Amazon.com (AMZN US): Buy: 2Q revenue and OI beat driven by AWS

研报英文原文证据摘录

Amazon.com (AMZN US): Buy: 2Q revenue and OI beat driven by AWS

ast ROE (%) 22.3 27.3 16.9 17.0

year. Growth in AI demand is also reflected in AWS order backlog at USD496bn (+7%

from USD464bn at the end of 1Q). Separately, N. America contributed to the 2Q revenue 52-WEEK PRICE (USD)

and OI beat driven by improvements in product offer, delivery times (including same-day 330.00

perishables), expansion of new services (e.g. Amazon Now) into new markets, and 255.00

growth in share of wallet of customers using Alexa+, plus more.

180.00

07/25 01/26 07/26

Risk to the upside of cautious 3Q guidance: 3Q net sales guidance is USD197-202bn, Target price: 310.00

or 9.3-12.0% yoy growth. This implies USD199.5bn/ +10.7% growth at the midpoint of the High: 274.99 Low: 198.79 Current: 235.50

Source: LSEG IBES, HSBC estimates

range, and a 2.1% downgrade vs 3Q VA consensus of USD203.9bn. The earlier timing of

Prime Day has impacted 3Q net sales guidance by c400bps alongside an 80bps

Paul Rossington*

headwind from FX across the business. AWS also faces a tougher comparative base Senior Global Tech Platforms Analyst

ahead. 3Q OI guidance is USD22.5-26.5bn, or +2.7-21.0% yoy vs adj. OI of USD21.9bn HSBC Bank plc

paul.rossington@hsbcib.com

in 3Q last year. At the top end of the range this implies a 4.3% beat vs 3Q consensus of +44 20 7991 6734

USD25.4bn. Given Amazon’s track record of beating guidance, we expect 3Q consensus Charlie Rothbarth*

to focus on the top end of the range. Management has also increased FY26 capex Global Tech Platforms Analyst

HSBC Bank plc

guidance to USD220bn (from USD200bn) driven by datacentre component inflation. charlie.rothbarth@hsbc.com

+44 203 2685284

Buy rating and USD310.00 TP unchanged: We highlighted in our preview note that Nicolas Cote-Colisson*