2025-07-31 Amazon.com, Inc. (AMZN) Q2 2025 Earnings Call Transcript
Amazon.com, Inc. (NASDAQ:AMZN) Q2 2025 Earnings Conference Call July 31, 2025 5:00 PM ET
Company Participants
Andrew R. Jassy - President, CEO & Director
Brian T. Olsavsky - Senior VP & CFO
Dave Fildes - Director of Investor Relations
Conference Call Participants
Brian Thomas Nowak - Morgan Stanley, Research Division
Colin Alan Sebastian - Robert W. Baird & Co. Incorporated, Research Division
Douglas Till Anmuth - JPMorgan Chase & Co, Research Division
Justin Post - BofA Securities, Research Division
Mark Stephen F. Mahaney - Evercore ISI Institutional Equities, Research Division
Ronald Victor Josey - Citigroup Inc., Research Division
Operator
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Second Quarter 2025 Financial Results Teleconference.
感谢大家耐心等待。各位好，欢迎参加 Amazon.com 2025 年第二季度财报电话会议。
\[Operator Instructions]
\[接线员提示]
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.
今天的电话会议正在录音。首先有请投资者关系副总裁 Dave Fildes 先生致开场辞。谢谢，先生，请开始。
Dave Fildes
Hello, and welcome to our Q2 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. Our comments and responses to your questions reflect management's views as of today, July 31, 2025, only and will include forward-looking statements.
大家好，欢迎参加我们 2025 年第二季度财报电话会议。今天与会并回答大家提问的有我们的首席执行官 Andy Jassy 和首席财务官 Brian Olsavsky。在聆听电话会议时，我们建议大家参考我们的新闻稿，其中包含本季度的财务业绩、相关指标和评论。请注意，除非另有说明，本次会议中的所有对比均基于 2024 年同期的业绩。我们的评论和对问题的回答仅代表截至今天，也就是 2025 年 7 月 31 日的管理层观点，并将包含前瞻性声明。
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. 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.
实际结果可能会有重大差异。关于可能影响我们财务业绩的因素，更多信息已在今天的新闻稿以及我们向美国证券交易委员会（SEC）提交的文件中披露，包括我们最近的 Form 10-K 年报和后续文件。在本次电话会议中，我们可能会讨论某些非 GAAP 财务指标。在我们的新闻稿、随附的网络直播演示文稿以及提交给 SEC 的文件（均已发布在我们的投资者关系网站上）中，您可以找到这些非 GAAP 指标的进一步披露，包括与可比 GAAP 指标的调节信息。
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. 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.
我们的业绩指引基于迄今为止观察到的订单趋势，以及我们认为目前合适的假设。由于结果本质上不可预测，可能会受到多种因素的重大影响，包括汇率波动、全球经济和地缘政治状况的变化、关税和贸易政策、客户需求和消费情况（包括对经济衰退的担忧的影响）、通货膨胀、利率、区域劳动力市场限制、全球事件、互联网、线上零售和云服务的增长速度、新兴技术，以及我们提交给 SEC 的文件中所列的各类因素。我们的指引假设在此期间我们不会进行额外的业务收购、重组或法律和解。由于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会与指引存在重大差异。
And now I'll turn the call over to Andy.
现在我把电话交给 Andy。
Andrew R. Jassy
Thanks, Dave. Today, we're reporting \$167.7 billion in revenue, up 12% year-over-year, excluding the impact from foreign exchange rates. Operating income was \$19.2 billion, up 31% year-over-year and trailing 12-month free cash flow was \$18.2 billion. We saw good progress across our various customer experiences and businesses this past quarter.
谢谢你，Dave。今天，我们公布的收入为1677亿美元，同比增长12%（不计汇率影响）。营业利润为192亿美元，同比增长31%；过去12个月的自由现金流为182亿美元。本季度我们在各类客户体验和业务上都取得了良好进展。
Starting with stores. We feel good about both the inputs and outputs of the business. At Amazon, we think of our business in terms of inputs and outputs. Outputs or metrics like revenue are operating margin. But of course, you can't manage at the output level, it's the inputs that drive the outputs. So we spent virtually all of our time internally talking about and goaling against inputs. The inputs that matter most to customers in our stores business are selection, low prices and speed of delivery.
先从零售业务说起。我们对业务的输入和输出都感到满意。在 Amazon，我们从输入和输出的角度来看待业务。输出就是收入、营业利润率等指标。但当然，不能仅仅在输出层面进行管理，驱动输出的是输入。因此，我们几乎把所有时间都花在内部讨论和围绕输入设定目标上。在零售业务中，对客户最重要的输入是商品选择、低价格和配送速度。
We've taken another step forward in selection these past few months headlined by the much requested return of Nike's products to Amazon's retail store. We've added premium brands like Away, Aveda, Marc Jacobs Fragrances and brands from Saks and Amazon like Dolce\&Gabbana, Etro, Stella McCartney, Rosetta Getty and La Prairie. And we started expanding our very successful Perishables Pilot, where we offer customers perishables as a point of purchase when they're ordering other items that will be delivered same day from our same-day fulfillment nodes.
在商品选择方面，我们过去几个月又向前迈进了一步，其中最受关注的就是 Nike 产品重返 Amazon 零售商店。我们还引入了 Away、Aveda、Marc Jacobs Fragrances 等高端品牌，以及来自 Saks 和 Amazon 的品牌，如 Dolce\&Gabbana、Etro、Stella McCartney、Rosetta Getty 和 La Prairie。同时，我们开始扩展非常成功的生鲜试点项目，当客户订购其他当日送达的商品时，我们为他们提供生鲜作为即时购买选项。
We're seeing strong customer adoption as 75% of customers who viewed as service this year are first-time shoppers for perishables on Amazon, with 20% of customers who use the service returning multiple times within their first month. Our prices continue to be low and sharp for customers. It's one of the reasons our everyday Essentials growth outpaced the rest of the business globally and representing one out of every 3 units sold. It's also why well-known research firm Profitero has concluded for 8 years in a row that Amazon has the lowest prices of any U.S. retailer, but perhaps the clearest outputs are the rate at which our stores business grew this past quarter and the success we saw in our recent Prime Day event.
客户的采用率很高，今年使用该服务的客户中有75%是首次在 Amazon 购买生鲜，20%的客户在第一个月内就多次回购。我们的价格对客户而言仍然低廉而有竞争力，这也是我们的日常必需品业务在全球范围内增速超过其他业务的原因之一，并且占到了总销售单位的三分之一。这也解释了为什么知名研究公司 Profitero 连续8年得出结论，认为 Amazon 的价格是所有美国零售商中最低的。但也许最明显的输出结果是，我们零售业务在本季度的增长速度，以及近期 Prime Day 活动取得的成功。
This year's Prime Day was our biggest ever with record sales, number of items sold and number of prime sign-ups in the 3 weeks leading up to the Prime Day. Customers save billions of dollars in independent sellers, most of which are small and medium-sized businesses saw their best sales performance of any Prime Day event yet. There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption. Much of it thus far has been wrong and misreported. As we said before, it's impossible to know what will happen. Where will tariffs finally settle especially China? What happens when we deplete the inventory we forward bought or that our selling partners who were deployed in advance of the tariffs going into effect.
今年的 Prime Day 规模创历史新高，无论是销售额、销售商品数量，还是 Prime 新用户注册数量，均创下纪录。客户节省了数十亿美元，而独立卖家（其中大多数是中小企业）也迎来了有史以来最好的 Prime Day 销售表现。关于关税对零售价格和消费的影响，外界仍有大量噪音，其中很多迄今为止都是错误或误报。正如我们之前所说，没人能准确预测将会发生什么：关税最终会如何落地，尤其是在中国；当我们以及卖家伙伴提前备货的库存消耗完毕，关税真正生效时，会发生什么。
If costs end up being higher, who will absorb them, but what we can share is what we've seen thus far, which is that through the first half of the year, we haven't yet seen diminishing demand nor price is meaningfully appreciating. We also have such diversity of sellers in our marketplace over 2 million sellers in total with different strategies of whether to pass on higher cost to consumers, the customers are advantaged shopping at Amazon because they're more likely to find lower prices on the items they care about.
如果成本最终上升，谁来承担？这还无法确定。但我们可以分享迄今为止的观察：在上半年，我们既没有看到需求下降，也没有看到价格显著上涨。此外，我们的市场卖家非常多元化，总数超过200万，他们在是否将更高成本转嫁给消费者上采取了不同策略，这使得消费者在 Amazon 购物更具优势，因为他们更有可能在关注的商品上找到更低的价格。
Further improving delivery speed remains a key focus, and we continue to make progress. We've previously shared how we rearchitect our U.S. inbound network into a regional structure, allowing us to place inventory and ship from locations closer to customers, improving speed and low run costs.
进一步提升配送速度仍然是我们的核心重点，我们也在不断取得进展。此前我们分享过，我们已经将美国的入库网络重新设计为区域化结构，这使我们能够将库存放置在更靠近客户的地点并从这些地点发货，从而提升配送速度并降低运行成本。
That work is delivering tangible results. In Q2, we increased the share of orders moving through direct lanes where packages go straight from fulfillment to delivery without extra stops by over 40% year-over-year. We've also reduced the average distance packages traveled by 12% and lowered handling touches per unit by nearly 15%. We've made progress on order consolidation with more products positioned locally, we're able to pack more items into each box and send fewer packages per order. That has helped drive higher units per box and improved overall cost to serve. Taken together, these improvements are making the network faster and structurally more efficient.
这些工作正在带来实实在在的成果。在第二季度，通过直连通道（包裹从履约中心直接送达客户而无需额外中转）的订单比例同比提升了40%以上。我们还将包裹的平均运输距离缩短了12%，并将每件商品的操作次数减少了近15%。在订单整合方面，我们也取得了进展：随着更多产品在本地化布置，我们能够将更多商品装进同一个箱子，每个订单发出的包裹数量减少。这帮助提升了每箱商品数量并改善了整体服务成本。综合来看，这些改进使网络更快、更高效。
We've also set another global speed record in Q2 delivering to prime members at our fastest speeds ever. In the U.S., we delivered 30% more items same day or next day than during the same period of last year. Items customers used to pick up locally and nearby physical stores are now arriving at their door often within hours. And we're working to further improve delivery speeds no matter where customers live, we've recently announced plans to expand our same-day and next-day delivery to tens of millions of U.S. customers and more than 4,000 smaller cities, towns and rural communities by the end of the year.
我们在第二季度还创下了全球配送速度的新纪录，以史上最快的速度为 Prime 会员完成配送。在美国，同日或次日送达的商品数量同比增加了30%。一些客户原本需要在附近实体店自取的商品，如今常常能在数小时内送达家门口。我们还在努力进一步提升配送速度，无论客户住在哪里。我们最近宣布，到今年年底，将把同日和次日送达服务扩展到数千万美国客户以及超过4000个小城市、城镇和农村社区。
Today, it's already available in more than 1,000 of these communities across the U.S. The early response from customers in these areas have been very positive. They're shopping more frequently and purchasing household essentials and meaningfully higher rates. Automation and robotics are also important contributors to improving cost efficiencies and driving better customer experiences over time. We deployed our 1 millionth robot across our global fulfillment network and unveiled innovations in our last-mile innovation center, such as automated package sorting and a transformative technology that brings packages directly to employees in an ergonomic height.
截至目前，这项服务已经在全美1000多个社区上线。这些地区客户的早期反馈非常积极，他们的购物频率更高，购买家庭必需品的比例也显著上升。自动化和机器人技术同样是提高成本效率、推动更好客户体验的重要推动力。我们在全球履约网络中部署了第100万台机器人，并在末端配送创新中心推出了多项新技术，例如自动化包裹分拣，以及一种能将包裹直接送至员工符合人体工学高度位置的变革性技术。
We rolled out DeepFleet, our AI improves robot travel efficiency by 10%. At our scale, it's a big deal. DeepFleet acts like a traffic management system to coordinate robots' movements to find optimal paths and reduce bottlenecks. For customers, it means faster delivery times and lower costs for our team members, our robots handle more of the physically demanding tasks, making our operations network even safer.
我们还推出了 DeepFleet，这是一项 AI 技术，将机器人运行效率提升了10%。在我们的规模下，这是一项重大突破。DeepFleet 就像一个交通管理系统，协调机器人之间的行动，寻找最佳路径并减少瓶颈。对客户而言，这意味着更快的配送时间和更低的成本；对我们的团队而言，机器人承担了更多体力要求高的任务，使我们的运营网络更安全。
This combination of robotics and generative AI is just getting started. And while we've made significant progress, it's still early with respect to what will roll out in the next few years. Moving on to Amazon ads. We're pleased with the strong growth, generating \$15.7 billion of revenue in the quarter, growing 22% year-over-year. We continue to see strength across our broad portfolio of full funnel advertising offerings that in the U.S. alone help advertisers reach an average ad-supported audience of more than 300 million across our own properties. These are properties like our retail marketplace, Prime Video, Twitch and Fire TV in live sports, such as NFL, NASCAR and the NBA as well as third-party websites and apps.
这种机器人和生成式 AI 的结合才刚刚开始。尽管我们已取得了显著进展，但距离未来几年将推出的更多成果仍处于早期阶段。接下来说说 Amazon 广告业务。我们对其强劲增长感到满意，本季度实现收入157亿美元，同比增长22%。我们广泛的全链路广告产品组合持续展现出强大优势，仅在美国，就帮助广告商在我们的各类平台上触达超过3亿的广告受众。这些平台包括我们的零售市场、Prime Video、Twitch 和 Fire TV 上的体育直播（如 NFL、NASCAR 和 NBA），以及第三方网站和应用程序。
Another area we're excited about is our demand side platform, or Amazon DSP. Our DSP enables advertisers to plan, activate and measure full funnel investments. Our trillions of proprietary browsing, shopping and streaming signals paired with extensive supply side relationships and our secure clean rooms provide advertisers the ability to optimize advertising, deliver greater precision and drive efficient and effective advertising outcomes.
我们对需求方平台（Amazon DSP）同样感到兴奋。我们的 DSP 能够帮助广告商规划、执行和衡量全链路投放。凭借数万亿条专有的浏览、购物和流媒体信号，再加上广泛的供应端合作关系以及我们安全的 Clean Room 技术，广告商能够优化广告投放，实现更高精度，并推动高效而有效的广告效果。
And in June, we announced a momentous partnership with Roku, giving advertisers access to 80 million connected TV households. The largest authenticated connected TV footprint in the U.S. exclusively through Amazon DSP is a giant leap forward for advertisers bringing best-in-class planning, audience precision and performance to TV advertising.
在六月，我们宣布与 Roku 达成重大合作，为广告商提供触达8000万联网电视家庭的机会。通过 Amazon DSP 独家覆盖美国最大规模的实名联网电视用户群，这是广告业务向前迈出的巨大一步，为广告商带来业内领先的规划能力、精准的受众定位以及卓越的投放表现。
We also announced an integration between Disney's real-time ad exchange and Amazon DSP. This collaboration allows advertisers to gain direct access to Disney's premium inventory across platforms like Disney+, ESPN and Hulu while allowing them to leverage insights from both companies. When advertisers work with Amazon, they're not just buying ad space they're benefiting from exceptional programming, innovative technology and unrivaled signals, measurement and audience development that provide strong relevancy for consumers and return on investment for brands.
我们还宣布了 Disney 实时广告交易平台与 Amazon DSP 的整合。此次合作使广告商能够直接访问 Disney 在 Disney+、ESPN 和 Hulu 等平台上的优质广告资源，同时还能利用两家公司提供的洞察。广告商与 Amazon 合作时，他们不仅仅是在购买广告位，还能受益于卓越的节目内容、创新的技术、无与伦比的信号、测量和受众开发能力，为消费者带来高度相关性，并为品牌带来投资回报。
Moving on to AWS. In Q2, AWS grew 17.5% year-over-year and now has over \$123 billion annualized revenue run rate. We continue to help organizations of all sizes accelerate their transition to the cloud, signing new agreements with companies, including PepsiCo, Airbnb, Peloton, NASDAQ, London Stock Exchange, Nissan Motor, GitLab, SAP, Warner Bros. Discovery, 12 Labs, FICO, Iberia Airlines, SK Telecom and NatWest. In the rapidly evolving world of generative AI, AWS continues to build a large fast-growing triple-digit year-over-year percentage multibillion-dollar business with more demand than we have supplied for at the moment.
接下来谈 AWS。在第二季度，AWS 实现了17.5%的同比增长，年化营收运行率超过1230亿美元。我们持续帮助各类规模的组织加速向云端转型，并与 PepsiCo、Airbnb、Peloton、NASDAQ、London Stock Exchange、Nissan Motor、GitLab、SAP、Warner Bros. Discovery、12 Labs、FICO、Iberia Airlines、SK Telecom 和 NatWest 等公司签订了新协议。在快速发展的生成式 AI 领域，AWS 继续打造一个规模庞大、增速迅猛的业务，该业务正以三位数的同比增幅增长，规模已达数十亿美元，目前需求甚至超过了我们的供给能力。
增速弱于微软和Google，目前微软的增速最好，可能跟专注程度有关。
A few points to make. First, on the hardware side, our custom AI chip, Trainium2 is landing capacity in larger quantities and has impressively emerged as the backbone for Anthropic's newest generation Claude models and many of our most essential offerings like Amazon Bedrock. We've also launched Amazon EC2 instances powered by NVIDIA Grace Blackwell Superchips, AWS' most powerful NVIDIA GPU accelerated instance.
有几点需要说明。首先，在硬件方面，我们的定制 AI 芯片 Trainium2 正在大规模交付，并令人印象深刻地成为 Anthropic 最新一代 Claude 模型以及许多核心服务（如 Amazon Bedrock）的基础支撑。我们还推出了由 NVIDIA Grace Blackwell Superchips 驱动的 Amazon EC2 实例，这是 AWS 迄今最强大的 NVIDIA GPU 加速实例。
Second, in Bedrock, we've recently added Anthropic's Claude 4 and is the fastest-growing model ever in Bedrock. We've also continued to see strong adoption of Amazon Nova, our own frontier model, and it's now the second most popular foundation model in Bedrock. New features in Nova allow customers to customize their Nova models in ways they can't and other foundation models, allowing organizations to infuse these models with their unique expertise while optimizing for cost and speed.
其次，在 Bedrock 上，我们最近新增了 Anthropic 的 Claude 4，它是 Bedrock 增长最快的模型。我们自研的前沿模型 Amazon Nova 也在持续受到广泛采用，目前已成为 Bedrock 上第二受欢迎的基础模型。Nova 的新功能使客户能够以其他基础模型无法实现的方式对其进行定制，使组织能够将自身独特的专业知识融入模型中，同时优化成本和速度。
As people have become excited about building agents, they're realizing they lack the tools to build them. In May, we released Strands, an open-source way to more easily build agents has taken off with a wide range of customers with already 2,500 stars on GitHub and over 300,000 downloads on \[indiscernible] PI. Customers are also struggling with deploying agents into production in a secure and scalable way. It's holding up enterprises scaling agents. To help solve that problem, Bedrock just released AgentCore. AgentCore is a set of building blocks that gives customers the industry's first secure serverless run time to provide both synchronous and asynchronous execution, aging identity and boundaries, a memory service a gateway to translate services to MCP compatible interfaces, built-in code execution and web browser tools and an observability service. Customers are excited about AgentCore, and it frees them up to start deploying agents more expansively.
随着人们对构建智能代理的兴趣不断升温，他们逐渐意识到缺少必要的工具来实现。在五月，我们推出了 Strands，这是一种开源的方式，使构建代理更容易，受到了广泛客户的欢迎，在 GitHub 上已获得2500颗星，并在 \[难以辨识] PI 上有超过30万次下载。客户在将代理安全、可扩展地部署到生产环境时仍面临挑战，这阻碍了企业的代理规模化。为解决这一问题，Bedrock 刚刚发布了 AgentCore。AgentCore 是一套构建模块，为客户提供业内首个安全的无服务器运行时，支持同步和异步执行、代理身份和边界、内存服务、服务到 MCP 兼容接口的网关、内置代码执行和网页浏览工具，以及可观测性服务。客户对 AgentCore 反响热烈，它让他们能够更广泛地部署代理。
最近对chatGPT的Project有了更深的了解，chatGPT在短期记忆和长期记忆的支持上处于领先，其他模型都还有距离，到底能领先多久，会不会出现粘性，比如，习惯了chatGPT不愿意尝试其他的模型，时间越久越明显，Gemini可能还有希望，其他的很难。
Third, you're starting to see AWS release more powerful applications at the top layer of the AI stack. AWS transform as an AWS agent that dramatically reduces mainframe modernization time lines from years to months completes VMware TC2 conversions up to 80x faster, it makes it simple to move from .NET windows to .NET Linux implementations, reducing licensing costs for .NET applications by up to 40%. We've also just released Kiro, our new Agentic integrated development environment coding agent. There's a lot of buzz around Kiro with several hundred thousand developers using and requesting access in the first couple of weeks, 100,000 used in the first 5 days of the preview.
第三，AWS 已经开始在 AI 堆栈的顶层发布更强大的应用。AWS Transform 作为一款 AWS 智能代理，将主机现代化改造时间从数年缩短到数月，VMware TC2 转换速度提升至 80 倍，更加简化了从 .NET Windows 迁移到 .NET Linux 的过程，最多可降低 .NET 应用的许可成本40%。我们还刚刚发布了 Kiro，这是我们新的智能开发环境编码代理。Kiro 引发了巨大关注，仅在发布前两周，就有数十万开发者使用和申请访问，其中在预览版的前5天内就有10万名开发者上手使用。
What struck a cord for developers is that Kiro allows them to do Vibe Coding where developers use natural language to chat with a coding agent to build code. But unlike other coding agents, where developers don't really have any structure to build on top of, Kiro allows developers to use natural language to build spec and then automatically updates that spec as they continue to vibe code or interact with Kiro. This makes it much easier to go from prototyping to production.
令开发者兴奋的是，Kiro 让他们能够进行“Vibe Coding”，即用自然语言与编码代理对话来构建代码。但与其他缺乏结构化基础的编码代理不同，Kiro 允许开发者通过自然语言建立规范，并在他们继续进行 Vibe Coding 或与 Kiro 交互时自动更新规范。这使得从原型到生产的过程变得更加轻松快捷。
Customers also like Kiro's event-driven agent hooks that act like an experienced developer catching things developers might miss. When developers save a react component, hooks update that test file. When they modify API endpoints, Hooks refresh readme files. When they're ready to commit security hook scan for leak credentials. It's still very early for Kiro, but it seems clear we're on to something customers love and Kiro has a chance to transform how developers build software.
客户也很喜欢 Kiro 的事件驱动型代理钩子，它就像一位经验丰富的开发者，能捕捉到开发者可能忽略的地方。当开发者保存一个 React 组件时，钩子会更新测试文件；当他们修改 API 端点时，钩子会刷新 Readme 文件；当他们准备提交时，安全钩子会扫描是否有凭证泄漏。虽然 Kiro 仍处于非常早期的阶段，但很明显它正在赢得客户的喜爱，并有机会改变开发者构建软件的方式。
第2名，第3名的工具很难有好的未来。
I say this frequently, but remember that 85% to 90% of worldwide IT spend is still on-premises versus in the cloud. In the next 10 to 15 years, that equation is going to flip, further accelerated by company's excitement for leveraging AI. So AWS has significantly broader functionality, stronger security and operational performance a much deeper experience helping enterprises modernize their infrastructure bodes well for the AWS business moving forward. We're also seeing momentum in a number of our other areas across Amazon.
我经常强调这一点：目前全球 IT 支出中仍有85%到90%发生在本地，而非云端。在未来10到15年，这一格局将发生逆转，而企业对利用 AI 的热情将进一步加速这一转变。因此，AWS 拥有显著更广泛的功能、更强的安全性与运营表现，以及更深厚的帮助企业实现基础设施现代化的经验，这些都预示着 AWS 业务未来的发展前景。同时，我们在 Amazon 其他多个领域也看到了良好的势头。
I'll mention just a few. We're excited about our progress with Alexa+, our next-generation assistant powered by generative AI. We've been rolling out early access to U.S. customers to start millions of customers have access now. We're seeing very positive feedback, and we'll continue to iterate on the experience. We've recently completed our third successful launch of Project Kuiper. We haven't launched this service commercially yet but already have an impressive amount of enterprise and government customers who have signed agreements to use Kuiper.
我举几个例子。我们对 Alexa+ 的进展感到振奋，这是一款由生成式 AI 驱动的下一代助手。我们已经开始向美国用户推出早期体验，目前已有数百万用户可以使用，反馈非常积极，我们将持续迭代优化这一体验。我们最近也成功完成了 Project Kuiper 的第三次发射。虽然该服务尚未商业化推出，但已经有大量企业和政府客户签署了使用 Kuiper 的协议。
In Prime video live sports, our first season of NASCAR drew about 2 million viewers per race and the youngest audience among NASCAR broadcasters in more than a decade. We've recently announced our stellar broadcasting crew for our upcoming first NBA season, including in Eagle, Stan Van Gundy, Kevin Harlan, Dwayne Wade, Taylor Rooks, Blake Griffin, Dirk Nowitzki, Steve Nash and Candace Parker. We also announced Denis Villeneuve, an Academy Award nominee, as the Director for the next James Bond film, James Bond is in the hands of one of today's greatest filmmakers, and we cannot wait to get started on 007's next adventure.
在 Prime Video 体育直播中，我们的首个 NASCAR 赛季每场比赛吸引了约200万观众，并创下了十多年来 NASCAR 播出中最年轻的观众群体。我们最近公布了即将到来的首个 NBA 赛季的强大解说团队，包括 Ian Eagle、Stan Van Gundy、Kevin Harlan、Dwyane Wade、Taylor Rooks、Blake Griffin、Dirk Nowitzki、Steve Nash 和 Candace Parker。同时，我们宣布奥斯卡提名导演 Denis Villeneuve 将执导下一部 James Bond 电影。007 掌握在当今最伟大的电影制作人之一手中，我们迫不及待地想开启詹姆斯·邦德的下一段冒险。
Finally, we continue to be very pleased with the growth and residence of Amazon Pharmacy and it's grown 50% year-over-year, year- to-date on an already significant size base. A lot of good things happening across the company. With that, I'll turn it over to Brian for a financial update.
最后，我们对 Amazon Pharmacy 的增长和黏性非常满意，它在已具备相当规模的基础上，年初至今的同比增速达到50%。公司各方面都在发生很多积极的变化。接下来，我将把话筒交给 Brian，带来财务更新。
Brian T. Olsavsky
Thanks, Andy. Let's start with our top line financial results. Worldwide revenue was \$167.7 billion, a 12% increase year-over-year, excluding the impact of foreign exchange. Foreign exchange had a \$1.5 billion favorable impact to revenue in the quarter as foreign currencies generally strengthened versus the U.S. dollar. As a reminder, our Q2 revenue guidance had anticipated an unfavorable impact of approximately 10 basis points or \$100 million. Worldwide operating income was \$19.2 billion, which was \$1.7 billion above the high end of our guidance range.
谢谢你，Andy。我们先从总体财务业绩开始。全球营收为1677亿美元，同比增长12%（不计汇率影响）。本季度，汇率变动对营收带来了15亿美元的正向影响，因为外币普遍相对美元升值。需要提醒的是，我们第二季度的营收指引曾预计约10个基点（约1亿美元）的不利影响。全球营业利润为192亿美元，比我们指引区间的高端高出17亿美元。
Across our segments, we continue to prioritize cost-effective innovation that delivers value for our customers. In the North America segment, second quarter revenue was \$100.1 billion, an increase of 11% year-over-year. International segment revenue was \$36.8 billion, an increase of 11% year-over-year excluding the impact of foreign exchange.
在各业务板块，我们继续优先考虑能够为客户创造价值的高效创新。第二季度，北美业务收入为1001亿美元，同比增长11%。国际业务收入为368亿美元，同比增长11%（不计汇率影响）。
Worldwide paid units grew 12% year-over-year. We remain focused on inputs that matter most to our customers. In the second quarter, we saw broad-based strength across our key performance metrics. This includes sharp pricing and more in stock availability as well as record delivery speeds for Prime members. Our millions of global sellers continue to be an important contributor to our vast selection. This helps customers find the items they need and does so at a competitive price. Our investment in tools, services and fast delivery speeds help our selling partners reach more customers and further scale their businesses.
全球付费商品数量同比增长12%。我们仍然专注于对客户最重要的输入。在第二季度，我们在关键绩效指标上普遍表现强劲，包括有竞争力的价格、更高的库存可用性，以及为 Prime 会员提供的创纪录配送速度。我们数百万的全球卖家继续为我们丰富的商品选择作出重要贡献，这帮助客户以有竞争力的价格找到所需商品。我们在工具、服务和快速配送上的投资也帮助卖家伙伴触达更多客户并进一步扩大业务规模。
In Q2, worldwide third-party seller unit mix was 62%, the highest ever, up on 100 basis points from Q2 of last year. We're also closely monitoring the macroeconomic environment, including the impact of tariffs. As Andy mentioned, our Q2 plan factored in a range of assumptions, not all of which materialized. We will continue to consider a range of assumptions going forward.
在第二季度，全球第三方卖家商品占比为62%，创下历史新高，比去年同期提升了100个基点。我们也在密切关注宏观经济环境，包括关税的影响。正如 Andy 所提到的，我们的第二季度计划考虑了一系列假设，但并非所有假设都发生。未来我们将继续在指引中纳入多种假设情景。
Shifting to profitability. North America segment operating income was \$7.5 billion, an increase of \$2.5 billion year-on-year. North America operating margin was 7.5%, up 190 basis points year-over-year. International segment operating income was \$1.5 billion, up \$1.2 billion year-over-year. International operating margin was 4.1%, up 320 basis points year-over-year. We're pleased with the strong execution of our operations teams and the positive experience they delivered for customers.
接下来谈盈利能力。北美业务营业利润为75亿美元，同比增加25亿美元，营业利润率为7.5%，同比提升190个基点。国际业务营业利润为15亿美元，同比增加12亿美元，营业利润率为4.1%，同比提升320个基点。我们对运营团队的出色执行力以及他们为客户提供的积极体验感到满意。
苦业务。
In Q2, we saw productivity gains in our transportation network, driven by improved inventory placement, strong leverage on high unit volumes and higher levels of in-demand inventory from both first-party and third-party selling partners. These factors contributed to faster delivery speeds and lower costs. Outbound shipping costs were up 6% year-over-year and continue to grow at a meaningfully slower pace than unit growth, which as I mentioned earlier, was up 12% year-over-year.
在第二季度，我们的运输网络生产率提高，得益于库存布局的改善、较大规模商品数量的杠杆效应，以及来自自营和第三方卖家更高水平的高需求库存。这些因素推动了更快的配送速度和更低的成本。对外运输成本同比增长6%，但增速显著低于商品数量的增长，而我之前提到商品数量同比增长12%。
We're committed to initiatives that further improve our cost structure. Strategic inventory placement drives multiple benefits, including better in-stock availability, shorter delivery routes and faster customer delivery times. When we optimize inventory location, we can consolidate more items for package, reducing packaging materials and costs. To achieve this, we will continue to improve upon our inbound network, expand our U.S. same-day delivery facilities, including rural communities and implement robotics and automation across our facilities. While year-over-year improvements in operating margin may fluctuate, we have a purposeful strategy to achieve sustained progress over time. Shifting to advertising. Advertising revenue grew 22% year-over-year, driven by sponsored products as we saw strong traffic in our stores.
我们致力于推进进一步优化成本结构的举措。战略性库存布局带来了多重好处，包括更好的库存可用性、更短的配送路线和更快的客户送达时间。当我们优化库存位置时，可以在包装中整合更多商品，从而减少包装材料和成本。为实现这一点，我们将继续优化入库网络，扩展美国同日达配送设施（包括农村地区），并在设施中推广机器人和自动化。虽然营业利润率的同比改善可能会波动，但我们有一套有意图的战略，以实现长期持续的进步。接下来说广告业务。广告收入同比增长22%，受 Sponsored Products 推动，我们在商店中看到了强劲的流量。
Advertising remains an important contributor to profitability in the North American International segments. Our full funnel advertising approach of connecting brands with customers is resonating.
广告业务仍然是北美和国际板块盈利的重要贡献者。我们通过全链路广告模式将品牌与客户相连接，这一方法正在产生良好反响。
Moving next to our AWS segment. Revenue was \$30.9 billion, an increase of 17.5% year-over-year. AWS now has an annualized revenue run rate of more than \$123 billion. During the second quarter, we continue to see growth in both our generative AI and non-generative AI businesses as companies turn their attention to newer initiatives bring more workloads to the cloud, restart or accelerate existing migrations from on-premise to the cloud and tap into the power of generative AI.
接下来谈 AWS 板块。收入为309亿美元，同比增长17.5%。AWS 的年化营收运行率已超过1230亿美元。在第二季度，我们在生成式 AI 和非生成式 AI 业务上都实现了增长，因为企业将注意力转向新项目，把更多工作负载迁移到云端，重启或加速现有的本地到云端迁移，并利用生成式 AI 的力量。
AWS operating income was \$10.2 billion. We did see AWS segment margins decline from a record high of 39.5% in Q1 to 32.9% in Q2. The largest quarter-over-quarter driver of the decrease or about half is due to the seasonal step-up in stock-based compensation expense, driven by the timing of our annual compensation cycle. AWS margins also saw headwinds from higher depreciation expense as well as unfavorable impacts from year-over-year fluctuations in foreign exchange rates.
AWS 营业利润为102亿美元。我们确实看到 AWS 的利润率从第一季度创纪录的39.5%下降至第二季度的32.9%。环比下降的最大驱动因素（约一半）是由于股权激励支出的季节性上升，这与我们年度薪酬周期的时间安排有关。AWS 的利润率还受到折旧费用上升以及汇率年度波动带来的不利影响。
The depreciation expense is a result of our growing investments in capital expenditures in AWS. As we've said in the past, we expect AWS operating margins to fluctuate over time driven in part by the level of investments we are making at any point in time. We will continue to invest more capital in chips, data centers and power to pursue this unusually large opportunity that we have in generative AI.
折旧费用的增加源于我们在 AWS 的资本支出不断增加。正如我们过去所说，AWS 的营业利润率预计会随着时间波动，部分原因是受我们在任何时点进行投资规模的影响。我们将继续在芯片、数据中心和电力方面投入更多资本，以把握这一生成式 AI 带来的非凡机遇。
Now turning to our cash CapEx, which was \$31.4 billion in Q2. We expect Q2 CapEx to be reasonably representative of our quarterly capital investment rate for the back half of this year. AWS continues to be the primary driver 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.
接下来说现金资本支出，第二季度为314亿美元。我们预计第二季度的资本支出规模在今年下半年将具有合理的代表性。AWS 仍是主要驱动因素，因为我们持续投资以支持 AI 服务的需求，并且越来越多地投入到像 Trainium 这样的定制芯片，以及支持北美和国际业务的技术基础设施上。
Additionally, we continue to invest in our fulfillment and transportation network to support growth of the business, improve delivery speeds and lower our cost to serve by investing in same-day delivery facilities as well as robotics and automation. Collectively, these investments will support growth for many years to come.
此外，我们也持续投资于履约和运输网络，以支持业务增长、提升配送速度并降低服务成本，具体措施包括投资同日达配送设施以及机器人和自动化。这些投资将为未来多年持续增长提供支持。
Moving on to our third quarter financial guidance. As a reminder, our guidance considers a range of possibilities, which take into consideration Q2 results, trends we see quarter-to-date and expectations around the macroeconomic environment, including tariffs. Q3 net sales are expected to be between \$174 billion and \$179.5 billion. We estimate the year-over-year impact of changes in foreign exchange rates based on current rates, which we expect to be a favorable impact of approximately 130 basis points. As a reminder, global currencies can fluctuate during the quarter. Q3 operating income is expected to be between \$15.5 billion and \$20.5 billion. In this dynamic environment, we'll focus on what matters most, delivering exceptional customer value through product selection, competitive prices and unmatched convenience. We remain focused on driving a better customer experience and believe putting customers first is the only reliable way to create lasting value for our shareholders. With that, let's move on to your questions.
接下来谈第三季度的财务指引。需要提醒的是，我们的指引考虑了多种可能性，其中包括第二季度的结果、迄今为止观察到的趋势，以及对宏观经济环境（包括关税）的预期。预计第三季度净销售额将在1740亿美元至1795亿美元之间。基于当前汇率，我们预计汇率变动的同比影响约为正向130个基点。需要注意的是，全球货币在季度内可能波动。预计第三季度营业利润将在155亿美元至205亿美元之间。在这一充满动态变化的环境中，我们将专注于最重要的目标：通过商品选择、具有竞争力的价格和无与伦比的便利性为客户提供卓越价值。我们始终致力于改善客户体验，并坚信以客户为先是为股东创造持久价值的唯一可靠方式。下面进入问答环节。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions]
\[接线员提示]
Our first question comes from Doug Anmuth with JPMorgan.
我们的第一个问题来自 JPMorgan 的 Doug Anmuth。
Douglas Till Anmuth
I have two. First, can you just help us understand with some more granularity how tariffs are being absorbed across suppliers, Amazon and consumers and whether you anticipate any change going forward? And then second on AWS, we're seeing significantly faster cloud growth among the #2 and #3 players in the space. I totally appreciate that AWS is coming off of a bigger base. But beyond that, do you think the output gap is due more to customer demand or infrastructure supply for both?
我有两个问题。第一，您能否更详细地解释一下关税目前是如何在供应商、Amazon 和消费者之间被消化的？您是否预计未来会有变化？第二，关于 AWS，我们看到行业中的第二、第三名云服务提供商的增长速度显著更快。我理解 AWS 的基数更大。但除此之外，您认为这种差距更多是由于客户需求的差异，还是由于基础设施供给的差异？
Andrew R. Jassy
Yes. I'll take both of those. I'll start with the tariffs. I think what we said a number of times, and we still believe it is we just don't know what's going to happen moving forward. It's hard to know where the tariffs are going to settle, particularly in China. It's hard to know what will happen when we deplete some of the prebuys that we did on our own first-party retail and then some of the forward deploying that we saw of our third-party selling partners. And if costs go up over time, it's -- we're unsure at this point who's going to end up absorbing those higher costs. What we can tell you is what we've seen so far in the first half of the year, in the first half, we just haven't seen diminished demand. And we haven't seen any kind of broad scale ASP increases. And so that could change in the second half. There are a lot of things that we don't know, but that's what we've seen so far.
好的，我来回答这两个问题。先说关税。我认为我们已经多次提到，并且仍然坚持这一点：我们并不知道未来会发生什么。很难判断关税最终会如何落地，尤其是在中国。我们也很难预测，当我们自营零售中部分提前采购的库存消耗完，以及第三方卖家提前备货的情况消耗完时会发生什么。如果未来成本上升，目前还不清楚最终由谁来承担这些更高的成本。但我们能分享的是，今年上半年我们看到的情况：需求并未下降，也没有出现大规模的平均售价（ASP）上涨。当然，下半年情况可能会发生变化，有很多不确定因素，但这就是我们迄今为止的观察。
On the question on AWS, the first thing I'd say is it's -- as you said, Doug, in your question, you -- year-over-year percentages and growth rates are always a function of the base in which you operate. And we have a meaningfully larger business in the AWS segment than others. I think the second player is about 65% of the size of AWS. And we -- when we look at the results over the last number of quarters, there are sometimes where -- as far as we can tell, we're growing faster than others and sometimes others are growing faster than us. But it's still like if you look at second place player you're talking about, it's a -- it's still a pretty significant segment market segment leadership position that we have. And regardless, these are all really just moments in time. The last week is a moment in time too where -- the reality of what really matters is what customers' experiences are in operating on these platforms. And if you look at what matters to customers, what they care a lot about what the operational performances what the availability is, what the durability is, what the latency and throughput is of the various services. And I think we have a pretty significant advantage in that area.
至于 AWS 的问题，我首先要说，就像你提到的，Doug，年度同比百分比和增长率总是取决于基数的大小。而我们的 AWS 业务基数比其他公司大得多。我认为行业第二名的规模大约只有 AWS 的65%。在过去几个季度的结果中，有时我们增长比别人快，有时别人比我们快。但即便如此，如果你看看第二名，他们依然落后很多，我们在市场细分领域依然处于非常显著的领导地位。不论如何，这些都只是某一时点的表现。上周的情况也只是某一时点而已。真正重要的是客户在这些平台上运行的体验。如果你看客户最关心的是什么，那就是运营性能、可用性、持久性，以及各类服务的延迟和吞吐量。我认为在这些方面，我们拥有显著的优势。
They care a lot about security. If you have data that matters. And for most companies, they're putting data that they really care about in the cloud. The security and the privacy of that data matters a lot, and there are very different results in security in AWS than you'll see in other players. And yes, you could just look at what's happened in the last couple of months, you can just see kind of adventures at some of these players almost every month. And so a very big difference, I think, in security.
客户也非常关注安全性。如果你的数据很重要，而对大多数公司而言，他们确实将非常关键的数据放在云端，那么这些数据的安全性和隐私性就至关重要。在安全性方面，AWS 的表现与其他厂商有着非常不同的结果。事实上，只要看看过去几个月里这些厂商几乎每月发生的各种事件，就能看出差距。我认为这就是安全方面的重大差异。
And then I think a really significant difference in functionality where not just in the core infrastructure, do we have a lot more functionality in our services. But I think if you look at our end-to-end offering in AWS in AI from the bottom of the stack all the way to the top, it's pretty different.
另外，在功能层面也有非常显著的差异。不仅仅是在核心基础设施上，我们的服务功能更丰富。如果你看看 AWS 在 AI 领域的端到端产品，从技术栈的底层一直到顶层，我们提供的能力与其他厂商相比差异非常大。
So I feel good about the inputs and the services that we're offering to customers across AI as well as non AI and we have more demand than we have capacity right now. So we could be doing more revenue and helping customers more, and we're working very hard on changing that outcome and how much capacity we have, but it's still like if you look at the business, it's \$123 billion annual revenue run rate business and it's still early. I mean how often do you have an opportunity that's \$123 billion of annual revenue run rate where you say it's still early. It's a very unusual opportunity that we're very bullish about.
因此，我对我们为客户提供的 AI 和非 AI 服务的输入与成果都感到满意。目前我们的需求超过了产能，也就是说我们本可以实现更多收入并帮助更多客户。我们正在努力改变这种结果并扩大产能。但即便如此，如果你看看我们的业务，它已经是一个年化营收1230亿美元的业务，而我们仍然说它处于早期阶段。这样的机会非常罕见，我们对此充满信心。
一个做零售同时卖云服务，不容易，特别是竞争让大家都进入更专业的状态。
Operator
Our next question comes from Mark Mahaney with Evercore.
下一个问题来自 Evercore 的 Mark Mahaney。
Mark Stephen F. Mahaney
Okay. I'll stick with AWS to start with. Could you just disclose the backlog number? And then in the past, I know you've talked about the supply constraints and hoping that they will sort of resolve themselves by the back half of the year. Is that still your intention? Anything that suggests that the supply constraints are going to get resolved earlier or later?
好的，我先从 AWS 问起。能否披露一下积压订单的数字？过去你们曾提到供应受限，并希望能在下半年得到缓解。这仍然是你们的预期吗？有没有迹象表明这些供应限制会更早或更晚得到解决？
And then a long-term question on Alexa+ and I've been experimenting with it for a while. Just Andy, when you think about the potential that, that has in terms of increasing engagement, maybe tapping into some services revenue, advertising, maybe a little bit more retail sales per household, you're just reducing friction. Just talk about what -- from a financial perspective, how you think that could play out, how we would maybe see that in the numbers.
另外，关于 Alexa+ 的长期问题，我自己也体验了一段时间。Andy，你如何看待它在提升用户参与度、带来更多服务收入、广告收入、甚至每个家庭更多零售消费方面的潜力？换句话说，从财务角度，你认为它可能会带来怎样的变化，我们又该如何在数据中看到这些体现？
Dave Fildes
Mark, this is Dave. I'll just start off to give you the backlog figures. So at the end of the quarter, at June 30, that was \$195 billion, so that's up about 25% year-over-year.
Mark，这里是 Dave。我先给出积压订单的数字。截至季度末（6月30日），为1950亿美元，同比增长约25%。
Andrew R. Jassy
On the supply constraints as it relates to AWS and what we see there, as I mentioned, we have more demand than we have capacity at this point. And I think that -- and you see some of the constraints and they kind of exist in multiple places, the single biggest constraint is power. But you also see constraints off and on with chips and then some of the components that -- once you have the chips to actually make the servers, the sometimes you have new generations of chips that are a little bit later than they're supposed to be and sometimes you get the chips and they yield you get in making servers isn't what you expect when you get to ramp.
关于 AWS 的供应限制，就像我之前提到的，目前我们面临的情况是需求大于产能。限制因素存在于多个环节，其中最大的问题是电力。但在芯片和一些关键组件上也会不时出现瓶颈：有时新一代芯片比预期更晚交付；有时即便拿到了芯片，用来制造服务器时的良率也未达到预期。
供应受限的说法不能太过了，资本主义有很好的调控手段：价格，ChatGPT有200美元/月的服务，不觉得会有供应上的问题。
So there are a bunch of those pieces today that we're working on. It's really true across the industry today. I don't believe that we will have fully resolved the amount of capacity we need for the amount of demand that we have in a couple of quarters. I think it will take several quarters. But I do expect that it's going to get better each quarter, and I'm optimistic about that.
所以目前我们正在应对这些问题，而这些情况在整个行业都存在。我认为在未来几个季度内，我们还无法完全解决产能与需求之间的差距，这可能需要几个季度才能完成。但我确实预计每个季度都会有所改善，我对此持乐观态度。
I think on the Alexa question, I think I'd start by saying the Alexa+ experience is so much better than I think our prior Alexa experience. She's much more intelligent than her prior self. She's much more capable and I would say unlike the other chat bots that are out there today who are good at answering questions, but really can't take any action for you. Alexa+ can take a lot of action for you, which is very compelling.
关于 Alexa 的问题，我想先说，Alexa+ 的体验相比之前的 Alexa 有了极大提升。它比之前更加智能，功能更强大。不同于目前市场上那些只能回答问题却无法真正执行操作的聊天机器人，Alexa+ 能够为用户执行大量操作，这非常有吸引力。
So I can ask Alexa to play music for me or play video for me to move my music from one device to another or if I'm listening to a song, that's on -- that's in a movie, I can ask Alexa+ to actually put that movie scene on -- of the song I'm playing, and it will put it on my Prime video on Fire TV or if I have guests coming over. I can say, Alexa draw the curtains, put the light on the porch and the driveway, increase the temperature by 5 degrees and put on music that would be great for a dinner party.
例如，我可以让 Alexa 给我播放音乐或视频，把音乐从一个设备切换到另一个设备。如果我正在听一首出现在某部电影中的歌曲，我可以让 Alexa+ 把那部电影的相关片段放到 Fire TV 上的 Prime Video 中播放。如果我有客人要来，可以说“Alexa，拉上窗帘，把门廊和车道的灯打开，把温度提高5度，并播放适合晚宴的音乐。”她就能通过自然语言理解完成所有这些操作。
And she does all that just through using natural language. So she could take a lot of actions and it's compelling. And what we see so far, we've been rolling out Alexa+ starting in the U.S. It's with millions of customers now. The rest in the U.S. coming in the next couple of months and it's starting the international rollout more broadly later in the year. And customers really like the experience. They recognize how much better it is than what it was before. The ratings are very high. The usage is much more expansive than what they were using before and the number of calls they're making is meaningfully higher.
所有这一切都只需要自然语言即可完成，因此 Alexa+ 能够执行很多操作，体验非常有吸引力。到目前为止，我们已经在美国逐步推出 Alexa+，目前已有数百万用户使用。在接下来几个月，美国其他地区也会陆续开放，年底前会更广泛地进入国际市场。客户非常喜欢这一体验，他们意识到这比之前的 Alexa 好得多。评分非常高，使用范围更广，调用次数也显著增加。
亚马逊都是一帮狠人，对于产品的理解可能从来就没有好过。
And I think there are a number of different areas where we'll see benefit. I think first, if you build the world's best personal assistant, that has a lot of utility for customers, and therefore, it gets used a lot. So it means everything from people are excited about the devices that they can buy from us that has Alexa+ enabled in it.
我认为未来将会在多个方面看到收益。首先，如果你打造了全球最好的个人助手，它对客户的实用性极高，因此会被广泛使用。这意味着客户会对我们支持 Alexa+ 的设备感到兴奋，并愿意购买。
People do a lot of shopping and it's really -- it's a delightful shopping experience that will keep getting better. I think over time, there will be opportunities as people are engaging more multiturn conversations to have advertising play a role to help people find discovery and also as a lever to drive revenue.
客户会通过它进行大量购物，而这种购物体验令人愉悦，并且会持续改进。我认为随着时间推移，当用户进行更多多轮对话时，会出现广告的机会，帮助他们发现新商品，同时也成为推动收入的手段。
And I think over time, you could also imagine, as we keep adding functionality that there could be some sort of subscription element beyond what there is today. Today, Prime members get Alexa+ for free and non-Prime members pay \$9.99 a month for Alexa+. So I think it's very -- it's still very early days, but we're very encouraged by the experience we're providing and you can bet we're going to be iterating on it constantly.
此外，随着我们不断增加功能，可以想象未来会有某种超出现有范围的订阅模式。今天，Prime 会员可以免费使用 Alexa+，非 Prime 会员则需支付每月9.99美元。我认为目前仍处于非常早期阶段，但我们对当前提供的体验非常鼓舞，并且可以肯定我们将不断迭代优化。
Operator
And our next question comes from the line of Colin Sebastian with Baird.
下一个问题来自 Baird 的 Colin Sebastian。
Colin Alan Sebastian
I guess, first off, with respect to the International segment and the progress in both revenues and margins. I was hoping you could add maybe some color on the drivers of each of those and the sustainability of the improved efficiency in those markets. And then, Andy, you mentioned Kuiper’. We haven't heard as much about that of late. So maybe if you could review where things stand relative to next year's launch target timing of the service rollout and maybe any perspective you have on the longer-term ambitions for the satellite network.
我想先问国际业务板块，关于收入和利润率的提升，能否详细说明一下推动因素，以及这些效率改善在市场上的可持续性？其次，Andy，你提到了 Kuiper 项目。我们最近没听到太多相关进展。能否介绍一下该项目相对于明年服务上线目标的进展情况，以及你对该卫星网络的长期规划？
Brian T. Olsavsky
Colin, this is Brian. I'll start with the international segment question. So a very strong quarter for International segment, both on revenue growth and also on operating margin. Operating margin was up 320 basis points year-over-year to 4.1%. And if you look, that's the continuation of a strong progression we've seen quarter-by-quarter over the last 10 quarters in total, we've seen an increase of close to 700 basis points during that time period.
Colin，这里是 Brian。我先回答国际业务问题。第二季度国际板块表现非常强劲，无论是收入增长还是营业利润率。营业利润率同比上升320个基点至4.1%。如果看过去10个季度的表现，这一趋势延续得非常稳健，总体提升接近700个基点。
So really, it's a tale of 2 pieces of segment -- or excuse me, sections within international. One is the the established countries like U.K., Germany and Japan, already at similar margin profiles to the U.S. So we'll -- as they continue to grow their contribution of profit will grow over time, and that's what we're seeing.
实际上，国际业务可以分为两部分。一部分是成熟市场，比如英国、德国和日本，这些国家的利润率水平已经接近美国。随着它们的持续增长，其利润贡献也会不断扩大，这就是我们目前观察到的情况。
In the quarter, we saw strong productivity in our transportation network in those countries, much like we saw in the U.S., and that's led to higher units for package and faster delivery speeds at lower cost. So again, the theme of lower cost to serve and also increased speed and better selection for our customers continues to grow internationally as well. In our emerging countries, we're pleased with the progress we're making there. We've launched 8 countries, of course, in the last 5 years. And there are all varying degrees of upfront investment in different point in times in their journey to profitability, but they're all making very nice improvements quarter- over-quarter in growing selection, adding prime members and expanding our customer offerings.
本季度，我们在这些国家的运输网络中看到了与美国类似的高生产率，这带来了更高的单箱商品数、更快的配送速度以及更低的成本。因此，“降低服务成本、提升速度与优化选择”这一主题在国际市场也在不断推进。在新兴市场，我们对所取得的进展感到满意。过去五年里，我们进入了8个国家。它们在盈利路径上处于不同阶段，也需要不同程度的前期投入。但所有市场都在逐季改善，商品选择不断增加，Prime 会员数量增长，客户服务不断扩展。
So I think what you're saying, again, is sustained improvement in those areas. I feel very good about it. The established countries are continuing to grow and develop and very much look like the United States and the emerging countries, again, are all very different stages of growth right now.
所以我认为你们看到的是这些市场的持续改善。我对此感到很有信心。成熟市场正在继续增长和发展，越来越接近美国的水平；而新兴市场则处于不同的发展阶段，但都在稳步前进。
Andrew R. Jassy
On the Project Kuiper question, so Project Kuiper's or low Earth orbit satellite constellation that we're putting up and launching and there's 400 million to 500 million households worldwide who don't have broadband connectivity. And it means they can't do a lot of things we take for granted, like education online or business online or shopping or entertainment. There is really a digital divide, and it's much needed. And it's also true for enterprises and for governments that they have assets or needs to have visibility or connectivity that they can't get today given the lack of broadband and a bunch of places around the world.
关于 Kuiper 项目，它是我们正在部署和发射的低轨卫星星座。全球有4亿到5亿个家庭没有宽带连接，这意味着他们无法享受我们习以为常的许多事情，比如在线教育、线上业务、购物或娱乐。这实际上形成了数字鸿沟，而 Kuiper 正是迫切所需的解决方案。对于企业和政府来说同样如此，他们有资产或业务需要连通或可视化，但在很多没有宽带的地区，目前还无法实现。
So there's a high need. I would say that as we get our constellation into space, there will really be 2 players that have what I would consider the modern technology in low Earth orbit satellite. One is the incumbent in the market today and the second will be Project Kuiper. I think that we will have a pretty meaningful differentiation here in performance.
因此需求非常旺盛。我认为当我们的卫星星座进入轨道后，在低轨卫星领域真正具备现代技术的玩家将只有两家：一家是当下的现有运营商，另一家是 Kuiper 项目。我认为在性能方面，我们将实现非常显著的差异化。
If you look at the performance of what I expect on the uplink and downlink, I think Project Kuiper will be advantaged. I also think the pricing is going to be very compelling for customers.
从上下行性能来看，我预计 Kuiper 会占据优势。同时，我认为它的定价对客户而言也将极具吸引力。
And then I think if you think about the 3 key customer segments who want low Earth orbit satellite, consumers enterprises and governments. We have very strong relationships with all 3 customer segments given our consumer businesses and our AWS business, and I think if you think about enterprises and governments, a lot of what they want to do when they take the data down from space as they actually want to put it into a cloud to do analysis, analytics and AI and various operations on top of it.
再看看低轨卫星的三大主要客户群：消费者、企业和政府。凭借我们的消费类业务和 AWS，我们与这三类客户都有着强大关系。特别是企业和政府，在获取卫星数据后，他们往往希望将数据放到云端进行分析、处理、AI 计算以及各种操作，而 Kuiper 与 AWS 的无缝衔接对他们极具吸引力。
And the fact that Project Kuiper and AWS are so seamlessly connected is very attractive to enterprises and to governments. And I'm kind of amazed we haven't launched Project Kuiper yet. But the number of enterprise and government agreements that have been signed already to use Project Kuiper is impressive. So we're working very hard to get the satellites into space. We have some delays with some of the rocket providers, but we have most of the available rocket launches over the next couple of years and were very helpful to get the service into commercial -- into commercial data later this year or early next year.
Kuiper 与 AWS 的无缝连接这一点，对企业和政府客户而言极具吸引力。让我惊讶的是，即便 Kuiper 尚未商业化，我们已经签下了令人印象深刻的大量企业和政府协议。我们正在全力推进卫星发射，虽然部分火箭供应商存在延误，但未来几年大部分可用的发射资源都已落实。我们有信心在今年晚些时候或明年年初实现商业化数据服务上线。
又一个不赚钱的业务，看着别人做而做的业务。
Operator
And our next question comes from the line of Brian Nowak with Morgan Stanley.
下一个问题来自 Morgan Stanley 的 Brian Nowak。
Brian Thomas Nowak
Andy, I have two for you on AWS. They're a little tough, but I'm going to throw at you. So there is a Wall Street finance person narrative right now, that AWS is falling behind in GenAI with concerns about share loss to peers, et cetera. Can you just sort of address that? What is your rebuttal to that? And talk to us about your and the team's most important focal points. Just to ensure that AWS stays on the nice edge of innovation versus hyperscaler peers? And then secondly, I know AWS is a big business. But is there any reason to assume it shouldn't accelerate in the back half and into '26 given the size of the opportunity and all of the GenAI capabilities that are going to sort of come to us in the next 12 months?
Andy，我有两个关于 AWS 的问题，可能有点尖锐。现在华尔街有一种说法，认为 AWS 在生成式 AI 上已经落后，市场份额可能被竞争对手抢走。你能回应一下吗？你会如何反驳这种观点？另外能谈谈你和团队的核心关注点是什么，以确保 AWS 在与其他超大规模云厂商的竞争中保持创新的前沿地位？第二个问题是，虽然 AWS 规模已经很大，但考虑到市场机遇的巨大潜力以及未来12个月生成式 AI 的能力释放，有没有理由认为 AWS 在今年下半年乃至2026年不会加速增长？
Andrew R. Jassy
Yes. So on the first one around AI. The first thing I would say is that I think it is so early right now in AI. If you look at what's really happening in the space, you have -- it's very top heavy. So you have a small number of very large frontier models that are being trained that spend a lot on computing, a couple of which are being trained on top of AWS and others are being trained elsewhere. And then you also have, I would say, a relatively small number of very large-scale generative AI applications.
好的，先回答关于 AI 的问题。我要说的是，目前 AI 仍处于非常早期阶段。如果你看看该领域真正发生的事情，会发现它非常“头重脚轻”。有少数几个非常大型的前沿模型正在训练，消耗大量算力，其中有一些是在 AWS 上训练的，也有一些是在其他地方训练的。同时，我认为现在只有少量的大规模生成式 AI 应用。
The one category would be chatbots with the largest by a fair bit being ChatGPT, but the other category being really, I'll call it, coding agents. So these are companies like Cursor, Vercel, Lovable and some of the companies like that. Again, several of which run significant chunks on top of AWS. And then you've got a very large number of generative AI applications that are in pilot mode -- or they're in pilots or that are being developed as we speak and a very substantial number of agents that also people are starting to try to build and figure out how to get into production in a broad way, but they're all -- they're quite early.
一种是聊天机器人，其中规模最大的毫无疑问是 ChatGPT。另一类是所谓的“编码代理”，比如 Cursor、Vercel、Lovable 等公司，其中不少应用有相当一部分运行在 AWS 上。除此之外，还有大量生成式 AI 应用正处于试点阶段，或正在开发中；还有数量庞大的智能代理正在被尝试构建，但大家都还在探索如何大规模投入生产。这些都还处在相当早期阶段。
And many of them that are out there are they're significant, but they're just smaller in terms of usage relative to some of those top heavy applications I mentioned earlier. We have a very significant number of enterprises and startups who are running applications on top of AWS' AI services and then -- but they're all -- again, like the amount of usage and the expansiveness of the use cases and how much people are putting them into production and the number of agents that are going to exist.
目前已经存在的一些应用虽然重要，但相较于前面提到的头部应用，使用规模仍然较小。我们有大量的企业和初创公司在 AWS 的 AI 服务上运行应用，但就使用规模、用例的广度、生产化程度，以及未来代理的数量而言，都还处在初期阶段。
It's still just earlier stage than it's going to be and so then when you think about what's going to matter in AI, what's going to -- what are customers going to care about when they're thinking about what infrastructure use, I think you kind of have to look at the different layers of the stack. And I think for those that are -- both building models, but also just -- if you look at where the real costs are, they're going to ultimately be an inference today, so much of the cost in training because customers are really training their models and trying to figure out to get the applications into production.
整个行业还处于比未来成熟期更早的阶段。所以当你思考 AI 中真正重要的是什么、客户在选择基础设施时会最在意什么，就必须从技术栈的不同层面来看。无论是构建模型，还是部署应用，关键成本最终会集中在推理环节。今天很多成本在训练阶段，因为客户还在训练模型、探索如何将应用投入生产。
But at scale, 80% to 90% of the cost will be an inference because you only train periodically, but you're spinning out predictions and inferences all the time. And so what they're going to care a lot about is they're going to care about the compute and the hardware they're using. And we have a very deep partnership with NVIDIA and will for as long as I can foresee, but we saw this movie in the CPU space with Intel, where customers are anchoring for better price performance. And so we built just like in the CPU space, where we built our own custom silicon and building Graviton which is about 40% more price performance than the other leading x86 processors.
但在规模化后，80%到90%的成本会集中在推理，因为训练只是周期性进行，而预测和推理则是持续不断的。因此客户会非常关注他们使用的算力和硬件。我们与 NVIDIA 有着非常深入的合作关系，并会长期保持。但我们在 CPU 领域已经看到过类似的故事：当时 Intel 是主导厂商，但客户需要更好的性价比。于是我们打造了自研芯片 Graviton，比主流的 x86 处理器具备约40%更高的性价比。
We've done the same thing on the custom silicon side in AI with Trainium and our second version of Trainium2 is really -- it's become the backbone of Anthropic's next Claude models they're training on top of, and it's become the backbone of Bedrock and the inference that we do.
在 AI 定制芯片方面，我们也做了类似的事情。Trainium2（我们的第二代 Trainium 芯片）已经成为 Anthropic 下一代 Claude 模型训练的核心支撑，同时也成为 Bedrock 以及我们推理任务的核心基础。
So I think a lot of the inference, it's about 30% and 40% better price performance than the other GPU providers out there right now, and we're already working on our third version of Trainium as well. So I think a lot of the compute and the inference is going to ultimately be run on top of Trainium2.
我认为在推理方面，Trainium2 的性价比比目前其他 GPU 提供商高出约30%到40%。我们已经在研发第三代 Trainium。因此，我认为未来大量的计算和推理最终都会运行在 Trainium2 上。
And I think that, that price performance is going to matter to people as they get to scale. Then I would say that middle layer of the stack are really -- it's a combination of services that customers care about to be able to build models and then to be able to leverage existing leading frontier models and then build high-quality generative AI applications that do inference at scale. And we see it for people building models, they continue to use SageMaker AI very expansively, and then Bedrock, when you're leveraging leading frontier models is also growing very substantially.
我认为，当规模扩大时，这种性价比优势将对客户非常重要。接下来在技术栈的中间层，客户最关心的是能够构建模型、利用现有领先的前沿模型，并在大规模下构建高质量的生成式 AI 应用和推理。在模型开发方面，客户仍然广泛使用 SageMaker AI；而在利用前沿模型时，Bedrock 也在大幅增长。
And as I said in my opening comments, the number of agents of scale is still really small in the scheme of what's going to be the case, but part of the problem is it's actually hard to actually build agents. And it's hard to deploy these agents in a secure and scalable way.
正如我在开场评论中提到的，目前真正规模化的智能代理数量仍然很少，部分原因是构建这些代理本身就很困难。同时，要在安全且可扩展的方式下部署这些代理也具有挑战性。
And so I think the launches we made recently in strands that make it much easier to build agents and then AgentCore that make it much easier to deploy at scale and in a secure way are being very well received and customers are excited is going to change what's possible on the agent side.
因此，我认为我们最近推出的 Strands（让构建代理更容易）以及 AgentCore（让代理更易于在规模化和安全的方式下部署）都受到了客户的高度认可和积极反馈，它们正在改变智能代理领域的可能性。
And then I think that it's -- you've got a very large number. I mean, remember, 85% to 90% of the global IT spend is still on-premises. If you believe that equation is going to flip, which I do, and we do. You have a lot of legacy infrastructure that you've got to move. These are mainframes. These are VMware's instances and when we build agents like AWS Transform to make it much easier to move mainframe to the cloud, much easier to move VMware to the cloud, much easier to move .NET windows to .NET Linux to save money, those are compelling for enterprises or things like Kiro that allow customers to develop in a much easier way and in a much more structured way, which is why I think people are excited about it.
此外，还有一个非常大的市场机遇。要知道，目前全球 IT 支出中仍有85%到90%在本地。如果你相信这个格局会反转（我们相信），那么大量的遗留基础设施需要迁移，包括大型机、VMware 实例等等。当我们提供像 AWS Transform 这样的代理，使企业更容易将大型机迁移到云端、更容易将 VMware 迁移到云端、更容易将 .NET Windows 迁移到 .NET Linux 以节省成本，这些对企业都非常有吸引力。或者像 Kiro 这样的平台，使客户能够以更简单、更结构化的方式进行开发，这就是为什么客户对其如此兴奋。
So I think I really like the inputs and the set of services that we're building in the AI space today. Customers really like them and it's resonating with them. I still think it's very early days in AI and in terms of adoption. But the other thing I would just say is that. Remember, because we're at a stage right now where so much of the activity is training and figuring out how to get your generative AI applications into production.
因此，我对我们目前在 AI 领域投入的资源和构建的服务组合非常满意。客户也非常喜欢这些服务，并产生了共鸣。我仍然认为，AI 的应用和普及仍处于非常早期阶段。但我还要补充一点：目前的重点仍然是训练，以及探索如何将生成式 AI 应用投入生产。
People aren't paying as close attention as they will and making sure that those generative AI applications are operating where the rest of their data and infrastructure. Remember, a lot of generative AI inference is just going to be another building block like compute, storage and database. And so people are going to actually want to run those applications close to where the other applications are running, where their data is.
人们现在还没有像未来那样重视确保生成式 AI 应用运行在与其其他数据和基础设施相同的位置。要知道，很多生成式 AI 推理最终将只是另一个基础模块，就像计算、存储和数据库一样。因此，客户实际上会希望这些应用运行在与其其他应用和数据所在的环境中。
There's just so many more applications and data running in AWS than anywhere else. And I'm very optimistic about as we get to a bigger scale what's going to happen to AWS on the AI side. And I think we have a set of services that is unique top to bottom in the stack. I think on the last part about what do we expect with respect to acceleration, we don't give guidance by segment. So I'm not going to try and give you guidance.
在 AWS 上运行的应用和数据数量远远超过其他任何地方。我非常乐观地认为，随着规模的扩大，AWS 在 AI 领域的发展将迎来重要机遇。我认为我们在技术栈自上而下拥有独特的一整套服务。至于最后你问的 AWS 是否会加速增长，我们不按业务板块单独给出业绩指引，所以我不会在这里提供具体预测。
AI可能会让迁移变得更加容易，就我们自己的体验，ChatGPT非常好用，要赌云计算最可能胜出的一方，微软可能是最好的选择，微软的布局更加专业化，模型交由OpenAI，芯片交由NVIDIA，自己做好生产力软件，其他几家都是一把抓，这个行业的进展速度非常快，一把抓的问题是速度，就像当年的微软和苹果，苹果是一把抓，发展前期是远远落后于微软的。
But I do believe that the combination of more enterprises who have resumed their march to modernize their infrastructure and move from on-premises to the cloud, coupled with the fact that AI is going to accelerate in terms of more companies deploying more AI applications into production that start to scale, coupled with the fact that I do think that more capacity is going to come online in the coming months and quarters, make me optimistic about the AWS business.
但我相信，随着越来越多企业恢复其基础设施现代化进程、从本地迁移到云端，再加上 AI 的加速落地（越来越多公司将 AI 应用投入生产并实现规模化），以及未来几个月和几个季度将会有更多产能上线，这些因素让我对 AWS 的业务前景非常乐观。
Operator
And the next question comes from the line of Ron Josey with Citi.
下一个问题来自花旗银行的 Ron Josey。
Ronald Victor Josey
That was really helpful. Maybe taking that same question, but focusing internally on Amazon, I think you penned an article or a blog post back in June, just talking about the ability or potential with GenAI agents and improving efficiencies and speed to market internally. So would love to hear your thoughts as you think about how Amazon is adopting generative AI internally, how perhaps you've seen improving speed to market as a result of everything you've just talked about.
这个问题很有帮助。我想从内部角度来问 Amazon。我记得你在今年六月写过一篇文章或博客，谈到生成式 AI 智能代理在提升内部效率和加快上市速度方面的潜力。能否分享一下你对 Amazon 内部采用生成式 AI 的看法？你是否已经看到它在提升效率和加快市场响应速度方面带来的成效？
Andrew R. Jassy
Yes. I think that AI is the biggest technology transformation for a lifetime, which is saying a lot because even in some of our relatively short lifetimes, we've been through the cloud, mobile and the Internet itself. But I think it's going to be the biggest transformation technically in our lifetime. And I think it's going to not only change every customer experience that we know and enable customer experience we really only dreamed about before, but it's also going to change very substantially the way we work. And if you think about it, the way that we do coding, the way that we do analytics, the way that we do research, the way that we do finance and measure -- I mean, really, the way we do business process automation, the way we do customer service.
是的，我认为 AI 是一生中最大的技术变革。这么说意义重大，因为即便在我们相对短暂的生命里，已经经历过云计算、移动互联网以及互联网本身的变革。但我认为 AI 将成为我们这一代人所经历的最大技术转型。它不仅会改变我们所熟悉的每一种客户体验，并让过去只能想象的客户体验成为现实，同时也会深刻改变我们的工作方式。想想看，我们写代码的方式、做分析的方式、做研究的方式、处理财务和测量的方式——实际上包括业务流程自动化和客户服务的方式——都将受到 AI 的深远影响。
Every single area that I can think of in the way we work is likely going to be impacted in some meaningful way by AI. And I think when you have a big shift like that, you have 2 macro choices. You can either decide that you're going to embrace it. And you're going to help shape it and you're going to figure out how to build the right tools to allow you to take advantage of the technology or you can wish it away and have it shape you. And the posting that you're referencing, Ron, that I made was just really being clear with the team that we're going to pursue that former approach. We are going to embrace it. We're going to try and shape it. So we have a number of tools and agents that we've built already inside the company.
我能想到的几乎所有工作领域都可能以某种有意义的方式受到 AI 的影响。而当你面对这样的大转变时，有两个宏观选择：要么主动拥抱它、帮助塑造它，并思考如何构建合适的工具来利用这项技术；要么希望它自行消失，却最终被它塑造。我在你提到的那篇文章中，Ron，很明确地向团队传达了我们会选择前者。我们会拥抱它，会尝试去塑造它。因此，在公司内部，我们已经构建了许多工具和智能代理。
These are things like if you think about Kiro and the opportunity to have coding agents do a lot of a coding that's very compelling. It's going to allow our teammates to be able to start from a more advanced starting spot and to be able to invent for customers much more quickly and much more expansively. If you think about services like Connect, which is our AWS service, it does call center software that has a lot of AI built into it that changes the productivity of all your customer service agents.
比如 Kiro，它让编码代理可以完成大量编码工作，这非常有吸引力。它能让我们的同事从一个更先进的起点出发，更快、更广泛地为客户进行创新。再比如 Connect，这是我们的 AWS 服务，提供呼叫中心软件，其中嵌入了大量 AI 功能，显著提升了客户服务人员的生产力。
And you can just imagine across the board, the types of things we're going to do to make it easier to get software out to build high- quality software to do operations to automate a lot of the business process coordination that happens inside the kind. We're going to work on a whole bunch of those areas to allow ourselves primarily to be able to invent for customers much more quickly and expansively. But also, I think it's going to make all of our teammates jobs much more enjoyable because they won't have to do as many of the road parts of the job that we all do right now, and they're going to be able to own more pieces of what they're trying to solve for customers. And we want deep owners that want to own as much end-to-end as possible.
你可以想象，在各个方面我们都在努力，使软件开发更容易，使高质量软件更快交付，使运营更高效，并实现大量业务流程的自动化。我们将在多个领域推进这些工作，主要是让我们能够更快、更广泛地为客户创新。同时，我认为这也会让我们同事的工作更愉快，因为他们不再需要做那么多重复性的工作，而是能够承担更多与客户问题解决相关的完整环节。我们希望员工具备深度的责任感，并尽可能拥有端到端的掌控权。
Operator
And our final question will come from the line of Justin Post with Bank of America.
最后一个问题来自美国银行的 Justin Post。
Justin Post
Great. I'll just ask on the revenue guidance. It looks pretty robust growth in the third quarter. I know you won't say whether AWS is expected to accelerate. But could you talk about some of the drivers and what kind of tariff and other contingencies you've put in there? And then maybe any thoughts on how you're thinking about how the Q4 is shaping up.
很好。我想问一下关于收入指引的问题。第三季度的增长看起来相当强劲。我知道你不会透露 AWS 是否预计会加速，但能否谈谈增长的驱动因素，以及你们在预测中考虑了哪些关税和其他不确定因素？另外，你们怎么看待第四季度的走势？
Brian T. Olsavsky
Justin, this is Brian. I'll take this one. We've guided to \$174 billion to \$175 billion. And we -- excuse me, \$179.5 billion is a typo. We feel good about the growth rate in Q2 that we had and the acceleration in a number of areas, including units. And we had a very successful Prime Day earlier this month. So there is uncertainty on where tariffs will settle and maybe the ultimate impact on consumers, as Andy mentioned earlier. But we feel really good about the key inputs we control price selection and convenience.
Justin，这里是 Brian。我来回答。我们对第三季度的营收指引是 1740 亿至 1750 亿美元。啊，抱歉，是 1795 亿美元，之前是笔误。我们对第二季度的增长率感到满意，并且在包括销售量在内的多个领域都看到了加速。本月初我们也迎来了非常成功的 Prime Day。当然，关于关税最终如何落地，以及它对消费者可能造成的影响仍存在不确定性，就像 Andy 之前提到的。但我们对自己能控制的关键因素——价格、商品选择和便利性——感到很有信心。
We've talked about delivery speeds increasing. We've talked about selection increasing high-end stock levels, well dispersed inventory close to customers. So we think that all works in our favor. So I would say we're cautiously optimistic I'm not going to give any guidance for Q4 at this time, but we'll talk about that next time.
我们谈到了配送速度的提升，谈到了商品选择的增加，谈到了高库存水平和靠近客户的分散库存布局。这些因素都对我们有利。因此，我会说我们保持谨慎乐观。至于第四季度，目前我不会给出任何具体指引，我们会在下个季度再做讨论。
Dave Fildes
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 3 months. We appreciate your interest in Amazon, and we look forward to speaking with you again with you next quarter.
感谢大家今天参加电话会议并提出问题。本次会议的录音将在我们的投资者关系网站上至少保留三个月。我们感谢大家对 Amazon 的关注，并期待在下个季度再次与您交流。
Operator
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。
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