Operator  

运营商  

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com First Quarter 2025 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.  

感谢各位耐心等候。大家好，欢迎参加亚马逊公司 2025 财年第一季度财报电话会议。当前所有与会者均处于仅收听模式。在管理层发言结束后，我们将进行问答环节。本次电话会议正在录音。  

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.  

接下来，我将把会议交给亚马逊投资者关系副总裁 Dave Fildes 先生发表开场致辞。谢谢，请开始。  

Dave Fildes  

戴夫·菲尔兹  

Hello and welcome to our Q1 2025 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 2024.  

大家好，欢迎参加我们 2025 财年第一季度财报电话会议。今天与会回答大家提问的有我们的首席执行官 Andy Jassy 以及首席财务官 Brian Olsavsky。建议各位在收听会议时同时查阅我们已发布的新闻稿，内含季度财务数据、关键指标及管理层评论。除非特别说明，本次会议中的所有比较均以 2024 年同期数据为基准。  

Our comments and responses to your questions reflect management’s views as of today, May 1, 2025 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.  

我们的发言及回答仅代表截至 2025 年 5 月 1 日管理层的观点，并将包含前瞻性声明。实际结果可能存在重大差异。可能影响财务业绩的其他因素已在今日新闻稿以及提交美国证交会的文件（包括最新的 10-K 年报及后续文件）中披露。  

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.  

在本次电话会议中，我们可能会讨论某些非 GAAP 财务指标。关于这些非 GAAP 指标的更多信息及其与 GAAP 指标的对账，已在新闻稿、网络直播所附幻灯片及提交给 SEC 的文件中披露，所有资料均发布于投资者关系网站。  

Our guidance incorporates the order trends that we’ve seen to date, and what we believe today to be appropriate assumptions. 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, tariff and trade policies, 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.  

我们的业绩指引基于当前已观察到的订单趋势及我们认为合理的假设。我们的业绩具有不可预测性，可能受多种因素的重大影响，包括汇率波动、全球经济与地缘政治形势变化、关税及贸易政策、客户需求和支出情况（如衰退担忧、通胀、利率、地区劳动力市场紧张、全球事件）、互联网、线上零售、云服务及新兴技术的增长速度，以及 SEC 备案文件中列示的其他因素。  

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.  

我们的指引还假设在其他事项中，不会出现额外的并购、重组或法律和解。由于无法准确预测对我们产品与服务的需求，实际业绩可能与指引存在重大差异。  

And now I’ll turn the call over to Andy.  

现在，请 Andy 发言。

Andy Jassy  

安迪·贾西  

Thanks, Dave. Today we're reporting $165.7 billion in revenue, up 10% year-over-year, excluding the impact from foreign exchange rates. Operating income is $18.4 billion, up 20% year-over-year, and trailing-twelve-month free cash flow is $25.9 billion. We're pleased with our continued business progress, but more importantly with our pace of innovation and additional improvement in our customer experiences.  

谢谢你，Dave。今天我们公布的收入为 1,657 亿美元，同比增长 10%（剔除汇率影响）。营业利润为 184 亿美元，同比增长 20%；过去 12 个月的自由现金流为 259 亿美元。我们对业务的持续进展感到满意，但更重要的是，我们在创新速度和客户体验提升方面取得了更大进步。  

In our Stores business, we once again saw strong consumer resonance in our continued work on selection, value, and shipping speed. Our broad selection offers customers choice across their shopping journeys. We welcome well-known brands such as Oura Rings, Michael Kors, and The Ordinary, as well as a new shopping experience with Saks that offers a refined luxury assortment of fashion and beauty items from brands like Dolce & Gabbana, Balmain, Erdem, Giambattista Valli, and Jason Wu Collection.  

在零售业务方面，我们持续在选品丰富度、价格优势和配送速度上发力，受到消费者的强烈共鸣。广泛的商品选择为顾客的购物旅程提供了更多选择。我们新上架了 Oura Rings、Michael Kors 和 The Ordinary 等知名品牌，并与 Saks 合作推出全新的奢品购物体验，带来 Dolce & Gabbana、Balmain、Erdem、Giambattista Valli 以及 Jason Wu Collection 等品牌的高端时尚与美妆商品。  

As always, we're working to keep prices low. And with this being an uncertain moment for consumers, it's even more important than it typically is. In Q1, we held deal events worldwide to help customers save over $500 million across the Big Spring Sale in the U.S. and Canada, Spring Deal Days in Europe, and Ramadan/Eid Sale events in Egypt, Saudi Arabia, Turkey, and UAE.  

和往常一样，我们致力于保持低价。在当前消费者信心不确定的时期，这一点尤为重要。第一季度，我们在全球举行多场促销活动——包括美国和加拿大的 Big Spring Sale、欧洲的 Spring Deal Days，以及在埃及、沙特、土耳其和阿联酋的斋月/开斋节促销——累计为客户节省逾 5 亿美元。  

Prime members will have more opportunities to save throughout the year, including at our eleventh Prime Day event in July. Over the past few years, we've made significant progress in making our fulfillment network more efficient and cost-effective. We've shared many times that an important turning point was regionalizing our national fulfillment network into regional hubs. By stocking items closer to where customers live, we're able to deliver more orders faster—often in fewer packages and at lower delivery costs. The next challenge was getting as many items as possible into these regional nodes.  

Prime 会员全年还将获得更多优惠机会，包括 7 月举行的第 11 届 Prime Day。过去几年，我们大幅提升了履约网络的效率和成本效益。我们多次提到的关键转折点，是把全国性履约网络区域化，设立区域枢纽。把商品储存在离顾客更近的地方，使我们能够更快送达订单，通常包裹更少且配送成本更低。下一项挑战是让尽可能多的商品进入这些区域节点。  

Our inbound network—which is how we get items to each fulfillment center—hadn't been architected to leverage this new regionalization structure, so we redesigned it and just rolled out a new inbound architecture that expands the share of products we can place in each fulfillment center, improving delivery speeds and lowering our cost to serve. In Q1, we once again set new delivery-speed records with our fastest delivery ever for Prime members around the world, and we delivered more items same-day or next-day in Q1 than in any other quarter in our history.  

我们的入库网络——即把商品运送到各配送中心的体系——最初并未针对新区域化架构设计。因此我们进行了重构，新版入库架构扩大了各配送中心可存放商品的比例，进一步提升配送速度并降低服务成本。第一季度，我们再度刷新配送速度纪录，向全球 Prime 会员提供了有史以来最快的送达体验，同日达及次日达订单数量也创下历史新高。  

Looking ahead, we'll continue to refine our newly redesigned inbound network, build out our same-day delivery sites, and add additional robotics and automation throughout our buildings. You'll also see us expand the number of delivery stations we have in rural areas of the U.S., so we can get items to people who live in less densely populated areas much more quickly.  

展望未来，我们将继续优化新版入库网络，扩建同日达站点，并在仓内增加更多机器人和自动化设备。我们还会在美国农村地区增设配送站点，让居住在低密度地区的用户也能更快收到商品。  

I thought I'd share a few thoughts on the prospect of heightened tariffs on our Stores business. Obviously none of us knows exactly where tariffs will settle or when. We haven't seen any attenuation of demand yet. To some extent, we've seen some heightened buying in certain categories that may indicate stocking up in advance of any potential tariff impact. We also have not seen the average selling price of retail items appreciably go up yet. Some of this reflects forward-buying we did in our first-party selling, and some reflects advanced inbounding our third-party sellers have done, but a fair amount is that most sellers just haven't changed pricing yet. Again, this could change depending on where tariffs settle. Amazon is not uniquely susceptible to tariffs.  

关于潜在加征关税对零售业务的影响，我也想分享一些看法。显然，我们都不知道关税最终会如何落地、何时落地。目前我们尚未看到需求减弱；相反，在某些品类出现了备货迹象，消费者可能在关税生效前提前囤货。零售商品的平均售价目前也没有明显上涨，这部分因为我们一方备货较多，也因为第三方卖家提前入库，但很大程度上是大多数卖家尚未调整定价。当然，若关税政策落定，情况可能会变化。值得指出的是，亚马逊并非对关税尤为敏感的个例。  

As it relates to China, retailers who aren't buying directly from China are typically buying from companies who themselves are buying from China, marking these items up, rebranding, and selling to U.S. consumers. These retailers are buying the product at a higher price than Chinese sellers selling directly to U.S. consumers in our marketplace, so the total tariff will be higher for these retailers than for China-direct sellers. It's also sometimes easy to forget what Amazon sells—we're not mostly selling high average-selling-price items, but we certainly sell a bunch.  

具体到中国，未直接从中国采购的零售商，往往向从中国进货的公司购货，再加价、重新贴牌后销售给美国消费者。相比直接面向美国消费者的中国卖家，这些零售商的进货价更高，因此所承担的综合关税也更高。人们有时容易忽略，亚马逊售出的商品大多并非高客单价品类，但我们当然也销售不少此类商品。

In the first quarter, our Everyday Essentials grew more than twice as fast as the rest of our business and represented one out of every three units sold in the U.S. on Amazon. Even if you exclude Whole Foods Market and Amazon Fresh, Amazon is one of the largest grocers in the U.S. with over $100 billion in gross sales last year.  

在第一季度，我们的“日常必需品”品类增速是整体业务的两倍以上，占亚马逊美国站销售单位的三分之一。即便不算 Whole Foods Market 和 Amazon Fresh，仅凭线上业务，亚马逊去年就在美国实现了逾 1,000 亿美元的食品杂货总销售额，跻身全美最大杂货商之列。  

People are buying a lot of their everyday essentials at Amazon. We also have extremely large selection—hundreds of millions of unique SKUs—which means we're often able to weather challenging conditions better than others. When there are periods of discontinuity, substantial unexpected product trends emerge. Think about the pandemic, when items like masks and hand sanitizer became big sellers. When you have the broadest selection like we do and 2 million-plus global sellers, you're better positioned to help customers find whatever items matter to them at lower price points than elsewhere.  

消费者已习惯在亚马逊购买大量日常用品。凭借数亿种独特的 SKU，我们的超大选品让我们在动荡时期比其他零售商更具韧性。每当出现“断点”时，总会涌现出大量出人意料的热销趋势——比如疫情期间口罩和洗手液爆火。有了如此广阔的选品范围和全球 200 多万卖家，我们能更好地帮助顾客以更低价格买到他们关心的任何商品。  

Finally, when there are uncertain environments, customers tend to choose the provider they trust most. Given our really broad selection, low pricing and speedy delivery, we have emerged from these uncertain eras with more relative market-segment share than we started and are better set up for the future. I'm optimistic this could happen again.  

最后，在充满不确定性的环境中，顾客往往会选择最值得信赖的服务商。依托广泛的选品、低价策略与快速配送，我们在每一次不确定周期后都获得了更高的相对市场份额，也为未来奠定了更坚实的基础。我对再次实现这一成果充满信心。  

Moving to a few words on Amazon Ads, we're working hard to be the best place for brands of all sizes to grow their business. We are pleased with the strong growth on a very large base, generating $13.9 billion of revenue in the quarter and growing 19% year-over-year.  

接下来谈谈 Amazon Ads。我们的目标是让所有规模的品牌都能在这里实现业务增长。本季度广告业务在庞大基数上仍实现强劲增长，收入达 139 亿美元，同比增长 19%。  

We're seeing strength across our broad portfolio of full-funnel advertising offerings that help advertisers reach an average ad-supported audience of more than 275 million in the U.S. alone. This includes our top-of-funnel efforts to drive brand awareness to bottom-of-funnel offerings where we measure outcomes at the point of conversion.  

我们的全漏斗广告产品组合表现出色，仅在美国就能触达平均逾 2.75 亿的广告支持受众。从顶层的品牌认知到底层的转化效果衡量，均展现出强劲动力。  

Amazon Ads provides brands with tools to reach targeted audiences in our own entertainment properties such as Prime Video, Twitch and IMDb; in live sports such as NFL, NBA and NASCAR; audio content such as Amazon Music and Wondery; and, of course, in our store as well as many other external sites such as Pinterest and BuzzFeed.  

Amazon Ads 为品牌提供多元工具，可在我们的娱乐矩阵（Prime Video、Twitch、IMDb）、体育直播（NFL、NBA、NASCAR）、音频内容（Amazon Music、Wondery），以及亚马逊商城和 Pinterest、BuzzFeed 等第三方网站精准触达受众。  

All of our audience and measurement capabilities work for the ads we deliver across premium third-party publishers through Amazon DSP, and our secure clean rooms provide advertisers the ability to analyze data, produce core marketing metrics, and understand how their marketing performs across various channels. We continue to see a lot of opportunity to further expand our full-funnel capabilities for brands.  

通过 Amazon DSP 向高端第三方媒体投放广告时，我们的受众定位和效果衡量能力同样适用；安全数据洁净室还让广告主能够分析数据、生成关键指标，并全面了解多渠道营销表现。我们认为在全漏斗能力上仍有巨大扩展空间。  

AWS grew 17% year-over-year in Q1 and now sits at a $117 billion annualized revenue run rate. We continue to help organizations of all sizes accelerate their move to the cloud, modernize infrastructure, lower costs and speed up innovation. We signed new AWS agreements with companies including Adobe, Uber, Nasdaq, Ericsson, Fujitsu, Cargill, Mitsubishi Electric Corporation, General Dynamics Information Technology, GE Vernova, Booz Allen Hamilton, NextEra Energy, Publicis Sapient, Elastic, Netsmart and many others.  

AWS 第一季度同比增长 17%，年化收入运行率达到 1,170 亿美元。我们持续帮助各类规模的机构加速云迁移、现代化基础设施、降低成本并加速创新。新签客户包括 Adobe、Uber、纳斯达克、爱立信、富士通、嘉吉、三菱电机、通用动力信息技术、GE Vernova、博思艾伦、NextEra Energy、阳狮赛博、Elastic、Netsmart 等。  

It's useful to remember that more than 85% of the global IT spend is still on-premises, so not in the cloud yet. It seems pretty straightforward to me that this equation will flip in the next 10 to 20 years. Before this generation of AI, we thought AWS had the chance to ultimately be a multi-$100 billion revenue-run-rate business. We now think it could be even larger.  

需要记住的是，全球超过 85% 的 IT 支出仍在本地部署，而非云端。我认为未来 10-20 年这一比例将彻底反转。在生成式 AI 崛起之前，我们就已相信 AWS 最终能达到数千亿美元的收入规模；现在看来，这个数字将更大。  

If you believe your mission is to make customers' lives easier and better every day, and you believe that every customer experience will be reinvented with AI, you're going to invest very aggressively in AI—and that's what we're doing.  

如果你的使命是每天让客户生活更轻松、更美好，并且相信每一个客户体验都将因 AI 而重塑，那就必须大举投资 AI——这正是我们正在做的事。  

You can see that in the thousand-plus AI applications we're building across Amazon. You can see that with our next generation of Alexa, named Alexa+. You can see that in how we're using AI in our fulfillment network, robotics, shopping, Prime Video and advertising experiences. And you can see that in the building blocks AWS is constructing for external and internal builders to build their own AI solutions.  

这一点在亚马逊内部正在开发的 1,000 多个 AI 应用中可见一斑；在我们下一代 Alexa（Alexa+）中可见一斑；在我们如何将 AI 应用于履约网络、机器人、购物、Prime Video 和广告体验中亦可见一斑；同样体现在 AWS 为外部与内部开发者构建的 AI 基础能力上。  

We're not dabbling here. We're very intentionally giving builders the broadest possible capabilities at every level of the AI stack—cost-effectively—to use AI expansively across their businesses.  

这绝非浅尝辄止；我们有计划地在 AI 技术栈的每一个层面，以具备成本优势的方式，为开发者提供尽可能广泛的能力，帮助他们在业务中大规模应用 AI。  

At the bottom layer, for those building models, our new custom AI chip Trainium 2 is starting to lay in capacity in larger quantities with significant appeal and demand. While we offer customers the ability to do AI on multiple chip providers—and will for as long as I can foresee—customers doing AI at any significant scale realize that it can get expensive quickly. So the 30%-to-40% better price-performance that Trainium 2 offers versus other GPU-based instances is compelling. For AI to be as successful as we believe it can be, the price of inference needs to come down significantly.  

在底层算力方面，我们的新一代自研 AI 芯片 Trainium 2 正在以更大规模投入产能，市场需求强劲。虽然我们将长期支持多家芯片厂商，但任何大规模 AI 工作负载的客户都明白成本会迅速攀升，因此 Trainium 2 相比 GPU 实例可提供 30%-40% 的性价比优势，颇具吸引力。要让 AI 达到我们期望的成功，推理成本必须大幅降低。

We consider this part of our mission and responsibility to help make it so. At the middle layer, for those wanting to leverage frontier models to build generative-AI apps, Amazon Bedrock is our fully managed service that offers a choice of high-performing foundation models with the most compelling set of features that make it easy to build high-quality generative-AI applications. We continue to iterate quickly on Bedrock, adding Anthropic’s Claude 3.7 Sonnet hybrid-reasoning model—their most intelligent model to date—and Meta’s Llama 4 family of models. We were also the first cloud-service provider to make DeepSeek R1 and Mistral AI’s Pixtral-Large generally available as fully managed models.  

我们把降低 AI 门槛视作我们的使命和责任。在 AI 技术栈的“中间层”，对于希望直接调用前沿大模型来构建生成式 AI 应用的客户，Amazon Bedrock 提供托管式服务，汇集多款高性能基础模型，并配备业界领先的工具，帮助客户轻松打造高品质的生成式 AI 应用。我们在 Bedrock 上迭代速度很快，最近新增了 Anthropic 迄今最先进的混合推理模型 Claude 3.7 Sonnet，以及 Meta 的 Llama 4 系列；同时，亚马逊也是首家将 DeepSeek R1 和 Mistral AI 的 Pixtral-Large 以托管方式全面开放的云服务商。  

And of course, we offer our own Amazon Nova state-of-the-art foundation models in Bedrock, with the latest premier model launching yesterday. They deliver frontier intelligence and industry-leading price-performance, and we have thousands of customers already using them, including Slack, Siemens, Sumo Logic, Coinbase, FanDuel, Glean, and Blue Origin.  

当然，我们也在 Bedrock 中提供自主研发的 Amazon Nova 系列顶尖基础模型。最新旗舰版本已于昨日上线，可在保持前沿能力的同时带来行业领先的性价比。目前已有数千家客户使用 Nova，包括 Slack、Siemens、Sumo Logic、Coinbase、FanDuel、Glean 以及 Blue Origin 等。  

A few weeks ago, we released Amazon Nova Sonic, a new speech-to-speech foundation model that enables developers to build voice-based AI applications that are highly accurate, expressive, and human-like. Nova Sonic has lower word-error rates and higher win rates than other comparable models for speech interactions.  

数周前，我们又推出了 Amazon Nova Sonic——一款全新的语音到语音基础模型，让开发者能够构建准确度高、表现力强、近似人声的语音类 AI 应用。Nova Sonic 的词错误率更低，在语音交互测试中的胜率也显著领先于同类模型。  

The tech world is also abuzz about the potential of agents. To date, virtually all agentic use cases have been of the question-and-answer variety. Our intention is for agents to perform wide-ranging, complex, multi-step tasks—organizing a trip, setting temperature and music ambience for dinner guests, or handling sophisticated IT workflows. There really haven’t been action-oriented agents like this until Alexa+. Today the tooling to build such agents is still primitive, inaccurate, and requires constant human supervision.  

业界同样对 “智能代理” 的潜力热议不止。目前绝大多数代理仅停留在问答层面；而我们的目标是让代理完成更广泛、复杂的多步骤任务——比如规划旅行、为家庭聚餐自动设置空调温度与音乐氛围，或者处理企业级 IT 流程。此类“行动型”代理在 Alexa+ 出现之前几乎不存在，因为相关开发工具仍然较为原始、准确率不足，并且需要大量人工监管。  

We just released a research preview of Amazon Nova Act, a new AI model trained to perform actions within a web browser. It enables developers to break down complex workflows into reliable atomic commands like search, checkout, or answer questions about a stream. They can also add guardrails—“don’t accept the insurance upsell,” for example. Nova Act aims to move multi-step agent accuracy from today’s 30-60% range to 90-plus percent by giving builders the right set of primitives.  

对此，我们发布了 Amazon Nova Act 的研究预览版——一款专门训练在浏览器环境内执行操作的 AI 模型。开发者可将复杂流程拆分成可验证的原子指令，例如搜索、结账或对直播提问做出回答，并可加入额外约束，如“拒绝保险捆绑销售”。借助更完善的基础指令集，Nova Act 的目标是把多步骤代理的执行准确率从当前 30%-60% 提升至 90% 以上。  

At the very top of the stack are applications. This past quarter we launched Amazon Q, the most capable generative-AI assistant for accelerating software development, now with a lightning-fast agentic coding experience inside the CLI that can execute complex workflows autonomously. Customers love it. We also made GitHub Copilot for Amazon Q generally available, enabling AI agents to handle multi-step tasks—new-feature development, codebase upgrades from Java 8 to 11, code review, unit testing—all inside the familiar GitHub environment.  

在技术栈最顶层是应用层。本季度我们发布了 Amazon Q——一款面向软件开发的高性能生成式 AI 助手，并在命令行工具中加入了极速“代理式”编码体验，可自主完成复杂工作流，深受客户欢迎。我们还正式发布了 GitHub Copilot with Amazon Q，让 AI 代理在 GitHub 界面内完成新功能开发、代码迁移（如 Java 8 升级至 11）、代码评审和单元测试等多步骤任务。  

Our AI business is already at a multibillion-dollar annual revenue run rate, continues to grow triple-digit percentages year over year, and is still in its very early days. While optimism around AI is clearly warranted, I’ll conclude my AWS remarks by reminding everyone there remains a massive amount of on-premises infrastructure yet to migrate to the cloud. Infrastructure modernization is much less flashy to talk about than AI, but it is fundamental to any company hoping to realize the full potential of AI: you need your compute and data in the cloud.  

我们的 AI 相关业务年化收入已达数十亿美元，仍以三位数百分比同比增长，但这只是起步阶段。尽管 AI 前景令人振奋，我想再次强调：全球仍有海量本地 IT 基础设施尚未迁移到云端。基础设施现代化远不如 AI 吸睛，却是企业释放 AI 潜能的根基——只有把算力和数据迁至云端，才能真正发挥 AI 的价值。  

A couple of quick updates before I hand it to Brian. First, in Q1 we introduced Alexa+, our next-generation personal assistant that’s meaningfully smarter and more capable. It can both answer virtually any question and take actions, and it’s free for Prime members or $9.99 a month for non-Prime customers. We’re just beginning the U.S. rollout and will expand to more countries later this year; early feedback is very positive.  

在交给 Brian 进行财务汇报前，再分享几条动态。第一，我们在第一季度推出了 Alexa+。这款全新个人助手的智能水平和能力大幅提升，既能回答几乎任何问题，也能执行各类操作。Prime 会员可免费使用，非会员月费 9.99 美元。我们刚刚在美国开始逐步推送，今年晚些时候会扩展到更多国家；早期用户反馈非常好。  

Second, we’re honored to be part of the new joint venture producing the next generation of the James Bond film franchise, with producers Amy Pascal and David Heyman on board. Third, just a few days ago Project Kuiper reached a milestone with the successful launch of our first satellite; more launches are imminent, and we expect to begin customer service later this year. I’m proud of the teams worldwide for what they’ve delivered and excited about what comes next.  

第二，我们很荣幸参与下一代《007》电影的联合制作，制片人 Amy Pascal 与 David Heyman 已正式加盟。第三，几天前 Kuiper 项目成功将首颗卫星送入轨道，后续卫星即将陆续升空，并计划于今年底前向客户提供服务。我为全球团队的成就感到自豪，也期待接下来的进展。  

With that, I’ll hand it over to Brian for the financial update.  

下面请 Brian 做财务更新。

Brian Olsavsky  

布赖恩·奥尔萨夫斯基  

Thanks, Andy. I’ll begin with our top-line financial results. Worldwide revenue was $155.7 billion, a 10% increase year over year, excluding the impact of foreign exchange. This equates to a $1.4 billion headwind from foreign exchange year over year in the quarter. Worldwide operating income was $18.4 billion, approximately $400 million above the high end of our guidance range. These results include one-time charges that impact North America and International operating income that I’ll discuss in a moment.  

谢谢你，Andy。先来看总体业绩：本季度全球净销售额为 1,557 亿美元，同比（按固定汇率）增长 10%。汇率波动带来了 14 亿美元的逆风。全球运营利润为 184 亿美元，比指引上限高出约 4 亿美元。本季度包含一次性费用，影响了北美和国际部门的运营利润，稍后我会详述。  

First, let’s start with the net-sales results for these segments. In the North America segment, first-quarter revenue was $92.9 billion, an 8% increase year over year. Our International segment revenue was $33.5 billion, also an 8% increase year over year, excluding the impact of foreign exchange. Worldwide paid units grew 8% year over year.  

先看各业务板块的销售额。北美板块 Q1 收入 929 亿美元，同比增长 8%。国际板块收入 335 亿美元，扣除汇率因素后同样增长 8%。全球付费订单量同比增长 8%。  

Our priority is to provide value to our customers across our businesses. In the first quarter, we held multiple deal events around the world, which drove strong customer engagement. We saw broad-based strength across our key business inputs, including record delivery speeds for Prime members, enabled by improved inventory placement.  

我们的首要任务是持续为客户创造价值。第一季度我们在全球举办了多场促销活动，带动了高水平的客户参与度。关键运营指标全面走强，其中得益于更优的库存布局，Prime 会员配送速度再创新高。  

Our vast selection gives customers choice across various price points, particularly in categories like grocery, which includes everyday essentials. These are the items that people purchase most frequently. We partner with millions of independent sellers from around the world. These selling partners are important contributors to our broad selection, and worldwide third-party selling-unit mix was 61% in Q1, consistent with Q1 of last year.  

海量选品让消费者在不同价位上都有选择，尤其是“日常必需品”这类高频购买品类。全球数百万第三方卖家与我们合作，为平台提供了丰富的商品选择。本季度第三方卖家商品占全球销量 61%，与去年同期持平。  

Shifting to profitability, North America segment operating income was $5.8 billion, and International segment operating income was $1 billion, with operating margins of 6.3% in North America and 3.0% internationally. As I mentioned earlier, during the quarter we recorded one-time charges related to some historical customer returns that have not yet been resolved and some costs to receive inventory that was pulled forward into Q1 ahead of anticipated tariffs.  

来看盈利情况。北美板块运营利润 58 亿美元，运营利润率 6.3%；国际板块运营利润 10 亿美元，利润率 3.0%。正如之前提到的，本季度计入了一些一次性费用，包括未完全解决的历史退货问题，以及为应对潜在关税而提前入库导致的额外收货成本。  

Without these charges, North America and International operating margins would have been approximately 90 basis points and 70 basis points higher, with operating margins of 7.2% for North America and 3.7% for International. We are pleased with how our teams continue to execute and deliver for customers.  

若剔除这些一次性费用，北美和国际板块的运营利润率将分别提高约 90 个和 70 个基点，达到 7.2% 和 3.7%。我们对团队持续为客户提供卓越体验的执行力感到满意。  

In Q1, our newly re-architected inbound network drove productivity in our fulfillment and transportation network, leading to better inventory placement and higher units per package, and as a result, lower delivery costs. Beyond Q1, we have a number of initiatives underway to continue improving our cost structure, such as fine-tuning our inbound network, building out our same-day delivery sites, expanding our rural delivery network, and adding robotics and automation to our facilities.  

第一季度，重新架构的入库网络提升了履约和运输效率，改善了库存布局，提高了每包裹平均件数，从而降低了配送成本。展望未来，我们还将通过多项举措持续优化成本结构，包括进一步精细化入库网络、建设更多当日达站点、扩展乡村配送网络，以及在设施中引入机器人和自动化技术。  

Better inventory placement remains a top priority. Better placement drives more in-stock selection, reduces travel distances, and speeds up delivery. And having inventory in the right place at the right time increases the likelihood that multiple items can be combined in a package, which helps reduce packaging and cost. Although progress won’t always be linear, we have a good plan to continue to drive improvement over time.  

优化库存布局仍是重中之重。选品到位不仅提升现货率，还能缩短运输距离、加快配送，并提高多商品合包的概率，从而减少包材并降低成本。虽然改进不会完全线性，但我们已制定了切实可行的长期计划。  

Shifting to advertising, advertising remains an important contributor to profitability in the North America and International segments. Advertising revenues grew 19% year over year. We’re pleased with the accelerating growth on an increasingly large base. We’re seeing strong adoption across our full-funnel advertising offering, as brands appreciate our ability to connect them with customers.  

接下来谈广告业务。广告仍是北美和国际板块盈利的重要组成部分，收入同比增长 19%。在庞大基数上仍实现加速增长令人振奋。我们的全漏斗广告解决方案获得品牌方的广泛采用，原因是他们认可我们连接消费者的能力。  

We’ll also continue to invest in other long-term opportunities. These efforts have the potential to be important to customers and Amazon in the future, including Kuiper, where we had our first launch of our production-designed satellites earlier this week.  

同时，我们也会持续投资其他长期机会，这些项目未来对客户和亚马逊都可能意义重大。例如 Kuiper 项目，本周早些时候已成功发射首批量产型卫星。

And we’ll be launching more satellites throughout the year. We’re closely monitoring the macro-economic environment, including the impact of tariffs. We’re planning for various outcomes, and we’ve taken a number of actions to protect the customer experience. We’re doing everything we can to keep our prices low for customers in a way that makes economic sense.  

今年我们还将陆续发射更多卫星。我们正密切关注宏观经济形势，包括关税带来的影响，并针对不同情景做好预案，已采取多项举措以守护客户体验。在确保经济可行的前提下，我们正尽一切努力为客户维持低价。  

Moving next to our AWS segment, revenue was $29.3 billion in Q1, an increase of 17% year over year. AWS now has an annualized revenue run-rate of more than $117 billion. During the first quarter, we continued to see growth in both Generative-AI business and non-Generative-AI offerings as companies turn their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premises to the cloud, and tap into the power of Generative AI.  

接下来谈 AWS 业务。第一季度 AWS 收入 293 亿美元，同比增长 17%，年化营收动能已超过 1,170 亿美元。无论是在生成式 AI 相关业务，还是传统云服务上，我们都持续实现增长。企业正将注意力转向新项目、将更多工作负载迁移上云、重启或加速既有上云计划，并开始充分利用生成式 AI 的力量。  

AWS operating income was $11.5 billion and reflects our continued growth, coupled with our focus on driving efficiencies across the business. As we’ve said before, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we’re making at any point in time. We plan to bring on an increasing amount of capacity in the back half of the year.  

AWS 运营利润为 115 亿美元，反映了业务持续增长以及我们对效率提升的关注。正如我们多次强调的，AWS 的运营利润率会随投入规模而波动。我们计划在下半年大幅增加基础设施产能。  

Now, turning to our cash CapEx, which was $24.3 billion in Q1. 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—and increasingly in custom silicon like Trainium—as well as tech infrastructure to support our North America and International segments. We’re also investing in our fulfillment and transportation network to support future growth and improve delivery speeds and our cost structure. This investment will support growth for many years to come.  

接着来看资本开支。第一季度的现金资本支出为 243 亿美元，其中大部分用于扩充技术基础设施。这主要与 AWS 相关，用于支持 AI 服务需求，并加大对 Trainium 等定制芯片的投入，同时也包括为北美和国际零售业务扩建技术设施。我们还在履约与运输网络上持续投资，以支持未来增长、提升配送速度并优化成本结构。这些投入将为未来多年增长奠定基础。  

While we primarily focus our comments on operating income, I’d like to point out that our first-quarter net income of $17.1 billion includes a pre-tax gain of $3.3 billion, included in non-operating income, and it relates to our investment in Anthropic. This activity is not related to Amazon’s ongoing operations, but rather the result of the conversion of a portion of our convertible notes to non-voting preferred stock.  

虽然我们主要关注运营利润，但需要说明：本季度 171 亿美元的净利润中包含 33 亿美元的税前投资收益，计入非运营收入，源自我们对 Anthropic 的投资。这一收益并非来自日常经营，而是我们将部分可转换票据转换为无投票权优先股所产生的账面收益。  

Turning to Q2 guidance, as a reminder, our guidance considers a range of possibilities and takes into account Q1 results, trends in quarter-to-date results, and expectations around the macro-economic environment.  

关于第二季度指引，需要提醒的是，我们的区间考虑了多种可能性，并结合了一季度实际表现、当季迄今趋势以及对宏观经济环境的预期。  

Q2 net sales are expected to be between $159 billion and $164 billion. We estimate the year-over-year impact of changes in foreign-exchange rates based on current rates, which we expect to be a headwind of approximately 10 basis points in the quarter. As a reminder, global currencies can fluctuate during the quarter.  

预计 Q2 净销售额将在 1,590 亿至 1,640 亿美元之间。按当前汇率测算，汇率变动预计将带来约 10 个基点的逆风。需要注意，汇率在季度内仍可能波动。  

Q2 operating income is expected to be between $13 billion and $17.5 billion. This estimate includes the impact of our seasonal step-up in stock-based compensation expense in Q2, driven by the timing of our annual compensation cycle.  

Q2 运营利润预计介于 130 亿至 175 亿美元之间，其中包含因年度薪酬周期而在第二季度季节性增加的股票薪酬费用。  

The external environment remains complex, and as we have done throughout our history, we are focused on the inputs that we can control to protect the customer experience. We will work hard to remain the place customers trust for sharp prices, broad selection, and convenience. We’ll remain focused on driving a better customer experience, and we still believe putting customers first is the only reliable way to create lasting value for our shareholders.  

外部环境依旧复杂，但一如既往，我们专注于可控要素，以守护客户体验。我们将继续努力，保持价格有竞争力、品类丰富且便捷，成为客户信赖的首选。坚持以客户为中心依然是为股东创造长久价值的唯一可靠途径。  

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

以上就是我的分享，下面进入提问环节。

Operator  

主持人  

Thank you. At this time, we will now open the call up for questions. [Operator Instructions] Please hold while we poll for questions.  

感谢各位。现在进入答问环节。[操作员指引略] 请稍候，我们正在搜集提问。  

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

第一位提问者是巴克莱的 Ross Sandler。请开始提问。  

Ross Sandler  

Great. I think I'm going to leave the China questions to others and focus on AWS and AI. So, Andy, it seems like you've been bringing on a lot more P5 GPU instances since February to support all these new AI workloads. How would you characterize, in the first quarter and maybe here in the second quarter, the supply/demand imbalance that you talked about before around AI workloads? And when do you think AWS will be in a position to capture enough AI revenue to drive acceleration? Is that something that could happen this year, or do you see that more like next year, given your capacity constraints? Thank you very much.  

好的。有关中国的问题我先留给其他人，我想聚焦 AWS 和 AI。Andy，自 2 月以来你们似乎上线了大量 P5 GPU 实例来支持新的 AI 工作负载。能否谈谈在第一季度乃至第二季度，你之前提到的 AI 计算供需失衡状况如何？另外，AWS 何时能够拥有足够产能、捕捉足够的 AI 收入，从而带动增长加速？考虑到当前的容量限制，这种加速会在今年出现，还是要等到明年？谢谢。  

Andy Jassy  

Thanks, Ross. I would say that we've been bringing on a lot of P5s, which are NVIDIA-based instances, as well as landing more and more Trainium 2 instances as fast as we can. Our AI business right now is a multi-billion-dollar annual run-rate business that’s growing triple-digit percentages year over year. And as fast as we add capacity, it’s being consumed. So we could be helping more customers and driving more revenue if we had even more capacity.  

谢谢，Ross。确实，我们正尽可能快速地上线大量基于 NVIDIA 的 P5 实例，同时部署越来越多的 Trainium 2 实例。目前我们的 AI 业务年化营收已达到数十亿美元规模，且同比增速达到三位数。新增的算力几乎一上线就被客户消化。如果我们拥有更多产能，就能服务更多客户并带来更多收入。  

We have a lot more Trainium 2 instances and the next generation of NVIDIA instances landing in the coming months. I expect that other parts of the supply chain are a little jammed as well—motherboards and some other components—simply because demand is so high right now. But I do believe that the supply-chain issues and the capacity issues will continue to get better as the year progresses.  

接下来几个月，我们还会再部署大量 Trainium 2 实例以及下一代 NVIDIA 实例。我也预计供应链中其他环节——比如主板和一些组件——依旧有些拥堵，主要是因为需求过于旺盛。但我相信，随着今年的推进，供应链瓶颈和产能问题都会逐步改善。

Operator  

主持人  

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

下一位提问者是高盛的埃里克·谢里丹，请开始提问。  

Eric Sheridan  

埃里克·谢里丹  

Thanks so much for taking the question. Maybe I could ask a two-parter. First, in terms of strategy Andy, how do you think about positioning the company for the medium term, given all the levels of uncertainty out there about how the global trade environment might shift in the coming months? What do you see as the key strategic priorities that will allow the company to sort of be able to capitalize one way or another, depending on various elements of outcome? And how do you prioritize those investments in the months ahead? And then with respect to the one-quarter forward operating income guide, is there anything in there from a cost side that we should be thinking about as purely aligned with those types of investments against the trade landscape that might not repeat either later into this year or next year? Thanks so much.  

非常感谢回答我的问题。我有两个方面的提问。首先就战略而言，Andy，在全球贸易环境未来几个月可能出现的多重不确定性下，你们如何规划公司在中期的定位？你们认为哪些关键战略优先事项能够让公司在不同结果下都能抓住机遇？未来几个月里，你们将如何为这些投资排序？其次，关于未来一个季度的运营利润指引，其中是否包含我们应将其视为专门用于应对贸易形势、而可能不会在今年晚些时候或明年重复出现的成本？再次感谢。  

Andy Jassy  

安迪·贾西  

Thanks, Eric. It's hard to tell what's going to happen with tariffs right now. It's hard to tell where they're going to settle and when they're going to settle. And so, a lot of what we're thinking about short and medium term actually turns out to be what we think about long-term too, which is, how do we actually have the broadest possible selection for customers at the lowest possible prices? And there's maybe never been a more important time in recent memory than trying to keep prices low, which we're heads down, pretty maniacally focused on, and then get things to people quickly and take care of customers. And that is the heart of what we're doing. And you can see different initiatives that we've taken within those priorities. We've done some forward buys of inventory where we're the first-party seller. Our third-party sellers have pulled forward a number of items so that they have inventory here as well.  

谢谢你，Eric。现在很难判断关税将会如何、何时落定。因而，我们对短期和中期的思考，与我们对长期的思考实质上是一致的：如何为客户提供尽可能广泛的选品，并保持尽可能低的价格。在当下，保持低价的重要性可能前所未有，我们也在全力以赴地专注于此，同时快速把商品送达并照顾好客户。这是我们工作的核心。围绕这些重点，我们已采取多项举措：作为一方卖家，我们进行了部分商品的前置备货；许多第三方卖家也把货品提前运入库存。  

And those are all -- we're encouraging that because we're trying to keep prices as low as possible for customers. I think also, when you have as broad selection as we have, and we have much broader selection than other retailers, it means that when you've got this continuity, like we may potentially have, you're better able to help customers find what they want, no matter what those trends are. And I mentioned in my opening comments about what happened in the pandemic, and you can bet there are going to be things that we don't anticipate that customers really value and want that are different. It could be as simple, by the way, as just favoring other brands that maybe people didn't know about before, but where they have a more favorable price equation for customers. And I think when you've also got -- another thing that people forget is that when you've got 2 million-plus sellers, they're not all going to take the same strategy if there ends up being higher tariffs.  

我们鼓励这些做法，目的是尽量为客户保持低价。同时，凭借我们远超其他零售商的庞大选品，一旦出现持续性的供应或需求波动，我们能更好地帮助客户找到所需，无论趋势如何。在开场白中我也提到疫情期间的经历，可以预见未来还会出现我们意想不到、却深受客户青睐的新需求。也许只是客户开始偏好以前并不熟悉、但价格更具吸引力的品牌。还有一点常被忽视：我们拥有 200 多万卖家，如果关税上升，他们不会全部采取同一策略。  

I mean, there are going to be plenty of sellers that decide to pass on those higher costs to end consumers, but they're going to -- we have a lot of sellers in lots of different countries, and not all of them are going to pursue the same tack. And so, I think when you've got larger diversity like we have, we have a better chance of some of those sellers deciding that they're going to capture share, and they're not going to pass on all or any of those tariffs to customers.  

确实，会有不少卖家选择把更高的成本转嫁给终端消费者，但由于我们的卖家遍布全球，各自策略不尽相同。正是这种多样性，让我们更有可能看到部分卖家选择以不转嫁、或只转嫁部分关税的方式赢取市场份额。  

And so, I think customers are going to have a better chance of finding variety on selection and on lower prices when they come here. And the last thing I would say is that we have been in a number of our businesses, but just I'd say over the last 6 years or so, we have been diversifying where we produce things over a long period of time. We had, I would say, a meaningfully higher concentration of where we produced components for AWS or devices in China than we have now, where we've diversified meaningfully over that time. And we just thought that was wise to do so. And so, those are some of the ways that we're trying to make sure that we are protecting our customers over the short, medium, and long-term. But it turns out that most of those are the things that we focus most on, which is really broad selection for ultimate choice, really low prices, and very fast delivery.  

因此，客户来到亚马逊时，会更有机会获得多样选择及更低价格。最后一点，在过去大约六年里，我们逐步多元化了产品生产地点。过去 AWS 组件或设备生产更多集中在中国，如今我们已显著分散，这对我们而言是明智之举。通过以上举措，我们力求在短、中、长期都能保护客户利益。而这些举措的核心依然是：极为丰富的选品、极具竞争力的价格，以及极其迅速的配送。  

Brian Olsavsky  

布赖恩·奥尔萨夫斯基  

Eric, I'll take your question on the guidance, and especially on operating income. I think that was your question, and the cost that might be in Q2. The thing I'd point to again is what I mentioned earlier, the stock-based comp always steps up generally in Q2 versus Q1, and then resets a rate that carries through for the next four quarters. You can look at historic trends to get an idea of that. Secondly, we do have some additional Kuiper launch costs in Q2. You saw a launch happen this week. And a reminder that we expense those launch costs until the point of commercialization, which a plan is to have that be later in this year.  

Eric，我来回答关于指引、特别是运营利润的问题，以及 Q2 可能包含的成本。首先，如我先前提到的，股票薪酬费用通常在第二季度较第一季度显著提高，并在随后的四个季度维持这一更高水平，历史趋势可作参考。其次，第二季度会计入额外的 Kuiper 卫星发射成本；你们本周已看到一次发射。提醒一下，在商业化服务启动之前，这些发射费用均按费用处理，计划仍是今年晚些时候商业化。

Operator

Thank you. And the next question comes from the line of Justin Post with Bank of America. Please proceed with your question.

谢谢。下一个问题来自美国银行的贾斯廷·波斯特，请提问。

Justin Post

Great. Thanks. I'll go back to AWS. I know in the past you said revenues can be lumpy. Can you explain why they might fluctuate up and down if it's beyond just capacity? And you see the competitors with some pretty good growth rates. How do you think about the difference there? Obviously, your dollar growth is very good, but how do you think about the difference there versus some of your competitors? Thank you.

很好，谢谢。我再回到AWS的问题。我知道过去你们曾提到收入可能会有波动。除了容量因素外，能否解释一下收入为何会上下波动？你们的竞争对手展现了相当不错的增长率，你如何看待这种差异？很明显，你们的美元增长非常强劲，但你如何看待你们与竞争对手之间的这种差距？谢谢。

Andy Jassy

Well, the first thing I would say is when we've historically said that revenue can be lumpy, we've been saying this well before what's happened with AI over the last couple of years. And the reason for that is the sales cycle, particularly for enterprises. It's true for startups. What you really want is you want to have the type of capabilities where startups want to primarily choose to run on top of your platform. And that's true. If you look in the startup space, the vast majority of successful startups over the last 10 to 15 years have run on top of AWS. And it's unpredictable when those startups are going to find product market fit and grow substantially. And it's hard for them to predict and even harder for us to predict. And the same thing goes on the enterprise side, but in a different way.

首先我想说的是，我们过去提到收入可能会波动时，早在过去几年AI兴起之前就已经这么说了。其中的原因是销售周期的问题，尤其是企业客户方面。对初创企业来说也是如此。你真正想要的是拥有这样的能力，使初创企业主要选择在你的平台上运行。这一点是成立的。如果你观察初创企业领域，过去10到15年间绝大多数成功的初创企业都是在AWS上运行的。但这些初创企业何时找到产品与市场的契合点并实现大规模增长是难以预测的，对他们来说难以预测，对我们来说更难预测。企业客户方面也是同样的道理，只是方式有所不同。

When the sales cycle on the enterprise side is that you spend time trying to convince people that they should move from on-premises to the cloud, and then that you have the right solution for them. And then, you pick a set of projects that you get experience on. And sometimes they use systems integrators. Sometimes they use our own professional services. Sometimes they're doing it themselves. Then there's a next tranche migrations. And those migrations just take time. And some companies get through them really quickly and some companies take longer to get through them. And what happens a lot of times too, is that they get excited and enthusiastic about the cost advantages and the speed of innovation advantages they get moving to the cloud.

企业客户的销售周期是这样的：你需要花费时间说服他们从本地迁移到云端，并且你拥有适合他们的解决方案。然后，你会选择一系列项目来积累经验。有时候他们会使用系统集成商，有时候使用我们自己的专业服务，有时候他们会自行操作。接下来是下一批迁移，这些迁移需要时间。有些公司能快速完成，有些公司则需要更长的时间。很多时候，他们会因为迁移到云端所带来的成本优势和创新速度优势而感到兴奋和热情。

And what was supposed to be a smaller next tranche turns into a much larger next tranche. And all of that has been true for a long time. It's very hard for us to predict because it really is contingent on what enterprises, how they want to sequence it and resource it. Then you throw in AI, which has its own very fast growth cycle, particularly in certain types of use cases. And those change. I mean, I'll give you just some examples.

本来预计较小规模的下一批迁移往往变成规模更大的迁移。这种情况长期以来一直存在。我们很难预测，因为这实际上取决于企业如何安排迁移顺序和资源投入。再加上AI，它本身具有非常快速的增长周期，尤其是在某些特定的应用场景中。这些场景也在不断变化。我可以举几个例子。

In the early days, of the earliest days, I should say, of AI, what you've seen the most amount of has been initiatives that get you productivity and cost avoidance. And we've seen that from so many of our AWS customers. And we're doing a lot of it ourselves inside of Amazon using AI. And then, you've also seen, I would say, large scale training with a lot of those are running on top of this as well, and as Anthropic is building their next few training models on top of our Trainium 2 chip on AWS. And then, you've seen a couple of really big chatbots. And then, what you've seen just in the last few months is really kind of the explosion of coding agents. And if you just look at the growth of these coding agents, the last few months, these are companies like Cursor or Vercel, both of them run significantly on AWS, but just look at the growth of that over the last few months. You just couldn't have predicted that sort of growth. And so, that's why it's lumpy. Sometimes you'll have very significant increases that you didn't predict and you couldn't forecast.

在AI发展的早期阶段，更准确地说是最初阶段，你看到最多的项目是提高生产力和节约成本的举措。我们的很多AWS客户都在这么做，我们亚马逊内部也大量使用AI进行类似的工作。此外，你还可以看到大规模的模型训练，比如Anthropic正在AWS上的Trainium 2芯片上构建他们接下来的几个训练模型。然后，你会看到一些非常大型的聊天机器人。过去几个月里，你看到的则是编码代理的大量涌现。比如Cursor或Vercel这样的公司，他们都大量使用AWS平台。仅仅过去几个月，这类编码代理的增长是你无法预见的。这就是为什么收入会波动。有时候你会看到无法预测的大幅增长。

And then, they'll grow at a good rate, but maybe not the same rate before the next big kind of explosive growth. And I would tell you that everything I just mentioned, what's interesting in AI is that we still haven't gotten to all the other customer experiences that are going to be reinvented and all the other agents that are going to be built, they're going to take the role of a lot of different functions today. And even though we have a lot of combined inference in those areas, I would say we're not even at the second strike of the first batter in the first inning. It is so early right now.

之后，它们可能会以不错的速度增长，但未必能达到下一次爆发式增长之前的速度。我想告诉你，我刚才提到的所有这些，AI领域有趣的是，我们还没有触及所有即将被重新定义的客户体验以及将被创建的其他代理，这些代理将承担今天许多不同的职能。尽管我们在这些领域已经进行了大量的推理工作，但我认为我们甚至还没到第一局第一位击球手的第二击。这一切才刚刚开始。

And then, I would just say on how to think about relative growth rates, you always have to -- the year-over-year growth rate is really only a function of the percentage growth on the base with which you are operating from. And we just have a very meaningfully larger base on the technology infrastructure side than others. And so, when it's still think about 17% year-over-year growth on a $117 billion revenue run rate, it's still pretty significant growth. And as I said, I think we could be doing more, more if we had more capacity and I expect that the capacity to ease in the coming months.

最后，关于如何看待相对增长率，我想说的是，年同比增长率实际上仅取决于你运营的基数增长百分比。在技术基础设施方面，我们的基数远远大于其他公司。因此，当你看到我们在1170亿美元的收入规模下仍然实现了17%的同比增长时，这依然是非常显著的增长。正如我之前所说，如果我们拥有更多的容量，我们还能做得更多，我预计未来几个月容量紧张的情况会有所缓解。

Operator

Thank you. Our next question comes from the line of Doug Anmuth with J.P. Morgan. Please proceed with your question.

谢谢。下一个问题来自摩根大通的道格·安穆斯，请提问。

Doug Anmuth

Thanks for taking the questions. One for Brian, one for Andy; Brian, just maybe to follow-up on AWS, but more on the margin side, we've seen a lot of fluctuation over the last couple of years and now hitting almost 40%. Maybe you can just talk about what's driving the outperformance and then how we should think about normalized margins going forward? And then, Andy, your comments on Alexa about moving to more complex tasks, can you talk about that more and just with Alexa, the products have been around for a long time, they've had different use cases. How do you get users to shift their behavior more with Alexa? Thanks.

谢谢你们接受提问。我有两个问题，一个给布莱恩，一个给安迪。布莱恩，可能还是围绕AWS，但更多关注利润率方面。过去几年我们看到利润率波动较大，现在几乎达到40%。你能否谈谈推动利润率超预期表现的因素，以及未来我们应该如何看待利润率的正常水平？安迪，你刚刚谈到Alexa将转向更复杂的任务，能否详细说明一下？Alexa产品已经存在很长时间，也有很多不同的使用场景，你们如何推动用户更多地改变他们与Alexa的互动方式？谢谢。

Brian Olsavsky

Thanks, Doug. I'll take your first question. We did a strong quarter in AWS, as you mentioned, the margin performance. I would attribute it to the strong growth that we're seeing coupled with the impact of some continued investment we're making in innovation and technology, give you some examples. So, we invest in software and process improvements and it ends up optimizing our server capacity, which helps our infrastructure cost. We've been developing more efficient network using our low cost custom networking gear. We're working to maximize the power usage in our existing data centers, which both lowers our costs and also reclaims power for other newer workloads.

谢谢，道格。我来回答你的第一个问题。正如你所提到的，我们这个季度AWS表现强劲，利润率表现突出。我认为这是由于我们强劲的增长，以及持续在创新和技术方面的投资所带来的影响。我举几个例子，我们投资于软件和流程改进，这最终优化了服务器容量，有助于降低基础设施成本。我们一直在利用低成本的定制网络设备开发更高效的网络。我们也在努力最大化现有数据中心的用电效率，这不仅降低了成本，也为新的工作负载释放了电力资源。

And we're also seeing the impact of advancing custom silicon like Graviton. It provides lower costs not only for us, but also for our customers, the better price performance for them. But you're right, margins are impacted by a lot of things, including our level of investment, competitive pricing, the mix of Generative AI services as they're ramping up will continue to evolve over the years to come. So, we do have a lot of investment in infrastructure going on and planned for the second-half of the year. So, that will -- we'll start to see the impact of that. But we're happy with the performance of the team with generating cost savings. And it's a big focus as well as expanding the services and features for customers.

此外，我们也看到了定制芯片（如Graviton）的进步所带来的影响。这不仅降低了我们的成本，也为客户提供了更好的性价比。但你说得对，利润率会受到很多因素的影响，包括我们的投资水平、竞争定价，以及生成式AI服务组合的持续演变。因此，我们在基础设施方面还有很多投资计划，尤其是在今年下半年，我们将开始看到这些投资的影响。不过，我们对团队在节约成本方面的表现感到满意，同时也非常关注为客户扩展服务和功能。

Andy Jassy

On the Alexa question, we're really excited about Alexa+. And as I mentioned earlier, it is -- she's much more intelligent, much more capable, and able to take real action. And to date, most of the agents that have been out there have really just been able to answer questions, which when it came out was very remarkable and -- but it's I think the future of agents is not just being intelligent, but also being able to take action. And that's actually, it requires a great model, but it also requires the ability to sync that model and to align that model with being able to take the right action and execute and implement the right APIs or you can have, very suboptimal results. And so, we've worked hard on that in Alexa+. We've been -- we started rolling out over the last several weeks. So, it's with now over 100,000 users, with more rolling out in the coming months. And so, far, the response from our customers has been very, very positive. People are excited about it.

关于Alexa的问题，我们对Alexa+感到非常兴奋。正如我之前提到的，她变得更加智能、更有能力，并且能够真正采取行动。到目前为止，市场上的大部分助手基本上只能回答问题，虽然刚推出时非常了不起，但我认为助手的未来不仅仅是智能，还需要能够采取行动。这实际上需要一个优秀的模型，同时也要求该模型能够与实际行动同步，正确执行和实施适当的API，否则结果可能非常不理想。因此，我们在Alexa+上付出了很多努力。过去几周我们开始逐步推出，目前已有超过10万用户，未来几个月还会继续推广。目前为止，客户的反馈非常积极，人们对此感到非常兴奋。

I think that it does a lot more things than what Alexa did before. And we're very fortunate in that we have over a half billion devices out there in people's homes and offices and cars. So, we have a lot of distribution already, but there will be to some degree, there will be a little bit of rewiring for people on what they can do because you get used to patterns. I mean, even the simple thing of not having to speak Alexa speak anymore where we're all used to saying Alexa before we want every, action to happen. And what you find is you really only have to do it the first time, and then really the conversation is ongoing where you don't have to say Alexa anymore. And I've been lucky enough to have the alpha and the beta, that I've been playing with for several months. And it took me a little bit of time to realize I didn't have to keep saying Alexa. And it's very freeing when you don't have to do that. And then, I think it's just experience in trying things. So, you can do things like you have guests coming over on a Saturday night for dinner and you can say Alexa, please, open the shades, put the lights on in the driveway and on the porch, increase the temperature five degree and pick music that would be great for dinner that's mellow. And she just does it. And like, when you have those types of experiences, it makes you want to do more of it.

我认为Alexa+能做的事情比之前的Alexa多得多。我们非常幸运，目前已有超过5亿台设备进入人们的家庭、办公室和汽车中。因此，我们已经拥有了很大的覆盖范围，但在一定程度上，人们需要稍微调整一下自己的使用习惯，因为你已经习惯了一些模式。比如一个简单的改变就是不再需要每次都先说“Alexa”，我们过去习惯在每个动作前都先说Alexa。而现在你只需要第一次这么做，接下来就可以一直对话，不再需要重复说Alexa。我很幸运地提前体验了Alpha和Beta版本，花了一段时间才意识到我不需要一直重复说Alexa。当你不再需要这样时，会感到非常轻松。然后，我觉得这只是尝试和习惯的问题。比如你周六晚上有客人来吃饭，你可以说：“Alexa，请打开窗帘，打开车道和门廊的灯，把温度提高五度，并播放适合晚餐的柔和音乐。”她就能自动完成。当你体验过这样的场景后，就会想要更多地去使用它。

Operator

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

谢谢。我们的下一个提问来自摩根士丹利的Brian Nowak。请提问。

Brian Nowak

Thanks for taking my questions. Hey, Andy and Brian. So, I have one for each of you guys. So, Andy, you have a very complicated retail business with a lot of moving pieces to it. I imagine you have a lot of good data on what you expect demand to be over the course of the year and the holidays and things. As you kind of step back and analyze the business and the tariff uncertainty, can you just sort of walk us through the one or two key areas operationally that you're most focused on just to ensure that Prime Day, Thanksgiving and the holidays go as smoothly as they possibly can?

感谢你们回答我的问题。你好，Andy和Brian。我分别有一个问题要问你们两位。Andy，你的零售业务非常复杂，涉及许多环节。我想你们肯定掌握了很多关于全年、假期期间等需求预期的数据。当你退一步分析业务和关税不确定性时，能不能给我们讲讲你们在运营上最关注的一两个关键领域，以确保Prime Day、感恩节和假期尽可能顺利地进行？

And then, secondly, on Brian, just to kind of go back to Eric's earlier question, as we think about the 2Q EBIT guide, are there any onetime costs or sort of tariff related costs in there similar to that $1 billion that you called out in the first quarter? Thanks.

其次，Brian，回到Eric之前的问题，当我们考虑第二季度EBIT指引时，里面是否有类似于你们第一季度提到的那10亿美元的一次性成本或关税相关成本？谢谢。

Andy Jassy

Thanks, Brian. On the retail question, I would say that the areas that maybe we're most focused on to make sure we have not just a great Prime Day, but Prime Day is just one event as you know, and so is peak. We're trying to be great all year long for customers. The obvious ones are making sure that we help our sellers however we can, because there's uncertainty for our sellers as well. So, we're trying to make sure we provide a great experience. We're trying to make sure that we have the right diversity of sellers and low prices for our customers. I think all that you have to also be very thoughtful around how much inventory you bring into your fulfillment nodes at any one time, because you can imagine scenarios where either on your own when you're the first party seller or lots of third parties want to get as much inventory in as early as possible trying to beat a deadline on what may happen. And if you end up with too much inventory in your fulfillment network, it really slows down, your productivity and your ability to get things out as quickly as you want for customers at the cost structure you want. So, being able to manage that thoughtfully, we've learned that over the years, and I think the team is doing a really good job of balancing that right now.

谢谢，Brian。关于零售方面的问题，我认为我们当前最关注的领域，可能不仅仅是为了确保Prime Day的成功，毕竟Prime Day只是一个活动，旺季也只是一个节点，我们的目标是全年都为客户提供优质体验。显而易见，我们要尽可能帮助我们的卖家，因为他们同样面临不确定性。我们努力为卖家和客户提供优质体验，确保卖家多样性，并为客户带来低价。我认为，在任何时候向履约节点投放多少库存也必须非常谨慎，因为你可以想象，无论是自营还是大量第三方卖家，都希望尽早把库存送进来以赶在某个截止日期之前。如果最终你的履约网络中库存过多，会极大影响你的生产效率，以及你以期望的成本结构为客户快速发货的能力。因此，如何有策略地管理库存，我们这些年已经积累了经验，我认为团队目前在这方面做得非常好，平衡得很到位。

Brian Olsavsky

And Brian, on your question about Q2, I guess I'd just reiterate what I had said earlier. We have stock based comp step up, which I think you can see the normal pattern for that if you look at our history. We have additional Kuiper expenses. Specifically, you asked about tariffs. We do have tariffs that we'll be paying on retail purchases based on current tariffs. It's not large in Q2. It's we had done a lot of pre-buying of inventory in Q1, as I mentioned earlier. But just generally, I think with the uncertainty, we've added a bit to the range that we've given you. We generally have a wide range, but just the general uncertainty that we're seeing and uncertainty of consumer demand and all the everything else is causing us to increase the ranges a bit. So, we'll see. We feel an informed view of Q2 right now. As Andy mentioned earlier, we saw, actually some strength in April based on what could end up being some pre buys of a number of things, but and advertising has been strong. So, we think there's a lot of positive trends, but certainly uncertainty right now for the quarter.

Brian，关于你问的第二季度，我想重申我之前说过的话。我们的股权激励成本有所增加，如果你看我们的历史数据，这种模式很常见。我们还有额外的Kuiper项目支出。你具体问到关税，我们确实会根据现行关税政策，为零售采购支付关税，但第二季度的金额不大，因为正如我之前提到的，我们在第一季度已经提前采购了大量库存。但总体来说，考虑到不确定性，我们对业绩区间做了一些扩展。我们通常给出的区间就比较宽，这次主要是因为我们看到的普遍不确定性，包括消费者需求的不确定性以及其他因素，所以我们适当扩大了区间。目前我们对第二季度有一个相对充分的预期。正如Andy刚才说的，我们实际上在4月份看到了一些积极迹象，部分可能是因为提前采购，同时广告业务表现强劲。所以我们认为有很多积极趋势，但本季度的不确定性确实很大。

Operator

Thank you. And our final question will come from the line of Brent Thill with Jefferies. Please proceed with your question.

谢谢。我们的最后一个问题来自Jefferies的Brent Thill。请提问。

Brent Thill

Thanks. On AWS, I'm curious if you could give us the backlog number? And Andy, to your point about many of these core workload still yet to come to cloud, can you just update us on what you're seeing, are you seeing enterprise spring back, or are you seeing some confusion with AI clouding that transition and the timing of that? Just give some perspective on what you're seeing on migration. Thank you.

谢谢。关于AWS，我想知道你们能否提供积压订单的数字？另外，Andy，关于你提到的许多核心工作负载尚未迁移到云端，你能不能跟我们更新一下你们的观察？你们看到企业客户正在回归，还是说AI让这一转型和时机变得有些混乱？能否谈谈你们在迁移方面的见解？谢谢。

Dave Fildes

This is Dave. I'll just jump in on the backlog, and turn over to Andy. The backlog is $189 billion for Q1. That's up about 20% year-over-year. And the weighted average, meaning life on that is 4.1 years. And the AWS question around what we are seeing on the workloads that haven't moved, what I would say -- the way I would characterize it is that we were on a very aggressive March that was esthetical, but almost metronomic before the pandemic of enterprises deciding that they wanted to move off their on-premises infrastructure, because of the speed of innovation, the developer productivity, and the cost advantages of the cloud. And then, when you got into the pandemic, and the economy was concerned in the second-half of that few years, we had everybody trying to cost-optimize, including us by the way. And then, as we started to emerge from that trend, you saw generative AI explode, and everybody wanted to try to find a way to have a workload, or set a workload there, because people saw the potential, and it was also something that was generating a lot of interest publicly.

我是Dave。我先回答一下积压订单的问题，然后交给Andy。第一季度的积压订单为1890亿美元，同比增长约20%。这些合同的加权平均期限为4.1年。关于AWS尚未迁移的工作负载，我的看法是，在疫情之前，企业正以非常积极的步伐、几乎是有节奏地决定迁移出本地基础设施，原因是云计算带来的创新速度、开发者生产力和成本优势。然后，疫情爆发后，经济形势在那几年下半年变得不确定，大家都在努力优化成本，包括我们自己。随着这种趋势的消退，生成式AI爆发，大家都想办法把某些工作负载迁移到云端，因为大家看到了潜力，这也引发了公众的极大关注。

And so, what we are seeing now over the last, call it, 16 to 18 months or so, is that enterprises realize they need to do both. And they want to do AI. Also to pilot at this point, AI, many of which will be successful, others will not be successful. The ones that are successful were scaled. But they also have a lot more initiatives that they still haven't gotten to on the AI side, either because the willingness skill set, where they're picking the first set to get experience with, or as they're waiting to see the cost inference continue to go down, which it will. I mean, you will not get the expensiveness that we all know is coming in AI until we keep getting the cost inference down, even though it's going like crazy right now.

因此，在过去大约16到18个月里，我们看到企业意识到两者都要做。他们既要做AI，也要进行试点，目前很多AI项目会取得成功，也有一些不会。成功的项目会扩大规模，但在AI领域，他们还有很多计划尚未推进，要么是因为技能储备和意愿问题，他们在选择第一批项目积累经验，要么是在等待推理成本继续下降，这也是必然趋势。也就是说，只有推理成本持续下降，AI的高昂成本才会逐步消解，尽管目前AI发展非常迅猛。

But at the same time, I would say that we see an increased resurgence, and understanding for enterprises that they're dropping the low-hanging fruit if they don't move their infrastructure to the cloud, for all the reasons I mentioned earlier. So, you're starting to see those plans pick up again. As I mentioned earlier to one of the questions, you know the side that you're going to transform your infrastructure from on-premises and cloud, and see it happen in there months. That is typically a multiyear process that some companies do it fast, some companies do it slower, but they do it cautious and they do it softly because they can't afford for their application not to work if they're making that transition. And we are having meaningful success in those conversations, and in companies choosing to transform their infrastructure on top of AWS, and I think you'll see that moving forward too.

但与此同时，我认为企业也越来越清楚，如果不将基础设施迁移到云端，就会错失“低垂的果实”，这也是我前面提到的所有原因。所以，现在这些迁移计划又开始加快了。正如我之前回答某个问题时提到的，从本地到云的基础设施转型通常是一个多年过程，有些公司快，有些慢，但大家都很谨慎、循序渐进，因为他们无法承受应用在转型过程中出现故障。我们在与客户的这些对话中取得了实质性进展，越来越多的公司选择在AWS上进行基础设施转型，我相信未来你们还能看到这种趋势继续发展。

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

感谢大家今天的参与和提问。会议重播将在投资者关系网站上至少保留三个月。我们感谢大家对亚马逊的关注，期待下个季度再次与大家交流。