar pharmacies account for just over 90% of prescriptions dispensed in the US that require customers to make trips to forlorn physical venues with much of the selection behind locked shelves, waiting lines for meds and only finding out about pricing at the point of purchase. The largest mail order pharmacies offer delivery in 5 to 10 business days. We think customers deserve better.

现在有很多事情让我们感到振奋，但我们会快速提到另一个，我们在改善客户药房体验方面取得的进展。实体药房占美国处方药分发量的 90%以上，这要求客户前往偏僻的实体场所，许多药品被锁在货架后面，排队等候药物，并且只有在购买时才能知道价格。最大的邮购药房提供 5 到 10 个工作日的送货服务。我们认为客户应该得到更好的服务。

Today, we can deliver to 95% of first-time Amazon Pharmacy customers in the US within two business days and to 20% of US Prime members within 24 hours. Next year, we plan to launch operations in 20 new cities, so nearly half the US will have the ability to have their medications delivered to their door within hours. We believe making it easier for customers to get their medications will improve medication adherence, which we know can directly improve health outcomes. Across Amazon, we have a lot coming in the next few months. We eagerly look forward to sharing these with customers, and a big thank you to my Amazon teammates around the world for all their hard work.

今天，我们可以在两个工作日内向 95%的美国亚马逊药房首次客户交付订单，并在 24 小时内向 20%的美国 Prime 会员交付订单。明年，我们计划在 20 个新城市启动运营，因此几乎一半的美国地区将能够在数小时内将药物送到客户家门口。我们相信，让客户更容易获得药物将改善药物依从性，而我们知道这可以直接改善健康结果。在整个亚马逊，我们在接下来的几个月里有很多计划。我们热切期待与客户分享这些计划，并向全球的亚马逊团队成员致以诚挚的感谢，感谢他们的辛勤工作。

And with that, I'll turn it over to Brian for a financial update.

因此，我将把时间交给布莱恩，让他进行财务更新。

Brian Olsavsky 布莱恩·奥尔萨夫斯基

Thanks, Andy. Let's start with our top line financial results. Worldwide revenue was $158.9 billion, an 11% increase year-over-year, excluding a 20 basis point unfavorable impact of foreign exchange. As a reminder, our Q3 guidance had anticipated a larger unfavorable impact of approximately 90 basis points. Worldwide operating income increased 56% year-over-year to $17.4 billion, our highest quarterly operating income ever and was $2.4 billion above the high end of our guidance range. We remain focused on streamlining and managing costs in a way that allows us to continue inventing for customers in a cost-effective way.

谢谢，安迪。让我们从我们的主要财务业绩开始。全球收入为 1589 亿美元，同比增长 11%，不包括外汇带来的 20 个基点的不利影响。提醒一下，我们的第三季度指引曾预计大约 90 个基点的更大不利影响。全球营业收入同比增长 56%，达到 174 亿美元，是我们有史以来最高的季度营业收入，并且比我们指引范围的高端高出 24 亿美元。我们仍然专注于简化和管理成本，以一种能够以成本效益的方式继续为客户创新的方式。

In the third quarter, North America segment revenue was $95.5 billion, an increase of 9% year-over-year. International segment revenue was $35.9 billion, an increase of 12% year-over-year. Worldwide paid units accelerated to 12% growth year-over-year as our customers continue to come to Amazon for low prices, broad selection and convenient fast delivery. Prime remains a core contributor to this growth. Year-over-year paid membership growth accelerated in Q3 from both the US and globally, helped by our tenth annual Prime Day event in mid-July.

在第三季度，北美地区的收入为 955 亿美元，同比增长 9%。国际地区的收入为 359 亿美元，同比增长 12%。全球付费单位同比增长加速至 12%，因为我们的客户继续选择亚马逊以获得低价、广泛的选择和便捷的快速配送。Prime 仍然是这一增长的核心贡献者。由于我们在 7 月中旬举办的第十届年度 Prime Day 活动，第三季度美国和全球的付费会员增长同比加速。

Customers are enjoying even faster delivery speeds, which also helps drive strong growth in items like everyday essentials. This includes items like health, beauty, and personal care as well as nonperishable grocery. Though all these items often have a lower average selling price, the strength in everyday essential's revenue is a positive indicator that customers are turning to us for more of their daily needs. We see that when customers purchase these types of items from us, they build bigger baskets, shop more frequently and spend more on Amazon. We remain focused on keeping prices sharp and offering broad selection that gives customers options when making purchase decisions.

客户正在享受更快的送货速度，这也有助于推动日常必需品等商品的强劲增长。这包括健康、美容和个人护理用品以及非易腐食品杂货。尽管所有这些商品的平均售价通常较低，但日常必需品收入的强劲表现是一个积极的指标，表明客户越来越多地依赖我们来满足他们的日常需求。我们发现，当客户从我们这里购买这些类型的商品时，他们会增加购物篮的大小，更频繁地购物，并在亚马逊上花费更多。我们始终专注于保持价格竞争力，并提供广泛的选择，为客户在做出购买决策时提供更多选择。

Shifting to profitability. Our North America and international segments each delivered their seventh consecutive quarter of year-over-year operating margin improvement. North America segment operating income was $5.7 billion, an increase of $1.4 billion year-over-year. North America operating margin was 5.9%, up 100 basis points year-over-year. In the third quarter, we continue to make progress in improving our fulfillment network cost structure, driven in part by improved inventory placement. This helped us drive better productivity in our transportation network and shipping efficiency from higher units per box.

转向盈利。我们的北美和国际部门各自连续第七个季度实现了同比营业利润率的改善。北美部门的营业收入为 57 亿美元，同比增长 14 亿美元。北美营业利润率为 5.9%，同比上升 100 个基点。在第三季度，我们在改善履行网络成本结构方面继续取得进展，部分原因是库存放置的改善。这帮助我们提高了运输网络的生产力和每箱单位数增加带来的运输效率。

In the international segment, operating income was $1.3 billion, an improvement of $1.4 billion year-over-year. International operating margin was 3.6%, up 390 basis points year-over-year. So far this year, we've generated operating profit in each of the three quarters for the international segment and totals $2.5 billion year-to-date. We're seeing strength in our established countries like the UK and Germany as we continue to drive efficiencies to improve on-road productivity in our transportation network and better execution in our fulfillment centers.

在国际业务方面，营业收入为 13 亿美元，同比增加 14 亿美元。国际营业利润率为 3.6%，同比上升 390 个基点。今年到目前为止，我们在国际业务的每个季度都实现了营业利润，年初至今总计 25 亿美元。我们在英国和德国等成熟国家表现强劲，因为我们继续提高效率，以改善运输网络的道路生产力和履行中心的执行力。

Our emerging countries are growing revenue at a healthy rate also, and they are leveraging their cost structures on investing strategically in Prime benefits. We have confidence that our focus on the inputs, coupled with the strength of our global teams, will continue to drive improvement over time.

我们的新兴国家收入也在以健康的速度增长，并且它们正在利用其成本结构战略性地投资于 Prime 福利。我们相信，专注于投入，加上我们全球团队的实力，将继续推动长期的改进。

Advertising remains an important contributor to profitability in the North America and international segments. This quarter, we saw strong growth on an increasing large base of advertising revenue. We see many opportunities to further expand our ads offering in areas that are driving growth today like Sponsored Products as well as more recent growth areas like Prime Video ads.

广告仍然是北美和国际市场盈利的重要贡献者。本季度，我们在不断增长的广告收入基础上实现了强劲增长。我们看到许多机会可以在推动当前增长的领域进一步扩展我们的广告产品，例如赞助产品，以及像 Prime Video 广告这样的新兴增长领域。

Moving next to our AWS segment. Revenue was $27.5 billion, an increase of 19.1% year-over-year, excluding the impact of foreign exchange. AWS now has an annualized revenue run rate of $110 billion. The business continues to grow, mostly opportunity to expand our core cloud offering and our AI services. Customers increasingly recognize that to get the true benefit of Generative AI, they also need to move to the cloud.

接下来是我们的AWS部门。收入为275亿美元，同比增长19.1%，不包括外汇影响。AWS现在的年化收入达到了1100亿美元。业务持续增长，主要机会在于扩展我们的核心云产品和人工智能服务。客户越来越认识到，要真正享受生成式AI的优势，他们也需要迁移到云端。

AWS operating income was $10.4 billion, an increase of $3.5 billion year-over-year as a result of our continued focus on cost control, including a measured pace of hiring, a focus on driving efficiencies in our infrastructure, and reducing costs across the business. Additionally, we increased the estimated useful life of our servers starting in 2024, which contributed approximately 200 basis points to the AWS margin increase year-over-year in Q3. As we said in the past, we expect the AWS operating margins to fluctuate, driven in part by the level of investments we're making at any point in time.

AWS 的营业收入为 104 亿美元，同比增长 35 亿美元，这得益于我们持续关注成本控制，包括有节奏的招聘、专注于提高基础设施效率以及降低整个业务的成本。此外，我们从 2024 年开始增加了服务器的预计使用寿命，这为 AWS 在第三季度的同比利润率增长贡献了大约 200 个基点。正如我们过去所说，我们预计 AWS 的营业利润率会波动，部分原因是我们在任何时间点进行的投资水平。

Now turning to our capital investments. As a reminder, we define these as a combination of cash CapEx plus equipment finance leases. Year-to-date capital investments were $51.9 billion. We expect to spend approximately $75 billion in CapEx in 2024. The majority of the spend is to support the growing need for technology infrastructure. This primarily relates to AWS as we invest to support demand for our AI services while also including technology infrastructure to support our North America and international segments. Additionally, we're continuing to invest in our fulfillment and transportation network to support the growth of the business, improve delivery speeds and lower our cost to serve. This includes investments in same-day delivery facilities, in our inbound network and as well in robotics and automation. We're encouraged by the start of the holiday season, which kicked off in October with a strong Prime Big Deal Days.

现在转向我们的资本投资。提醒一下，我们将其定义为现金资本支出加上设备融资租赁的组合。截至目前的资本投资为 519 亿美元。我们预计在 2024 年将花费约 750 亿美元用于资本支出。大部分支出是为了支持对技术基础设施日益增长的需求。这主要涉及 AWS，因为我们投资以支持对 AI 服务的需求，同时也包括支持我们北美和国际业务部门的技术基础设施。此外，我们还在继续投资我们的履行和运输网络，以支持业务增长，提高交付速度并降低服务成本。这包括对当日达设施、我们的入库网络以及机器人和自动化的投资。我们对假日季节的开始感到鼓舞，该季节于 10 月以强劲的 Prime Big Deal Days 拉开帷幕。

We are ready to serve customers throughout the season, and I want to thank our teams across Amazon for delivering two very large Prime member events in the past four months and for getting us ready to delight customers during this holiday season.

我们已准备好在整个季节为客户服务，我要感谢我们在亚马逊的团队在过去四个月中举办了两场非常大型的 Prime 会员活动，并让我们准备好在这个假期季节让客户满意。

With that, let's move on to your questions.

那么，让我们继续回答你的问题。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] And the first question comes from the line of Doug Anmuth with JPMorgan. Please proceed with your question.

[操作员说明] 第一个问题来自摩根大通的 Doug Anmuth。请继续提问。

Doug Anmuth 道格·安穆斯

Thanks so much for taking the questions. Brian, I was hoping you could talk a little bit more about the drivers of the 38% AWS margins. I know you mentioned the 200 basis points related to the useful lives push-out, but just how to think about sustainability kind of in the 30s there going forward? And then perhaps related the step-up in CapEx that you saw in 3Q, you gave the full-year number, which was helpful. Any kind of early read or thoughts on how we should think about 2025? Thanks so much.

非常感谢回答这些问题。布莱恩，我希望你能多谈谈 38% AWS 利润率的驱动因素。我知道你提到了与使用寿命延长相关的 200 个基点，但如何考虑未来在 30%左右的可持续性？然后可能与您在第三季度看到的资本支出增加有关，您给出了全年数字，这很有帮助。关于我们应该如何看待 2025 年，有什么早期的看法或想法吗？非常感谢。

Brian Olsavsky 布莱恩·奥尔萨夫斯基

Okay. Thanks, Doug. Let me start with AWS. Yeah, the primary drivers of the year-over-year margin increase are threefold. So first is accelerating top-line demand. That helps with all of our efficiencies, our cost-control efforts and of course, what you just mentioned, I believe, the change in the useful life of our servers this year. Let me remind you on that one. We made the change in 2024 to extend the useful life of our servers. This added about 200 basis-points of margin year-over-year. On cost-control, it's been a number of areas. It's -- first is hiring and staffing. We're being very measured in our hiring and you can tell as a company where our office staff is down slightly year-over-year and it's flat to the end of last year. So we're really working hard to maintain our efficiencies not only in the sales force and other areas and production teams, but also in our infrastructure areas. Infrastructure is a big part of our cost structure in AWS and we're probably the best at matching up supply and demand and driving cost efficiencies and driving those operations very, very strongly. And I think you saw that this quarter, especially on the higher-volume. And over-time, this margin will fluctuate in the segment. It's a number of factors to keep in mind, including our level of investment in the amount of innovation and product development we're doing for new products and services, changes in our staffing for sales and support organizations and of course, capital to support customer growth and to build cost performance chips for our customers' applications. So as I mentioned, we do a really good job of matching supply and demand and we do that in this business, it can result in quarters that we just saw.

好的。谢谢，Doug。让我从 AWS 开始。是的，年度利润率增长的主要驱动因素有三个。首先是加速的收入增长。这有助于我们所有的效率、成本控制努力，当然，还有你刚才提到的，我相信是我们今年服务器使用寿命的变化。让我提醒你一下。我们在 2024 年做出了改变，延长了我们服务器的使用寿命。这增加了大约 200 个基点的年度利润率。在成本控制方面，有多个领域。首先是招聘和人员配置。我们在招聘方面非常谨慎，你可以看到作为一家公司，我们的办公室员工人数同比略有下降，与去年年底持平。因此，我们非常努力地保持我们的效率，不仅在销售团队和其他领域以及生产团队中，而且在我们的基础设施领域。基础设施是我们 AWS 成本结构的重要组成部分，我们可能是最擅长匹配供需、推动成本效率并非常强有力地推动这些运营的公司。我认为你在本季度尤其是在高容量方面看到了这一点。 随着时间的推移，这一利润率将在该领域波动。需要记住的因素有很多，包括我们在创新和产品开发方面的投资水平，我们为新产品和服务所做的工作，销售和支持组织的人员变动，当然还有支持客户增长的资本，以及为客户应用构建成本性能芯片。因此，正如我所提到的，我们在匹配供需方面做得非常好，在这个业务中，这可能导致我们刚刚看到的季度表现。

Andy Jassy 安迪·贾西

Yeah, I'll take the capex part of that. As Brian said in his opening comments, we expect to spend about $75 billion in 2024. I suspect we'll spend more than that in 2025. And the majority of it is for AWS and specifically, the increased bumps here are really driven by Generative AI. As I was mentioning in my own opening comments, our AI business is a multi-billion dollar business that's growing triple-digit percentages year-over-year and is growing three times faster at its stage of evolution than AWS did itself. We thought AWS grew pretty fast. And so the thing to remember about the AWS business is the cash life cycle is such that the faster we grow demand, the faster we have to invest capital in data centers and networking gear and hardware. And of course, in the hardware of AI, the accelerators or the chips are more expensive than the CPU hardware. And so we invest in all of that upfront in advance of when we can monetize it with customers using the resources. But of course, a lot of these assets are many year useful life assets. Data centers, for instance, are useful assets for 20 to 30 years. And so I think we've proven over time that we can drive enough operating income and free-cash flow to make this a very successful return on invested capital business and we expect the same thing will happen here with Generative AI. It is a really unusually large maybe once in a lifetime type of opportunity. And I think our customers, the business and our shareholders will feel good about this long-term that we're aggressively pursuing it.

好的，我来讲一下资本支出部分。正如布莱恩在开场评论中所说，我们预计在 2024 年将花费大约 750 亿美元。我怀疑我们在 2025 年会花费更多。其中大部分是用于 AWS，特别是这里的增长主要是由生成式 AI 推动的。正如我在自己的开场评论中提到的，我们的 AI 业务是一个数十亿美元的业务，年复一年地以三位数的百分比增长，其发展阶段的增长速度是 AWS 本身的三倍。我们认为 AWS 增长得相当快。因此，关于 AWS 业务需要记住的是，现金生命周期是这样的：我们增长需求越快，就越需要在数据中心、网络设备和硬件上投资资本。当然，在 AI 硬件中，加速器或芯片比 CPU 硬件更昂贵。因此，我们在客户使用这些资源之前提前投资所有这些。但当然，很多这些资产都是多年有用的资产。例如，数据中心是有用的资产，使用寿命为 20 到 30 年。 因此，我认为我们已经证明，随着时间的推移，我们可以推动足够的营业收入和自由现金流，使这成为一个非常成功的投资资本回报业务，我们预计在生成式人工智能方面也会发生同样的事情。这是一个非常罕见的、可能一生只有一次的机会。我认为我们的客户、业务和股东会对我们积极追求这一长期目标感到满意。

Operator 操作员

And our next question comes from the line of Ross Sandler with Barclays. Please proceed with your question.

接下来的问题来自巴克莱的罗斯·桑德勒。请继续提问。

Ross Sandler 罗斯·桑德勒

Andy, if I could push on that last answer, you talked about how AI is about the same size but growing way faster than early AWS. And if we look back at the market in like the early 2010s is hypercompetitive on pricing, your margins were below 15%, I believe, back then. And it seems like a lot of that is what's going on right now in AI with these new AI data centers where you've got competitive pricing and suboptimal utilization just in the whole industry. So as that revenue line grows from where it is today to tens of billions of dollars in coming years, how does that margin come on from the AI data centers versus your existing kind of 30-plus-percent margin at AWS? Any thoughts on how quickly you can close the gap and how that looks on the new AI workloads versus maybe this mid-30s that the core business is running at? Thank you very much.

安迪，如果我可以深入探讨最后一个问题，你提到 AI 的规模与早期的 AWS 差不多，但增长速度要快得多。如果我们回顾市场，比如 2010 年代初期，价格竞争非常激烈，我相信那时你的利润率低于 15%。而现在在 AI 领域，情况似乎很相似，这些新的 AI 数据中心有竞争性的定价和整个行业中次优的利用率。因此，随着收入从现在的水平增长到未来几年数百亿美元的规模，AI 数据中心的利润率将如何与 AWS 现有的 30%以上的利润率相比？关于你能多快缩小差距以及新 AI 工作负载与核心业务运行的中 30%多的利润率相比的看法？非常感谢。

Andy Jassy 安迪·贾西

Yeah. So some quick context, Ross. I think one of the least understood parts about AWS, over time, is that it is a massive logistics challenge. If you think about, we have 35 or so regions around the world, which is an area of the world where we have multiple data centers, and then probably about 130 availability zone through data centers, and then we have thousands of SKUs we have to land in all those facilities. And if you land too little of them, you end up with shortages, which end up in outages for customers. So most don't end up with too little, they end up with too much. And if you end up with too much, the economics are woefully inefficient. And I think you can see from our economics that we've done a pretty good job over time at managing those types of logistics and capacity. And it's meant that we've had to develop very sophisticated models in anticipating how much capacity we need, where, in which SKUs and units. And so I think that the AI space is, for sure, earlier stage, more fluid and dynamic than our non-AI part of AWS. But it's also true that people aren't showing up for 30,000 chips in a day. They're planning in advance. So we have very significant demand signals giving us an idea about how much we need. And I think that one of the differences if you were able to get inside of the economics of the different types of providers here is how well they manage that utilization and that capacity. It has a very direct impact on what kind of margins you have over time and what kind of capital efficiency you also have over time. And so I think you're right, Ross, that there are some similarities in the early days here of AI, where the offerings are new and people are very excited about it. It's moving very quickly and the margins are lower than what they -- I think they will be over time. The same was true with AWS. If you looked at our margins around the time you were citing, in 2010, they were pretty different than they are now. I think as the market matures over time, there are going to be very healthy margins here in the Generative AI space.

是的。所以，罗斯，一些快速的背景信息。我认为关于 AWS，随着时间的推移，最不被理解的部分之一是它是一个巨大的物流挑战。如果你想想看，我们在全球大约有 35 个区域，这是我们拥有多个数据中心的世界区域，然后大概有 130 个可用区通过数据中心，然后我们有成千上万的 SKU 需要在所有这些设施中部署。如果你部署得太少，就会出现短缺，导致客户中断。所以大多数情况下不会部署太少，而是部署太多。如果你部署得太多，经济效益就会非常低效。我认为你可以从我们的经济效益中看到，我们在管理这些类型的物流和容量方面做得相当不错。这意味着我们必须开发非常复杂的模型来预测我们需要多少容量，在哪里，哪些 SKU 和单位。因此，我认为 AI 领域肯定处于更早期阶段，比我们 AWS 的非 AI 部分更具流动性和动态性。但同样真实的是，人们不会在一天内就需要 30,000 个芯片。他们会提前计划。 因此，我们有非常显著的需求信号，让我们了解需要多少。我认为，如果你能够深入了解这里不同类型供应商的经济状况，其中一个区别在于他们如何管理利用率和容量。这对你随着时间推移的利润率以及资本效率有非常直接的影响。所以我认为你是对的，罗斯，在 AI 的早期阶段，这里有一些相似之处，产品是新的，人们对此非常兴奋。它发展得非常快，利润率低于我认为它们将来的水平。AWS 也是如此。如果你查看我们在 2010 年你提到的时间段的利润率，它们与现在有很大不同。我认为随着市场的成熟，生成式 AI 领域将会有非常健康的利润率。

Operator 操作员

And the next question comes from the line of Brian Nowak with Morgan Stanley. Please proceed with your question.

接下来的问题来自摩根士丹利的布莱恩·诺瓦克。请继续提问。

Brian Nowak 布莱恩·诺瓦克

Thanks for taking my questions. Andy, I have two. The first one, I feel like we talk a lot about your targets and sort of north stars for domestic profitability. Can you talk to us a little bit about how you think about the drivers of international retail profitability from here and sort of how you -- just conceptually where the margins could go and what drives them there? And then the second one, I wanted to sort of ask you more about the robotics that you mentioned. I know you've been investing in robotics now for quite a few years. Where are you now in that journey? And how do we think about the next largest areas of investment in robotics in the warehouse network? Thanks.

感谢您回答我的问题。安迪，我有两个问题。第一个，我觉得我们经常谈论您在国内盈利方面的目标和方向。您能否谈谈您对国际零售盈利驱动因素的看法，以及从概念上讲，利润率可能达到的水平和推动因素是什么？然后第二个问题，我想问一下您提到的机器人。我知道您在机器人方面已经投资了好几年。您现在处于这个旅程的哪个阶段？我们如何看待仓库网络中机器人投资的下一个最大领域？谢谢。

Brian Olsavsky 布莱恩·奥尔萨夫斯基

This is Brian. Let me take the first part of that question on international segment profitability. So if you've looked at the trends, we see quarter-to-quarter fluctuations certainly in operating profit in the international segment. But we're starting to see clear trend lines that are moving positive and above zero. And for each of the last seven quarters, as I mentioned, we've had year-over-year improvement in op margin. And in the last quarter, operating income was up $1.4 billion versus the prior year. So really, it is a lot of the same factors you're seeing in North America, lower cost to serve, greater contribution from advertising, improved selection, faster delivery speeds, which help drive consumer demand. And if you step back further, international is really a mix of our established countries where we've been operating for a long time, the UK, Europe, and Germany -- excuse me, Europe and Japan, and a number of emerging countries, including 10 new countries that we launched in the last seven years. So there's a lot under the hood there and there's different stories in each country. Each of them is on a different point in the path from launching to customer adoption, just scaling towards profitability to then making consistent operating profit. So I think our expectations in each of those countries mirror those in North America. And we intend, over the fullness of time, that we're going to aim for North America margins, which are not static themselves. So we're happy with the performance. Glad to see a number above zero in many of the last few quarters, but really it’s a story on a country-by-country basis that we're working hard. On the robotics piece, what I would say is even though we believe we have more expansive and advanced automation, robotics capabilities in our fulfillment network than other peers, it's so early with respect to what we're going to do automation, robotics-wise in our fulfillment network. We're just at the stage right now where we're starting to roll out. We had about a five or six very significant new robotics capabilities in the areas of stowing, picking, packing, and shipping that we are finally put into one facility to get the entire workflow. It's a facility in Shreveport, Louisiana that was just launched a few weeks ago. And as I mentioned in my opening comments, we're seeing very encouraging results there. And of course, the reason why we're trying to have more robotics and automation in our fulfillment network is it allows us to fast -- to ship more quickly, to ship more cost effectively, and to make conditions even safer for our fulfillment teammates than what they already have today. And I think something that the team has done in a very disciplined way, and I talked about this a little bit in my annual letter, my shareholder letter is just they have been very thoughtful about defining what are the primitive foundational building blocks that you need, that you can then use in lots of different combinations to build additional automation/robotics capabilities down the road, so we can move even more quickly with the next generation of robotics capabilities. And that team has invested in those and they're already working on the next generation. And the last piece I would add to that is we really do believe that AI is going to be a big piece of what we do in our robotics network. We had a number of efforts going on there. We just hired a number of people from an incredibly strong robotics AI organization. And I think that will be a very central part of what we do moving forward, too.

这是布莱恩。让我来回答关于国际业务盈利能力问题的第一部分。如果你观察趋势，我们确实看到国际业务的营业利润在季度间波动。但我们开始看到明显的趋势线在向正方向移动并高于零。正如我提到的，在过去的七个季度中，我们的营业利润率每年都有所改善。在上个季度，营业收入比去年增加了 14 亿美元。因此，实际上，很多因素与您在北美看到的相同，服务成本降低，广告贡献增加，选择范围改善，交付速度加快，这些都有助于推动消费者需求。如果你进一步回顾，国际业务实际上是我们长期运营的成熟国家的组合，包括英国、欧洲和德国——抱歉，是欧洲和日本，以及一些新兴国家，包括我们在过去七年中推出的 10 个新国家。因此，这其中有很多内容，每个国家都有不同的故事。 他们每个人都处于从启动到客户采用的不同阶段，只是向盈利扩展，然后实现持续的运营利润。因此，我认为我们在这些国家的期望与北美的期望相似。我们打算在时间的推移中，争取达到北美的利润率，而这些利润率本身也不是静态的。所以我们对表现感到满意。很高兴看到在过去几个季度中，许多国家的数字都高于零，但实际上这是一个我们在努力的国家逐个的故事。关于机器人方面，我想说的是，尽管我们相信我们的履行网络在自动化、机器人能力方面比其他同行更广泛和先进，但在我们将要在履行网络中进行自动化、机器人方面的工作上，这还处于非常早期的阶段。我们现在正处于开始推出的阶段。我们在存储、拣选、包装和运输领域有大约五六个非常重要的新机器人能力，最终将它们放入一个设施中以获取整个工作流程。这是一个位于路易斯安那州什里夫波特的设施，几周前刚刚启动。 正如我在开场评论中提到的，我们在那里看到了非常令人鼓舞的结果。当然，我们在履行网络中尝试增加更多机器人和自动化的原因是，它使我们能够更快地发货、更具成本效益地发货，并使我们的履行团队的工作条件比现在更安全。我认为团队以非常有纪律的方式完成了一些事情，我在年度信中、股东信中也谈到过这一点，他们非常周到地定义了你需要的原始基础构建块，然后可以在许多不同的组合中使用这些构建块，以便在未来构建额外的自动化/机器人能力，这样我们就可以在下一代机器人能力上更快地推进。该团队已经在这些方面进行了投资，并且他们已经在开发下一代技术。最后我想补充的一点是，我们确实相信人工智能将在我们的机器人网络中发挥重要作用。我们在这方面有许多努力正在进行。 我们刚刚从一个非常强大的机器人 AI 组织中聘请了一些人。我认为这也将成为我们未来工作中非常核心的一部分。

Operator 操作员

And the next question comes from the line of Eric Sheridan with Goldman Sachs. Please proceed with your question.

接下来的问题来自高盛的 Eric Sheridan。请继续提问。

Eric Sheridan 埃里克·谢里丹

Thanks for taking the question. Maybe a two-parter, if I can. Looking at the results in the commerce business, there's a clear sort of pattern emerging with respect to ASPs versus unit growth. Can you talk a little bit about what you're seeing in terms of consumer behavior and the propensity to be receptive to either lower ASP items or discounts among consumer behavior? And then the second part would be, can you talk a little bit about some of the strategic initiatives you're building for the long term around capitalizing on lower ASP items and the potential shift to more consumables and the base of consumption habits on the platform? Thanks so much.

感谢提问。如果可以的话，我有两个问题。首先，查看商业业务的结果，关于平均销售价格与单位增长之间出现了一种明显的模式。您能否谈谈在消费者行为方面，消费者对较低平均销售价格商品或折扣的接受度？第二部分是，您能否谈谈您为长期发展而制定的一些战略举措，以利用较低平均销售价格商品的潜力，以及平台上消费习惯基础向更多消耗品转变的可能性？非常感谢。

Andy Jassy 安迪·贾西

Yeah, hi, Eric, thank you for your question. Yeah, you're right. Q3 unit volume was strong, 12% worldwide. It's pretty similar in North America versus international. And the consumer factors, we've seen a continuation of many of the things we've discussed over the first -- or last few quarters. Customers looking for deals and are price conscious. This matches up well with our Prime events where we were -- which were well received and saved billions for our -- billions of dollars for our Prime members. It also led to Prime member -- paid Prime member growth accelerating in the quarter, which is hugely impactful for us. A lot of our best offers and deliveries are tuned to Prime membership, and it's the best deal in retail. So with all the benefits you get for the subscription price, so those are all positive signs. When you look at the split between revenue growth and unit growth, you do see some impact of the lower ASP products that we're selling as well as some of the trade down that consumers are doing. But we take that as a real positive, seeing the growth in everyday essential categories, which are really predicated on speed. So it's -- you have to have fast delivery to be able to sell the those products to customers. And when you do, it results in a stickier consumer relationship, higher orders, building larger baskets, which help our ship economics, and repeat orders are stronger. So those are all positive signs, and we'll take any short-term degradation in ASP because what we're focused on primarily is free cash flow here. And we see the ability to unlock all new elements of the consumer spend.

是的，嗨，Eric，谢谢你的提问。是的，你是对的。第三季度的单位销量很强劲，全球增长了 12%。在北美和国际市场的表现相似。消费者因素方面，我们看到许多我们在前几个季度讨论过的事情在继续。客户在寻找优惠并且对价格敏感。这与我们的 Prime 活动非常契合，这些活动受到了很好的欢迎，为我们的 Prime 会员节省了数十亿美元。这也导致了本季度付费 Prime 会员的增长加速，这对我们来说影响巨大。我们许多最好的优惠和配送都针对 Prime 会员进行了调整，这是零售中最划算的交易。因此，考虑到你为订阅价格所获得的所有好处，这些都是积极的信号。当你查看收入增长和单位增长之间的分裂时，你确实会看到我们销售的低 ASP 产品以及消费者降级的一些影响。但我们认为这是一个真正的积极因素，看到日常必需品类别的增长，这些类别实际上是以速度为基础的。 所以，你必须要有快速的交付能力才能将这些产品卖给客户。当你做到这一点时，会导致更紧密的消费者关系、更高的订单量、构建更大的购物篮，这有助于我们的运输经济，并且重复订单更强。因此，这些都是积极的信号，我们会接受任何短期的 ASP 下降，因为我们主要关注的是这里的自由现金流。我们看到能够解锁消费者支出的所有新元素的能力。

Brian Olsavsky 布莱恩·奥尔萨夫斯基

I'll just add, Eric, on the lower ASP strategy. There's an expression that we've used a lot of times over the years that it's easy to lower prices but it's much harder to be able to afford to lower prices. And the same thing is probably true about lower ASP items. It's pretty easy to choose to supply them but it's much harder to be able to afford to economically supply them. And so one of the reasons that we have been so maniacal about cost to serve over the last few years is that as we're able to take our cost to serve down, it just opens up the aperture for more items, particularly lower ASP items that we're able to supply in an economic way. And when you layer on top of that the broader selection, you layer on top of that faster speed and what we're able to do in getting items and fulfillment nodes local and close to our end customers, what we're able to do in expanding our same-day network, which allows us to ship same-day but also is one of our lowest-cost ways is it just lets us serve so many more of customers' shopping missions. And that's what we're seeing in our business right now. But again, I think there's a lot of opportunity to continue to expand that.

我只想补充一点，Eric，关于较低 ASP 策略。我们多年来常用的一句话是，降价很容易，但能够负担得起降价却要困难得多。同样的道理也适用于较低 ASP 的商品。选择供应这些商品很容易，但能够经济地供应它们却要困难得多。因此，过去几年我们对服务成本如此执着的原因之一是，当我们能够降低服务成本时，就为更多商品，特别是较低 ASP 的商品，能够以经济的方式供应打开了大门。在此基础上，您可以增加更广泛的选择，增加更快的速度，以及我们在将商品和履行节点本地化、靠近终端客户方面所能做的事情，我们在扩展同日网络方面所能做的事情，这不仅允许我们同日发货，而且也是我们成本最低的方式之一，这让我们能够满足更多客户的购物需求。这就是我们目前在业务中看到的情况。但我认为，继续扩展这一点还有很大的机会。

Operator 操作员

And the next question comes from the line of Colin Sebastian with Baird. Please proceed with your question.

接下来的问题来自 Baird 的 Colin Sebastian。请继续提问。

Colin Sebastian 科林·塞巴斯蒂安

Great. Thanks guys. Good afternoon. A question on online stores. The third-party unit mix declined a little bit in Q3, which is unusual. So just wondering if there are any specific drivers of that shift. And then secondly, you made a lot of progress with the AI agents on AWS and for sellers and Rufus for buyers. I wonder with all the underlying data that you have and leveraging those agent capabilities if you could provide any perspective on what a next-generation Alexa might look like and your opportunities there to perhaps drive incremental revenues. Thank you.

太好了。谢谢大家。下午好。关于在线商店的问题。第三方单位组合在第三季度略有下降，这很不寻常。所以想知道是否有任何特定因素导致了这种变化。其次，您在 AWS 上的 AI 代理以及为卖家和买家提供的 Rufus 方面取得了很大进展。我想知道，利用您拥有的所有基础数据和这些代理功能，您是否可以提供一些关于下一代 Alexa 可能会是什么样子的看法，以及您在那里的机会，或许可以推动额外收入。谢谢。

Andy Jassy 安迪·贾西

Sure, Colin. Thanks for your question. On the first one, third-party sellers, yes, the percent of paid units was 60% in Q3. And if you look over the last two years, it's -- essentially, it was at 59%, stepping up to 60%, stepping up to 61% pretty much every second quarter. So what we're seeing is still in a tight band between 59% and 61%. But what we're seeing is the impact of the everyday essentials. There's -- 3P demand is still strong and unit volumes are strong. It's just the everyday essentials tend to skew more to 1P than 3P. And on your second question, Colin, around Alexa, I think we have a really broad number of Alexa devices all over people's homes and offices and automobiles and hospitality suites. We've about 0.5 billion devices out there with a couple of hundred million active endpoints. And when we first were pursuing Alexa, we had this vision of it being the world's best personal assistant and people thought that was kind of a crazy idea. And I think if you look at what's happened in Generative AI over the last couple of years, I think you're kind of missing the boat if you don't believe that's going to happen. It absolutely is going to happen. So we have a really broad footprint where we believe if we rearchitect the brains of Alexa with next-generation foundational models, which we're in the process of doing, we have an opportunity to be the leader in that space. And I think if you look at a lot of the applications today that use Generative AI, there's a large number of them that are having success in cost avoidance and productivity. And then you're increasingly seeing more applications have success in really impacting the customer experience and being really good at taking large corpuses of data and being able to summarize and aggregate and answer questions, but not that many yet that are really good on top of that in taking actions for customers. And I think that the next generation of these assistants and the Generative AI applications will be better at not just answering questions and summarizing the indexing and aggregating data, but also taking actions. And you can imagine us being pretty good at that with Alexa.

Operator 操作员

And our final question comes from the line of Justin Post with Bank of America. Please proceed with your question.

我们最后一个问题来自美国银行的贾斯汀·波斯特。请继续提问。

Justin Post 贾斯汀·波斯特

Great. Thank you. Maybe a couple of questions. Just on the cloud, are you at all capacity constrained, and will the new Trainium or NVIDIA chips maybe even drive sales growth faster? And then secondly and I know there's been some competition from some of the more traditional retailers growing quickly online. Maybe talk about maybe the advantages that Amazon has with a fulfillment center distribution versus store distribution? Any thoughts on that? Thank you.

很好。谢谢。可能有几个问题。关于云服务，你们是否受到容量限制，新推出的 Trainium 或 NVIDIA 芯片是否会加速销售增长？其次，我知道一些传统零售商在网上快速增长。也许可以谈谈亚马逊在履行中心分销与店铺分销方面的优势？对此有什么看法？谢谢。

Andy Jassy 安迪·贾西

Well, on cloud, Justin, what I would tell you is that we -- I believe we have more demand that we could fulfill if we had even more capacity today. I think pretty much everyone today has less capacity than they have demand for, and it's really primarily chips that are the area where companies could use more supply. And so we have -- we're growing at a very rapid rate and have grown a pretty big business here in the AI space and it's early days, but I actually believe that the rate of growth there has a chance to improve over time as we have bigger and bigger capacity. And I think that one of the reasons I mentioned in my opening comments that we have a very deep partnership with NVIDIA. We tend to be their lead partner on most of their new chips. We were the first to offer H200s in EC2 instances. And I expect us to have a partnership for a very long time that matters. It's also true that for customers that start to scale out their implementations on the inference side, particularly, they realize pretty quickly that it can get costly. And it's really why we have pursued building Trainium and Inferentia, which is our custom silicon. And the second version of Trainium, Trainium2 will start to ramp up in the next few weeks. And I think it's going to be very compelling for customers on a price performance basis. And we have a lot of customer interest. We have gone back to our manufacturing partners a couple of times now to produce a lot more Trainium than we anticipated. Some of that, for sure, is due to the fact that we just -- we have very large demand, and we want more capacity and supply to be able to provide them. But a lot of it is that customers are excited about the price performance that they believe they're going to get in Trainium. So I think it's a very significant opportunity for us in the AWS space, and it's going to be a very significant opportunity for customers. I think on the retail side, I'd start by just saying that we've always believed that competition is very positive and very healthy. It's good for consumers, good for businesses. It's actually great for innovation. And if you look at the retail space, it's a very, very large market segment. I mean, we have a pretty big retail business, and yet we're only about 1% of the market segment share of the worldwide global retail market segment. And still about 80% to 85% of that market segment share lives in physical stores. And so if you believe that equation is going to flip in the next 10 to 20 years, which we do, there's just a lot of opportunity not just for us but for several players. There won't be only one successful player. I do think that we have some elements of our customer experience that are really unusual and unlike others. I think we have meaningfully broader selection than almost all the players that you probably have seen and heard of. We have low prices with very significant deals that we go work with our third-party selling partners around key holiday shopping occasions. And then we have very significant advantages and speed of delivery to customers. And we just continue to see in every bit of testing and analysis that we do, that the faster that we're able to promise customers that we can get them their items, the more frequently they buy and the more they actually use Amazon for their shopping needs. And so those are things that are pretty different. I also think we have a way of prioritizing customers that I think is unusual. Our orientation, our DNA and our core at Amazon starts with the customer, and everything moves backwards from that. Any meeting you go to inside of Amazon, we're always asking ourselves what do customers want? What do customers say? What do they not like about the experience? What could be better? And that customer orientation is very important, not just in how you take care of customers, but the world changes quickly all the time. And the technology is changing really quickly. And so if you have the combination of strong technical aptitude, propensity and a passion for inventing and then also a customer orientation where it drives everything you do, I think you have an opportunity to continue to build great trust in a business over a long period of time.

Dave Fildes 戴夫·菲尔德斯

Thanks for joining us on the call today and for your questions. A replay will be available on our Investor Relations website for at least three months. We appreciate your interest in Amazon and look forward to talking with you again next quarter.

感谢您今天参加我们的电话会议并提出问题。重播将在我们的投资者关系网站上至少保留三个月。我们感谢您对亚马逊的关注，并期待在下个季度再次与您交流。

Operator 操作员

And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士们，先生们，今天的电话会议到此结束。您现在可以断开线路。感谢您的参与。