蘋果 (AAPL) 2012 Q3 法說會逐字稿

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

大家好，歡迎參加 Apple Incorporated 2012 財年第三季度財報電話會議。

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.

請繼續。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking today is Apple's CFO, Peter Oppenheimer, and he'll be joined by Apple's CEO, Tim Cook, and Treasurer, Gary Wipfler for the Q&A session with analysts.

今天發言的是蘋果公司的首席財務官彼得奧本海默，蘋果公司的首席執行官蒂姆庫克和財務主管加里威普弗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 our discussion today 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，您在我們今天的討論中聽到的一些信息將包括前瞻性陳述，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、稅收的陳述、每股收益和未來產品。

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 and second quarters of fiscal 2012, and the Form 8-K filed with the SEC today, along with the attached press release.

有關更多信息，請參閱 Apple 2011 年的 10-K 表格、2012 財年第一和第二季度的 10-Q 表格以及今天向 SEC 提交的 8-K 表格中討論的風險因素，以及附新聞稿。

Apple assumes no obligation to update any forward-looking statements or information which speak 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're pleased to report the results of our third fiscal quarter.

我們很高興地報告我們第三財季的業績。

We established new all-time quarterly record for iPad unit sales and new June quarter records for iPhone and Mac unit sales.

我們創造了 iPad 銷量的新季度記錄，以及 iPhone 和 Mac 銷量的新 6 月季度記錄。

Leading to our highest June quarter of revenue and earnings ever.

導致我們有史以來最高的 6 月季度收入和收益。

Revenue for the quarter was $35 billion, representing year-over-year growth of 23%.

本季度收入為 350 億美元，同比增長 23%。

This $6.5 billion increase over the prior June quarter's results was driven primarily by strong growth in iPad and iPhone sales.

與上一季度相比，這 65 億美元的增長主要是由於 iPad 和 iPhone 銷售的強勁增長。

Operating margin was $11.6 billion, representing 33% of revenue.

營業利潤率為 116 億美元，佔收入的 33%。

Net income was $8.8 billion, increasing 21% over the prior June quarter's results.

淨收入為 88 億美元，比上一季度的業績增長 21%。

The quarter's net income translated to diluted earnings per share of $9.32.

本季度的淨收入轉化為每股攤薄收益 9.32 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 sold 4 million Macs, establishing a new June quarter record.

我們售出了 400 萬台 Mac，創造了新的 6 月季度記錄。

This represents 2% growth year-over-year, compared to IDC's latest published estimate of a 1% contraction of the global personal computer market in the June quarter.

與 IDC 最新公佈的 6 月季度全球個人電腦市場萎縮 1% 的估計相比，這意味著同比增長 2%。

Last month we updated the entire MacBook line with faster processors, graphics, memory, flash storage and USB3 connectivity.

上個月，我們更新了整個 MacBook 系列，配備了更快的處理器、顯卡、內存、閃存和 USB3 連接。

We also introduced the all new 15-inch MacBook Pro with Retina display, all-flash architecture and quad core processors, and customer response has been excellent.

我們還推出了配備 Retina 顯示屏、全閃存架構和四核處理器的全新 15 英寸 MacBook Pro，客戶反應非常好。

While we're seeing tremendous momentum for the iPad in education, which I'll discuss later, we also experienced our best quarter ever for US education institution Mac sales, with portables representing nearly three-quarters of total Mac sales.

雖然我們看到 iPad 在教育領域的巨大發展勢頭（我將在稍後討論），但我們也經歷了美國教育機構 Mac 銷量有史以來最好的季度，便攜式電腦佔 Mac 總銷量的近四分之三。

Notable large education transactions closed during the June quarter include Rutherford County, North Carolina, which has purchased 6,000 MacBook Airs to support its 21st century digital learning environment, and Pueblo, Colorado School District 70, where all high school students and K-12 staff in the 22-school district will convert to MacBook Air.

在 6 月季度完成的值得注意的大型教育交易包括北卡羅來納州盧瑟福縣，該縣購買了 6,000 台 MacBook Air 以支持其 21 世紀的數字學習環境，以及科羅拉多州普韋布洛 70 學區，所有高中生和 K-12 教職員工都在22 個學區將轉換為 MacBook Air。

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。

Tomorrow, we will release Mountain Lion, the ninth major release of OS10.

明天，我們將發布 OS10 的第九個主要版本 Mountain Lion。

Mountain Lion introduces more than 200 features including all new messages app, notification center, system-wide sharing, and Facebook integration.

Mountain Lion 引入了 200 多項功能，包括所有新消息應用程序、通知中心、全系統共享和 Facebook 集成。

We built iCloud into the foundation of Mountain Lion, making it easier than ever for customers to keep content up-to-date across all their devices.

我們將 iCloud 構建到 Mountain Lion 的基礎中，讓客戶可以比以往更輕鬆地在所有設備上保持內容最新。

Moving to our music products, we sold 6.8 million iPods compared to 7.5 million in the year-ago quarter.

轉向我們的音樂產品，我們售出了 680 萬台 iPod，而去年同期為 750 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 track 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 very strong results in the quarter with revenue of over $1.8 billion, thanks to continued strong sales of music, apps and other content.

由於音樂、應用程序和其他內容的持續強勁銷售，iTunes Store 在本季度取得了非常強勁的業績，收入超過 18 億美元。

We were pleased to launch the iTunes Store in 12 countries, including Hong Kong, Singapore and Taiwan last month.

我們很高興上個月在包括香港、新加坡和台灣在內的 12 個國家推出了 iTunes Store。

Customers can choose from over 20 million songs to purchase and download from iTunes.

客戶可以從超過 2000 萬首歌曲中選擇從 iTunes 購買和下載。

We're continuing to see great interest in iTunes U. Since rolling it out in January, there have been over 14 million downloads of the iTunes U app.

我們繼續看到人們對 iTunes U 的濃厚興趣。自 1 月份推出以來，iTunes U 應用程序的下載量已超過 1400 萬次。

Over 700 new K-12 schools and districts and over 125 colleges and universities have enrolled in the iTunes U program, while over 750 new courses have been published.

超過 700 所新的 K-12 學校和學區以及超過 125 所學院和大學已經註冊了 iTunes U 計劃，同時已經發布了超過 750 門新課程。

I'd now like to turn to iPhone.

我現在想轉向 iPhone。

We sold 26 million iPhones, compared to 20.3 million in the previous June quarter.

我們售出了 2600 萬部 iPhone，而上一季度為 2030 萬部。

That represents 28% year-over-year growth and was ahead of the amount we factored into our guidance following very strong sales in channel inventory build we achieved in the March quarter.

這代表了 28% 的同比增長，並且超過了我們在 3 月季度實現的渠道庫存建設非常強勁的銷售之後我們在指導中考慮的數量。

We added several small regional carriers during the quarter and now have iPhone distribution through over 250 carriers in over 100 countries.

我們在本季度增加了幾家小型區域運營商，現在通過 100 多個國家/地區的 250 多家運營商分銷 iPhone。

We ended the quarter with about 8.3 million iPhones in channel inventory, a sequential decline of about 300,000 iPhones, and we remain within our target range of 4 to 6 weeks of iPhone channel inventory.

截至本季度末，我們的渠道庫存約為 830 萬部 iPhone，環比下降約 30 萬部，我們仍保持在 4 至 6 週的 iPhone 渠道庫存目標範圍內。

Recognized revenue from iPhone handset and accessory sales was $16.2 billion during the quarter, compared to $13.3 billion in the year-ago quarter, an increase of 22%.

本季度來自 iPhone 手機和配件銷售的確認收入為 162 億美元，與去年同期的 133 億美元相比增長 22%。

Enterprises across the globe continue to choose iPhone as the standard device for their employees.

全球企業繼續選擇 iPhone 作為其員工的標准設備。

We estimate that the number of iPhones in the Fortune 500 has more than doubled in the past year.

我們估計，財富 500 強中的 iPhone 數量在過去一年中增加了一倍多。

IPhone is helping businesses and employees be more productive wherever they are.

iPhone 正在幫助企業和員工提高工作效率，無論他們身在何處。

PepsiCo has deployed thousands of iPhones with an in-house app built specifically for their field merchandisers.

百事可樂已經部署了數千部 iPhone，其中包含專門為其現場採購員構建的內部應用程序。

This app has eliminated paper reports and provides real-time information to managers, sales teams and delivery drivers.

這個應用程序消除了紙質報告，並為經理、銷售團隊和送貨司機提供實時信息。

And German insurance provider, ERGO, has built an in-house app for iPhone that thousands of agents use to process insurance claims, which has significantly reduced paperwork and improved processing time and customer satisfaction.

德國保險提供商 ERGO 為 iPhone 構建了一個內部應用程序，數千名代理人使用它來處理保險索賠，這大大減少了文書工作，提高了處理時間和客戶滿意度。

Turning to iPad, we were thrilled with sales of over 17 million iPads during the June quarter compared to [9.2] million in the year-ago quarter, an increase of 84%.

談到 iPad，我們對 6 月季度超過 1700 萬台 iPad 的銷量感到興奮，而去年同期為 920 萬台，增長了 84%。

We saw very strong year-over-year growth in iPad sales around the world, and are pleased to be selling iPad in 97 countries.

我們看到全球 iPad 銷量同比增長非常強勁，我們很高興在 97 個國家/地區銷售 iPad。

Recognized revenue from sales of iPad and iPad Accessories during the quarter was $9.2 billion, compared to $6.0 billion in the year-ago quarter, an increase of 52%.

本季度確認的 iPad 和 iPad 配件銷售收入為 92 億美元，比去年同期的 60 億美元增長 52%。

We ended the quarter with about 3.2 million iPads in channel inventory, a sequential increase of about 1.2 million units, which left us just within our target range of 4 to 6 weeks of iPad channel inventory.

截至本季度末，我們的渠道庫存約為 320 萬台 iPad，環比增加約 120 萬台，這使我們的 iPad 渠道庫存保持在 4 至 6 週的目標範圍內。

The iPad continues to be a great success in the US education market, with sales setting a new quarterly record and nearly doubling year-over-year to just under 1 million iPads.

iPad 繼續在美國教育市場取得巨大成功，銷售額創下新的季度記錄，同比增長近一倍，不到 100 萬台 iPad。

While interest in the new iPad was high, sales of the reduced priced iPad-2 in the K-12 market were particularly strong.

儘管人們對新款 iPad 的興趣很高，但 K-12 市場中降價 iPad-2 的銷量尤其強勁。

Even though, as I mentioned earlier, we achieved all-time record Mac sales to US education institutions during the quarter.

儘管如此，正如我之前提到的，我們在本季度對美國教育機構的 Mac 銷量創下歷史新高。

We sold more than twice as many iPads as Macs to US education institutions.

我們向美國教育機構銷售的 iPad 數量是 Mac 的兩倍多。

We are extremely pleased with these results.

我們對這些結果非常滿意。

One great example of iPad adoption in education is the Mansfield, Texas Independent School District which has purchased 11,000 iPads.

德克薩斯州曼斯菲爾德獨立學區購買了 11,000 台 iPad，是 iPad 在教育領域採用的一個很好的例子。

This fall, every Mansfield high school student and teacher will receive an iPad under the district's Power Up initiative.

今年秋天，根據學區的 Power Up 計劃，每位曼斯菲爾德高中學生和教師都將收到一台 iPad。

Some teachers will use a flipped classroom concept, putting their lessons and resources online where students can access them anytime with their iPads.

一些教師將使用翻轉課堂的概念，將他們的課程和資源放在網上，學生可以隨時使用 iPad 訪問它們。

As a result, students take responsibility for their own learning.

因此，學生對自己的學習負責。

And teachers are able to increase their interaction and personalized content time.

並且教師能夠增加他們的互動和個性化內容的時間。

iPad continues its rapid adoption within the enterprise.

iPad 繼續在企業中快速採用。

We estimate that the number of iPads in the Fortune 500 has more than tripled in the past year.

我們估計財富 500 強中的 iPad 數量在過去一年中增加了兩倍多。

iPad has become an indispensable tool worldwide to help employees across industries do their jobs more effectively.

iPad 已成為全球不可或缺的工具，可幫助各行各業的員工更有效地完成工作。

British Airways has incorporated thousands of iPads across their business from customer support at checkin to cabin service directors, replacing paper printout that detail customer preferences and provide real-time updates.

從辦理登機手續時的客戶支持到客艙服務主管，英國航空公司已在其業務中整合了數千台 iPad，取代了詳細說明客戶偏好並提供實時更新的紙質打印輸出。

And home builder Daiwa House in Japan is actively building smart homes that will be controlled by iPads, and their sales reps are using iPads to show floor plans and upgrade options.

日本的住宅建築商 Daiwa House 正在積極建造將由 iPad 控制的智能家居，他們的銷售代表正在使用 iPad 來展示平面圖和升級選項。

Combining iPhone, iPad and iPod Touch, we surpassed 410 million cumulative iOS device sales, selling more than 45 million in the June quarter.

結合 iPhone、iPad 和 iPod Touch，我們的 iOS 設備累計銷量超過 4.1 億台，在 6 月當季銷量超過 4500 萬台。

With app stores in 155 countries, the iOS ecosystem continues to grow.

隨著應用商店遍布 155 個國家/地區，iOS 生態系統不斷發展壯大。

The app store now offers more than 650,000 apps, including over 225,000 apps specifically for iPad.

App Store 現在提供超過 650,000 個應用程序，其中包括超過 225,000 個專為 iPad 設計的應用程序。

We are extremely pleased to report that we have surpassed $5.5 billion in payments to developers.

我們非常高興地報告，我們已向開發商支付了超過 55 億美元的款項。

And customers are loving iCloud.

客戶喜歡 iCloud。

Since its launch in October, more than 150 million people are using iCloud services.

自 10 月推出以來，已有超過 1.5 億人在使用 iCloud 服務。

In June, we previewed many of the exciting new features of iOS 6 at our developer's conference, including our fabulous new maps app, new functionality and broader language support for Siri, direct Facebook integration, shared photo streams via iCloud, and Passbook, the simplest way to get all your passes in one place.

6 月，我們在開發者大會上預覽了 iOS 6 的許多激動人心的新功能，包括我們出色的新地圖應用程序、對 Siri 的新功能和更廣泛的語言支持、直接 Facebook 集成、通過 iCloud 共享照片流和 Passbook，這是最簡單的將所有通行證集中到一個地方的方法。

We believe iOS 6 will significantly enhance the experience of owning an iPhone, iPad or iPod Touch, and we can't wait to get it into the hands of customers this fall.

我們相信 iOS 6 將顯著提升擁有 iPhone、iPad 或 iPod Touch 的體驗，我們迫不及待地想在今年秋天將它交到客戶手中。

I'd now like to turn to the Apple retail stores.

我現在想轉向蘋果零售店。

Revenue was $4.1 billion, an increase of 17% over the year-ago quarter, with growth fueled primarily by all-time record iPad sales and strong growth in iPhone sales.

收入為 41 億美元，比去年同期增長 17%，增長主要得益於創紀錄的 iPad 銷量和 iPhone 銷量的強勁增長。

The stores sold 791,000 Macs compared to 768,000 in the year-ago quarter, and almost half the Macs sold in our stores during the quarter were to customers who had never owned a Mac before.

這些商店售出了 791,000 台 Mac，而去年同期為 768,000 台，並且本季度我們商店售出的 Mac 幾乎有一半是面向從未擁有過 Mac 的客戶。

We opened a total of nine new stores in the quarter and exited the quarter with 372 stores, including 123 stores outside the United States.

我們在本季度共開設了 9 家新店，並在本季度以 372 家門店退出，其中包括美國以外的 123 家門店。

With an average of 367 stores opened, average revenue per store was $11.1 million, compared to $10.8 million in the year-ago quarter.

平均開設 367 家門店，每家門店的平均收入為 1110 萬美元，而去年同期為 1080 萬美元。

Segment margin was $868 million, compared to $802 million in the year-ago quarter.

分部利潤率為 8.68 億美元，而去年同期為 8.02 億美元。

We welcomed 83 million visitors to our stores during the quarter, compared to 74 million visitors in the year-ago quarter, an increase of 12%.

我們在本季度迎來了 8300 萬訪客，與去年同期的 7400 萬訪客相比，增長了 12%。

That translates to an average of 17,000 visitors per store, per week.

這意味著每家商店每周平均有 17,000 名訪客。

Total Company gross margin was 42.8%, which was 130 basis points higher than our guidance.

公司總毛利率為 42.8%，比我們的預期高 130 個基點。

We experienced upside from better than expected commodity, warranty, and other costs.

我們從好於預期的商品、保修和其他成本中獲益。

These factors were partially offset by a stronger mix of iPad sales, a higher mix of lower priced iPhones, and a stronger US dollar relative to our expectations.

這些因素被 iPad 銷售組合的增強、低價 iPhone 的組合增加以及相對於我們預期的美元走強所部分抵消。

Operating expenses were $3.4 billion and included $378 million in stock-based compensation expense.

運營費用為 34 億美元，其中包括 3.78 億美元的股票薪酬費用。

OI&E was $288 million, and the tax rate was 25.6%.

OI&E 為 2.88 億美元，稅率為 25.6%。

Turning to cash, our cash for short-term and long-term marketable securities totaled $117.2 billion at the end of the June quarter, compared to $110 billion at the end of the March quarter, a sequential increase of $7 billion.

現金方面，截至 6 月季度末，我們用於短期和長期有價證券的現金總額為 1172 億美元，而 3 月季度末為 1100 億美元，環比增加 70 億美元。

And about $81 billion of the cash was offshore at the end of the June quarter.

截至 6 月季度末，約有 810 億美元的現金在境外。

Cash flow from operations was $10.2 billion.

運營現金流為 102 億美元。

Today, we are announcing that our Board of Directors has declared a dividend of $2.65 per common share, payable on August 16, 2012, to stockholders of record as of the close of business on August 13, 2012.

今天，我們宣布我們的董事會已宣布向截至 2012 年 8 月 13 日營業結束時登記在冊的股東派發每股普通股 2.65 美元的股息，於 2012 年 8 月 16 日支付。

Going forward, subject to declaration by our Board, we expect to announce record and payment dates for future dividends concurrently with our quarterly earnings announcements.

展望未來，根據我們董事會的聲明，我們預計將與我們的季度收益公告同時宣布未來股息的記錄和支付日期。

Also, as we previously announced, our Board has authorized a three-year, $10 billion share repurchase program starting in our fiscal 2013 which begins on September 30, 2012.

此外，正如我們之前宣布的那樣，我們的董事會已授權從 2012 年 9 月 30 日開始的 2013 財年開始執行為期三年、價值 100 億美元的股票回購計劃。

As we move ahead into the September 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 9 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 $28.3 billion in the September quarter last year.

我們預計收入約為 340 億美元，而去年第四季度為 283 億美元。

We expect gross margin to be about 38.5%, reflecting approximately $70 million related to stock-based compensation expense.

我們預計毛利率約為 38.5%，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 $3.5 billion, including about $390 million related to stock-based compensation.

我們預計運營支出約為 35 億美元，其中包括與股票薪酬相關的約 3.9 億美元。

We expect OI&E to be about $175 million, and we expect the tax rate to be about 25.5%.

我們預計 OI&E 約為 1.75 億美元，我們預計稅率約為 25.5%。

We are targeting EPS of about $7.65.

我們的目標是每股收益約為 7.65 美元。

In closing, we're pleased with our record June quarter results, including sales of over 17 million iPads.

最後，我們對我們創紀錄的 6 月季度業績感到滿意，其中包括超過 1700 萬台 iPad 的銷量。

We established new June quarter records for unit sales of iPhone and Macs, and posted our best quarter ever for US education.

我們為 iPhone 和 Mac 的銷量創造了新的 6 月季度記錄，並發布了美國教育部門有史以來最好的季度。

We remain extremely confident in our strategy and the investments we are making in our Business.

我們對我們的戰略和我們在業務中所做的投資仍然非常有信心。

We are very excited to be launching Mountain Lion tomorrow and iOS 6 in the fall, and we have some more amazing new products in our pipeline that we look forward to discussing with you later.

我們很高興明天將推出 Mountain Lion 並在秋季推出 iOS 6，我們還有更多令人驚嘆的新產品正在籌備中，期待稍後與您討論。

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

有了這個，我想打開問題電話。

We would like to ask that you limit yourself to one question and one follow-up.

我們想請您將自己限制在一個問題和一個後續行動上。

May we have the first question, please.

請問第一個問題。

(Operator Instructions)

（操作員說明）

Katy Huberty with Morgan Stanley.

凱蒂休伯蒂與摩根士丹利。

Yes.

是的。

Thank you.

謝謝你。

Peter, I want to better understand the gross margin guidance for September given that it's been nearly two years since you've operated at a sub-40% gross margin.

彼得，我想更好地了解 9 月份的毛利率指導，因為您的毛利率低於 40% 已經將近兩年了。

I understand mix may go against you a little bit in the near term.

我知道混合可能在短期內對你不利。

But it should be structurally higher than two years ago.

但它應該在結構上高於兩年前。

You have NAND pricing moving in your favor and the products that you're selling in the market are relatively mature so manufacturing costs should be favorable.

您的 NAND 定價對您有利，並且您在市場上銷售的產品相對成熟，因此製造成本應該是有利的。

Can you just talk about the dynamics that are pushing gross margins down again in September and then I have a follow-up.

您能否談談在 9 月份再次推低毛利率的動態，然後我會進行跟進。

Okay.

好的。

We expect our gross margin, as I said, to be about 38.5%, which is down about 430 basis points sequentially.

正如我所說，我們預計我們的毛利率約為 38.5%，環比下降約 430 個基點。

We expect most of this decline to be primarily driven by a fall transition, and to a much lesser extent the impact of the stronger US dollar.

我們預計這種下跌主要是由秋季過渡推動的，在較小程度上是美元走強的影響。

The warranty benefit that we saw in the June quarter not repeating, and a full quarter of the back-to-school promotion, so that's what we see doing it, Katy.

凱蒂，我們在 6 月季度看到的保修福利沒有重複，以及整個季度的返校促銷活動，所以這就是我們所看到的。

Okay.

好的。

And then as a follow-up, Tim, you've obviously seen spectacular growth in China over the last several years, but there are some macro concerns in the market and your Asia-Pacific growth rate did decelerate from over 100% to I think 25% this quarter.

然後作為後續行動，蒂姆，您在過去幾年中顯然看到了中國的驚人增長，但市場存在一些宏觀問題，您的亞太地區增長率確實從超過 100% 減速到我認為本季度為 25%。

So can you talk about what you're seeing in China as it relates to overall demand?

那麼，您能談談您在中國看到的與總體需求相關的情況嗎？

Thank you.

謝謝你。

Yes, Katy.

是的，凱蒂。

Hi, it's Tim.

嗨，我是蒂姆。

The growth in Asia-Pacific was 25%, as you indicated, and the vast majority of the difference in our sequential growth rate was a result of greater China, which represents about two-thirds of our revenue of that region.

正如您所指出的，亞太地區的增長率為 25%，而我們環比增長率的絕大部分差異是大中華區的結果，這約占我們在該地區收入的三分之二。

As we reported for Q2, our greater China revenue was $7.9 billion, and in Q3 our revenue was $5.7 billion.

正如我們在第二季度報告的那樣，我們大中華區的收入為 79 億美元，第三季度我們的收入為 57 億美元。

The $5.7 billion is a 48% year-over-year increase, and so it still is growing at incredible rates.

57 億美元同比增長 48%，因此仍在以令人難以置信的速度增長。

Virtually all of the $2.2 billion sequential revenue decline was due to the -- was due to iPhone sales in greater China.

幾乎所有 22 億美元的環比收入下降都是由於 iPhone 在大中華區的銷售。

And about half of that $2.2 billion is attributable to changes in the channel inventory, not the underlying sell-you through of the iPhone.

在這 22 億美元中，約有一半歸因於渠道庫存的變化，而不是 iPhone 的潛在銷售。

As a reminder, in the previous quarter, in our fiscal Q2, we launched the iPhone 4S in China in January.

提醒一下，在上一季度，在我們的第二財季，我們在一月份在中國推出了 iPhone 4S。

We added China Telecom as a second carrier in March.

我們在 3 月份將中國電信添加為第二家運營商。

And as we proceeded across the quarter, we increased the channel inventory to accommodate the sales and to reach our target inventory of 4 to 6 weeks.

隨著我們整個季度的進展，我們增加了渠道庫存以適應銷售並達到我們 4 到 6 週的目標庫存。

The remainder of the sequential revenue decline is mainly attributable to normal seasonality after the very successful iPhone 4S launch.

收入環比下降的其餘部分主要歸因於非常成功的 iPhone 4S 發布後的正常季節性。

We did not see an obvious impact in Q3 that we would associate with the economy in mainland China.

我們在第三季度沒有看到與中國大陸經濟相關的明顯影響。

We look at the economic reports, as all of you do, and see the press, but again, we did not see something that we would attribute to the economy in China.

我們看經濟報告，就像你們所有人一樣，看媒體，但同樣，我們沒有看到我們會歸因於中國經濟的東西。

In terms of iPhones in general, in mainland China, we were incredibly pleased with our results.

就 iPhone 而言，在中國大陸，我們對我們的結果非常滿意。

We were up over 100% year-over-year, and as you probably know, just last Friday, so in Q4, we launched our new iPad in China after we resolved the iPad trademark issue.

我們的同比增長超過 100%，您可能知道，就在上週五，所以在第四季度，我們在解決了 iPad 商標問題後在中國推出了新的 iPad。

And so our sales did not benefit from the new iPad in the June quarter in mainland China.

因此，我們的銷售並沒有從中國大陸 6 月季度的新 iPad 中受益。

Also, our new portables that we announced at the Worldwide Developers Conference began to ship in mainland China last week after we received routine regulatory approval.

此外，我們在全球開發者大會上宣布的新便攜機在獲得常規監管批准後，於上週開始在中國大陸發貨。

And once again the June quarter sales did not benefit from these products.

六月季度的銷售再一次沒有從這些產品中受益。

So net, we remain really confident about our plans and are very excited about our opportunity in China.

所以淨，我們仍然對我們的計劃充滿信心，並對我們在中國的機會感到非常興奮。

And are very much looking forward to incorporating more local services, as you probably saw in the Worldwide Developers Conference announcement of iOS 6, which will be coming in the fall.

並且非常期待整合更多本地服務，正如您可能在將於秋季發布的 iOS 6 全球開發者大會公告中看到的那樣。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question, please?

請問下一個問題好嗎？

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Can you talk about your thoughts on the individual segment trends when looking at your guidance, I know last quarter you had given us some thoughts on that.

在查看您的指導時，您能否談談您對各個細分市場趨勢的看法，我知道上個季度您已經給了我們一些想法。

Could you walk through how we're thinking about it now, coming off the sequential declines this quarter, particularly on the iPhone segment.

您能否介紹一下我們現在的想法，擺脫了本季度的連續下滑，尤其是在 iPhone 領域。

Sure, Bill, it's Peter.

當然，比爾，是彼得。

Let me start off and Tim wants to add something, he can.

讓我開始吧，蒂姆想添加一些東西，他可以。

I'll first talk about the products and then a little bit about how we're thinking of revenue.

我將首先談談產品，然後談談我們如何看待收入。

For iPhone, we would expect to have a year-over-year increase in sales in the September quarter.

對於 iPhone，我們預計 9 月季度的銷售額將同比增長。

For iPad, we would also expect to have a year-over-year increase, but we would point out that we increased channel inventory in the June quarter by 1.2 million units.

對於 iPad，我們也預計會同比增長，但我們會指出，我們在 6 月季度將渠道庫存增加了 120 萬台。

And in the year-ago quarter, we also increased the iPad inventory at that time by 1.5 million units.

而在去年同期，我們還將當時的 iPad 庫存增加了 150 萬台。

And for Mac, we would expect a sequential increase.

對於 Mac，我們預計會出現連續增長。

As we think about revenue, we're providing revenue guidance that is up 20% year-over-year, and we've included several things in our thinking.

當我們考慮收入時，我們提供的收入指導同比增長 20%，我們在考慮中考慮了幾件事。

The first, we're not expecting the economies in Europe or the natural resource based countries including Australia, Brazil and Canada to improve from what we saw in the June quarter.

首先，我們預計歐洲或澳大利亞、巴西和加拿大等自然資源型國家的經濟不會比我們在 6 月季度看到的情況有所改善。

As Tim said, we saw no obvious evidence of the economy impacting our sales in China in the June quarter, or in the US, but we're reading the same things that you all are about these economies.

正如蒂姆所說，我們沒有看到經濟影響我們在 6 月季度在中國或美國的銷售的明顯證據，但我們正在閱讀你們對這些經濟體的相同看法。

So we'll have to see.

所以我們得看看。

Our weekly iPhone sales continue to be impacted by rumors and speculation regarding new products.

我們每週的 iPhone 銷量繼續受到有關新產品的謠言和猜測的影響。

We exited the June quarter in supply and demand balance and we were within our 4 to 6 week inventory target.

我們在供需平衡方面退出了 6 月季度，並且我們在 4 到 6 週的庫存目標範圍內。

We also don't expect to add any significant new country or carrier additions in the September quarter.

我們也不希望在 9 月季度增加任何重要的新國家或運營商。

Regarding iPad, as I said, we're able to increase our iPad channel inventory in the June quarter by 1.2 million units.

關於 iPad，正如我所說，我們能夠在 6 月季度將我們的 iPad 渠道庫存增加 120 萬台。

And we ended the June quarter just within our 4 to 6 week channel inventory target.

我們在 4 到 6 週的渠道庫存目標內結束了 6 月季度。

And we increased last year by 1.5 million units in the September quarter, which also put us in our 4 to 6 week inventory target.

去年第四季度我們增加了 150 萬台，這也使我們達到了 4 到 6 週的庫存目標。

These increases in channel inventory will impact both the year-over-year and sequential compares for iPad.

這些渠道庫存的增加將影響 iPad 的同比和連續比較。

The current iPad lineup that we're selling includes the very successful $399 price point, which we did not have in the year-ago quarter.

我們正在銷售的當前 iPad 陣容包括非常成功的 399 美元價格點，這是我們去年同期所沒有的。

So this, along with mix in the line, will impact the ASPs in the September quarter.

因此，這與產品線的混合將影響 9 月季度的 ASP。

And finally, the US dollar has strengthened against most currencies around the world, including the Euro, Brazilian real, the Chinese RMB, British pound, Australian dollar, Canadian dollar, Mexican peso and Swiss franc.

最後，美元兌世界上大多數貨幣走強，包括歐元、巴西雷亞爾、人民幣、英鎊、澳元、加元、墨西哥比索和瑞士法郎。

We expect this to have an adverse impact to revenue in these countries in excess of $400 million sequentially, net of our hedges.

我們預計這將對這些國家的收入產生超過 4 億美元的負面影響，扣除我們的對沖。

All that being said, we very much look forward to introducing iOS 6 in the fall and we remain very confident in our business and our new product pipeline.

話雖如此，我們非常期待在秋季推出 iOS 6，我們對我們的業務和我們的新產品線仍然充滿信心。

Okay.

好的。

Just a follow-up if I could on the sequential iPhone decline.

如果我可以對 iPhone 的連續下滑進行跟進。

You gave us a pretty good outline of what was going on in China but can you walk us through some of the trends that you saw for iPhone demand sequentially in the other international region?

您向我們簡要介紹了中國正在發生的事情，但您能否帶我們了解一下您在其他國際地區看到的 iPhone 需求順序趨勢？

Yes, Bill, it's Tim.

是的，比爾，是蒂姆。

First of all, at a global level, I think it's important to understand as you compare our Q2 iPhone sales to Q3, there's a fairly large channel inventory difference that is embedded in that.

首先，在全球範圍內，我認為當您將我們的第二季度 iPhone 銷售與第三季度進行比較時，重要的是要了解其中嵌入了相當大的渠道庫存差異。

As you recall, in January we completed the iPhone 4S rollout in all the major countries including China.

您還記得，一月份我們在包括中國在內的所有主要國家完成了 iPhone 4S 的推廣。

It was our fastest iPhone roll-out ever.

這是我們有史以來最快的 iPhone 推出。

We were also able to get the channel at a -- within our target inventory range of 4 to 6 weeks by the end of March.

到 3 月底，我們還能夠在 4 到 6 週的目標庫存範圍內獲得該渠道。

And so what that did was it increased sell-in over sell-through by 2.6 million units.

因此，它所做的就是將銷售量比銷售量增加了 260 萬台。

In the quarter that we just finished, our sell-in was less than sell-through by 300,000 units.

在我們剛剛結束的那個季度，我們的銷售量比銷售量少了 300,000 台。

And so the net change in channel inventory across the quarter is about 3 million units.

因此，本季度渠道庫存的淨變化約為 300 萬件。

And so I think it's important to understand that, to look at the underlying sell-through trends.

所以我認為理解這一點很重要，看看潛在的銷售趨勢。

In terms of what we see happening in the different geographies, the US was very strong, running at 47%.

就我們在不同地區看到的情況而言，美國非常強勁，佔 47%。

Japan was strong at 45%.

日本表現強勁，達到 45%。

I've already mentioned greater China.

我已經提到了大中華區。

Greater China was up 66%, but mainland China was over double, as I said before, was over 100% up.

大中華區增長了 66%，但正如我之前所說，中國大陸增長了 100% 以上。

The geography that did not perform well was Europe.

表現不佳的地區是歐洲。

Europe was essentially flat, slightly positive year-on-year, and that really hampered our total results.

歐洲基本持平，同比略有增長，這確實阻礙了我們的總體業績。

Within Europe, now I'll switch from iPhone to talking about more of the gross revenue level.

在歐洲，現在我將從 iPhone 轉向談論更多的總收入水平。

We see a marked difference between the countries.

我們看到這些國家之間存在顯著差異。

The UK was relatively solid at 30% growth.

英國相對穩健，增長率為 30%。

But France and Greece and Italy were particularly poor, and Germany was also only a single digit positive growth for the quarter.

但法國、希臘和意大利特別差，德國本季度也只有個位數的正增長。

Eastern Europe was strong, materially stronger than Western Europe, but obviously the Western European countries drive the preponderance of the revenue in that segment.

東歐強勁，實質上強於西歐，但顯然西歐國家推動了該細分市場的收入優勢。

And so we are certainly seeing a slowdown in business in that area.

因此，我們肯定看到該領域的業務放緩。

Fortunately, the US and China, although I realize it's getting a lot of press, we're not seeing anything there that we would classify as an obvious economic issue.

幸運的是，美國和中國，雖然我意識到它受到了很多媒體的關注，但我們在那裡沒有看到任何我們將其歸類為明顯經濟問題的東西。

Okay.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

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。

Thanks a lot.

非常感謝。

My first question, I wanted to ask about the fall transition you mentioned, Peter, when you were talking about gross margin.

我的第一個問題，我想問一下你提到的秋季過渡，彼得，當你談論毛利率時。

Can you talk a little bit about that, what is the sequential impact on margins and revenue that you're baking in?

你能談談這個，你正在烘焙的利潤率和收入的連續影響是什麼？

And then qualitatively how much would you get back in the December quarter, or how much of it's short-term?

然後從質量上講，您將在 12 月季度獲得多少回報，或者其中有多少是短期的？

Okay.

好的。

Ben, I don't want to frustrate you or others, but the fall transition that I spoke about is driving most of the decline that we see sequentially in gross margin.

Ben，我不想讓你或其他人感到沮喪，但我所說的秋季過渡正在推動我們看到的毛利率連續下降的大部分。

It's not something that we're going to talk about in any level of detail today.

這不是我們今天要詳細討論的內容。

And we could not be more confident in our new product pipeline.

我們對我們的新產品線充滿信心。

Okay.

好的。

Just with regard to the iPhone in general, you mentioned there were speculation about new products and rumors, but do you have any quantification of how much that hurt sales in the quarter, either from you or Tim?

就整體而言，您提到了有關新產品和傳言的猜測，但是您是否量化了該季度對銷售的影響，無論是您還是蒂姆？

And how much that maybe channel inventory reduction you'll need to do in the next quarter, maybe resulting from that type of speculation?

下個季度您可能需要減少多少渠道庫存，這可能是由於這種猜測造成的？

Ben, I think there's a lot of speculation out there.

本，我認為那裡有很多猜測。

It's difficult to sort out, but I'm fairly convinced, based on what I've seen, that there's an incredible anticipation out there for future products.

這很難解決，但根據我所看到的，我相當確信，人們對未來的產品有著難以置信的期待。

And as you would expect, given what we've been able to deliver in the past.

正如您所期望的那樣，鑑於我們過去能夠提供的服務。

And so I think it's a reasonable amount.

所以我認為這是一個合理的數額。

In terms of channel inventory in the current quarter, we put our current thinking in the guidance that Peter provided you.

在本季度的渠道庫存方面，我們將當前的想法放在彼得為您提供的指導中。

Okay.

好的。

Thank you very much.

非常感謝。

Yep.

是的。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much.

非常感謝。

Can you talk a bit about the Mac business?

你能談談Mac業務嗎？

I mean, it was up 2% year-over-year, clearly still outperforming the market, but could you talk about what you're seeing?

我的意思是，它同比增長 2%，顯然仍然跑贏市場，但你能談談你所看到的嗎？

How much of the slower growth was from say the product transition versus weak economy?

產品轉型與疲軟的經濟相比，增長放緩有多少？

And then any thoughts on cannibalization of Macs by the iPad.

然後是關於 iPad 蠶食 Mac 的任何想法。

Shannon, it's Tim.

香農，是蒂姆。

It's clear the PC market is weak based on the latest IDC data, but frankly, we believe the primary factor for our lower growth rate in the Mac area is the timing of our portable announcement within last quarter.

根據最新的 IDC 數據，很明顯 PC 市場疲軟，但坦率地說，我們認為 Mac 領域增長率較低的主要因素是我們在上個季度發布便攜式產品的時機。

As you know, we announced an entirely new portable lineup that's been incredibly well-received.

如您所知，我們宣布了一個全新的便攜式產品陣容，該陣容非常受歡迎。

That was done with three weeks, or less than three weeks remaining in the quarter.

這是在三週內完成的，或者說本季度還剩不到三週。

The year-ago compare, we made a transition in the portable area in February, and so we were selling our new lineup for the entire Q3 period.

與去年同期相比，我們在 2 月份在便攜式領域進行了轉型，因此我們在整個第三季度都在銷售我們的新產品線。

And so if you look at the data underneath that to further illustrate this, prior to the developers conference our weekly Mac sales were running below the prior year.

因此，如果您查看下面的數據來進一步說明這一點，在開發者大會之前，我們每週的 Mac 銷量低於上一年。

After the developers conference, the MacBook Pros and the MacBook Airs drove year-over-year increases in weekly sell-through.

在開發者大會之後，MacBook Pros 和 MacBook Airs 推動了每週銷售量的同比增長。

And they were to the level that got us back to an overall positive territory for the quarter and our 25th consecutive quarter of growing faster than the market.

它們達到了使我們在本季度回到整體積極區域的水平，並且我們連續第 25 個季度增長速度超過市場。

The MacBook Pro with the Retina display was incredibly well-received.

配備 Retina 顯示屏的 MacBook Pro 非常受歡迎。

We ended the quarter in backlog and we still have not caught up with demand yet, but anticipate doing so next month.

我們以積壓的形式結束了本季度，我們仍然沒有趕上需求，但預計下個月會這樣做。

Also, to further illustrate the portable point, for the month of June the NPD data that just came out for the United States showed our portable share at 25.5%, and a record 47% of revenue share in the month of June.

此外，為了進一步說明便攜點，剛剛公佈的美國 6 月份 NPD 數據顯示，我們的便攜份額為 25.5%，6 月份收入份額達到創紀錄的 47%。

And so I would attribute a large amount to what has happened in terms of the timing of our portable announcement.

因此，我將很大程度上歸因於我們便攜式公告的時間安排方面發生的事情。

Okay.

好的。

Great.

偉大的。

And then could you talk a little bit, Tim, about what your conversations are like with the carriers in terms of pricing, subsidies, there's been a lot of talk about that over the last few months.

然後，蒂姆，您能否談談您與運營商在定價、補貼方面的對話，在過去的幾個月裡有很多關於這方面的討論。

So just how are your discussions with the carriers going clearly into the product transition that's coming?

那麼，您與運營商的討論如何清楚地進入即將到來的產品過渡？

Let me avoid talking about the product transition.

讓我避免談論產品過渡。

But you're very smart to ask that.

但是你問這個很聰明。

I don't want to get into specific topics about with different carriers.

我不想涉及與不同運營商有關的特定主題。

But generally I would just say that our role is to make the very best smartphone in the world, and that has an incredible user experience, far superior than anything else that customers want to use every day.

但總的來說，我只會說我們的角色是製造世界上最好的智能手機，它擁有令人難以置信的用戶體驗，遠遠優於客戶每天想要使用的任何其他產品。

And I think at the end of the day, the carriers want to buy -- want to provide their customers with what their customers want to buy.

而且我認為在一天結束時，運營商想要購買 - 想要為他們的客戶提供他們的客戶想要購買的東西。

And so the most important thing for Apple by far is to continue making the best products in the world.

所以到目前為止，對蘋果來說最重要的事情就是繼續製造世界上最好的產品。

And we are very deeply committed to doing this, and we're maniacally focused on it.

我們非常堅定地致力於這樣做，我們瘋狂地專注於它。

From the carrier's perspective I think it's also important to remember that the total subsidy that they pay is fairly small relative to the monthly payments that they collect over a 24-month contract period.

從運營商的角度來看，我認為同樣重要的是要記住，他們支付的總補貼相對於他們在 24 個月合同期內收取的每月付款相當小。

And I think many would tell you, they certainly told me, that iPhone has several advantages for them over other smartphones.

我想很多人會告訴你，他們肯定告訴我，iPhone 對他們來說比其他智能手機有幾個優勢。

The churn rates are much less.

流失率要低得多。

You see carriers now focusing on shared data plans and I think an iPhone customer is likely more -- is more likely to have a tablet or an iPad, and so I think they really value these customers quite a bit.

你看到運營商現在專注於共享數據計劃，我認為 iPhone 客戶可能更多——更有可能擁有平板電腦或 iPad，所以我認為他們真的很重視這些客戶。

Also, our engineering teams are very sensitive to working with carriers to find the most efficient way to deal with data.

此外，我們的工程團隊對與運營商合作以尋找最有效的數據處理方式非常敏感。

And we think that we're the most efficient smartphone on the market for smartphones that are in an app-rich ecosystem.

我們認為，對於應用豐富的生態系統中的智能手機而言，我們是市場上最高效的智能手機。

And so we're going to continue focusing on making the best product, and I think that the carriers will be very motivated to make sure that they provide the customers.

因此，我們將繼續專注於製造最好的產品，我認為運營商將非常積極地確保他們為客戶提供服務。

Thank you.

謝謝你。

Thank you, Shannon.

謝謝你，香農。

Can we have the next question?

我們可以問下一個問題嗎？

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

Yes, thank you.

是的，謝謝。

I have one for Peter and one for Tim, please.

請給我一份給彼得，一份給蒂姆。

Peter, you talked about how you were above expectations relative to your guidance on iPhone.

彼得，你談到了相對於你在 iPhone 上的指導，你是如何超出預期的。

You also mentioned you were above expectations on iPod.

你還提到你在 iPod 上的表現超出了預期。

And you said you were thrilled with iPad, yet your EPS came in I think 5% or 6% above your guidance.

你說你對 iPad 感到很興奮，但我認為你的每股收益比你的指導高出 5% 或 6%。

So perhaps you can help us illustrate where you were disappointed relative to your original guidance, because I think the commentary would certainly point to a much larger beat.

因此，也許您可以幫助我們說明您對原始指導的失望之處，因為我認為評論肯定會指向更大的節拍。

Toni, look we're -- given what's going on around us, we are happy with our quarter.

托尼，看我們 - 考慮到我們周圍發生的事情，我們對我們的季度感到滿意。

Sales of each of our products did exceed what we had had factored into the guidance.

我們每種產品的銷售額確實超過了我們在指導中考慮的因素。

That was especially true of the iPad which set a new record at 17 million units.

iPad 尤其如此，它創下了 1700 萬台的新紀錄。

And the $35 billion of revenue that we reported grew by $6.5 billion year-over-year.

我們報告的 350 億美元收入同比增長 65 億美元。

We do think some things did impact us in the quarter, so let me comment on that.

我們確實認為本季度有些事情確實影響了我們，所以讓我對此發表評論。

The economy in Europe is not doing well.

歐洲經濟表現不佳。

We think this impacted our results.

我們認為這影響了我們的結果。

We also saw some economic impact in the natural resource based economies including in Australia, Brazil and Canada.

我們還看到澳大利亞、巴西和加拿大等以自然資源為基礎的經濟體受到了一些經濟影響。

As Tim discussed, regarding the iPhone, we're reading the same rumors and speculation that you are about a new iPhone, and we think this has caused some pause in customers purchasing.

正如蒂姆所討論的，關於 iPhone，我們正在閱讀同樣的謠言和猜測，即您正在購買新的 iPhone，我們認為這導致了客戶購買的一些暫停。

The timing of availability of Intel's Ivy Bridge and resulting rumors about the new portables impacted our sales in April and May.

英特爾 Ivy Bridge 的上市時間以及由此引發的有關新便攜式計算機的傳言影響了我們 4 月和 5 月的銷售。

Tim talked about how after WDC we saw a large increase in sales, both in terms of weekly sales, before WDC, and on a year-over-year basis, and customers are loving the new MacBook Pro.

Tim 談到了在 WDC 之後，我們看到了銷售額的大幅增長，無論是在 WDC 之前的每週銷售額、在 WDC 之前，還是在同比基礎上，客戶都喜歡新的 MacBook Pro。

And we did not get the benefit of launching the new iPad in China or the new portables as we're pursuing routine regulatory approval.

由於我們正在尋求例行的監管批准，我們並沒有從在中國推出新的 iPad 或新的便攜式設備中受益。

And finally, the dollar strengthened against most currencies around the world which reduced our revenue growth sequentially by over $200 million net of our hedges.

最後，美元兌全球大多數貨幣走強，這使我們的收入增長連續減少了超過 2 億美元（扣除對沖）。

So we think these things impacted the quarter.

所以我們認為這些事情影響了這個季度。

We're very happy with how the business is performing and are excited about our new product pipeline.

我們對業務的表現非常滿意，並對我們的新產品線感到興奮。

Thank you for that.

謝謝你。

Tim, the question that I had for you was whether you could talk a little bit about smartphone growth in emerging markets.

蒂姆，我問你的問題是你能否談談新興市場的智能手機增長。

China's obviously the biggest one.

中國顯然是最大的一個。

Some of the data that I've seen suggests that about 70% of the phones that are being -- smartphones that are being purchased in places like China and other emerging countries are under $300, and in many cases under $200.

我看到的一些數據表明，在中國和其他新興國家等地購買的智能手機中約有 70% 的價格低於 300 美元，在許多情況下低於 200 美元。

Do you agree with that market characterization?

你同意這種市場特徵嗎？

And at some point does that become a -- does that limit your ability to gain share in a marketplace where it's 70% of the units are at a price point that you currently don't play in?

在某個時候，這是否會限制您在市場中獲得份額的能力，因為市場上 70% 的單位處於您目前不參與的價格點？

At what point does that math prevent you from gaining share, and what are your strategies for ensuring continued share going forward, if indeed that's an objective.

該數學在什麼時候會阻止您獲得份額，以及您確保繼續獲得份額的策略是什麼，如果這確實是一個目標。

Toni, the specific data that you quoted, the 70%, doesn't map to what I've seen.

Toni，您引用的具體數據，即 70%，與我所看到的並不對應。

But let me try to answer your general question without that specific.

但是，讓我試著回答你的一般問題，而不是具體的。

We've been very focused as you know on China, because we see it as an enormous opportunity for us.

正如你所知，我們一直非常關注中國，因為我們認為這對我們來說是一個巨大的機會。

And I'm very pleased that we were able to grow our iPhone sales over 100% last quarter.

我很高興上個季度我們的 iPhone 銷量增長了 100% 以上。

So I feel very, very good about that And I firmly believe that people in the emerging markets want great products like they do in developed markets, and so forth.

所以我對此感覺非常非常好而且我堅信新興市場的人們想要像他們在發達市場一樣的偉大產品，等等。

And so we're going to stick to our knitting and make the best products, and we think that if we do that, that we've got a very, very good business ahead of us.

所以我們將堅持我們的針織並生產最好的產品，我們認為如果我們這樣做，我們將擁有非常非常好的業務。

So that's what we're doing.

這就是我們正在做的事情。

And the share objective in and of itself is not an explicit one, Tim?

並且分享目標本身並不是一個明確的目標，蒂姆？

That's a consequence of making good products, it either happens or it doesn't?

這是製造好產品的結果，它要么發生，要么沒有？

Or is that an explicit objective for the iPhone business on a global basis and on an emerging markets basis?

或者這是 iPhone 業務在全球和新興市場的明確目標？

Our North Star 4, the Company in total, so not just iPhones, but across everything that we make is to make the very best product.

我們的 North Star 4，即整個公司，不僅是 iPhone，而且我們所做的一切都是為了製造最好的產品。

And that's more important and overshadows all other things.

而這更為重要，並且蓋過了所有其他事情。

But we do believe by doing that, that we will have a great business, and I think that our results today really show that.

但我們確實相信，通過這樣做，我們將擁有出色的業務，我認為我們今天的結果確實表明了這一點。

Thank you.

謝謝你。

Yep.

是的。

Thanks, Toni.

謝謝，托尼。

Can we have the next question, please?

請問下一個問題可以嗎？

Andy Hargreaves, Pacific Crest.

安迪·哈格里夫斯，Pacific Crest。

Hi.

你好。

Just first, a clarification.

首先，澄清一下。

Is the channel inventory commentary all on a look-forward basis?

渠道庫存評論是否都是前瞻性的？

You're talking about the weeks, Andy, the week that we quote are forward-looking because inventory is in the channel for forward sales.

你說的是幾週，安迪，我們引用的那一周是前瞻性的，因為庫存是遠期銷售的渠道。

Yep.

是的。

Okay.

好的。

So then the comments on iPad being just slightly within the range of 4 to 6 weeks would seem to imply a fairly significant slowdown sequentially in sell-through.

因此，有關 iPad 僅在 4 至 6 週範圍內的評論似乎意味著銷售量的連續放緩相當顯著。

Can you comment on what's driving that expectation?

你能評論一下是什麼推動了這種期望嗎？

Keep in mind that the channel inventory is only for the indirect channel.

請記住，渠道庫存僅適用於間接渠道。

That it's not used for -- to support any direct sales, and direct sales are Apple retail sales, Apple online sales, Apple education sales.

它不用於支持任何直銷，直銷是蘋果零售、蘋果在線銷售、蘋果教育銷售。

And so I don't want to give you a specific guidance on iPad sales.

所以我不想給你一個關於 iPad 銷售的具體指導。

It's important to keep that in mind.

記住這一點很重要。

That's just not the case with iPad, but it's the case with all products.

iPad 並非如此，但所有產品都是如此。

I know that there are some companies out there that refer to their channel inventory in terms of their gross sales, but we don't do that because we feel very strongly that it only supports the channel sales.

我知道有些公司會根據銷售總額來參考他們的渠道庫存，但我們不這樣做，因為我們非常強烈地認為它只支持渠道銷售。

That's how we calculate it.

我們就是這樣計算的。

Okay.

好的。

Thanks.

謝謝。

And then just you've obviously talked a fair amount about pricing umbrellas in the past and on the iPhone side you've done some things to address that.

然後只是你顯然在過去談論過很多關於定價傘的問題，在 iPhone 方面你已經做了一些事情來解決這個問題。

How are you thinking about that now on the iPad side now that there's some slightly higher quality competition like the Nexus 7 at lower price points.

既然有一些質量稍高的競爭對手，比如價格較低的 Nexus 7，你現在在 iPad 方面是怎麼想的。

We repriced the iPad 2 to $399.

我們將 iPad 2 重新定價為 399 美元。

It did very well in the quarter, the most popular iPad is the new iPad but iPad 2 did very well.

它在本季度表現非常出色，最受歡迎的 iPad 是新 iPad，但 iPad 2 表現非常出色。

It was particularly key in the K-12 area that Peter spoke about earlier where we sold about 1 million units for the quarter.

彼得早些時候談到的 K-12 領域尤為關鍵，我們在該季度售出了約 100 萬台。

And so we have been very aggressive in this space, and I don't see changing that.

因此，我們在這個領域一直非常積極，我認為這不會改變。

In terms of competition, we've all seen I think many different tablets, hundreds of them come to market over the last year, and I have yet to see any of them really gain what I would call any level of traction at all.

在競爭方面，我認為我們都看到了許多不同的平板電腦，其中數百款在去年上市，但我還沒有看到它們中的任何一款真正獲得了我所說的任何程度的牽引力。

We have over 225,000 apps that have been optimized for iPad.

我們有超過 225,000 個針對 iPad 進行了優化的應用程序。

There's an incredible experience on iPad and I still think the market very much or most customers feel that they -- they're not really looking for tablet, they're just looking for an iPad.

iPad 有一種令人難以置信的體驗，我仍然認為市場非常或大多數客戶認為他們——他們並不是真的在尋找平板電腦，他們只是在尋找 iPad。

And we're going to keep innovating in the space and keep making great products and I think we'll keep a very, very strong business going forward.

而且我們將繼續在該領域進行創新並繼續製造出色的產品，我認為我們將保持非常非常強大的業務向前發展。

The 17 million iPads was up 84% year-over-year and we've now shipped over 84 million, this is as of the end of last quarter, iPads, which if you look at that on a trajectory rate, it took us more than twice as long to achieve that on iPod and a third longer on -- or we achieved it in a third less time on iPad than iPhone.

1700 萬台 iPad 同比增長 84%，我們現在的出貨量超過 8400 萬台，這是截至上個季度末的 iPad，如果你從軌跡速度來看，我們花了更多時間在 iPod 上實現這一目標的時間是其兩倍，在 iPod 上實現這一目標的時間是三分之一——或者我們在 iPad 上實現這一目標的時間比 iPhone 少三分之一。

We feel really, really good about our momentum in the space.

我們對我們在這個領域的發展勢頭感覺非常非常好。

Thank you.

謝謝你。

Yep.

是的。

Thank, Andy.

謝謝，安迪。

Could we have the next question, please?

請問下一個問題好嗎？

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Good afternoon.

下午好。

Tim, I know you just talked a little about the iPad but is there -- you gave a little bit more information on the iPhone.

蒂姆，我知道你剛剛談了一點關於 iPad 的事情，但確實存在——你提供了更多關於 iPhone 的信息。

Could you talk a little bit more about just what segments have been driving, you mentioned a little bit of education.

你能多談談哪些細分市場一直在推動，你提到了一點教育。

Is it US consumer, US corporate market, is it channel fill in other markets, any more kind of feedback for us to navigate how to model this for the few quarters.

是美國消費者，美國企業市場，是其他市場的渠道填充，還有更多的反饋讓我們導航如何在幾個季度內進行建模。

Sure, Gene.

當然，吉恩。

We're seeing -- with an 84% up year-over-year, we're seeing triple digit growth rates in many, many geographies.

我們看到 - 同比增長 84%，我們看到許多地區的三位數增長率。

Generally speaking, the international markets in the aggregate are extremely strong, in the triple digits internationally.

總體而言，國際市場總體上非常強勁，在國際上達到三位數。

The US is a bit lower but I think it's important to keep in mind that the US was on a faster adoption curve with iPad, and so we're thrilled with the numbers everywhere.

美國略低一些，但我認為重要的是要記住，美國在 iPad 上的採用速度更快，因此我們對各地的數字感到興奮。

Latin America's tripling.

拉丁美洲的三倍。

We're seeing growth out of countries that are -- that border on being shocking in terms of the growth rate.

我們正在看到那些在增長率方面令人震驚的國家的增長。

We would not have dreamed of shipping over 17 million last quarter and feel very, very good about it.

我們做夢也想不到上個季度的出貨量超過 1700 萬，並且對此感覺非常非常好。

That's helpful.

這很有幫助。

Did you give -- maybe I missed it, but did you give an Apple TV number for the quarter, and any kind of updated thoughts on how you're thinking about that going forward.

你給了嗎？也許我錯過了，但你是否提供了本季度的 Apple TV 號碼，以及任何關於你如何看待未來的最新想法。

It's a good question.

這是個好問題。

I didn't give it, but I can.

我沒給，但我可以。

We sold 1.3 million last quarter.

上個季度我們賣出了 130 萬台。

This was up over 170% year-over-year.

這比去年同期增長了 170% 以上。

And it brings our fiscal year to 4 million units, which is pretty incredible.

它使我們的財政年度達到 400 萬台，這非常不可思議。

It's still at a level that we would call it a hobby.

它仍然處於我們稱之為愛好的水平。

But we continue to pull the string to see where it takes us.

但我們繼續拉繩子，看看它會把我們帶到哪裡。

We're not one to keep around projects that we don't believe in, and so there's a lot of people here that are believers in Apple TV and we continue to invest in it and see where it will take us.

我們不會保留我們不相信的項目，所以這裡有很多人相信 Apple TV，我們會繼續投資它，看看它會把我們帶向何方。

So you don't do hobbies for the sake of hobbies, you do it to hope to get to be something bigger?

所以你不是為了愛好而做愛好，你這樣做是為了希望變得更大？

That's right.

這是正確的。

We do it because we think we can -- it will lead us somewhere.

我們這樣做是因為我們認為我們可以——它會引導我們到達某個地方。

And so we'll see.

我們拭目以待。

But I think the -- 4 million is not a small number.

但我認為—— 400 萬不是一個小數字。

It's small relative to iPads and iPhones, perhaps, but it's not a small number and there's a lot of believers in it.

與 iPad 和 iPhone 相比，它可能很小，但它不是一個小數字，而且有很多信徒。

Great.

偉大的。

Thank you.

謝謝你。

Yep.

是的。

Thanks, Gene.

謝謝，吉恩。

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。

Yes, thank you.

是的，謝謝。

The first question is around ASPs.

第一個問題是關於 ASP。

The iPad and the iPhone, the blended ASPs seem to have declined a little more this quarter versus the prior quarters.

iPad 和 iPhone 的混合平均售價在本季度似乎比前幾個季度有所下降。

Is that a function of the product portfolio or Apple just testing price elasticity as you expand into the emerging markets?

這是產品組合的功能，還是蘋果只是在您向新興市場擴張時測試價格彈性？

Hi, it's Peter.

嗨，我是彼得。

The iPhone ASP, we don't talk specifically about iPad and iPhone ASPs, but I would like to give you a little bit of color this quarter.

iPhone ASP，我們不專門討論 iPad 和 iPhone ASP，但我想在本季度給你一點顏色。

Because they did change some sequentially and in the case of the iPad year-over-year.

因為它們確實按順序發生了一些變化，並且在 iPad 的情況下是逐年變化的。

Beginning with the iPhone, the ASP was down due to a higher mix of lower priced models and a stronger US dollar.

從 iPhone 開始，由於低價機型的混合增加和美元走強，平均售價下降。

And that was the case generally on a sequential and a year-over-year basis.

這通常是連續和每年的情況。

Regarding the mix, we believe that this was largely driven by all the new product rumors, economic conditions, particularly in Europe.

關於組合，我們認為這主要是由所有新產品傳聞和經濟狀況推動的，尤其是在歐洲。

And we had a change in the ending inventory by model that also influenced the ASPs.

而且我們對模型的期末庫存進行了更改，這也影響了平均售價。

For the iPad, it was down more year-over-year than it was sequentially.

iPad 的同比下降幅度超過了環比。

The year-over-year decrease was really attributable to four things.

同比下降實際上歸因於四件事。

We had a higher mix of lower priced models.

我們有更多的低價機型。

We reduced the price of the iPad 2 to $399.

我們將 iPad 2 的價格降至 399 美元。

With our expanded distribution, we had a higher mix of indirect sales this year than we did a year ago.

隨著我們擴大分銷，我們今年的間接銷售組合比一年前更高。

And the dollar impacted us as well.

美元也影響了我們。

Okay, thank you, Peter for that.

好的，謝謝你，彼得。

Tim, I want to shift gears longer term.

蒂姆，我想長期換檔。

You talked earlier about hobbies and their relevance.

您之前談到了愛好及其相關性。

What about Passbook?

存摺呢？

I'm not trying to imply that it's a hobby, but could Passbook be perceived as kind of a steppingstone to Apple having a greater role in a digital wallet type of infrastructure.

我並不是要暗示這是一種愛好，但 Passbook 是否可以被視為 Apple 在數字錢包類型的基礎設施中發揮更大作用的墊腳石。

I wouldn't want to comment specifically on that point.

我不想具體評論這一點。

But Passbook in general is a very key feature.

但是 Passbook 通常是一個非常關鍵的功能。

I think all of us have found that we were getting many passes and many tickets and so forth that were scattered all over, maybe boarding passes, et cetera, they were scattered all over our iPhones in different apps.

我想我們所有人都發現我們得到了許多散落在各處的通行證和許多門票等，也許是登機牌等等，它們散落在我們的 iPhone 上的不同應用程序中。

And so Passbook does an incredible job of pulling all of those to one place.

因此，Passbook 出色地完成了將所有這些都集中到一個地方的工作。

Whether it's offers or passes or tickets or whatever it may be.

無論是優惠、通行證、門票還是其他任何東西。

And so it's an important feature of iOS 6. I wouldn't want to speculate about where it might take us.

所以它是 iOS 6 的一個重要特性。我不想推測它可能會把我們帶到哪裡。

Okay.

好的。

Thank you.

謝謝你。

Yep.

是的。

Thanks, Mark.

謝謝，馬克。

Can we have the next question, please?

請問下一個問題可以嗎？

Chris Whitmore, Deutsche Bank.

德意志銀行的克里斯·惠特莫爾。

Thanks very much.

非常感謝。

I wanted to follow up on the pricing question and ask specifically around the iPad, as to whether or not you think the lower price point drove elasticity of demand for that product?

我想跟進定價問題，並專門圍繞 iPad 提問，您是否認為較低的價格點推動了該產品的需求彈性？

In other words, were your sales incrementally higher, or as a result of this economic environment, did you see customers migrate down market to lower priced products because spending is a little tighter these days?

換句話說，您的銷售額是在逐漸增加，還是由於這種經濟環境，您是否看到客戶因為這些天的支出有點緊張而轉向低價產品？

Chris, it's Tim.

克里斯，是蒂姆。

The reason that we did it was because we believed that the sales would be incrementally larger, that there was price elasticity, and that there was a buyer that really wanted the best product, and that needed it to be a little less expensive.

我們這樣做的原因是因為我們相信銷售額會越來越大，價格有彈性，並且有一個真正想要最好的產品的買家，並且需要它更便宜一些。

And so I believe that we saw that.

所以我相信我們看到了這一點。

I think our -- I think it did help our sales.

我認為我們的 - 我認為它確實有助於我們的銷售。

I think it's particularly helping in K-12.

我認為它在 K-12 中特別有幫助。

The adoption rate of iPad in education is something I've never seen from any technology product in history.

iPad 在教育領域的採用率是我在歷史上任何科技產品中從未見過的。

Usually education tends to be a fairly conservative institution in terms of buying, or K-12 does, and we're not seeing that at all on the iPad.

通常教育在購買方面往往是一個相當保守的機構，或者 K-12 確實如此，而我們在 iPad 上根本看不到這一點。

And so I think it was -- it's been a big help for us.

所以我認為它是 - 這對我們來說是一個很大的幫助。

I'm really glad that we did it.

我真的很高興我們做到了。

And to follow up, I wanted to ask about the opportunity that you see in India.

為了跟進，我想問一下你們在印度看到的機會。

A few years back you talked about initial investments in China and having cracked the China code.

幾年前，您談到了在中國的初始投資並破解了中國密碼。

Why hasn't Apple been more successful in India?

為什麼蘋果在印度沒有取得更大的成功？

And what is your outlook for growth in that geography specifically going forward?

您對該地區未來的增長前景有何展望？

You know, Chris, I love India, but I believe that Apple has some higher potential in the intermediate term in some other countries.

你知道，克里斯，我喜歡印度，但我相信蘋果在其他一些國家的中期潛力更大。

That doesn't mean that we're not putting emphasis in India.

這並不意味著我們沒有把重點放在印度。

We are.

我們是。

We have a business there.

我們在那裡有生意。

That business is growing.

該業務正在增長。

But sort of the multi layer distribution there really adds to the cost of getting products to market.

但是那裡的多層分佈確實增加了將產品推向市場的成本。

And so we're going to continue putting some energies there.

所以我們將繼續在那裡投入一些精力。

But my own perspective is that in the intermediate term there will be larger opportunities outside of there.

但我自己的觀點是，在中期，除此之外會有更大的機會。

Thank you very much.

非常感謝。

Yep.

是的。

Thanks, Chris.

謝謝，克里斯。

Could we have the next question, please?

請問下一個問題好嗎？

Shaw Wu, Sterne Agee.

吳肖，斯特恩·阿吉。

Thanks for having me on.

謝謝你讓我上場。

Just a quick question in terms of component availability, particularly new components.

只是一個關於組件可用性的快速問題，特別是新組件。

Thanks.

謝謝。

You know, Shaw, it's Tim.

你知道，肖，是蒂姆。

We factored supply into the guidance that Peter has given you.

我們將供應因素納入彼得給您的指導。

Generally, I should say that we have been short of the MacBook Pro with Retina displays.

一般來說，我應該說我們一直缺少配備 Retina 顯示屏的 MacBook Pro。

We ended the quarter with backlog, and we're working really hard to deliver those to customers quickly.

我們以積壓的方式結束了本季度，我們正在努力工作以快速將這些交付給客戶。

And we believe that we'll be in supply/demand balance in August.

我們相信我們將在 8 月份達到供需平衡。

In terms of new products, I obviously don't talk about new products, nor the parts that are in them.

在新產品方面，我顯然不談論新產品，也不談論其中的零件。

And so sort of a limit to what I can say there, other than anything that we know about, we've obviously included in the guidance.

除了我們所知道的任何事情之外，我們顯然已經包含在指導中。

And if we were short of something, you can bet that we would all be spending our energies on trying to mitigate that.

如果我們缺少一些東西，你可以打賭我們都會把精力花在試圖減輕這種情況上。

Okay.

好的。

Thanks for the color.

謝謝你的顏色。

Just a follow-up.

只是一個後續。

I don't know if you can talk about in terms of for the new iPad with the Retina display, I don't know any constraints there or?

我不知道您是否可以談論帶有 Retina 顯示屏的新 iPad，我不知道那裡有什麼限制？

The iPad, the new iPad ended the quarter in just over the four week line which we associated with our target of four to six weeks in terms of channel inventory.

iPad，新的 iPad 在剛剛超過 4 週的時間內結束了本季度，這與我們在渠道庫存方面的 4 到 6 週目標相關聯。

Now, that said, as a reminder, we did not ship the new iPad in mainland China until the quarter that we are now in, in Q4.

現在，提醒一下，直到我們現在所在的第四季度，我們才在中國大陸發售新 iPad。

But in Q3, we feel like we ended in a balanced situation.

但在第三季度，我們覺得我們的結局是平衡的。

Okay.

好的。

Thanks.

謝謝。

Can we have the next question, please?

請問下一個問題可以嗎？

Brian Marshall, ISI.

布賴恩·馬歇爾，ISI。

Great.

偉大的。

Thanks, guys.

多謝你們。

Clearly Apple's design philosophy has been about building great products as opposed to going in the market and hitting certain price points.

顯然，Apple 的設計理念是打造出色的產品，而不是進入市場並達到特定的價格點。

How do you think about the opportunities to address maybe some of those opportunities that are down at some of those lower price points with your existing products, without essentially compromising the core features that basically make Apple's products great?

您如何看待可能在現有產品的某些較低價格點上解決某些機會的機會，同時又不會從根本上損害使 Apple 產品變得出色的核心功能？

Brian, it's Tim.

布賴恩，是蒂姆。

Our North Star is to maniacally focus on making the world's best products.

我們的北極星將瘋狂地專注於製造世界上最好的產品。

And economic turmoil may push us side to side, but we're going to stay on that journey and stay focused on making the best product, and not deviate from that.

經濟動盪可能會將我們推向一邊，但我們將繼續這一旅程並專注於製造最好的產品，而不是偏離這一點。

We've seen it again and again throughout the years that during these type of periods are where we distance ourselves further from people that don't innovate, and it increases the gap between us.

多年來，我們一次又一次地看到，在這些時期，我們與不創新的人拉開了距離，這增加了我們之間的差距。

That's what we're focused on.

這就是我們所關注的。

Now, when we can do that and hit more aggressive price points, we're also going to do that.

現在，當我們能夠做到這一點並達到更激進的價格點時，我們也會這樣做。

I think you've seen that with what we did with the $399 iPad, just a few months ago, and the iPhone 3GS is free in the United States and in several other countries.

我想你已經看到了我們對 399 美元 iPad 所做的事情，就在幾個月前，iPhone 3GS 在美國和其他幾個國家是免費的。

And there's been quite a lot knocked off the price of that in certain other markets.

在某些其他市場上，它的價格已經下降了很多。

And so, you know, our North Star will be making the best products in the world and that's why we breathe.

因此，您知道，我們的北極星將製造世界上最好的產品，這就是我們呼吸的原因。

That's why we live.

這就是我們生活的原因。

We're not changing that.

我們不會改變這一點。

Thanks.

謝謝。

And then when you think about how the iPhone has penetrated the planet, obviously we've had some pretty phenomenal success.

然後當你想到 iPhone 是如何滲透到地球上的時候，顯然我們已經取得了一些相當驚人的成功。

Some of that success, there's been some downside to that as well with respect to volatility, about rumors and speculation about kind of future products being announced.

其中一些成功，也有一些不利之處在於波動性，關於即將宣布的未來產品的謠言和猜測。

And so can you talk a little bit about how you try to manage sort of the iPhone transitions and the carrier ramp as well.

所以你能談談你如何嘗試管理 iPhone 的過渡和運營商坡道。

Obviously, you mentioned you're not going to be launching any major countries or carriers in the September quarter, but it's widely speculated that we're going to see something later on in the year.

顯然，您提到您不會在 9 月季度推出任何主要國家或運營商，但人們普遍推測我們將在今年晚些時候看到一些東西。

So if you could talk a little about how you kind of manage that whole sort of transition/carrier ramp.

所以，如果你能談談你是如何管理整個過渡/載體斜坡的。

That would be great.

那很好啊。

Thank you.

謝謝你。

Brian, we try very hard to keep our product road maps secret and confidential, and we go to extreme -- do extreme activities to try to do that.

布賴恩，我們非常努力地保持我們的產品路線圖的秘密和機密性，並且我們走極端——做極端的活動來嘗試做到這一點。

That, however, doesn't stop people from speculating or wondering and we'll never do that.

然而，這並不能阻止人們投機或懷疑，我們永遠不會這樣做。

And so it's the great thing about this country, people can say what they think and so forth.

所以這是這個國家的偉大之處，人們可以說出他們的想法等等。

And so I'm not going to spend any energy trying to change that.

所以我不會花任何精力去改變它。

That's just the environment we're in.

這就是我們所處的環境。

You know, I'm glad that people want the next thing.

你知道，我很高興人們想要下一件事。

I'm super happy about it.

我對此感到非常高興。

And there are obviously quite a few that want what we're currently doing as well, as witnessed by the amount of products that we're selling.

顯然有很多人也想要我們目前正在做的事情，我們銷售的產品數量就是證明。

So I'm not going to put any energy into trying to get people to stop speculating.

所以我不會投入任何精力試圖讓人們停止投機。

I don't think it would -- I don't think that's going to amount to anything.

我不認為它會 - 我認為這不會有任何意義。

Thank you.

謝謝你。

Yep.

是的。

Thanks, Brian.

謝謝，布賴恩。

A replay of today's call will be available for two weeks as a podcast on the iTunes store, as a Webcast on Apple.com/investor and by telephone.

今天電話會議的重播將在兩週內以 iTunes 商店的播客、Apple.com/investor 上的網絡廣播和電話形式播放。

And the numbers for the telephone replay are 888-203-1112 or 719-457-0820.

電話重播的號碼是 888-203-1112 或 719-457-0820。

And please enter confirmation code 1260435.

請輸入確認碼1260435。

These replays will be available by approximately 5.30 p.m.

這些重播將在大約下午 5.30 之前提供。

Pacific time today.

今天太平洋時間。

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

有其他問題的媒體成員可以聯繫史蒂夫道林，他的電話是 408-974-1896。

And financial analysts can contact either Joan Hoover or me with additional questions.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan is at 408-974-4570.

瓊的電話是 408-974-4570。

I'm at 408-974-5420.

我在 408-974-5420。

And 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。