蘋果 (AAPL) 2012 Q2 法說會逐字稿

Good day, everyone, and welcome to this Apple Incorporated second-quarter fiscal-year 2012 earnings-release conference call.

大家好，歡迎參加 Apple Incorporated 2012 財年第二季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations.

目前，關於開場白和介紹，我想將電話轉給投資者關係高級總監 Nancy Paxton。

Please go ahead, ma'am.

請繼續，女士。

Thank you, good afternoon, and thanks to everyone for joining us.

謝謝大家，下午好，感謝大家加入我們。

Speaking today is Apple CFO, Peter Oppenheimer, and he will be joined by Apple CEO, Tim Cook, and Treasurer Gary Whistler for the Q&Q session with analysts.

今天發言的是蘋果公司首席財務官彼得奧本海默，蘋果公司首席執行官蒂姆庫克和財務主管加里惠斯勒將與他一起參加與分析師的問答環節。

Please note that some of the information you'll hear during the discussion will consist of forward-looking statements including without limitation those regarding revenue, gross margin, operating expenses, other income and expense, stock-based compensation expense, taxes, earnings per share, and future products.

請注意，您在討論期間聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、股票薪酬費用、稅收、每股收益的陳述，以及未來的產品。

Actual results or trends could differ materially from our forecasts.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2011, the Form 10-Q for the first quarter of fiscal 2012 and the Form 8-K filed with the SEC today, along with the attached press release.

如需更多信息，請參閱 Apple 2011 年的 10-K 表格、2012 財年第一季度的 10-Q 表格和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及隨附的新聞稿.

Apple assumes no obligation to update any forward-looking statements or information which speaks as of their respective dates.

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

I'd now like to turn the call over to Peter Oppenheimer for introductory remarks.

我現在想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

We are very pleased to report the results of our outstanding second fiscal quarter.

我們非常高興地報告我們出色的第二財季業績。

We established new March-quarter records for iPhone, iPad, and Mac sales leading to our highest March-quarter revenue and earnings every.

我們為 iPhone、iPad 和 Mac 的銷售創造了新的 3 月季度記錄，從而實現了我們在 3 月季度的最高收入和收益。

Revenue for the quarter was $39.2 billion, representing year-over-year growth of 59%.

本季度收入為 392 億美元，同比增長 59%。

That's a new record for our March quarter, and is second only to the all-time record revenue we reported in the most recent December quarter.

這是我們 3 月季度的新紀錄，僅次於我們在最近一個 12 月季度報告的創紀錄收入。

The year-over-year increase in March-quarter revenue was fueled primarily by very strong growth in iPhone and iPad sales.

3 月季度收入的同比增長主要得益於 iPhone 和 iPad 銷售的強勁增長。

Operating margin was $15.4 billion, representing 39.3% of revenue.

營業利潤率為 154 億美元，佔收入的 39.3%。

Net income was $11.6 billion, increasing 94% over the prior March-quarter's result.

淨收入為 116 億美元，比上一季度的業績增長 94%。

The quarter's net income translated to earnings per share of $12.30.

本季度的淨收入轉化為每股收益 12.30 美元。

Turning to the details of the quarter, I'd like to begin with our Mac products and services.

談到本季度的細節，我想從我們的 Mac 產品和服務開始。

We established new March-quarter records for both desktops and portables, combining for a total of four million Macs sold.

我們為台式機和便攜式電腦創造了新的 3 月季度記錄，總共售出了 400 萬台 Mac。

This represents growth of 7% year-over-year compared to IDC's latest published forecast of 2% growth for the global personal computer market in the March quarter.

與 IDC 最新公佈的 3 月季度全球個人計算機市場增長 2% 的預測相比，這意味著同比增長 7%。

We began and ended the quarter with between three and four weeks of Mac channel inventory, which is below our target range of four to five weeks.

我們在本季度開始和結束時都有三到四個星期的 Mac 渠道庫存，低於我們 4 到 5 週的目標範圍。

In February, we released a developer preview of Mountain Lion, the ninth major release of Mac OS X.

2 月，我們發布了 Mountain Lion 的開發者預覽版，這是 Mac OS X 的第九個主要版本。

Mountain Lion will bring popular apps and features from iPads to Mac including messages, notes, reminders, game center, notification center, share sheets, Twitter integration, and Airplane Mary.

Mountain Lion 將把流行的應用程序和功能從 iPad 帶到 Mac，包括消息、筆記、提醒、遊戲中心、通知中心、共享表、Twitter 集成和 Airplane Mary。

We expect Mountain Lion to be available from the Mac app store in late summer this year.

我們預計 Mountain Lion 將於今年夏末從 Mac 應用商店推出。

Moving to our music products, we sold 7.7 million iPods, compared to 9 million in the year-ago quarter.

轉向我們的音樂產品，我們售出了 770 萬台 iPod，而去年同期為 900 萬台。

Total iPod sales were ahead of our expectations, and iPod Touch continued to account for over half of all iPods sold.

iPod 總銷量超出我們的預期，iPod Touch 繼續佔所有 iPod 銷量的一半以上。

IPod's share of the US market for Mp3 players remained at over 70%, based on the latest monthly data published by NPD, and iPod continued to be the top-selling Mp3 player in most countries we tracked based on the latest data published by Gfk.

根據 NPD 發布的最新月度數據，iPod 在美國 Mp3 播放器市場的份額保持在 70% 以上，根據 Gfk 發布的最新數據，在我們追踪的大多數國家/地區，iPod 繼續是最暢銷的 Mp3 播放器。

We ended the quarter within our target range of four to six weeks of iPod channel inventory.

本季度結束時，我們的 iPod 渠道庫存目標範圍為四到六週。

The iTunes store generated all-time record results with revenue of almost $1.9 billion in the March quarter, an increase of 35% year-over-year, thanks to continued strong sales of music, video, and apps.

由於音樂、視頻和應用程序的持續強勁銷售，iTunes 商店在 3 月季度創造了近 19 億美元的收入，創下歷史新高，同比增長 35%。

We now have a catalog of over 28 million songs and 45,000 movies.

我們現在擁有超過 2800 萬首歌曲和 45,000 部電影的目錄。

I'd now like to turn to iPhone.

我現在想轉向 iPhone。

We were thrilled to sell 35.1 million iPhones compared to 18.6 million in the previous March quarter.

我們很高興售出 3510 萬部 iPhone，而上一季度為 1860 萬部。

That represents 88% year-over-year growth compared to 42% growth for the smartphone market overall in the March quarter based on the latest published estimate from IDC.

根據 IDC 最新公佈的估計，這代表著 88% 的同比增長，而 3 月季度智能手機市場整體增長 42%。

We experienced very strong iPhone sales growth in all of our segments led by our Asia/Pacific and Japan segments, where sales more than doubled year-over-year.

我們在亞太地區和日本的所有細分市場都經歷了非常強勁的 iPhone 銷售增長，銷售額同比增長了一倍以上。

We continue to see tremendous momentum in greater China where iPhone sales were five times the level of the year-ago quarter, aided by the launch of the iPhone 4S in China in January and the addition of China Telecom as an iPhone carrier in March.

我們繼續看到大中華區的強勁勢頭，iPhone 銷量是去年同期水平的五倍，這得益於 1 月份在中國推出的 iPhone 4S 以及 3 月份中國電信作為 iPhone 運營商的加入。

iPhone 4S is now available in over 100 countries and is sold through over 230 carriers.

iPhone 4S 現在可在 100 多個國家/地區使用，並通過 230 多家運營商銷售。

We ended the quarter with 8.6 million iPhones in channel inventory, a sequential increase of about 2.6 million units which placed us within our target range of four to six weeks of iPhone channel inventory.

截至本季度末，我們的渠道庫存為 860 萬部 iPhone，環比增加約 260 萬部，這使我們處於 iPhone 渠道庫存四到六週的目標範圍內。

Recognized revenue from iPhone handset and accessory sales was $22.7 billion during the quarter compared to $12.3 billion in the year-ago quarter, an increase of 85%.

本季度來自 iPhone 手機和配件銷售的確認收入為 227 億美元，而去年同期為 123 億美元，增長了 85%。

iPhone momentum in the Enterprise has evolved beyond email, calendar, and contacts.

iPhone 在企業中的發展勢頭已經超越了電子郵件、日曆和聯繫人。

iTeam business line managers across industries see the opportunity to leverage both company and employee-owned devices to improve productivity and efficiencies through iOS in-house app development.

跨行業的 iTeam 業務線經理看到了利用公司和員工擁有的設備通過 iOS 內部應用程序開發來提高生產力和效率的機會。

In fact, the majority of the Fortune 500 companies who have approved iPhone on their networks are members of the iOS Developer Enterprise Program, and are actively deploying in-house applications to their employee base.

事實上，大多數已在其網絡上批准 iPhone 的財富 500 強公司都是 iOS 開發者企業計劃的成員，並且正在積極地將內部應用程序部署到他們的員工群中。

Turning to iPad, we were very pleased with sales of 11.8 million iPads during the March quarter compared to 4.7 million in the year-ago quarter, an increase of 151%.

談到 iPad，我們對 3 月季度 1180 萬台 iPad 的銷量感到非常滿意，而去年同期為 470 萬台，增長了 151%。

Customers are loving the new iPad with its stunning Retina display, A5X chip with quad-core graphics and the five megapixel iSight camera.

新 iPad 擁有令人驚嘆的 Retina 顯示屏、四核顯卡的 A5X 芯片和 5 兆像素的 iSight 攝像頭，客戶非常喜歡這款 iPad。

The new iPad is now available in over 40 countries.

新款 iPad 現已在 40 多個國家/地區上市。

We saw strong growth in sales around the world, with sales more than doubling in each of our segments.

我們看到全球銷售強勁增長，每個細分市場的銷售額都翻了一番以上。

Recognized revenue from sales of iPad and iPad accessories during the quarter was $6.6 billion compared to $2.8 billion in the year-ago quarter, an increase of 132%.

本季度確認的 iPad 和 iPad 配件銷售收入為 66 億美元，比去年同期的 28 億美元增長 132%。

We ended the quarter with about two million iPads in channel inventory, a sequential decrease of about 300,000 units, which placed us below our target range of four to six weeks of iPad channel inventory.

截至本季度末，我們的渠道庫存約為 200 萬台 iPad，環比減少了約 300,000 台，低於我們 4 至 6 週的 iPad 渠道庫存目標範圍。

The education market's interest in iPad continues to grow.

教育市場對 iPad 的興趣持續增長。

In the March quarter, we sold more than two iPads for every Mac to our US K-12 customers, while also generating a record quarter for Mac sales.

在 3 月季度，我們向美國 K-12 客戶銷售了每台 Mac 兩台以上的 iPad，同時也創造了 Mac 銷量創紀錄的季度。

The San Diego school district purchased 10,000 iPads in the March quarter and plans to purchase over 15,000 more in the June quarter for middle school and high school programs.

聖地亞哥學區在 3 月季度購買了 10,000 台 iPad，併計劃在 6 月季度再購買 15,000 多台用於中學和高中課程。

iPad continues to open doors to new customers with whom Apple previously had no relationship.

iPad 繼續為以前與 Apple 沒有任何關係的新客戶敞開大門。

As we enter the K-12 institution buying season we're hopeful that iPad will be a popular choice.

隨著我們進入 K-12 機構購買季節，我們希望 iPad 將成為一個受歡迎的選擇。

iPad's momentum in Business and Government also continues to build.

iPad 在商業和政府領域的勢頭也在繼續增強。

The United States Air Force, Air Mobility Command, is deploying thousands of iPads to serve as electronic flight bags, storing technical publications and operations information for flight crew members and trainers.

美國空軍空中機動司令部正在部署數以千計的 iPad 作為電子飛行包，為飛行機組成員和訓練員存儲技術出版物和操作信息。

Companies such as Bechtel and BellFlower Baby are using iPads in the field for project management and viewing blueprints.

Bechtel 和 BellFlower Baby 等公司正在現場使用 iPad 進行項目管理和查看藍圖。

Thousands of iPads are being deployed as mobile sales tools by companies such as Roche, Amgen, Bayer, and Daiichi Sankyo.

Roche、Amgen、Bayer 和 Daiichi Sankyo 等公司正在部署數以千計的 iPad 作為移動銷售工具。

Combining iPhone, iPad, and iPod Touch, we surpassed 365 million cumulative iOS device sales, selling more than 50 million in the March quarter.

結合 iPhone、iPad 和 iPod Touch，我們的 iOS 設備累計銷量超過 3.65 億台，在 3 月季度的銷量超過 5000 萬台。

The iOS ecosystem continues to expand and thrive with stores in more than 120 countries.

iOS 生態系統不斷擴展和蓬勃發展，商店遍布 120 多個國家/地區。

The app store now offers more than 600,000 apps including over 200,000 apps specifically for iPad.

App Store 現在提供超過 600,000 個應用程序，其中包括超過 200,000 個專為 iPad 設計的應用程序。

We were very excited to announce the download of the 25th billionth app in March, less than four years after the launch of the app store.

我們非常興奮地宣布，在應用商店推出不到四年的 3 月份，下載量達到了第 25 億個應用程序。

And iCloud is off to an incredible start, currently with more than 125 million customers signed up since its launch in October.

iCloud 的開端令人難以置信，自 10 月推出以來，目前已有超過 1.25 億客戶註冊。

I'd now like it turn to the Apple retail stores, which also generated record March-quarter results.

我現在希望它轉向蘋果零售店，這也產生了創紀錄的 3 月季度業績。

Revenue was $4.4 billion, an increase of 38% over the year-ago quarter, and was second only to the record quarterly revenue generated in the December quarter.

收入為 44 億美元，比去年同期增長 38%，僅次於 12 月季度創紀錄的季度收入。

The stores experienced very strong year-over-year growth in iPad and iPhone sales and they sold 826,000 Macs compared to 797,000 in the year-ago quarter.

這些商店的 iPad 和 iPhone 銷量同比增長非常強勁，他們售出了 826,000 台 Mac，而去年同期為 797,000 台。

And about half the Macs sold in our stores during the March quarter were to customers who have never owned a Mac before.

在 3 月季度，我們商店出售的 Mac 中約有一半是面向從未擁有過 Mac 的客戶。

We opened two new stores in the quarter, including our first Netherlands store in Amsterdam and a beautiful new store in Houston.

我們在本季度開設了兩家新店，包括我們在阿姆斯特丹的第一家荷蘭店和在休斯頓的一家漂亮的新店。

We exited the quarter with 363 stores, nearly one-third of which are outside the United States.

我們在本季度結束時擁有 363 家門店，其中近三分之一位於美國以外。

With an average of 361 stores open, average revenue per store was $12.2 million compared to $9.9 million in the year-ago quarter, an increase of 23%.

平均開設 361 家門店，每家門店的平均收入為 1220 萬美元，而去年同期為 990 萬美元，增長了 23%。

Segment margin reached a new March-quarter record of over $1.1 billion, which was 26.1% of retail revenue.

部門利潤率達到了超過 11 億美元的 3 月季度新紀錄，佔零售收入的 26.1%。

We welcomed 85 million visitors to our stores during the quarter compared to 71 million visitors in the year-ago quarter, an increase of 19%.

本季度我們的門店接待了 8500 萬訪客，而去年同期為 7100 萬，增長了 19%。

That translates to an average of 18,000 visitors per store per week.

這意味著每家商店每周平均有 18,000 名訪客。

Total Company gross margin was 47.4%, which was 540 basis points higher than our guidance.

公司總毛利率為 47.4%，比我們的預期高出 540 個基點。

About half this difference was driven by lower than expected commodity and other costs, about a quarter was due to stronger than expected revenue and product mix, including 35 million iPhones, and the remainder was due to some one-time items that we don't expect to recur in the June quarter.

大約一半的差異是由於低於預期的商品和其他成本，大約四分之一是由於強於預期的收入和產品組合，包括 3500 萬部 iPhone，其餘是由於我們沒有的一次性產品預計將在六月季度再次發生。

Operating expenses were $3.2 billion and included $361 million in stock-based compensation expense.

運營費用為 32 億美元，其中包括 3.61 億美元的股票補償費用。

OI&E was $148 million.

OI&E 為 1.48 億美元。

Turning to cash, our cash plus short-term and long-term marketable securities totaled $110.2 billion at the end of the March quarter compared to $97.6 billion at the end of the December quarter, a sequential increase of $12.6 billion.

現金方面，截至 3 月季度末，我們的現金加上短期和長期有價證券總計 1102 億美元，而 12 月季度末為 976 億美元，環比增加 126 億美元。

And about $74 billion of the cash was offshore at the end of the March quarter.

截至第三季度末，約有 740 億美元的現金在境外。

Cash flow from operations was $14 billion.

運營現金流為 140 億美元。

As we indicated last month, subject to Board declaration, we expect to announce a dividend of $2.65 per share when we report our third-quarter results in July.

正如我們上個月指出的那樣，根據董事會的聲明，我們預計在 7 月份報告第三季度業績時將宣布每股 2.65 美元的股息。

And we will provide information on the record and payment dates at that time.

我們將提供當時的記錄和付款日期信息。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

隨著我們進入六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be about $34 billion compared to $28.6 billion in the June quarter last year.

我們預計收入約為 340 億美元，而去年 6 月季度為 286 億美元。

We expect gross margin to be about 41.5%, reflecting approximately $70 million related to stock-based compensation expense.

我們預計毛利率約為 41.5%，反映出與股票薪酬費用相關的約 7,000 萬美元。

We expect OpEx to be about $3.3 billion, including about $385 million related to stock-based compensation.

我們預計運營支出約為 33 億美元，其中包括與股票薪酬相關的約 3.85 億美元。

We expect OI&E to be about $175 million, and we expect the tax rate to be about 25.25%.

我們預計 OI&E 約為 1.75 億美元，我們預計稅率約為 25.25%。

We are targeting EPS of about $8.68.

我們的目標是每股收益約為 8.68 美元。

In closing, we're extremely pleased with our record March-quarter performance, with earnings nearly doubling year-over-year.

最後，我們對創紀錄的 3 月季度業績感到非常滿意，收益同比幾乎翻了一番。

The new iPad is off to a tremendous start and is our fastest iPod rollout ever.

新 iPad 有了一個巨大的開端，是我們有史以來最快的 iPod 推出。

We're thrilled with the global success of the iPhone 4S which is now available in more than 100 countries including China.

我們對 iPhone 4S 的全球成功感到興奮，它現已在包括中國在內的 100 多個國家/地區上市。

We remain very confident in our strategy, and we're very excited about the fabulous new products in our pipeline.

我們對我們的戰略仍然非常有信心，我們對我們管道中的神話般的新產品感到非常興奮。

With that, I'd like to open the call to questions.

有了這個，我想打開問題電話。

Thank you, Peter.

謝謝你，彼得。

We ask that you limit yourself to one question and one followup, please.

我們要求您將自己限制在一個問題和一個後續行動上，拜託。

Operator, may we have the first question?

接線員，我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

Katie Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

As it relates to the June quarter revenue guidance, it implies a sequential down tick that is worse than the guidance message you provided over the last three years.

由於它與 6 月季度的收入指導有關，它意味著比您在過去三年中提供的指導信息更糟糕的連續下降。

So can you just talk about some of the headwinds sequentially you see on the top line in the June quarter relative to March?

那麼，您能否談談您在 6 月季度相對於 3 月在頂線上看到的一些不利因素？

Sure, Katie, it's Peter.

當然，凱蒂，是彼得。

The manufacturing ramps for the iPhone 4S and the new iPad were extremely successful for us.

iPhone 4S 和新 iPad 的製造斜坡對我們來說非常成功。

They yielded the highest launch supply and the fastest country rollouts for these product families that we've ever had.

他們為我們曾經擁有的這些產品系列帶來了最高的發射供應和最快的國家推廣。

As a result, we were able to fulfill demand in the March quarter rather than the June quarter this year, and that generated revenue of over $39 billion.

結果，我們能夠在今年 3 月季度而不是 6 月季度滿足需求，從而產生了超過 390 億美元的收入。

Therefore, unlike last year, we expect a sequential decline in revenue this year.

因此，與去年不同，我們預計今年的收入將連續下降。

I'd highlight five primary factors that have influenced our thinking.

我要強調影響我們思維的五個主要因素。

The first, the iPhone channel inventory changes.

第一，iPhone渠道庫存變化。

As I discussed in my prepared remarks, we increased our iPhone channel inventory by about 2.6 million units in the March quarter this year, and we exited within our target inventory range of about four to six weeks.

正如我在準備好的講話中所討論的那樣，我們在今年第三季度將 iPhone 渠道庫存增加了約 260 萬部，並且我們退出了大約四到六週的目標庫存範圍。

Last year, we continued to add new countries into the June quarter, and we built an additional 700,000 units of iPhone channel inventory last year in the June quarter.

去年，我們在 6 月季度繼續增加新的國家/地區，並在去年 6 月季度增加了 700,000 台 iPhone 渠道庫存。

So the combination of these channel builds in the March quarter of this year and the June quarter of last year will impact the sequential comparisons from this year to last.

因此，這些渠道在今年 3 月季度和去年 6 月季度的組合將影響今年與去年的連續比較。

The second factor.

第二個因素。

Fabulous iPhone 4S execution.

出色的 iPhone 4S 執行力。

As we told you in January, we exited December with significant iPhone 4S backlog which led to a huge January.

正如我們在一月份告訴你的那樣，我們在 12 月結束時有大量的 iPhone 4S 積壓，這導致了一個巨大的 1 月份。

We launched China and 20 other countries, also in January, which completed the rollout of the iPhone 4S into all the countries where iPhone is currently shipping.

我們也在 1 月份推出了中國和其他 20 個國家/地區，從而完成了 iPhone 4S 在所有 iPhone 目前發貨的國家/地區的推廣。

And as I said before, we exited the quarter within supply and demand balance.

正如我之前所說，我們在供需平衡的情況下退出了本季度。

The third factor, our new iPad execution was also fabulous.

第三個因素，我們的新 iPad 執行也很棒。

We had an incredible start with the new iPad.

我們在新 iPad 上取得了令人難以置信的開端。

We launched with significant supply, leading to sales of three million units in the first couple of days, which was -- and also the fastest country rollout ever.

我們推出了大量供應，在最初的幾天內銷售了 300 萬台，這是 - 也是有史以來最快的國家推出。

We therefore were able to satisfy much more of the demand for the new iPad in the March quarter this year compared to the iPad 2 in the March quarter last year.

因此，與去年第三季度的 iPad 2 相比，我們能夠在今年第三季度滿足對新 iPad 的更多需求。

This resulted in a shift of iPad volume into March this year versus last, and it will also affect the sequential compares this year to the last.

這導致今年 3 月的 iPad 銷量與去年相比發生了變化，這也將影響今年與去年的環比。

Fourth, we decreased the entry price of the entry iPad to $399.

第四，我們將入門 iPad 的入門價格降至 399 美元。

And finally, the last factor to point out, the US dollar has strengthened recently, and we expect this to have an impact on the sequential compare, especially versus last year when the dollar weakened against most currencies over the comparable time periods.

最後，要指出的最後一個因素是，美元最近走強，我們預計這將對連續比較產生影響，尤其是與去年同期美元兌大多數貨幣走弱相比。

We've just reported the most amazing March quarter Apple has ever had.

我們剛剛報導了 Apple 有史以來最令人驚嘆的 3 月季度。

We feel very, very good about our business and our new product pipeline.

我們對我們的業務和新產品線感覺非常非常好。

Just as a quick follow-up to number four, the decrease in the iPad price.

作為第四名的快速跟進，iPad 價格下降。

You already saw 7% sequential decline in March, which suggests that the uptick of the lower priced iPad 2 was pretty phenomenal in March.

您已經看到 3 月份連續下降 7%，這表明低價 iPad 2 的上漲在 3 月份相當驚人。

Is that the right way to read it, and what does that demand tell you about the potential to move to lower price points on the iPad over time?

這是閱讀它的正確方式嗎？這種需求告訴你隨著時間的推移，iPad 有可能轉向更低的價格點？

And see significant incremental demand?

並看到顯著的增量需求？

Katie, we're just learning about the elasticity of demand and the $399 price point.

凱蒂，我們剛剛了解需求彈性和 399 美元的價格點。

It's doing well, but I have to tell you the new iPad is on fire, and we're selling them as fast as we can make them.

它做得很好，但我必須告訴你，新 iPad 火了，我們正在盡快生產它們。

So we'll learn more over this quarter, especially as we get through the education buying season which looks terrific for us, especially on the iPad.

因此，我們將在本季度了解更多信息，尤其是在我們度過了對我們來說非常棒的教育購買季節時，尤其是在 iPad 上。

Thanks.

謝謝。

Congrats on the quarter.

祝賀本季度。

Richard Gardner, Citigroup.

花旗集團的理查德·加德納。

I recognize that you outgrew the market in Macs yet again.

我認識到你再次超越了 Mac 的市場。

But I did want to get your views on the slowdown and your growth rate within the category, and what factors you would attribute that to.

但我確實想了解您對該類別的放緩和增長率的看法，以及您將其歸因於哪些因素。

Is it product transition related, were the inventories down quarter-over-quarter, iPad cannibalization, any color you could provide would be helpful.

是否與產品過渡有關，如果庫存環比下降，iPad 蠶食，您可以提供的任何顏色都會有所幫助。

Thanks.

謝謝。

Yes, Rich.

是的，里奇。

It's Tim.

是蒂姆。

As you said, we did outgrow the market, Macs grew about 7% where the market grew about 2%.

正如你所說，我們確實超越了市場，Mac 增長了約 7%，而市場增長了約 2%。

This is the 24th straight quarter that we've outgrown the market, so we're extremely pleased with that.

這是我們連續第 24 個季度超出市場，因此我們對此感到非常滿意。

The compare to last year is largely affected by the fact that we changed the bulk of our portable line or the MacBook Pros in the February timeframe of 2011.

與去年相比，很大程度上是因為我們在 2011 年 2 月更換了大部分便攜式產品線或 MacBook Pro。

So it's a very tough compare.

所以這是一個非常艱難的比較。

Specifically, the portables last year were up 53% year-on-year, and obviously that -- so that compare was very difficult.

具體來說，去年的便攜機同比增長了 53%，很明顯——所以比較起來非常困難。

If you look at it sequentially, you also have to factor in that we had 14 weeks in the December quarter, and so the 26% year-over-year growth in the December quarter is probably more like 17% when you factor out that 14th week.

如果您按順序查看，您還必須考慮到我們在 12 月季度有 14 週，因此當您考慮到第 14 個季度時，12 月季度 26% 的同比增長可能更像 17%星期。

So yes, I think there was some cannibalization from iPad, and the market is slow.

所以是的，我認為 iPad 有一些蠶食，而且市場很慢。

But the much, much larger factor and in fact it might be the vast majority of the differences, the compare to a year ago.

但是，與一年前相比，更大的因素，實際上可能是絕大多數差異。

Okay, thank you.

好的謝謝你。

Thanks, Rich.

謝謝，里奇。

Can we have the next question, please?

請問下一個問題可以嗎？

Toni Sacconaghi, Sanford Bernstein & Company.

Toni Sacconaghi，桑福德伯恩斯坦公司。

I was wondering if you could talk more broadly just about what you might be learning about lower price points on both the iPhone and iPad.

我想知道您是否可以更廣泛地談論您可能正在了解的有關 iPhone 和 iPad 的較低價格點的信息。

I know it was asked earlier, but was the decrease in iPad price exclusively mix related or is it further broadening of your channel to indirect partners?

我知道之前有人問過這個問題，但 iPad 價格的下降是完全相關的，還是進一步拓寬了您與間接合作夥伴的渠道？

But more broadly, Tim, maybe you could talk about elasticity, what you're learning about customer preferences for lower priced offerings on both the iPhone and iPad, and I do have a follow-up, please.

但更廣泛地說，蒂姆，也許你可以談談彈性，你正在了解客戶對 iPhone 和 iPad 上低價產品的偏好，我確實有後續跟進。

Sure.

當然。

Tony, on the iPad 2, with the changing the entry price to $399.

托尼，在 iPad 2 上，將入門價格更改為 399 美元。

We're actually thrilled with the results that we've seen, although as Peter said, it's only been a few weeks.

我們實際上對我們所看到的結果感到興奮，儘管正如彼得所說，這只是幾個星期。

And so it's too early to make a -- come to a clear conclusion but from what we are seeing, this unlocked some education demand that is probably more price sensitive customer.

因此，現在下一個明確的結論還為時過早，但從我們所看到的情況來看，這釋放了一些可能對價格更敏感的客戶的教育需求。

Also in several other countries, there was a marked change in demand at that price point.

同樣在其他幾個國家，該價格點的需求也發生了顯著變化。

And so on the early going, we feel great about it.

等等，在早期，我們對此感覺很好。

But I'd also point out that the new iPad is -- was supply constrained last quarter for the full three weeks or so it was shipping.

但我還要指出，新 iPad 在上個季度供應受限，整整三週左右都在發貨。

And is actually still constrained.

而且實際上仍然受到限制。

And so the mix of the new iPad to the iPad 2 we're not certain of what that is yet.

因此，新 iPad 與 iPad 2 的組合我們還不確定那是什麼。

But we are certain with what we've seen so far that the absolute sales of iPad 2, at least in the early going, is very exciting.

但我們可以肯定，到目前為止，iPad 2 的絕對銷量（至少在早期階段）是非常令人興奮的。

On the iPhone, we continue to be very happy with the moves that we made in pricing just a few months ago on the iPhone 3GS and the iPhone 4.

在 iPhone 上，我們仍然對幾個月前在 iPhone 3GS 和 iPhone 4 定價方面的舉措感到非常滿意。

And both of them contributed to our ability to achieve $35 billion in sales, which is our second-highest quarter of all time.

他們都為我們實現 350 億美元的銷售額做出了貢獻，這是我們有史以來第二高的季度。

As a second question, I was wondering if you can talk about how you think about the markets for tablet and PC devices going forward.

作為第二個問題，我想知道您是否可以談談您對平板電腦和 PC 設備市場未來的看法。

I think you've been fairly clear about saying that you believe that tablets will eclipse PCs in volume at some point.

我認為你已經相當清楚地說你相信平板電腦將在某個時候在數量上超越個人電腦。

And I think you've also said they're somewhat discreet markets.

而且我認為你也說過它們是一些謹慎的市場。

There seems to be a lot of work, particularly on PC-based platforms towards trying to combine the PC and tablet experience going forward, and in part because Windows 8 will be able to -- is a touch-based operating system, as well.

似乎還有很多工作要做，特別是在基於 PC 的平台上，試圖將 PC 和平板電腦的體驗結合起來，部分原因是 Windows 8 將能夠——也是一個基於觸摸的操作系統。

Can you comment about why you don't believe the PC or the ultrabook and tablet markets or your MacBook Air and tablet markets won't converge?

您能否評論一下為什麼您不相信 PC 或超極本和平板電腦市場或您的 MacBook Air 和平板電腦市場不會融合？

Isn't it realistic to think in a couple of years we're going to have a device that's under two pounds with great battery life that we can all carry around and open as a notebook or close up in a clever way and use as a tablet?

想想幾年後我們將擁有一款重量不到 2 磅且電池壽命長的設備，我們都可以隨身攜帶並作為筆記本打開或以巧妙的方式關閉並用作藥片？

Can you comment on why you don't think that product might not come or why you believe these markets are separate?

您能否評論一下為什麼您認為該產品可能不會出現，或者您為什麼認為這些市場是分開的？

Well, I think Toni, anything can be forced to merge.

好吧，我認為托尼，任何事情都可以被迫合併。

But the problem is that the products are about tradeoffs.

但問題是產品是關於權衡的。

And you begin to make tradeoffs to the point where what you have left at the end of the day doesn't please anyone.

你開始做出權衡，以至於你在一天結束時留下的東西不會讓任何人滿意。

And you can converge a toaster and a refrigerator, but those thing are probably not going to be pleasing to the user.

你可以將烤麵包機和冰箱融合在一起，但這些東西可能不會讓用戶滿意。

And so our view is that the tablet market is huge, and we've said that since day one.

所以我們認為平板電腦市場是巨大的，從第一天起我們就已經說過了。

We didn't wait until we had a lot of results.

我們沒有等到我們有很多結果。

We were using them here, and it was already clear to us that there was so much you could do.

我們在這裡使用它們，我們已經很清楚你可以做很多事情。

And that the reasons that people would use those would be so broad.

人們使用這些的原因是如此廣泛。

And that's precisely what we've seen.

這正是我們所看到的。

The iPad has taken off not only in consumer in a meaningful way, but in education and in enterprise, and it's sort of everywhere you look now.

iPad 不僅以一種有意義的方式在消費者中起飛，而且在教育和企業中起飛，而且它現在無處不在。

And the applications are so easy to make very meaningful for someone.

而且這些應用程序很容易讓某人非常有意義。

And there's such an abundance of those that as the ecosystem gets better and better and as we continue to double down on making great products, I think that the limit here is nowhere in sight.

而且隨著生態系統變得越來越好，並且隨著我們繼續加倍努力製造出色的產品，這些產品的數量如此之多，我認為這裡的極限遙遙無期。

We've now -- through last quarter, I should say, which is just two years after we shipped the initial iPad, we've sold 67 million.

我們現在 - 到上個季度，我應該說，也就是我們發布第一代 iPad 僅僅兩年後，我們已經售出了 6700 萬台。

And to put that in some context, it took us 24 years just to sell that many Macs and 5 years for that many iPods and over 3 years for that many iPhones.

在某種情況下，我們花了 24 年才賣出那麼多 Mac，用 5 年賣出那麼多 iPod，用 3 年多賣出那麼多 iPhone。

And we were extremely happy with the trajectory on all of those products.

我們對所有這些產品的發展軌跡非常滿意。

So I think iPad, it's a profound product.

所以我認為 iPad，它是一個深刻的產品。

The breadth of it is incredible.

它的廣度令人難以置信。

And the appeal of it is universal.

它的吸引力是普遍的。

And so I'm -- I could not be happier with being in the market, and the level at which we're innovating in both the product and the ecosystem here is incredible.

所以我 - 我對進入市場感到非常高興，我們在產品和生態系統方面的創新水平令人難以置信。

Now in terms of the market itself, the IDC and our Gardner, Forester had some numbers out there.

現在就市場本身而言，IDC 和我們的 Gardner，Forester 已經有了一些數據。

I think Gardner is saying there's around 325 million or so by 2015.

我認為加德納是說到 2015 年大約有 3.25 億人。

Forester is 375 million.

森林人是3.75億。

So we're around there.

所以我們就在附近。

Basically they're in the mid-300 millions which is about where the PC market is today.

基本上它們在 3 億左右，這與今天的 PC 市場差不多。

And 2015 is only three years from now.

而2015年距離現在只有三年。

So I think even the more formal predictors outside of us are beginning to see these lines cross.

所以我認為即使是我們之外的更正式的預測者也開始看到這些界限交叉。

And so I strongly believe that they will.

所以我堅信他們會的。

Now, having said that, I also believe that there is a very good market for the MacBook Air.

現在，話雖如此，我也相信 MacBook Air 有一個非常好的市場。

And we continue to innovate in that product, but I do think that it appeals to someone that has a little bit different requirements.

我們繼續在該產品上進行創新，但我確實認為它會吸引那些有一些不同要求的人。

And you wouldn't want to put these things together because you'll wind up compromising in both and not pleasing either user.

而且你不想把這些東西放在一起，因為你最終會在兩者上妥協，而不是取悅任何一個用戶。

Some people will prefer to own both.

有些人更願意同時擁有兩者。

And that's great, too.

這也很棒。

But I think to make the compromises of convergence, we're not going to that party.

但我認為為了在融合方面做出妥協，我們不會參加那個聚會。

Others might, others might from a defensive point of view particularly.

其他人可能會，尤其是從防禦的角度來看，其他人可能會。

But we're going to play in both.

但我們將在兩者中發揮作用。

Thank you.

謝謝你。

Thank you, could we have the next question, please?

謝謝，請問下一個問題好嗎？

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Tim, there's been quite a bit of concern both in the press and within the investment community around carrier subsidies.

蒂姆，媒體和投資界都對運營商補貼表示擔憂。

And I think the concerns are generally twofold.

我認為這些擔憂通常是雙重的。

First, that carriers will attempt to stretch out the replacement cycle, and second, that over time carriers across the globe will attempt to reduce subsidies significantly.

首先，運營商將試圖延長更換週期，其次，隨著時間的推移，全球運營商將試圖大幅減少補貼。

How do you think about this risk?

您如何看待這種風險？

And do you think there are factors that could pressure subsidies going forward?

您認為有哪些因素可能會對未來的補貼造成壓力？

And how would that impact Apple?

這將如何影響蘋果？

Well, Bill, our focus is on making the very best smartphone in the world.

好吧，比爾，我們的重點是製造世界上最好的智能手機。

And a phone that delivers a -- just an off-the-charts user experience that customers want to use every day of their lives.

還有一部手機，它提供了一種客戶想要在他們生活的每一天都使用的超乎尋常的用戶體驗。

And at the end of the day, I think the carriers, the vast majority of carriers, or maybe even all carriers want to provide what their customers want to buy.

歸根結底，我認為運營商，絕大多數運營商，甚至所有運營商都希望提供客戶想要購買的東西。

And that's what they're motivated for.

這就是他們的動機。

So the most important thing by far is for Apple to continue making great products that customers want.

因此，到目前為止，最重要的事情是讓 Apple 繼續生產客戶想要的出色產品。

And we are deeply committed to doing this and are innovating at a rate and pace that's unbelievable in this area.

我們堅定地致力於做到這一點，並以在該領域令人難以置信的速度和速度進行創新。

From the carrier's perspective, I think it's important to remember that the subsidy is not large relative to the sum of the monthly payments across a 24-month contract period.

從運營商的角度來看，我認為重要的是要記住，相對於 24 個月合同期內的每月付款總和而言，補貼並不大。

And any delta between iPhone and maybe another phone is an even smaller level of difference.

iPhone 和另一部手機之間的任何差異可能是更小的差異。

And the iPhone has some distinct advantages for the carrier over competing smartphones.

與競爭對手的智能手機相比，iPhone 對運營商而言具有一些明顯的優勢。

For example, many of the carrier executives have told me the churn for iPhone customers is the lowest of any phone they sell in their whole -- in all of the phones they carry.

例如，許多運營商高管告訴我，iPhone 客戶的流失率是他們銷售的所有手機中最低的——在他們攜帶的所有手機中。

And that has a significant, direct financial benefit to the carrier.

這給運營商帶來了顯著的直接經濟利益。

Also our engineering teams work extremely hard to be efficient with data, and differently than some others.

此外，我們的工程團隊非常努力地工作以提高數據效率，並且與其他一些團隊不同。

And we believe that as a result of this, that iPhone has far better data efficiency compared to other smartphones that are using sort of an app-rich ecosystem.

我們相信，因此，與使用某種應用豐富的生態系統的其他智能手機相比，iPhone 的數據效率要高得多。

Finally, and this is most important, is that iPhone is the best smartphone on the planet to entice a customer who is currently using a traditional mobile phone to upgrade to a smartphone.

最後，也是最重要的一點，iPhone 是地球上最好的智能手機，可以吸引目前使用傳統手機升級到智能手機的客戶。

This is by far the largest opportunity for Apple, for our carrier partners, and is a great, fantastic experience for the customer.

對於 Apple 和我們的運營商合作夥伴來說，這是迄今為止最大的機會，對客戶來說也是一次非常棒的體驗。

So there's a win-win-win there.

所以那裡是雙贏的。

So I think all of these factors are -- some of these factors are missed in this general discussion of subsidy.

因此，我認為所有這些因素都是 - 在這個關於補貼的一般性討論中遺漏了其中一些因素。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

One more follow-up question, if I could.

如果可以的話，還有一個後續問題。

I appreciate the user stats you gave us on iCloud.

感謝您在 iCloud 上提供給我們的用戶統計信息。

Can you give us any color now that you -- it's been out for a few months on how consumers are actually using iCloud?

你現在能給我們任何顏色嗎？關於消費者如何實際使用 iCloud 已經發布了幾個月？

And in particular, are you seeing a big uptick in iTunes Match and paid storage additions, and how should we think about that?

特別是，您是否看到 iTunes Match 和付費存儲增加的大幅增長，我們應該如何看待這一點？

Bill, it's Peter.

比爾，是彼得。

Customers are using all the features of iCloud.

客戶正在使用 iCloud 的所有功能。

The response has been terrific.

反響非常好。

Feedback has been terrific.

反饋非常好。

Pickup on storage is occurring, but it's growing because we've just launched iCloud in October, and we've now got over 125 million users that have come on to the service since then.

存儲上的提貨正在發生，但它還在增長，因為我們剛剛在 10 月份推出了 iCloud，從那時起我們已經有超過 1.25 億用戶使用該服務。

And they're building up documents and music and other things that they want to store.

他們正在建立文檔和音樂以及其他他們想要存儲的東西。

But I think storage growth will come more over time.

但我認為隨著時間的推移，存儲增長將會更多。

Our real desire here was not about selling more storage.

我們真正的願望不是出售更多的存儲空間。

We think Match is a great product, and we recommend that everybody use it.

我們認為 Match 是一款很棒的產品，我們建議每個人都使用它。

But it's a paid-for service.

但這是一項有償服務。

We just really wanted to increase the customer delight over the entire ecosystem and platform of our iOS devices and in the Mac.

我們只是真的想在我們的 iOS 設備和 Mac 的整個生態系統和平台上增加客戶的滿意度。

That's why we've done iCloud, and we just couldn't be happier that just a couple months into this there's more than 125 million users around the world on iCloud.

這就是我們製作 iCloud 的原因，我們非常高興僅僅幾個月後，全球就有超過 1.25 億用戶使用 iCloud。

Great.

偉大的。

Thank you.

謝謝你。

Thanks.

謝謝。

Could we have the next question, please.

請問下一個問題可以嗎？

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Good afternoon, and you have my congratulations.

下午好，你有我的祝賀。

If you could dig a little bit more into what's going on in China, I know you gave high-level numbers, but is this increased distribution points, is it just price elasticity of lower priced 3GS, is it more people in China having money, all of the above?

如果你能更深入地了解中國正在發生的事情，我知道你給出了高水平的數字，但這是否增加了分銷點，是否只是低價 3GS 的價格彈性，是不是中國有更多的人有錢，上述所有的？

Anything you can tell us to explain the vertical growth?

你能告訴我們什麼來解釋垂直增長嗎？

Yes, Gene, it was an incredible quarter in China.

是的，吉恩，在中國，這是一個令人難以置信的季度。

The revenue was record, was record at $7.9 billion in greater China.

收入創歷史新高，在大中華區達到創紀錄的 79 億美元。

Which is up over three times year-over-year, and brings the first-half revenue for greater China to $12.4 billion.

同比增長超過三倍，大中華區上半年收入達到 124 億美元。

That compares to a full year last year of $13.3 billion.

相比之下，去年全年為 133 億美元。

So it's -- it is mind-boggling that we could do this well.

所以它是 - 令人難以置信的是，我們可以做得很好。

Part of this was the pent-up demand for iPhone 4S.

部分原因是對 iPhone 4S 被壓抑的需求。

As you know, we launched mainland China in January of this year, and so China was not able to get into the Q1 period so all of that is in Q2.

如您所知，我們在今年 1 月推出了中國大陸，因此中國無法進入第一季度，所以所有這些都在第二季度。

We also have very strong demand for iPad 2.

我們對 iPad 2 的需求也非常強勁。

We have not shipped in mainland China yet the new iPad, although we are shipping in Hong Kong.

我們還沒有在中國大陸發貨，雖然我們在香港發貨。

And so it's a combination of these things and the halo that both of these products have produced for the Mac is also incredible.

所以這是這些東西的結合，這兩種產品為 Mac 產生的光環也令人難以置信。

Mac was up over 60% year-over-year.

Mac 同比增長超過 60%。

And that compares to a market rate of growth of about 6%.

相比之下，市場增長率約為 6%。

We have expanded point of sales.

我們擴大了銷售點。

On a year-over-year basis, Mac is up 70%, but still only 1,800 for all of greater China.

與去年同期相比，Mac 增長了 70%，但在整個大中華區仍然只有 1,800 台。

So there's obviously a lot more opportunity there.

所以顯然那裡有更多的機會。

iPhone, we're up over 11,000, which is 138%.

iPhone，我們增加了 11,000 多部，即 138%。

But 11,000 is a much smaller number than we have in the US, and obviously China will in the next few years be a bigger opportunity.

但 11,000 比我們在美國的數字要少得多，顯然中國在未來幾年將是一個更大的機會。

iPad is only in 2,500 points of sale.

iPad 僅在 2,500 個銷售點銷售。

So yes, we've expanded.

所以是的，我們已經擴展了。

We've expanded a lot.

我們已經擴展了很多。

However, there is a lot of headroom here in our view.

然而，在我們看來，這裡有很大的空間。

Was the iPhone mix in China different than the rest of the world, or how was it different?

中國的 iPhone 組合與世界其他地區有什麼不同，或者有什麼不同？

I don't have that in front of me.

我面前沒有那個。

But my recollection is that it wasn't materially different.

但我的回憶是，它並沒有本質上的不同。

But keep in mind that iPhone 4S just launched in -- within the quarter.

但請記住，iPhone 4S 剛剛在本季度推出。

And so usually when a new product launches within the quarter, you would expect it to mix fairly much toward the new product.

因此，通常當新產品在本季度推出時，您會期望它與新產品有相當大的混合。

One final quick question.

最後一個快速問題。

iTunes' content, it seems that there's a logjam to getting more TV shows and movies and the rentals.

iTunes 的內容，似乎很難獲得更多的電視節目和電影以及租金。

It's been a little bit of a slow pace of improvement.

進步的速度有點慢。

How important is getting better content on iTunes and what's going to break that logjam?

在 iTunes 上獲得更好的內容有多重要，什麼會打破這種僵局？

Gene, it's Peter.

吉恩，是彼得。

We're actually thrilled with the rate that we're adding content into iTunes.

實際上，我們對向 iTunes 中添加內容的速度感到非常興奮。

This is something that we have to do country by country.

這是我們必須逐個國家做的事情。

So it takes a bit of time to put in place.

所以需要一點時間來落實。

We have the largest catalogs of songs and movies available anywhere.

我們在任何地方都有最大的歌曲和電影目錄。

Over 28 million songs.

超過 2800 萬首歌曲。

And this led to almost $1.9 billion of revenue in the March quarter, which was up 35% year-over-year.

這導致第三季度的收入接近 19 億美元，同比增長 35%。

So we're thrilled with the progress that we're making in iTunes and customers love it.

因此，我們對在 iTunes 中取得的進展感到非常興奮，並且客戶喜歡它。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Tim, the other big issue outside of the subsidy question that you just answered a couple calls ago was regarding shortages.

蒂姆，除了你剛剛接過幾個電話的補貼問題之外，另一個大問題是關於短缺。

There's talk about potential Qualcomm shortages into the next couple quarters and potential constraints even at year end for some pretty neat products that it might be good for you to have in some products down the road.

有人談論高通在接下來的幾個季度中可能會出現短缺，甚至在年底時也會出現一些非常簡潔的產品的潛在限制，這些產品可能對你未來的一些產品有好處。

I know you don't comment on future products, but this is a big concern.

我知道你不會對未來的產品發表評論，但這是一個大問題。

Can you talk directionally about whether you expect long term to get more than your fair share of product and what you need?

您能否直接談談您是否期望長期獲得超過您公平份額的產品以及您需要什麼？

And do you see any bottlenecks on the horizon that are major in that department or any component down the line over the long term?

從長遠來看，您是否看到該部門或任何組件的主要瓶頸即將出現？

Tough question to answer, Ben.

很難回答的問題，本。

Obviously we're aware of the lithography transition issue that you mentioned, the 28-nanometer.

顯然，我們知道您提到的光刻轉換問題，即 28 納米。

We currently do not use 28-nanometer parts.

我們目前不使用 28 納米部件。

But as you also know, we don't comment about future products, so I can't talk about the future part.

但是你也知道，我們不評論未來的產品，所以我不能談論未來的部分。

Generally outside of this, we work very closely with our supplier partners, and do everything that we can do to get supply and sometimes we're successful with that, and sometimes we're not.

通常，除此之外，我們與供應商合作夥伴密切合作，盡我們所能獲得供應，有時我們會成功，有時卻沒有。

And so you can bet that we are focused on anything that we think may impact us in trying to push every button within our disposal to work on it.

因此，您可以打賭，我們專注於我們認為可能會影響我們的任何事情，試圖推動我們掌握的每一個按鈕進行工作。

Okay.

好的。

Well, I appreciate that.

嗯，我很感激。

And then my follow-up is regarding Walmart.

然後我的後續行動是關於沃爾瑪的。

They were actually just in our building at a conference here talking about how they're moving from one store in Arkansas now to 25 stores.

他們實際上只是在我們大樓裡的一次會議上談論他們如何從阿肯色州的一家商店搬到現在的 25 家商店。

And they seem really pleased with the store within a store concept.

他們似乎對商店概念中的商店感到非常滿意。

How is it going, and when can you be in all 10,000 stores?

進展如何，你什麼時候可以在所有 10,000 家商店中？

There's no plan to be in 10,000.

沒有計劃達到 10,000 人。

And so we're trying some things.

所以我們正在嘗試一些事情。

And as you know, that doesn't include the Mac.

如您所知，這不包括 Mac。

So we're trying some things and seeing how it goes.

所以我們正在嘗試一些事情，看看效果如何。

They've been a very good partner for us on iPod and have been selling iPods for a while.

他們一直是我們在 iPod 上非常好的合作夥伴，並且銷售 iPod 已經有一段時間了。

And are an increasingly more substantial partner in the iPad space as well, and an evolving partner on iPhone.

並且是 iPad 領域越來越重要的合作夥伴，也是 iPhone 不斷發展的合作夥伴。

And so we're working with them and enjoy working with them.

因此，我們正在與他們合作並享受與他們合作的樂趣。

And hope to continue expanding.

並希望繼續擴大。

Okay.

好的。

Thank you very much, Tim.

非常感謝你，蒂姆。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Tim, for you I think, could you add some more specifics on iPhones in Asia/Pacific including China.

蒂姆，我想，你能否補充一些關於亞太地區（包括中國）iPhone 的更多細節。

Is supply/demand imbalanced there, or can that be helped?

那裡的供需是否不平衡，或者可以幫助嗎？

And then more broadly, with iPhones getting increased inventory of 2.6 million units, will that be -- will that in fact go down in the June quarter?

然後更廣泛地說，隨著 iPhone 庫存增加 260 萬部，這是否會 - 實際上會在 6 月季度下降嗎？

Is there any comments you could provide there?

您可以在那裡提供任何意見嗎？

And then I have a follow-up, please.

然後我有一個跟進，請。

Thank you.

謝謝你。

Yes.

是的。

Let me start with your last question.

讓我從你的最後一個問題開始。

On the 2.6 million, our desire, just to be very clear on this, our desire was to increase inventory, channel inventory across the quarter.

關於 260 萬，我們的願望，只是要非常清楚，我們的願望是增加庫存，整個季度的渠道庫存。

As you might recall, we ended with only six million units in the channel coming out of December because we were extremely backlogged.

您可能還記得，我們在 12 月結束時頻道中只有 600 萬台，因為我們非常積壓。

And this is on 4S specifically.

這是專門針對4S的。

Our target is to be between 4 million and 6 million.

我們的目標是在 400 萬到 600 萬之間。

The addition of the 2.6 million allowed us to get within that range by the end of the quarter.

260 萬的增加使我們能夠在本季度末進入該範圍。

And so we feel that we exited the quarter as supply and demand balance.

因此，我們認為我們在本季度結束時供需平衡。

Because our execution of the ops team was so good, the vast majority of the supply/demand in the different countries was reached by the end of January.

因為我們運營團隊的執行力非常好，所以不同國家/地區的絕大多數供應/需求都在 1 月底之前達成。

And so we had the mother of all Januaries with really getting out of the vast majority of the iPhone 4S backlog and launching China as well.

因此，我們擁有了所有一月之母，真正擺脫了絕大多數 iPhone 4S 的積壓並在中國推出。

So it was an incredible, incredible start of the quarter for us.

所以這對我們來說是一個令人難以置信的、令人難以置信的季度開始。

Your other question was --

你的另一個問題是——

On China specifically.

具體到中國。

It sounds like China can be a helped -- it sounds like China is sill supply/demand imbalanced.

聽起來中國可以提供幫助——聽起來中國的供需失衡。

But I wanted to see if you could add some color there in terms of iPhones.

但我想看看你是否可以在 iPhone 上添加一些顏色。

China is not supply/demand imbalanced on iPhone.

中國在 iPhone 上的供需並不平衡。

On iPad, worldwide we're supply constrained on the new iPad.

在 iPad 上，我們在全球範圍內都受到新款 iPad 的供應限制。

Both coming out of last quarter and to give you a current view, we're still supply constrained on the new iPad.

從上一季度的情況來看，為了給你一個當前的觀點，我們仍然對新 iPad 的供應有限。

Got it.

知道了。

Demand has been incredibly robust, and we are selling them as fast as we can make them, as Peter mentioned earlier.

需求一直非常強勁，正如彼得之前提到的，我們正在盡可能快地銷售它們。

Okay.

好的。

In China, I believe on a macro basis, China has an enormous number of people moving into higher-income groups, middle class, if you will.

在中國，我相信在宏觀的基礎上，中國有大量的人進入高收入群體，中產階級，如果你願意的話。

And this is creating a demand for goods, not just Apple's but other companies' goods, as well.

這正在創造對商品的需求，不僅是蘋果的商品，還有其他公司的商品。

So I think there's a tremendous opportunity for companies that understand China.

所以我認為對於了解中國的公司來說，這是一個巨大的機會。

And we're doing everything we can to understand it and serve the market as good as we can.

我們正在盡我們所能去理解它，並儘我們所能為市場服務。

Certainly seems so.

看起來確實如此。

Tim, through my follow-up, from Bill Shope's question, there have been some changes in Spain in particular on the behavior of the carriers and the economics.

蒂姆，通過我的跟進，從比爾肖普的問題來看，西班牙發生了一些變化，特別是在承運人的行為和經濟方面。

And Vodafone has actually changed some of their subsidy levels.

而沃達丰實際上已經改變了他們的一些補貼水平。

It's only been about 30 days or 35 days, but have you seen any changes in demand levels in the Spanish market as a consequences of some of the activities of the carriers?

這只是大約 30 天或 35 天，但您是否看到西班牙市場的需求水平因承運人的某些活動而發生任何變化？

And that's it from me.

我就是這樣。

Thank you.

謝謝你。

Yes.

是的。

Spain has been weak for us and probably more broadly for many companies.

西班牙對我們來說一直很弱，對許多公司來說可能更廣泛。

Our revenues grew in Spain last quarter, but materially less than we grew in Europe or worldwide.

上個季度我們在西班牙的收入增長，但大大低於我們在歐洲或全球的增長。

However, that wasn't cause and effect related to the issue you're on.

但是，這與您遇到的問題無關。

Spain is just in a I think terrible economic situation.

西班牙正處於我認為糟糕的經濟狀況中。

And so I sort of look at that as an unusual case.

所以我認為這是一個不尋常的案例。

To be clear about what was done is I think there's also some noise in the pipe on this one.

要明確做了什麼，我認為這個管道中也有一些噪音。

What the carriers did was they still have subsidies for their existing customers.

運營商所做的是他們仍然為現有客戶提供補貼。

And I don't want to talk about what the -- their existing customer to new customer ratio is.

而且我不想談論他們現有客戶與新客戶的比率是多少。

But you can find out numbers from different parts of the world and model that.

但是您可以找到來自世界不同地區的數字並對其進行建模。

They pulled subsidies on new customers, and so it wasn't a pull of all subsidies, it was a pull of subsidies from new -- and all carriers in that market did not do that.

他們取消了對新客戶的補貼，因此這不是所有補貼的拉動，而是新客戶的補貼拉動——該市場上的所有運營商都沒有這樣做。

A couple of the carriers did.

幾個運營商做到了。

So I wouldn't necessarily use that as a proxy for the world I guess is my point.

所以我不一定會用它作為世界的代表，我想這是我的觀點。

Thanks, Keith.

謝謝，基思。

Could we have the next question, please?

請問下一個問題好嗎？

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Peter, could you provide a little more framework or context for us in terms of understanding how the segments dovetail with the 13% sequential revenue decline and the guidance?

彼得，您能否為我們提供更多框架或背景，以了解這些細分市場如何與 13% 的連續收入下降和指導相吻合？

In terms of that bogey, what product segments could be higher in terms of decline or less than that decline?

就該忌而言，哪些產品細分市場的下降幅度可能更高或低於該下降幅度？

And Tim -- sorry.

還有蒂姆——對不起。

Go ahead.

前進。

Sure.

當然。

For iPhone, we would expect to have a year-over-year increase and a sequential decrease for the reasons that both Tim and I discussed.

對於 iPhone，由於 Tim 和我都討論過的原因，我們預計會出現同比增長和環比下降。

We've built channel inventory in the March quarter, and we are exiting March in supply and demand balance.

我們已經在 3 月季度建立了渠道庫存，並且我們正在退出 3 月供需平衡。

And we have a huge January.

我們有一個巨大的一月。

And for iPad, we would have -- expect to have a significant year-over-year and sequential increase in sales.

對於 iPad，我們將 - 預計銷售額將同比顯著增長。

And I want to put something out just so it gets out on the call in case it's not asked.

我想發布一些內容，以便在沒有被詢問的情況下在通話中發布。

Talk a little about the gross margin guidance that we provided for the June quarter.

談談我們為 6 月季度提供的毛利率指導。

We're pleased to be providing gross margin guidance of 41.5% for the quarter.

我們很高興為本季度提供 41.5% 的毛利率指導。

We expect about two-thirds of the sequential decline to be primarily driven by a higher mix of iPads and Macs, a full quarter of selling the current iPad lineup, and a loss of leverage on the sequentially lower revenue.

我們預計，約三分之二的環比下降主要是由於 iPad 和 Mac 的組合增加、當前 iPad 產品線銷售了整整一個季度，以及對環比下降的收入失去了槓桿作用。

And we would expect the remainder of the difference to be primarily driven by the items benefiting the March-quarter gross margin that we don't expect to recur in June.

我們預計其餘差異將主要由受益於 3 月季度毛利率的項目推動，我們預計 6 月不會再次出現。

Mark, did you have a second question?

馬克，你還有第二個問題嗎？

In terms of your flexibility or versatility, you've been flexible here recently in terms of your cash usage as well as should providing more color or commentary during your earning calls.

就您的靈活性或多功能性而言，您最近在現金使用方面一直很靈活，並且應該在您的收益電話中提供更多顏色或評論。

I was wondering how we should think about opportunities for incremental flexibility as it relates to patent disputes.

我想知道我們應該如何考慮與專利糾紛相關的增加靈活性的機會。

Is there a point where Apple maybe feels it reasonable to settle and just continue out-innovating and out-gunning the competition rather than waging ongoing litigation?

有沒有一點蘋果可能覺得和解並繼續超越創新和超越競爭對手而不是進行持續的訴訟是合理的？

Are there opportunities with that?

有機會嗎？

I've always hated litigation and I continue to hate it.

我一直討厭訴訟，我仍然討厭它。

We just want people to invent their own stuff.

我們只是希望人們發明自己的東西。

So if we could get some kind of arrangement where we could be assured that's the case in a fair settlement on the stuff that's occurred, I would highly prefer to settle versus battle.

因此，如果我們能得到某種安排，我們可以確保在公平解決已發生的事情上就是這種情況，我更願意解決而不是戰鬥。

But the key thing is that it's very important that Apple not become the developer for the world.

但關鍵是，Apple 不能成為世界的開發者，這一點非常重要。

We need people to invent their own stuff.

我們需要人們發明自己的東西。

Thank you, Mark.

謝謝你，馬克。

Next question, please.

下一個問題，請。

Shannon Cross, Cross Research Group.

Shannon Cross，交叉研究小組。

My first question is just going back to iCloud.

我的第一個問題是回到 iCloud。

Perhaps, Tim, you could talk a little bit more about feedback from customers.

也許，蒂姆，你可以多談談客戶的反饋。

Curious average number of devices of customers that customers are putting up or maybe percent of users attaching more than one device.

奇怪的客戶設備的平均數量，或者可能是連接多個設備的用戶的百分比。

What's the initial feedback?

最初的反饋是什麼？

And then I have a follow-up.

然後我有一個跟進。

Shannon, it's Peter.

香農，是彼得。

I don't want to frustrate you, but we have, of course, the data that you're asking for, but we don't want to help our competitors.

我不想讓你失望，但我們當然有你要求的數據，但我們不想幫助我們的競爭對手。

So it's not something that we're going to provide probably.

所以這不是我們可能會提供的東西。

The feedback that we're getting from customers on iCloud is off the charts.

我們從 iCloud 客戶那裡得到的反饋是超乎想像的。

They're loving it.

他們很喜歡它。

And the fact that we can be here in a conference call with you in April, just five or six months after introducing the service and have 125 million people around the world using it every day I think speaks for itself.

事實上，我們可以在 4 月份與您召開電話會議，距離推出這項服務僅五六個月，並且全世界每天有 1.25 億人使用它，我認為這不言而喻。

Okay.

好的。

And then my follow-up question is just on R&D.

然後我的後續問題只是關於研發。

I mean, it was up 45%.

我的意思是，它上漲了 45%。

It's over $800 million now.

現在已經超過8億美元。

I'm curious, was a chunk of the growth from the acquisitions you've made or anything you can tell us in terms of your thoughts on R&D and investment levels because it's definitely been ramping, which I guess bodes for good products coming in the future.

我很好奇，是你進行的收購或任何你能告訴我們的關於你對研發和投資水平的想法的增長的一部分，因為它肯定一直在增加，我想這預示著好產品的到來未來。

Well, we view this as a good thing.

好吧，我們認為這是一件好事。

We are investing in engineering to continue to bring out the most innovative products in the world to delight customers.

我們正在對工程進行投資，以繼續推出世界上最具創新性的產品來取悅客戶。

We are making investments in our hardware and software engineering teams.

我們正在對我們的硬件和軟件工程團隊進行投資。

We're shipping the best products that Apple has ever shipped today.

我們正在運送 Apple 今天運送過的最好的產品。

And we've got some fabulous new products in the pipeline.

我們有一些很棒的新產品正在籌備中。

So I'm very confident in the return that we're going to see on these investments.

因此，我對我們將在這些投資中看到的回報充滿信心。

You used to give an idea of percentage of software to percentage of hardware.

您曾經給出軟件百分比與硬件百分比的概念。

Is there anything you can give there?

有什麼可以給的嗎？

Shannon, I'm sorry.

香農，對不起。

I don't have that in front of me.

我面前沒有那個。

Okay, okay, thank you.

好的好的，謝謝。

Thanks, Shannon.

謝謝，香農。

The next question, please.

下一個問題，請。

Shaw Wu, Sterne Agee.

吳肖，斯特恩·阿吉。

Just a quick clarification.

只是一個快速的澄清。

I understand you disclosed China in terms of the 4S shipping along with 21 countries early in January.

據了解，您在一月初披露了中國和 21 個國家的 4S 運輸情況。

What about China Telecom specifically, when did that launch?

中國電信具體是什麼時候推出的？

Shaw it's Tim.

肖是蒂姆。

We launched with China Telecom in March, in early part of March.

我們在 3 月初與中國電信合作推出。

And we were at a supply/demand balance with them prior to the end of the quarter.

在本季度末之前，我們與他們處於供需平衡狀態。

We're very happy to be working with them.

我們很高興與他們合作。

Okay.

好的。

Thanks.

謝謝。

Great quarter.

很棒的季度。

Thanks Shaw.

謝謝肖。

Could we have the next question, please.

請問下一個問題可以嗎？

Scott Craig, Bank of America Merrill Lynch.

美國銀行美林證券的斯科特·克雷格。

Peter, on the OpEx side that's an area where you guys have been getting a fair amount of leverage if you look year-over-year, it's down pretty significantly as a percentage of sales.

彼得，在運營支出方面，如果你看年復一年的話，你們在這個領域已經獲得了相當大的影響力，它佔銷售額的百分比顯著下降。

So I'm just curious on your thoughts going forward, maybe not just next quarter but how do you think about the OpEx leverage longer term.

所以我只是對你未來的想法很好奇，也許不僅僅是下個季度，而是你如何看待 OpEx 的長期槓桿作用。

Tim, can you just take us through the components like you do on most quarter calls, and where you're seeing some pricing better than expected and maybe worse than expected and put that in the context of going forward, as well?

蒂姆，你能像在大多數季度電話會議上那樣帶我們了解這些組件嗎？你看到一些定價好於預期，甚至可能比預期更差，並將其放在未來的背景下嗎？

Thanks.

謝謝。

Got it.

知道了。

It's Peter.

是彼得。

We are -- as I discussed in Shannon's question, investing in R&D to introduce the most innovative products in the market.

正如我在香農的問題中所討論的，我們正在投資研發以引入市場上最具創新性的產品。

We are also spending on marketing, advertising, opening more of our own retail stores and expanding our indirect channels around the world to increase sales.

我們還在營銷、廣告、開設更多自己的零售店和擴大我們在全球的間接渠道以增加銷售額。

And we're investing in infrastructure to support our growth and also stock-based comp for our employees.

我們正在投資基礎設施以支持我們的增長，並為我們的員工提供基於股票的薪酬。

We are very confident in the investments that we're making.

我們對我們正在進行的投資非常有信心。

We're thinking about the long term and we're confident in the returns that we're going to get on these investments.

我們正在考慮長期，我們對這些投資將獲得的回報充滿信心。

Scott, in terms of component cost for the quarter we just finished, Q2, component costs were better than we had planned.

斯科特，就我們剛剛完成的第二季度的組件成本而言，第二季度的組件成本比我們計劃的要好。

And this assisted us in exceeding our gross margin guidance, as Peter talked about earlier.

正如彼得之前所說，這有助於我們超出我們的毛利率指導。

Displays in NAND flash drove the majority of the favorable commodity cost benefit.

NAND 閃存中的顯示器推動了大部分有利的商品成本效益。

In terms of the June quarter and what we factored into our guidance, NAND and mobile DRAM supply continued to exceed demand, and because of that we expect pricing will continue to be favorable.

就 6 月季度和我們在指導中考慮的因素而言，NAND 和移動 DRAM 供應繼續超過需求，因此我們預計定價將繼續有利。

For most LCDs, we expect pricing to stabilize as the market moves to a supply/demand balance.

對於大多數液晶顯示器，我們預計隨著市場走向供需平衡，價格將趨於穩定。

The hard drive market has moved to a supply/demand balance, and we expect market pricing to decline, but will still be higher than the pre-flood level from the tragedy in Thailand.

硬盤市場已進入供需平衡狀態，我們預計市場價格將下降，但仍將高於泰國悲劇造成的洪水前水平。

Most other components are expected to fall in line with or somewhat faster than historical trends.

大多數其他組成部分預計將與歷史趨勢一致或略快於歷史趨勢。

Thanks, Scott.

謝謝，斯科特。

Can we have the next question, please?

請問下一個問題可以嗎？

Kulbinder Garcha, Credit Suisse.

庫爾賓德·加查，瑞士信貸。

(inaudible) You say two-thirds of the sequential gross margin decline was basically due to product mix, did I hear that right?

（聽不清）你說三分之二的連續毛利率下降基本上是由於產品組合，我沒聽錯嗎？

Can you clarify that because it seems like quite a rapid drop.

你能澄清一下嗎，因為這似乎是一個相當迅速的下降。

I'm just wondering how much conservatism is in your gross margin guidance.

我只是想知道你的毛利率指導有多少保守。

Then I have a follow-up for Tim afterwards.

然後我對蒂姆進行了跟進。

Sure.

當然。

Kulbinder, the two-thirds that I talked about, the sequential decline we see as being driven by a higher mix of iPads and Macs, the full quarter of selling the current lineup of the iPads or the current iPad lineup, and then a loss of leverage on the sequentially lower revenue.

Kulbinder，我談到的三分之二，我們看到的連續下降是由更高的 iPad 和 Mac 組合驅動的，整個季度銷售 iPad 的當前陣容或當前的 iPad 陣容，然後虧損利用連續下降的收入。

So those three factors we see driving two-thirds of the sequential decline.

因此，我們認為這三個因素推動了三分之二的連續下降。

Okay.

好的。

Great.

偉大的。

And then Tim, just a question on the enterprise side.

然後蒂姆，只是企業方面的一個問題。

You mentioned a couple of times how the iPod is being taken into new markets and new verticals but it's because of the price point of the innovation.

您多次提到 iPod 如何進入新市場和新垂直領域，但這是因為創新的價格點。

I'm just wondering specifically what resources are Apple dedicated to have a much more direct relationship with the enterprise.

我只是想知道蘋果專門為與企業建立更直接的關係而專門提供了哪些資源。

Can you speak about what's changed in the last 6 or 12 months and what you think you need to do to become a more credible or significant enterprise player.

您能否談談在過去 6 個月或 12 個月內發生了什麼變化，以及您認為您需要做什麼才能成為更可信或更重要的企業參與者。

Initially our focus was on working with the Fortune 500 and the Global 500 to get the iPad certified for their particular enterprise.

最初，我們的重點是與財富 500 強和全球 500 強合作，為他們的特定企業獲得 iPad 認證。

And I'm pleased to report that 94% of the Fortune 500 are testing or deploying iPads and 75% of the Global 500 are testing or deploying iPad.

我很高興地報告，94% 的財富 500 強企業正在測試或部署 iPad，75% 的全球 500 強企業正在測試或部署 iPad。

These numbers are just off the charts for a product that's only 24-months old.

對於只有 24 個月大的產品來說，這些數字剛剛超出圖表。

So we are moving our focus away from this and focusing on penetration within these accounts.

因此，我們將注意力從這一點上移開，並專注於這些賬戶的滲透。

Peter alluded to some of the wins that we had had in his opening comments.

彼得在他的開場評論中提到了我們取得的一些勝利。

The incredible things about these are that they span across many verticals through government, through education, and many different functions within the enterprise.

令人難以置信的是，它們跨越了許多垂直領域，包括政府、教育和企業內的許多不同職能部門。

It's absolutely the most broad-based product I have ever seen in my whole career in terms of adoption rate into the enterprise.

就企業採用率而言，它絕對是我整個職業生涯中見過的基礎最廣泛的產品。

And so yes, this means that we're applying more resources in testees and salespeople to interact directly with these customers.

所以是的，這意味著我們在測試者和銷售人員中應用更多資源來直接與這些客戶互動。

We also work with our carrier partners and our reseller partners in delivering both the products and services that are wrapped around that to these customers.

我們還與我們的運營商合作夥伴和我們的經銷商合作夥伴合作，向這些客戶提供產品和服務。

Thank you Kulbinder.

謝謝庫爾賓德。

Could we get the next question, please?

請問下一個問題可以嗎？

Chris Whitmore, Deutsch Bank.

德意志銀行的克里斯·惠特莫爾。

If I take your revenue guidance and the comments you made around gross margin at face value, it seems to imply that you expect iPhone unit sales to be down about 10 million units quarter-on-quarter.

如果我接受你的收入指導和你對毛利率的評論，這似乎意味著你預計 iPhone 的銷量將環比下降約 1000 萬部。

First, is that in the right ballpark?

首先，這是在正確的球場嗎？

And secondly, are you just being conservative with respect to the outlook, or have you seen a change in the end-demand environment for the phone?

其次，您只是對前景持保守態度，還是看到手機終端需求環境發生了變化？

Chris, let me sort of go in reverse order.

克里斯，讓我按照相反的順序進行。

We are incredibly confident in our business, our strategy, and what we're doing.

我們對我們的業務、我們的戰略和我們正在做的事情充滿信心。

When we give you guidance, we give you guidance that we have reasonable confidence in achieving.

當我們為您提供指導時，我們會為您提供我們有合理信心實現的指導。

And finally, we do expect a sequential decline in iPhone sales driven by the fact that we built 2.6 million units of channel inventory in the March quarter which we needed to do.

最後，我們確實預計 iPhone 銷量將連續下降，原因是我們在 3 月季度建立了 260 萬台渠道庫存，這是我們需要做的。

We are now within our target range of four to six weeks.

我們現在處於四到六週的目標範圍內。

And we entered the March quarter with significant backlog as we talked about in January.

正如我們在一月份談到的那樣，我們進入了三月份的季度，積壓了大量。

And we're able to fulfill that and launch 20 countries in the month of January.

我們能夠實現這一目標，並在 1 月份推出 20 個國家/地區。

So we have immense confidence in what we're doing.

所以我們對我們正在做的事情充滿信心。

And are very pleased with the way our business is performing.

並對我們的業務表現感到非常滿意。

Okay, thanks for that.

好的，謝謝。

Follow-up if I could on iPad.

如果我可以在 iPad 上進行跟進。

It is supply constrained across many geos as you talked about.

正如你所說，許多地區的供應都受到限制。

Is there a specific component issue?

是否存在特定組件問題？

Do you have visibility on resolution?

您對分辨率有了解嗎？

When do you expect to be able to meet demand in the iPad?

您預計何時能夠滿足 iPad 的需求？

It's hard to answer meet the demand.

很難滿足需求。

What I am confident about, however, is that we will be able to supply a significant number of iPads during the quarter.

然而，我有信心的是，我們將能夠在本季度供應大量 iPad。

And I feel very, very confident about that.

我對此感到非常非常有信心。

It's tough to know precisely that it will balance until you get there.

很難準確地知道它會在你到達那里之前保持平衡。

But I'm very confident with the improving supply and that the total number will be very significant.

但我對供應的改善非常有信心，而且總數將非常可觀。

Thank you, Chris.

謝謝你，克里斯。

A replay of today's call will be available for two weeks as a podcast on the iTunes store, webcast on www.Apple.com/investor, and via telephone, the numbers for the telephone replay are 888-203-1112, or 719-457-0820.

今天電話會議的重播將在兩週內以播客的形式在 iTunes 商店和 www.Apple.com/investor 上進行網絡廣播，通過電話，電話重播的號碼是 888-203-1112 或 719-457 -0820。

And please enter confirmation code 264-6984.

請輸入確認碼264-6984。

These replays will be available beginning at approximately 5.30 PM Pacific Time today.

這些重播將於今天太平洋時間下午 5.30 左右開始提供。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

And financial analysts can contact Joan Hoover or me with additional questions, Joan is at 408-974-4570.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我，Joan 的電話是 408-974-4570。

I'm at 408-974-5420.

我在 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

Ladies and gentlemen, that does conclude today's presentation.

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。