亚马逊利润大幅缩水

    亚马逊（Amazon）的短期亏本销售似乎还将继续下去。

    亚马逊称（第三季度）销售额较去年同期增长27%，从108.8亿美元增加到了138.1亿美元，但经营亏损高达2,800万美元。而华尔街此前预测亚马逊经营亏损接近7,500万美元，但其预测的营收也更高，为139亿美元。与此同时，亚马逊净利润降至-2.74亿美元，即每股亏损0.60美分。而就在一年前，该公司净利润还有6,300万美元。亚马逊预计第四季度收入在202.5-227.5亿美元之间。财报发布后，亚马逊股价在盘后交易中下跌了近8%。

    上季度的亏损部分原因在于亚马逊斥资1.75亿美元投资团购网站LivingSocial，并因此损失了1.69亿美元；还有一部分原因在于亚马逊目前采取了牺牲短期利润的战略，以换取长期收益和更大的市场份额。

    过去一年，亚马逊在公司扩张上投入重金，其中包括兴建更多的运营中心。公司首席财务官汤姆•斯库塔克在媒体收益电话会议上称，19家新的运营中心将在假日季期间建成并投入运营。此外，还有一两个仓库可能将在今年第四季度或明年年初建好。

    亚马逊还投入巨资于庞大的亚马逊网络服务业务和Kindle系列产品。本月早些时候，公司首席执行官杰夫•贝索斯透露，最新款Kindle——升级版Kindle Fire以及带背光功能的Kindle Paperwhite——是在以成本价销售，并没有给亚马逊带来利润。相比之下，科技网站CNET近来报道称，苹果（Apple）WiFi版iPad的利润率保持在40%上下。

    贝索斯在一份声明中称：“我们的办法是努力降低售价。以保本价销售设备，就能以很低的价格，打包销售许多高性能硬件。”贝索斯特指亚马逊上月推出的7英寸、售价199美元的Kindle Fire。该产品已成为亚马逊全球头号畅销产品。最近发布的Kindle Paperwhite以及69美元Kindle则分列销量亚军和季军。

    投资者仍然紧盯着亚马逊较低的零售利润率及其对技术、分销能力和内容的大量投资，这一点可以理解。不过我们相信，亚马逊有能力从其它方面扩大营运利润率，”证券公司Robert W. Baird分析师科林•塞巴斯蒂安上周早些时候写道。

    确实，大多数分析师仍然看好亚马逊的前景。瑞德资本市场（Lazard Capital Markets）分析师阿图尔•巴戈预测，亚马逊目前正从纯粹的电子商务网站转型成强大的数字媒体平台。“我们相信亚马逊具备三大比较优势，并能因此展开竞争并控制数字媒体平台：1）信任；2）技术；3) 基础支付设施。”巴戈本周早些时候在报告中写道：“虽然我们相信从亚马逊在目前股票估值下的现有业务来看，如今的投资无可厚非；但我们同样认为，亚马逊平台的下一步目标将是数字虚拟商品主流平台。”

    换言之，对于那些没有减持的亚马逊股东，好日子还在后头。

    译者：项航

    Amazon's short-term sacrifices appear to be continuing.

    Amazon (AMZN) reported a 27% sales increase to $13.81 billion, up from $10.88 billion the same time last year, and an operating loss of $28 million. That was off from Wall Street's estimates, which had predicted an operating loss of nearly $75 million, but higher revenues of $13.9 billion. Meanwhile, profits dropped to a loss of $274 million, or $0.60 cents per share, compared to a net income of $63 million a year ago. For the fourth quarter, the company expects revenues of between $20.25 billion and $22.75 billion. Amazon shares were down nearly 8% in after hours trading following the announcement.

    The loss this quarter was due in part to the company's $175 million investment in LivingSocial, which it lost $169 million on. The remaining loss was due to Amazon's ongoing strategy of sacrificing short-term profitability for long-term revenues and market gains.

    Over the last year, the company has invested heavily in expansion, which includes building more fulfillment centers. During a media earnings call, CFO Tom Szkutak said 19 new fulfillment centers would be up and running for the holiday season, with an additional one or two warehouses potentially ready during the fourth quarter or early next year.

    Amazon has also invested heavily in its vast Amazon Web Services business and the launch of products in its Kindle line. Earlier this month, CEO Jeff Bezos revealed the latest Kindles -- updated Kindle Fire units and the self-lit Kindle Paperwhite -- do not profit Amazon and are sold at cost. Just for comparison, CNET recently reported that Apple (AAPL) hovers a round a 40% margin on its WiFi-based iPad.

    "Our approach is to work hard to charge less. Sell devices near breakeven and you can pack a lot of sophisticated hardware into a very low price point," said Bezos in a statement, pointing to the 7-inch $199 Kindle Fire the company released last month. That version has since gone on to become Amazon's #1 bestselling product around the world. The recently released Kindle Paperwhite and $69 Kindle are the number two and three bestselling products, respectively.

    "While investors remain understandably focused on Amazon's sub-scale retail margins and significant investments in technology, distribution capacity, and content, we believe that other segments should provide more comfort in potential operating margin expansion," wrote Robert W. Baird analyst Colin Sebastian earlier this week.

    Indeed, the majority of analysts remain bullish on the company. Looking further out, Lazard Capital Markets analyst Atul Bagga predicts Amazon is currently in the midst of a transition from pure e-commerce player to powerful digital media platform. "We believe Amazon has three competitive advantages that will allow it to compete in, and potentially dominate, digital media platforms: 1) trust; 2) technology; and 3) payment infrastructure," Bagga wrote in a report earlier this week. "While we believe investment today is justified by its existing businesses at the current stock valuation, we also think that the next iteration of the Amazon platform will represent the dominant platform for digital and virtual goods as well."

    In other words: good things may yet come to those shareholders who wait.