Amazon（AMZN）2020Q1決算 来期はCOVID-19対策のため利益なし

Amazon（AMZN）2020Q1

・発表日 2020/4/30 post-market
・売上 $75.5B +26.5% コンセンサス予想より+$1.41B
・GAAP EPS $5.01 コンセンサス予想より-$1.10
・GAAP net income $2.53B
・AWS 売上 $10.2B +32.7%（コンセンサス予想 $10.3B）
・Operating margin 5.3%（2019Q1 7.4%）
・2020Q2 予想売上 $75〜81B（コンセンサス予想 $77.9B）
・決算発表後の株価 post-marketで-5.2%
・2020FYコンセンサス予想PER 2351.11/28.03=83.87
・2021FYコンセンサス予想PER 2351.11/40.77=57.66
・https://ir.aboutamazon.com/quarterly-results

2020Q2では$4B以上をCOVID-19対策に使用すると宣言しています。つまり、利益はゼロもしくはマイナスです。

“From online shopping to AWS to Prime Video and Fire TV, the current crisis is demonstrating the adaptability and durability of Amazon’s business as never before, but it’s also the hardest time we’ve ever faced,” said Jeff Bezos, Amazon founder and CEO. “We are inspired by all the essential workers we see doing their jobs — nurses and doctors, grocery store cashiers, police officers, and our own extraordinary frontline employees. The service we provide has never been more critical, and the people doing the frontline work — our employees and all the contractors throughout our supply chain — are counting on us to keep them safe as they do that work. We’re not going to let them down. Providing for customers and protecting employees as this crisis continues for more months is going to take skill, humility, invention, and money. If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small. Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more in operating profit. But these aren’t normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps a bit more, on COVID-related expenses getting products to customers and keeping employees safe. This includes investments in personal protective equipment, enhanced cleaning of our facilities, less efficient process paths that better allow for effective social distancing, higher wages for hourly teams, and hundreds of millions to develop our own COVID-19 testing capabilities. There is a lot of uncertainty in the world right now, and the best investment we can make is in the safety and well-being of our hundreds of thousands of employees. I’m confident that our long-term oriented shareowners will understand and embrace our approach, and that in fact they would expect no less.”

https://ir.aboutamazon.com/news-release/news-release-details/2020/Amazoncom-Announces-First-Quarter/

決算発表メモ

Operating cash flow（ttm）$39.7B +16%

Free cash flow（ttm）$24.3B +5.6%

「North America」

売上 $46.12B +28.8% 利益 $1.31B -42.6%

Operating margin 3.4%（2019Q1 5.7%）

「International」

売上 $19.1B +17.9% 利益 -$398M（2019Q1 -$90M）

Operating margin -2.6%（2019Q1 -2.4%）

「AWS」

売上 $10.21B +32.7% 利益 $3.07B +19.2%

Operating margin 26.8%（2019Q1 29.1%）

業態別では、

Online Stores 売上 $36.65B +24%

Physical Stores 売上 $4.64B +8%

Third-party seller services 売上 $14.47B +30%

Subscription services 売上 $5.55B +28%

AWS 売上 $10.21B +33%

Other（主に広告事業）売上 $3.9B +44%