【MSX Research Institute·US Stock RWA Daily Insight】 is the flagship daily report from the leading RWA trading platform, MSX Matong. Leveraging strong macroeconomic research capabilities, we capture the core pulse of global traditional US stocks, liquidity changes, and the RWA tokenization market to help you strategically position in quality assets.
Today's Insight
Amazon's revenue and AWS growth for the quarter comprehensively exceeded expectations. Revenue was $200.606 billion, exceeding expectations of approximately $197 billion; AWS revenue was $42.232 billion, up 37% year-over-year, marking the fastest growth rate in 18 quarters. EPS of $5.75 significantly exceeded expectations of $1.84, but this was largely due to a $53.4 billion one-time non-operating gain (primarily from the revaluation of its investment in Anthropic). Excluding this, core operating profit was $27.461 billion, up 43% year-over-year, also robust. Guidance for the next quarter is weaker: Q3 revenue guidance midpoint is $199.5 billion, below the consensus expectation of approximately $204 billion; operating profit guidance midpoint is $24.5 billion, also slightly below the expectation of approximately $24.79 billion. Combined with the full-year capital expenditure being raised to $220 billion (due to rising memory costs), these factors collectively dampen market expectations for the next quarter.
Data in a Minute
Revenue $200.606B, exceeding expectations of ~$197B
AWS revenue $42.232B, YoY +37%, fastest growth in 18 quarters
EPS $5.75 vs. expected $1.84, includes $53.4B one-time Anthropic investment gain
Core operating profit $27.461B (ex-one-time gain), YoY +43%
Operating margin 13.7%, compared to 11.4% last year
Next quarter guidance: Q3 revenue midpoint $199.5B (below expected $204B); operating profit midpoint $24.5B (below expected $24.79B)
Full-year capital expenditure raised to $220B due to rising memory costs
MSX View
The true highlight of this earnings report is AWS's 37% growth rate, the fastest in 18 quarters, indicating that cloud computing demand is still accelerating, not waning. The surge in EPS to $5.75 is largely due to a one-time gain from the revaluation of the Anthropic investment, unrelated to core operations. The more solid figure to watch is the core operating profit of $27.461 billion, up 43% year-over-year. Concerns lie in the next quarter's guidance: both revenue and operating profit guidance are slightly below market expectations. Coupled with rising capital expenditure, this indicates that AWS's current strong growth cycle is still driven by substantial capital investment. The key watchpoint for the coming quarters is whether this can translate into higher profit margins.
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Risk Warning: Macroeconomic and US stock market fluctuations are significant. The content of this article is for academic and research observation reference by the Matong Research Institute only and does not constitute any investment advice.
