亚马逊 AI 投入拖累 Q3 净利润下滑，AWS 与广告业务仍保持增长
Unrealized AI Investments Drag Amazon’s Income, But AWS And Ads Are Still Growing
- 1亚马逊 Q3 净利润 207 亿美元，低于去年同期的 212 亿美元，财报公布后股价盘后下跌 7%
- 2去年同期含 95 亿美元 Anthropic 投资税前收益，今年没有类似收益，利润差距因此放大
- 3AWS 同比增长 39.3%，为近五年最快，Jassy 称未来 5-10 年有望成万亿美元收入业务
- 4广告收入增 12% 至 196 亿美元，低于上半年；Jassy 称外部智能体购物尚未对广告造成实质影响
亚马逊正处于 AI 投入压制当期利润、AI 收入端仍高增长的阶段，市场与公司对投入回报节奏的分歧在这份财报中显性化。
- 影响：AWS 创近五年最快增速，显示企业侧 AI 与云基础设施需求仍在扩张；亚马逊广告增速放缓，正靠智能体化投放工具寻找新增长；智能体购物对广告的影响尚未显现，渠道预算暂时没有重构压力。
- 参考：可考虑在下一轮预算中重估云与 AI 算力支出的增速假设；投放亚马逊广告的团队值得试用 9 月上线的 Amazon Ads Agent，对比全漏斗自动投放的效果；零售品牌可先盘点自有流量中来自外部智能体的访问占比，再决定是否调整渠道。
- 依据：净利润、AWS 与广告增速均来自亚马逊 Q3 财报电话会，属官方口径；盘后跌 7% 为市场交易数据；智能体购物无实质影响是 Jassy 的个人判断，暂无独立验证。
Thursday, October 29th, 2026 – 8:09 pm
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Amazon’s third-quarter earnings missed the mark – but that isn’t how CEO Andy Jassy sees it.
“Our operating margins have long been strong on our core offering,” Jassy told investors during Amazon’s Q3 earnings call on Thursday, adding that they’re “rapidly improving on the AI side, too.”
Still, it’s hard to argue with the numbers: Amazon’s net income decreased to $20.7 billion from $21.2 billion last Q3.
Amazon’s Q3’s 2025 numbers look better because of $9.5 billion in pre-tax gains that the company accrued last year from its investments in AI startup Anthropic, according to Amazon’s earnings report. Without a similar windfall this year, the difference is stark.
But apparently, that explanation wasn’t enough to sway investors. Amazon stock dropped 7% in after-hours trading on Thursday.
Unsurprisingly, investors expect a company’s payout from AI investments to keep growing over time, and aren’t loving what they’re seeing. Still, Amazon certainly hasn’t slowed down its activity in this department. It reported cash flow of negative $42.4 billion over the past 12 months, compared to a positive cash flow of $14.8 billion last year.
Even if the comparison to last year’s AI gains isn’t great, AI is still the driving force behind nearly all of Amazon’s revenue increases this year.
For instance, AWS – which provides AI and cloud computing infrastructure – grew 39.3% year-over-year, its fastest growth rate in nearly five years.
AWS could grow into “a trillion-dollar revenue business in the next five to 10 years,” Jassy said, due to the surge in businesses running their core workloads on it.
Not all agents are created equal
As it becomes more focused on developing AI infrastructure, Amazon hasn’t lost sight of its ads business – though, of course, that’s built on AI now, too.
Amazon Ads revenue was up 12% year-over-year, totaling $19.6 billion.
Double-digit ad revenue growth is nothing to sneeze at. But the Q3 numbers lagged behind the rest of the year, with Amazon Ads reporting 22% growth in Q1 and 26% in Q2.
Jassy chalked up Q3’s slower growth to Amazon rescheduling Prime Day from Q3 to Q2. He also pointed to the fact that Q3 didn’t include any NBA games on Amazon Prime Video.
To spur future growth, Amazon is fleshing out its ads business with new agentic AI features, including Amazon Ads Agent (a merging of the Amazon Ads console and Amazon DSP), which was launched in September. The new platform allows advertisers to launch full-funnel campaigns and continually optimizes them once they’re live.
But while agentic AI is all the rage on the advertiser side, it hasn’t been fully embraced by the consumer side just yet.
“The natural question is whether agentic shopping from external horizontal agents is meaningfully impacting Amazon ads,” Jassy said, “and the answer is no.”
Agentic shopping is “still not great,” he added, and isn’t meaningfully more convenient than humans completing one-click orders themselves.
Still, Jassy tacitly acknowledged that agentic shopping is likely to take root down the line. “Few customers are doing much shopping this way yet,” he said – “yet” being the key word.
来源：AdExchanger · adexchanger.com