#股票财报季
📈 业绩背后的逻辑，群里聊
This quarter’s earnings report isn’t selling performance.
It’s selling cash flow.
Amazon’s third-quarter revenue was $201.9 billion.
Up 12% year over year, but still below expectations.
Operating income was $28 billion, up 61%.
Operating margin was 13.9%, a record high.
The numbers look good; cash looks bad.
Free cash flow over the past 12 months was negative $42.3 billion.
The capital expenditure plan is $220 billion.
After the earnings report came out, shares fell 7% after hours.
Cloud business growth is still accelerating.
But the cash drain is getting bigger.
The depreciation from all that capital spending is still to come.
Google had already put on this show the day before.
Shares fell 13% in a single day, the biggest drop in its history.
Free cash flow was negative $9 billion.
Both companies are stuck in the same place.
For crypto, this is a shift in how things are valued.
From looking at growth to asking who can afford to foot the bill.
The Nasdaq closed down 1.38% that day.
Money is moving away from capital-intensive stories.
How much longer do you think the market will keep paying for AI capex? Let’s talk in the comments.
📈 业绩背后的逻辑，群里聊
This quarter’s earnings report isn’t selling performance.
It’s selling cash flow.
Amazon’s third-quarter revenue was $201.9 billion.
Up 12% year over year, but still below expectations.
Operating income was $28 billion, up 61%.
Operating margin was 13.9%, a record high.
The numbers look good; cash looks bad.
Free cash flow over the past 12 months was negative $42.3 billion.
The capital expenditure plan is $220 billion.
After the earnings report came out, shares fell 7% after hours.
Cloud business growth is still accelerating.
But the cash drain is getting bigger.
The depreciation from all that capital spending is still to come.
Google had already put on this show the day before.
Shares fell 13% in a single day, the biggest drop in its history.
Free cash flow was negative $9 billion.
Both companies are stuck in the same place.
For crypto, this is a shift in how things are valued.
From looking at growth to asking who can afford to foot the bill.
The Nasdaq closed down 1.38% that day.
Money is moving away from capital-intensive stories.
How much longer do you think the market will keep paying for AI capex? Let’s talk in the comments.
