蘋果 (AAPL) 2012 Q4 法說會逐字稿

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

大家好，歡迎參加 Apple Incorporated 2012 財年第四季度財報電話會議。

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.

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

今天發言的是 Apple 首席財務官 Peter Oppenheimer，他將與 Apple 首席執行官 Tim Cook 和財務主管 Gary Wipfler 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 forecast.

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 three quarters 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 財年前三個季度的 10-Q 表格以及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，以及附件新聞稿。

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信息的義務，這些陳述或信息截至其各自日期。

And 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。

Thank you for joining us.

感謝您加入我們。

We're pleased to report the results of our fourth fiscal quarter.

我們很高興地報告我們第四財季的業績。

We established new September quarter records for iPhone, iPad and Mac unit sales, leading to our highest September quarter revenue and earnings ever.

我們為 iPhone、iPad 和 Mac 的銷量創造了新的 9 月季度記錄，創造了我們有史以來最高的 9 月季度收入和收益。

Revenue for the quarter was $36 billion, representing year-over-year growth of 27%.

本季度收入為 360 億美元，同比增長 27%。

That's a $7.7 billion increase over the prior September quarter's results, and was driven primarily by strong growth in iPhone and iPad sales.

這比上一季度的業績增加了 77 億美元，主要受 iPhone 和 iPad 銷售強勁增長的推動。

Operating margin was $10.9 billion, representing 30.4% of revenue.

營業利潤率為 109 億美元，佔收入的 30.4%。

Net income was $8.2 billion, increasing 24% over the prior September quarter's result.

淨收入為 82 億美元，比上一季度的業績增長 24%。

The quarter's net income translated to diluted earnings per share of $8.67.

本季度的淨收入轉化為每股攤薄收益 8.67 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 over 4.9 million Macs, establishing a new September quarter record.

我們售出了超過 490 萬台 Mac，創造了新的 9 月季度記錄。

This represents 1% growth year-over-year, compared to IDC's latest published estimate of 8% contraction of the global personal computer market in the September quarter.

與 IDC 最新公佈的 9 月季度全球個人電腦市場萎縮 8% 的估計相比，這意味著同比增長 1%。

Portable sales grew 9% year-over-year and represented an all time high of 80% of Mac unit mix, thanks to strong sales of MacBook Pro and MacBook Air.

得益於 MacBook Pro 和 MacBook Air 的強勁銷售，便攜式電腦銷量同比增長 9%，佔 Mac 設備組合 80% 的歷史新高。

Earlier this week, we unveiled the stunning new design for iMac that packs high performance technology and a brilliant new display with reduced reflection into an incredibly sleek aluminum and glass enclosure.

本週早些時候，我們推出了令人驚嘆的 iMac 新設計，它將高性能技術和具有減少反射的出色新顯示屏融入到令人難以置信的光滑鋁和玻璃外殼中。

We also introduced an even thinner and lighter version of our most popular Mac, the 13-inch MacBook Pro, featuring a Retina display with over 4 million pixels, in all-flash storage.

我們還推出了我們最受歡迎的 Mac 的更薄更輕的版本，即 13 英寸 MacBook Pro，配備超過 400 萬像素的 Retina 顯示屏，採用全閃存存儲。

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。

Moving to our music products, we sold 5.3 million iPods compared to 6.6 million in the year-ago quarter.

轉向我們的音樂產品，我們售出了 530 萬部 iPod，而去年同期為 660 萬部。

iPod touch continued to account for over half of all iPods sold.

iPod touch 繼續佔所有 iPod 銷售量的一半以上。

iPod's share of the US market for MP3 players was over 70% in the September quarter, based on the latest data published by MPD, 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 MPD 公佈的最新數據，iPod 在美國 MP3 播放器市場的份額在 9 月季度超過 70%，根據公佈的最新數據，在我們追踪的大多數國家/地區，iPod 繼續成為最暢銷的 MP3 播放器通過 GfK。

We're very excited to be shipping our newest iPods as of two weeks ago.

我們很高興能在兩週前發售我們最新的 iPod。

The new iPod touch is the thinnest iPod touch yet, comes in five great colors, and features a 4 inch Retina display, a 5 megapixel iSight camera, our powerful A5 chip and Siri.

新款 iPod touch 是迄今為止最薄的 iPod touch，有五種顏色可供選擇，並配備 4 英寸 Retina 顯示屏、5 兆像素 iSight 攝像頭、我們強大的 A5 芯片和 Siri。

The new iPod nano is the thinnest iPod ever, featuring a 2.5-inch Multi-Touch display, convenient navigation buttons, and built-in Bluetooth for wireless listening.

新款 iPod nano 是有史以來最薄的 iPod，配備 2.5 英寸 Multi-Touch 顯示屏、方便的導航按鈕和用於無線收聽的內置藍牙。

The nano comes in seven great new colors and we think our full range of iPods will make wonderful gifts this holiday season.

nano 有七種很棒的新顏色，我們認為我們的全系列 iPod 將成為這個節日的絕佳禮物。

The iTunes store generated all-time record results, which revenue of almost $2.1 billion thanks to continued strong sales of music, apps and video.

由於音樂、應用程序和視頻的持續強勁銷售，iTunes 商店創造了創紀錄的業績，收入接近 21 億美元。

We look forward to launching the new iTunes, featuring a complete redesigned player, seamless integration with iCloud, and a new look for the iTunes Store.

我們期待推出新的 iTunes，它具有完全重新設計的播放器、與 iCloud 的無縫集成以及 iTunes Store 的全新外觀。

The new iTunes has a dramatically simpler and clearer interface, so customers' music, movie and TV purchases on any of their iOS devices or computers are conveniently displayed in their iTunes library, and are available whenever they want them.

新的 iTunes 具有更簡單、更清晰的界面，因此客戶在其任何 iOS 設備或計算機上購買的音樂、電影和電視節目都可以方便地顯示在他們的 iTunes 資料庫中，並且可以隨時訪問。

I'd now like to turn to iPhone.

我現在想轉向 iPhone。

We're very pleased to have sold 26.9 million iPhones, compared to 17.1 million in the previous September quarter.

我們很高興售出了 2690 萬部 iPhone，而上一季度的銷量為 1710 萬部。

That represents 58% year-over-year growth compared to [IBC]'s latest published estimate of 45% growth for the smartphone market overall during the quarter.

與 [IBC] 最新公佈的本季度智能手機市場整體增長 45% 的估計相比，這代表了 58% 的同比增長。

We launched iPhone 5 in nine countries on September 21, and 22 more countries on September 28, and demand has been phenomenal.

我們於 9 月 21 日在 9 個國家/地區推出了 iPhone 5，並於 9 月 28 日在另外 22 個國家/地區推出了 iPhone 5，需求量驚人。

Customers have responded tremendously to the iPhone 5's all-new thin and light design and beautiful new 4-inch Retina display, the powerful performance of the A6 chip, and the great new ultrafast wireless technology.

客戶對 iPhone 5 的全新輕薄設計、漂亮的全新 4 英寸 Retina 顯示屏、強大的 A6 芯片性能以及出色的全新超高速無線技術反應熱烈。

Demand for iPhone 5 continues to out-strip supply, and we are working very hard to get more into customer's hands as quickly as possible.

iPhone 5 的需求繼續超過供應，我們正在努力盡快將更多產品送到客戶手中。

We ended the quarter with about $9.1 million iPhones in channel inventory, a sequential increase of about 800,000 iPhones, and ended the quarter below our target range of four to six weeks of iPhone channel inventory on a look-forward basis.

我們在本季度末的渠道庫存約為 910 萬美元，環比增加了約 800,000 部，並且在本季度末低於我們預期的四到六週 iPhone 渠道庫存的目標範圍。

Recognized revenue from iPhone handset and accessories sales was $17.1 billion during the quarter compared to $11 billion in the year-ago quarter, an increase of 56%.

本季度 iPhone 手機和配件銷售的確認收入為 171 億美元，而去年同期為 110 億美元，增長了 56%。

Businesses around the world continue to make iPhone an essential device for their employees.

世界各地的企業繼續將 iPhone 作為其員工的必備設備。

Virtually every type of enterprise in small business is using iPhone, along with the business apps from the App Store and custom apps developed in-house to drive efficiencies that were simply not possible before.

幾乎所有類型的小型企業都在使用 iPhone，以及來自 App Store 的商業應用程序和內部開發的定制應用程序，以提高以前根本不可能實現的效率。

Canon has provided its field sales team iPhones with secure access to its customer relationship management system, sales reps can now access customer information and the input meeting notes anywhere, giving them more time with customers.

佳能為其現場銷售團隊提供了對其客戶關係管理系統的安全訪問，銷售代表現在可以在任何地方訪問客戶信息和輸入的會議記錄，讓他們有更多時間與客戶打交道。

Amtrak has deployed thousands of iPhones to train conductors, who use an in-house app that changes the entire ticketing and reporting workflow.

Amtrak 已經部署了數千部 iPhone 來培訓售票員，他們使用內部應用程序來改變整個票務和報告工作流程。

The app enables print-at-home ticket validation, delivers a more accurate passenger manifest, and makes accounting date available to Amtrak's revenue systems in near real time, revolutionized in the paper-based process the company used in the past.

該應用程序支持在家打印車票驗證，提供更準確的乘客清單，並為 Amtrak 的收入系統提供近乎實時的會計日期，徹底改變了公司過去使用的紙質流程。

And news organizations around the world are using iPhone to transform the way they capture and deliver news.

世界各地的新聞機構都在使用 iPhone 來改變他們捕捉和傳遞新聞的方式。

Reporters for BBC, the Wall Street Journal, Mexican newspaper Milenio, and Canada's CTV News are using their iPhone cameras to capture HD video on location, and send it directly back to headquarters for broadcast on TV or streaming on the web.

BBC、華爾街日報、墨西哥報紙 Milenio 和加拿大 CTV 新聞的記者正在使用他們的 iPhone 攝像頭在現場捕捉高清視頻，並將其直接發送回總部，以便在電視上播放或在網絡上流式傳輸。

Turning to iPad, we were very pleased with sales of 14 million iPads during the September quarter, compared to 11.1 million in the year-ago quarter and the increase of 26%.

談到 iPad，我們對 9 月份季度的 1400 萬台 iPad 的銷量感到非常滿意，而去年同期為 1110 萬台，增長了 26%。

iPad sales were ahead of our expectations, and we saw a strong year-over-year growth in iPad sales in every geographic region.

iPad 的銷量超出了我們的預期，我們看到每個地理區域的 iPad 銷量都出現了強勁的同比增長。

Earlier this week, we introduced the iPad mini, the thinnest, lightest, smallest iPad we've ever built.

本週早些時候，我們推出了 iPad mini，這是我們製造過的最薄、最輕、最小的 iPad。

it has all the power, performance and capability customers have come to expect from an iPad, and you can hold it in one hand.

它具有客戶期望從 iPad 獲得的所有功能、性能和功能，並且您可以一隻手握住它。

We also introduced the fourth-generation iPad with a beautiful 9.7-inch Retina display, an A6 chip with twice the performance of the iPad we announced earlier this year.

我們還推出了配備漂亮 9.7 英寸 Retina 顯示屏的第四代 iPad，這是一款 A6 芯片，性能是我們今年早些時候宣布的 iPad 的兩倍。

Together with the iPad 2, these two new iPads run more than 275,000 apps in the App Store.

這兩款新 iPad 與 iPad 2 一起在 App Store 中運行超過 275,000 個應用程序。

Recognized revenue from sales of iPad and iPad accessories during the quarter was $7.5 billion, compared to $6.9 billion in the year-ago quarter, an increase of 9%.

本季度確認的 iPad 和 iPad 配件銷售收入為 75 億美元，比去年同期的 69 億美元增長 9%。

We ended the quarter with about 3.4 million iPads in channel inventory, a sequential increase of about 200,000, which left as just over our four weeks of iPod channel inventory target on a look-back basis.

在本季度末，我們的渠道庫存約為 340 萬台 iPad，環比增長約 20 萬台，這僅比我們基於回顧的 iPod 渠道庫存目標高出四個星期。

iPad is fundamentally changing work processes across industries around the world.

iPad 正在從根本上改變全球各行各業的工作流程。

With apps developed in-house, iPad is helping companies deliver better service, streamline manufacturing, and empower work forces with critical data and information.

借助內部開發的應用程序，iPad 正在幫助公司提供更好的服務、簡化製造流程並為員工提供關鍵數據和信息。

Volkswagen has developed more than 30 in-house apps for vital processes across the company, including monitoring and tracking of vehicles on the production line, scheduling the vehicle transportation at assembly plants, and greeting customers when they pick up new cars.

大眾汽車為整個公司的重要流程開發了 30 多個內部應用程序，包括監控和跟踪生產線上的車輛、安排裝配廠的車輛運輸，以及在客戶拿起新車時迎接他們。

Ping An Insurance in China has deployed thousands of iPads to their sales agents and service teams.

中國平安保險已為其銷售代理和服務團隊部署了數千台 iPad。

Apps developed in-house are used by car accident inspectors to carry out onsite inspections and file claims, which significantly shortens processing time, and improves customer satisfaction.

自行開發的應用程序供車禍檢查員進行現場檢查和提出索賠，大大縮短了處理時間，提高了客戶滿意度。

And Brazil's Banco Bradesco is using iPads to redefine the customer experience in their bank branches.

巴西的 Banco Bradesco 正在使用 iPad 重新定義其銀行分行的客戶體驗。

Beyond completing customer transactions, employees use iPad to inform and educate customers about bank services and Bradesco apps in the App Store.

除了完成客戶交易外，員工還使用 iPad 向客戶介紹銀行服務和 App Store 中的 Bradesco 應用程序。

Combining iPhones, iPads and iPod touch, we sold over 44 million iOS devices in the September quarter.

結合 iPhone、iPad 和 iPod touch，我們在 9 月季度售出了超過 4400 萬台 iOS 設備。

The App Store now offers more than 700,000 apps, including over 275,000 apps specifically for iPad.

App Store 現在提供超過 700,000 個應用程序，其中包括超過 275,000 個專為 iPad 設計的應用程序。

We established a new all-time record for quarterly app sales in the September quarter, and we were very pleased to report that we have reached $6.5 billion in cumulative payments to developers.

我們在 9 月季度創下了季度應用程序銷售額的新紀錄，我們很高興地報告說，我們向開發者的累計付款已達到 65 億美元。

Customers are embracing iCloud in growing numbers.

越來越多的客戶採用 iCloud。

With over 190 million account sign-ups in the first year of the service.

在服務的第一年就有超過 1.9 億個帳戶註冊。

With iCloud, customers can access their music, photos, calendars, contacts, documents and more from whatever device they are using, and it is built into every new iOS device and every new Mac.

借助 iCloud，客戶可以從他們使用的任何設備訪問他們的音樂、照片、日曆、聯繫人、文檔等，並且它內置於每台新的 iOS 設備和每台新的 Mac 中。

And we launched iOS6 last month, and it's already on over 200 million devices.

我們上個月推出了 iOS6，它已經在超過 2 億台設備上運行。

iOS 6 includes over 200 new features, including broader language support for Siri, Facebook integration, shared photo streams and more.

iOS 6 包含 200 多項新功能，包括更廣泛的 Siri 語言支持、Facebook 集成、共享照片流等。

We've made a number of improvements to Maps over the past month, and we will work non-stop until Maps lives up to our incredibly high standards.

在過去的一個月裡，我們對地圖進行了多項改進，我們將不停地工作，直到地圖達到我們令人難以置信的高標準。

I would now like to turn to the Apple retail stores.

我現在想轉向蘋果零售店。

Revenue was $4.2 billion, which was a new September quarter record, and an increase of 18% over the year-ago quarter, with gross yield primarily by the store's best iPhone launch ever.

收入為 42 億美元，創下 9 月季度的新紀錄，比去年同期增長 18%，毛收益主要來自該店有史以來最好的 iPhone 發布。

The stores also established a new quarterly record for Mac sales, selling just over 1.1 million Macs.

這些商店還創造了 Mac 銷售的新季度記錄，銷售了超過 110 萬台 Mac。

We opened a total of 18 new stores in 10 countries during the quarter, including our first store in Sweden.

本季度，我們在 10 個國家共開設了 18 家新店，其中包括我們在瑞典的第一家店。

We also opened our second store at Hong Kong, at Festival Walk, to overwhelming response, resulting in our biggest store opening of the year.

我們還在香港又一城開設了第二家分店，反響熱烈，成為今年最大的分店開業。

We exited the quarter with 390 stores, 140 of which are outside the United States.

本季度末，我們擁有 390 家門店，其中 140 家在美國以外。

With an average of 376 stores open, average revenue for store was $11.2 million, compared to $10.7 million in the year-ago quarter.

平均開設 376 家門店，門店平均收入為 1120 萬美元，而去年同期為 1070 萬美元。

Segment margin was $848 million, compared to $652 million in the year-ago quarter.

分部利潤率為 8.48 億美元，而去年同期為 6.52 億美元。

We hosted 94 million visitors to our stores during the quarter, compared to 77.5 million visitors in the year-ago quarter, an increase of 22%.

本季度我們的門店接待了 9400 萬遊客，而去年同期為 7750 萬遊客，增長了 22%。

That translates to an average of 19,000 visitors per store, per week.

這意味著每家商店每周平均有 19,000 名訪客。

Total company gross margin was 40%, which was 150 basis points higher than our guidance.

公司總毛利率為 40%，比我們的預期高出 150 個基點。

About half this difference was due to the better-than-expected commodity and other costs.

這種差異大約有一半是由於商品和其他成本好於預期。

Another quarterly difference was due to the leverage on higher-than-expected sales and more favorable foreign exchange.

另一個季度差異是由於銷售高於預期和外匯更有利的影響。

The remainder was due to some items that we do not expect recur in the December quarter.

其餘是由於我們預計不會在 12 月季度再次發生的一些項目。

Operating expenses were $3.5 billion, and included $379 million of stock-based compensation expense.

運營費用為 35 億美元，其中包括 3.79 億美元的股票薪酬費用。

OI&E was a net expense of $51 million.

OI&E 的淨支出為 5100 萬美元。

Interest income and investment gains were more than offset by higher-than-expected currency hedging expense.

利息收入和投資收益被高於預期的貨幣對沖費用所抵消。

Under the accounting rules, foreign exchange fluctuations late in the quarter required us to accelerate recognition of premium expense related to Q1 and Q2 hedges.

根據會計規則，本季度末的外匯波動要求我們加快確認與第一季度和第二季度對沖相關的保費費用。

This will result in less premium expense being recognized in Q1 and Q2.

這將導致在第一季度和第二季度確認的保費費用減少。

The tax rate for the quarter was 24.5%, bringing us to a tax rate for the full fiscal year of 25.2%.

本季度的稅率為 24.5%，使我們整個財年的稅率為 25.2%。

Turning to cash, our cash for short-term and long-term marketable securities totaled $121.3 billion at the end of September quarter, compared to $117.2 billion at the end of the June quarter, a sequential increase of over $4 billion.

現金方面，截至 9 月季度末，我們用於短期和長期有價證券的現金總額為 1213 億美元，而 6 月季度末為 1172 億美元，環比增長超過 40 億美元。

The increase in cash was net of $2.5 billion of dividends paid in August.

現金的增加扣除了 8 月份支付的 25 億美元股息。

About $83 billion of our total cash was offshore at the end of the September quarter.

截至 9 月季度末，我們總現金中約有 830 億美元在境外。

Cash flow from operations was $9.1 billion.

運營現金流為 91 億美元。

Our Board of Directors just declared a dividend of $2.65 per common share, payable on November 15, 2012 to shareholders of record as of the close of business on November 12, 2012.

我們的董事會剛剛宣布派發每股普通股 2.65 美元的股息，將於 2012 年 11 月 15 日支付給截至 2012 年 11 月 12 日收盤時在冊的股東。

In August, we entered into a Rule 10b5-1 compliant accelerated share repurchase program with a financial institution to purchase up to the $2 billion of Apple stock during fiscal year 2013.

8 月，我們與一家金融機構簽訂了符合 10b5-1 規則的加速股票回購計劃，以在 2013 財年購買高達 20 億美元的 Apple 股票。

In addition to shares purchased through the accelerated share repurchase program, we may also purchase shares in open market transactions in compliance with all applicable securities laws.

除了通過加速股票回購計劃購買的股票外，我們還可能在符合所有適用證券法的公開市場交易中購買股票。

As we move ahead into the December 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 12 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。

As a reminder, year-over-year comparisons will be impacted by the fact that our December quarter of this year will span 13 weeks, whereas the December quarter of last year included a 14th week.

提醒一下，同比比較將受到我們今年 12 月季度將跨越 13 週這一事實的影響，而去年 12 月季度包括第 14 週。

As we indicated previously, revenue in that 14th week last year was approximately 1/14 of the quarter's total revenue.

如前所述，去年第 14 週的收入約為該季度總收入的 1/14。

We expect revenues to be about $52 billion compared to $46.3 billion in the December quarter last year.

我們預計收入約為 520 億美元，而去年 12 月季度為 463 億美元。

We expect gross margin to be about 36%, reflecting approximately $90 million related to stock-based compensation expense.

我們預計毛利率約為 36%，反映出與股票薪酬費用相關的約 9000 萬美元。

We expect OpEx to be about $4.05 billion, including about $485 million related to stock-based compensation expense.

我們預計運營支出約為 40.5 億美元，其中包括與股票薪酬費用相關的約 4.85 億美元。

We expect OI&E to be about $380 million, and we expect the tax rate to be about 26%.

我們預計 OI&E 約為 3.8 億美元，我們預計稅率約為 26%。

We are targeting EPS of about $11.75.

我們的目標是每股收益約為 11.75 美元。

In closing, we are extremely proud to conclude an amazing fiscal year 2012.

最後，我們非常自豪地結束了令人驚嘆的 2012 財年。

We generated revenue of over $156 billion, which is up 45% year-over-year, and reflects growth of $48 billion in revenue.

我們創造了超過 1560 億美元的收入，同比增長 45%，反映了 480 億美元的收入增長。

We sold over 200 million iOS devices, including 125 million iPhones, reflecting 73% growth year-over-year, and 58 million iPads, reflecting 80% growth.

我們售出了超過 2 億台 iOS 設備，其中包括 1.25 億台 iPhone，同比增長 73%，以及 5800 萬台 iPad，同比增長 80%。

We sold a record 18 million Macs and shipped 35 million iPods, and we expanded the reach of iTunes music stores to 63 countries around the world.

我們售出了創紀錄的 1800 萬台 Mac 和 3500 萬台 iPod，我們將 iTunes 音樂商店的覆蓋範圍擴大到了全球 63 個國家。

We launched stunning new versions of OS 10 and iOS, and tying it all together, we launched iCloud with customer reaching over 190 million and growing.

我們推出了令人驚嘆的 OS 10 和 iOS 新版本，並將它們結合在一起，我們推出了 iCloud，客戶數量已超過 1.9 億，而且還在不斷增長。

And finally, we generated net income of $41.7 billion, an increase of 61% year-over-year.

最後，我們創造了 417 億美元的淨收入，同比增長 61%。

We entered this holiday season with our strongest product line-up ever, and we remain very confident in our new product pipeline.

我們帶著有史以來最強大的產品陣容進入了這個假期，我們對我們的新產品線仍然非常有信心。

With that, I would like to open the call to questions.

有了這個，我想打開問題的電話。

Thank you, Peter.

謝謝你，彼得。

And we ask that you limit yourself to one question and one follow-up.

我們要求您將自己限制在一個問題和一個後續行動上。

Operator, may we have the first question, please?

接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

Your first question will come from Katy Huberty with Morgan Stanley.

您的第一個問題將來自摩根士丹利的 Katy Huberty。

If your guidance comes to fruition, December will be the first quarter in a very long time that Apple EPS decline year-on-year, despite what has been the broadest product refresh in the Company's history over the past two months.

如果您的指導能夠實現，那麼 12 月將是很長一段時間以來蘋果每股收益同比下降的第一季度，儘管這是過去兩個月公司歷史上最廣泛的產品更新。

The bears will point out that maybe the Company's price premium or supply chain advantage is weakening.

空頭會指出，公司的溢價或供應鏈優勢可能正在減弱。

Curious how you would response to that, and then as a follow-up Peter, if you can comment on what's driving the significant gross margin down-tick in December, given you should have decent iPhone mix?

好奇你會如何回應，然後作為後續彼得，如果你能評論一下是什麼導致了 12 月毛利率大幅下降，因為你應該有不錯的 iPhone 組合？

Thank you.

謝謝你。

Sure.

當然。

Katy let me begin, I will address many of the things you asked, and then Tim can add a few points.

凱蒂讓我開始吧，我會解決你提出的許多問題，然後蒂姆可以補充幾點。

The change year-over-year is being driven by a couple of things.

年復一年的變化是由幾件事驅動的。

So first of all last year included a 14th week, this year's Q1 is a normal 13 week quarter.

所以首先去年包括第 14 週，今年的第一季度是一個正常的 13 周季度。

That, along with a stronger US dollar and that the change in gross margin.

再加上美元走強以及毛利率的變化。

So let me talk to you about what we see for gross margin, but I am going through some detail on a sequential basis, but not year-over-year.

因此，讓我與您談談我們對毛利率的看法，但我將按順序介紹一些細節，而不是逐年介紹。

As you pointed out, this is the most prolific product period in Apple's history.

正如您所指出的，這是蘋果歷史上產品最多產的時期。

We have an unprecedented number of new product introductions over the last six weeks, and this has led to record levels of demand.

在過去的六周里，我們推出了前所未有的新產品數量，這導致了創紀錄的需求水平。

New or re-priced versions of our products announced during this time frame represent over 80% of the total expected December quarter revenue, but there are costs associated with such dramatic change and demand.

在此時間範圍內宣布的新產品或重新定價的產品佔 12 月季度預期總收入的 80% 以上，但存在與這種巨大變化和需求相關的成本。

The iPhone 5, iPad mini, iMac, MacBook Pro 13-inch, iPod touch and iPod nano have completely new form factors with great new features, and we've never before introduced so many new form factors at once.

iPhone 5、iPad mini、iMac、13 英寸 MacBook Pro、iPod touch 和 iPod nano 具有全新的外形尺寸和強大的新功能，我們以前從未同時推出如此多的新外形尺寸。

All of these products have higher costs than their predecessors, and therefore lower gross margins, as they are at the height of the cost curve.

所有這些產品的成本都高於其前身，因此毛利率較低，因為它們處於成本曲線的高度。

This has been the case with new products in the past, so nothing new.

過去的新產品就是這種情況，所以沒有什麼新鮮事。

The difference this time is the sheer number of new products we are introducing in a very short period of time.

這次的不同之處在於我們在很短的時間內推出的新產品數量之多。

Additionally, we lowered the price of the iPhone 4S and iPhone 4, delivering incredible value to our customers.

此外，我們降低了 iPhone 4S 和 iPhone 4 的價格，為我們的客戶帶來了難以置信的價值。

We head into this holiday quarter with the strongest iPhone line-up that we have ever had, with the iPhone 4 starting at $300 in the subsidized markets.

我們帶著有史以來最強大的 iPhone 陣容進入這個假日季，iPhone 4 在補貼市場的起價為 300 美元。

We also added the iPad mini to our iPad line-up.

我們還將 iPad mini 添加到我們的 iPad 產品線中。

The iPad mini has the full iPad experience and we priced it aggressively at $329, delivering incredible value to our customers.

iPad mini 擁有完整的 iPad 體驗，我們將其定價為 329 美元，為我們的客戶帶來了難以置信的價值。

Its gross margin is significantly below the corporate average.

其毛利率遠低於企業平均水平。

So in summary, we expect our gross margin to decline by about 400 basis points sequentially.

因此，總而言之，我們預計我們的毛利率將連續下降約 400 個基點。

We expect the benefit from positive leverage on the sequentially higher revenue and a greater mix of iPhones.

我們預計將受益於連續更高的收入和更多 iPhone 組合的積極槓桿作用。

But we expect these benefits will be more than offset by a number of factors.

但我們預計這些好處將被許多因素所抵消。

First, margins on new products are lower than their predecessors, including the iPhone 5, and we have been aggressive with the iPad mini.

首先，新產品的利潤率低於其前代產品，包括 iPhone 5，而且我們一直在積極開發 iPad mini。

Second, we've lowered the price of the iPhone 4S and the iPhone 4. Third, we will experience transitionary costs associated with multiple new product ramps.

其次，我們降低了 iPhone 4S 和 iPhone 4 的價格。第三，我們將經歷與多個新產品升級相關的過渡成本。

Fourth, the high anticipated volume of iPhone and other new products will generate significantly greater deferred revenue sequentially.

第四，iPhone 和其他新產品的高預期量將產生顯著更大的遞延收入。

As you are aware, we defer a portion of our revenue with every device we sell, and amortize it back into revenue over the life of the device.

如您所知，我們會在我們銷售的每台設備上遞延一部分收入，並在設備的整個生命週期內將其攤銷回收入。

In periods of exceptionally strong sales like the December quarter, the deferred amounts are significantly higher than the revenue amortized in from past sales.

在 12 月季度等銷售異常強勁的時期，遞延金額明顯高於過去銷售的攤銷收入。

And fifth, the favorable items that benefited the gross margin in the September quarter are not expected to repeat in the December quarter.

第五，受益於9月季度毛利率的利好項目預計不會在12月季度重演。

We will work hard to try and get down the cost curves and improve our manufacturing and other efficiencies, as we successfully have done in the past.

我們將努力嘗試降低成本曲線並提高我們的製造和其他效率，就像我們過去成功做的那樣。

We ended this holiday season with our strongest product line-up ever, and we have great choices for customers.

我們以有史以來最強大的產品陣容結束了這個假期，我們為客戶提供了很好的選擇。

To be in position to anticipate over $50 billion of demand for our products in a single quarter is a reflection of the incredible strength of our products and our business.

能夠預測一個季度對我們產品的需求超過 500 億美元，這反映了我們產品和業務的驚人實力。

And Katy, if I could just add a couple of things to that.

和凱蒂，如果我可以添加一些東西的話。

We are dedicated to making the very best products in the world, and we think about the smallest of details and we are unwilling to cut corners in delivering the best customer experience to the world.

我們致力於製造世界上最好的產品，我們考慮最小的細節，我們不願偷工減料，為世界提供最好的客戶體驗。

If this relentless commitment to innovation and excellence is the reason that our customers to buy our products, and this will always be the driving force behind Apple.

如果這種對創新和卓越的不懈追求是我們的客戶購買我們產品的原因，那麼這將永遠是蘋果背後的驅動力。

We are advantaging the company for the long run and will continue to make great long-term decisions.

從長遠來看，我們正在使公司受益，並將繼續做出偉大的長期決策。

We remained very, very confident in our strategy and will use our world-class skills and hardware, software and services to delight our customers.

我們對我們的戰略仍然非常非常有信心，並將利用我們世界一流的技能以及硬件、軟件和服務來取悅我們的客戶。

Thanks for the detail.

感謝您的詳細信息。

Thanks, Katy.

謝謝，凱蒂。

Could we have the next question, please?

請問下一個問題好嗎？

From Goldman Sachs, we'll go to Bill Shope.

從高盛，我們會去比爾肖普。

Can you walk through how you're thinking about the ramp for the iPhone 5 in the holiday quarter?

你能談談你是如何看待假日季 iPhone 5 的坡道的嗎？

And how does some of the challenges you are facing relative to the strong demand compared to the past iOS product launch?

與過去的 iOS 產品發布相比，相對於強勁的需求，您面臨的一些挑戰如何？

Bill its Tim.

比爾其蒂姆。

The demand for iPhone is extremely robust.

iPhone 的需求非常旺盛。

We are thrilled with what we see.

我們對我們所看到的感到興奮。

We are in a significant state of backlog right now.

我們現在處於嚴重的積壓狀態。

In terms of the production, our output has improved significantly since earlier this month.

在生產方面，自本月初以來，我們的產量已顯著提高。

And I'm very, very pleased with the progress that we've made there, I'm pleased with the current level of output, in what is the largest volume ramp in Apples history.

我對我們在那裡取得的進展非常非常滿意，我對目前的產量水平感到滿意，這是蘋果歷史上最大的產量增長。

It's difficult to predict when supply and demand will balance, but I'm feeling very confident on our ability to supply quite a few iPhones.

很難預測供需何時會平衡，但我對我們供應不少 iPhone 的能力充滿信心。

Great.

偉大的。

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？

Next we'll go to Toni Sacconaghi with Sanford Bernstein.

接下來，我們將與 Sanford Bernstein 一起前往 Toni Sacconaghi。

I just wanted to first follow-up on that previous question around the ramp of iPhones.

我只是想首先跟進之前關於 iPhone 坡道的問題。

Do you continue to anticipate rolling out to all 100 countries this quarter, as you had announced at the time of the iPhone 5 announcement?

您是否繼續預計本季度將向所有 100 個國家/地區推出，正如您在 iPhone 5 發佈時所宣布的那樣？

And related to that, can you comment on whether the supply constraints that you've had, have had a material impact on your cost of goods sold, relative to as your supply improves, do you actually expect your cost of goods sold to decline?

與此相關的是，您能否評論一下您所面臨的供應限制是否對您的商品銷售成本產生了重大影響，相對於您的供應改善，您是否真的預計您的商品銷售成本會下降？

Tony, its Tim.

托尼，它的蒂姆。

In regard to your first question, we still continue to anticipate rolling out to the 100 countries, as we announced before.

關於您的第一個問題，我們仍然預計會像我們之前宣布的那樣向 100 個國家/地區推出。

It is our fastest rollout ever.

這是我們有史以來最快的推出。

There will be some large countries in month of December.

12月份會有一些大國。

But we anticipate still achieving the 100.

但我們預計仍然會達到 100。

In terms of cost, with each new product, we see learning curves associated with ramping production.

在成本方面，對於每個新產品，我們都會看到與產量增加相關的學習曲線。

And the new products we have now are no exception to that.

而我們現在擁有的新產品也不例外。

The difference is the number of new products that we having moving at once.

不同之處在於我們同時移動的新產品的數量。

As Peter said, and as you can tell from the announcements we have had in the last couple of months, this is the most prolific period in our history in terms of the new product introduction and innovation.

正如彼得所說，從我們過去幾個月的公告中可以看出，就新產品的推出和創新而言，這是我們歷史上最多產的時期。

The past six weeks have been phenomenal in terms of new product introduction.

過去六週在新產品推出方面非常出色。

And so we do see all of these costs associated with each of these.

因此，我們確實看到了與這些成本相關的所有這些成本。

But I don't see those costs accelerating on a per unit basis.

但我不認為這些成本按單位計算會增加。

As we go through the quarter.

當我們經歷這個季度時。

I see it very much being a production ramp across many, many new products.

我認為這在很大程度上是許多新產品的生產坡道。

Okay, thank you for that color.

好的，謝謝你的顏色。

If I could just follow-up, you've talked before about how you believe that the iPad will be, and the tablet market will be an enormous market, bigger than the PC market.

如果我可以繼續跟進，您之前說過您如何相信 iPad 將是，平板電腦市場將是一個巨大的市場，比 PC 市場更大。

Clearly, you have made a move to expand that market and make it more accessible by introducing the iPad Mini.

顯然，您已採取行動擴大該市場，並通過推出 iPad Mini 使其更易於使用。

I am wondering if over time you could see this market evolving to larger tablets going forward, that would address different needs in the marketplace, take on incremental PC functionality, and I am wondering when you talk about the iPad market being bigger than the PC market going forward, do you see larger form factors in the marketplace evolving, and I guess the question, is why not?

我想知道隨著時間的推移，您是否會看到這個市場向更大的平板電腦發展，這將滿足市場的不同需求，增加 PC 功能，我想知道您何時談論 iPad 市場大於 PC 市場展望未來，您是否看到市場中更大的外形尺寸在不斷發展，我想問題是為什麼不呢？

Tony, as you know, we don't comment on our future views on products and roadmaps et cetera, but let me make some comments on your question.

托尼，如你所知，我們不會評論我們未來對產品和路線圖等的看法，但讓我對你的問題發表一些評論。

We continue to be very confident that the tablet market will surpass the PC market, there is incredible development in both ecosystems and product going on in the tablet space.

我們仍然非常有信心平板電腦市場將超越個人電腦市場，平板電腦領域的生態系統和產品都在進行著令人難以置信的發展。

It is already extremely compelling for many, many customers to choose the tablet, in particular an iPad over a PC.

對於許多客戶來說，選擇平板電腦已經非常有吸引力，尤其是 iPad 而不是 PC。

And when you look at the size of the PC market here is an enormous opportunity for Apple there.

當你看到這裡的 PC 市場規模時，這對蘋果來說是一個巨大的機會。

Pretty much each quarter you see 80 to 90 million PCs being sold.

幾乎每個季度都有 80 到 9000 萬台 PC 被售出。

And so we do think that the iPad and the iPad mini and the iPad 2 will all be extremely attractive offerings for people in lieu of PCs, and we are going to continue to very much focus on the future of iPad, and we are very, very confident with what we have in the pipeline.

因此，我們確實認為 iPad、iPad mini 和 iPad 2 都將成為對人們極具吸引力的產品，而不是 PC，我們將繼續非常關注 iPad 的未來，我們非常，對我們正在籌備的產品非常有信心。

And we are extremely pleased to have launched iPad Mini and can't wait until next Friday, when we begin selling the very first units.

我們非常高興推出了 iPad Mini，我們迫不及待地等到下週五開始銷售第一批產品。

Thanks, Toni.

謝謝，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

From Cross Research, Shannon Cross.

來自 Cross Research，Shannon Cross。

Tim and Peter could you talk a little bit about China and what you're seeing in China?

Tim 和 Peter，您能談談中國以及您在中國看到的情況嗎？

Clearly with your revenue guidance, it sounds like it remains strong, but obviously there's been some mixed signals from an economic standpoint.

顯然，根據您的收入指導，聽起來它仍然很強勁，但從經濟角度來看，顯然存在一些混合信號。

Shannon, it's Tim.

香農，是蒂姆。

In terms of what we saw in China for Q4, revenue was $5.7 billion.

就我們第四季度在中國看到的情況而言，收入為 57 億美元。

That's up 26% year on year.

同比增長 26%。

Mac was up extremely strong, up 44%.

Mac 的漲幅非常強勁，上漲了 44%。

As you recall we launched portables for the first time in July or the portables we had previously announced in the US in June.

您還記得，我們在 7 月首次推出了便攜式設備，或者我們之前在 6 月在美國宣布的便攜式設備。

We announced it in China in July.

我們於 7 月在中國宣布了它。

iPad was up 45% in Greater China.

iPad 在大中華區增長了 45%。

iPhone was up 38%.

iPhone 上漲了 38%。

And so all in all a fantastic quarter.

總而言之，這是一個很棒的季度。

That brings us to a full-year fiscal year revenue number of $23.8 billion for China, which is really phenomenal when you think about it.

這給我們帶來了中國全年 238 億美元的財政年度收入，想想看，這真的是驚人的。

That's up over $10 billion year on year, up 78% and Greater China now represents about 15% of Apple for the fiscal year.

同比增長超過 100 億美元，增長 78%，大中華區目前佔蘋果本財年的 15% 左右。

And so we're extremely happy with how we've done in China.

所以我們對我們在中國的表現非常滿意。

As Peter alluded to in his opening remarks, we are continuing to invest in our own retail stores there.

正如彼得在開場白中提到的那樣，我們將繼續在那裡投資我們自己的零售店。

We continue to expand distribution with channel partners as well.

我們還將繼續擴大與渠道合作夥伴的分銷。

And we continue to see it as an extremely exciting market with more and more people wanting Apple products.

我們繼續將其視為一個非常令人興奮的市場，越來越多的人想要 Apple 產品。

Great.

偉大的。

And I just had a follow-up question on the tablet market.

我剛剛對平板電腦市場提出了一個後續問題。

With the launch of Surface today and obviously the Win8 tablets and that, could you talk a little bit about what you're seeing from a competitive standpoint and how you think about it?

隨著今天 Surface 的推出，顯然還有 Win8 平板電腦等等，你能談談你從競爭的角度看到了什麼以及你是怎麼想的嗎？

Thank you.

謝謝你。

Yes.

是的。

I haven't personally played with the Surface yet, but what we're reading about it, is that it's a fairly compromised confusing product.

我還沒有親自玩過 Surface，但我們讀到的是它是一個相當妥協的令人困惑的產品。

And so I think one of the toughest things you do with deciding which products is to make hard trade-offs and decide what a product should be, and we've really done that with the iPad.

所以我認為你在決定哪些產品時最艱難的事情之一就是做出艱難的權衡並決定產品應該是什麼，而我們在 iPad 上確實做到了這一點。

And so the user experience is absolutely incredible.

因此，用戶體驗絕對令人難以置信。

I suppose you could design a car that flies and floats, but I don't think it would do all of those things very well.

我想你可以設計一輛會飛和漂浮的汽車，但我認為它不會很好地完成所有這些事情。

And so I think people, when they look at the iPad versus competitive offerings are going to conclude they really want an iPad.

因此，我認為人們在查看 iPad 與競爭產品時會得出結論，他們真的想要 iPad。

And I think people have done that to date.

我認為迄今為止人們已經這樣做了。

And I think they'll continue to do that.

我認為他們會繼續這樣做。

Thank you.

謝謝你。

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Can you just go through a little bit more on tablets?

你能在平板電腦上多看一點嗎？

The iPad mini, how do you think that will sell versus the original iPad form factor?

iPad mini，你認為與原來的 iPad 外形尺寸相比，它的銷售情況如何？

And how do you want to differentiate that?

你想如何區分它？

Is there more of an e-book focus with -- an education focus with the mini?

是否有更多的電子書焦點——迷你版的教育焦點？

And do you think it will sell more than the regular or the original iPad?

你認為它的銷量會超過普通 iPad 還是原裝 iPad？

And how do you want us to think about the cannibalization factor as well of the older product or the older form factor?

您希望我們如何考慮舊產品或舊形式因素的自相殘殺因素？

We don't really have an old product.

我們真的沒有舊產品。

We have only new products.

我們只有新產品。

We just announced the fourth-generation iPad as well.

我們也剛剛發布了第四代 iPad。

I knew I'd mess up in my speech there.

我知道我在那裡的演講會搞砸。

Sorry.

對不起。

So no, the way that we look at this is that we provide a fantastic iPod Touch.

所以不，我們看待這個的方式是我們提供了一個很棒的 iPod Touch。

We provide an incredible fourth-generation iPad and iPad mini and an iPad 2. Customers will decide which one or two or three or all four that they would like.

我們提供令人難以置信的第四代 iPad 和 iPad mini 以及 iPad 2。客戶將決定他們想要哪一個或兩個或三個或全部四個。

And they will buy those.

他們會買那些。

So we've learned over the years not to worry about cannibalization of our own products.

因此，多年來我們學會了不用擔心會蠶食我們自己的產品。

It's much better for us to do that than somebody else to do it.

我們這樣做比其他人這樣做要好得多。

And the far, far bigger opportunity here are the 80 million to 90 million PCs that are being sold per quarter.

而這裡更大的機會是每季度銷售 8000 萬到 9000 萬台 PC。

There's still over 300 million PCs being bought per year.

每年仍有超過 3 億台 PC 被購買。

And I think a great number of those, those people would be much better off buying an iPad, or a Mac.

而且我認為其中很多人購買 iPad 或 Mac 會好得多。

And so that's a much bigger opportunity for Apple.

所以這對蘋果來說是一個更大的機會。

And so instead of being focused on cannibalizing ourselves, I look at it much more that it's an enormous incremental opportunity for us.

因此，我沒有專注於自相殘殺，而是更多地認為這對我們來說是一個巨大的增量機會。

And so that's how I look at it.

我就是這麼看的。

Okay.

好的。

And then just my quick follow-up is on Apple TV we haven't heard about your hobby in a while.

然後我的快速跟進是在 Apple TV 上，我們已經有一段時間沒有聽說過你的愛好了。

And how many did you sell in the quarter?

你在這個季度賣出了多少？

And what's the strategy there for the living room to date?

迄今為止，客廳的策略是什麼？

And I'm intrigued to hear the answer or not an answer.

我很想听到答案或沒有答案。

(laughter)

（笑聲）

Or not, you might guess.

或者不是，你可能會猜到。

For Q4, we sold 1.3 million.

第四季度，我們售出了 130 萬輛。

That's up over 100% year on year.

同比增長超過 100%。

That means that we sold more than 5 million Apple TVs during the fiscal year.

這意味著我們在本財年售出了超過 500 萬台 Apple TV。

Which is almost double the previous year.

這幾乎是前一年的兩倍。

We had sold 2.8 million the previous year.

去年我們賣出了 280 萬張。

And so the business continues to do very well, but if you look at the size revenue of this business versus our other businesses, it's quite small.

因此，該業務繼續表現良好，但如果您查看該業務與我們其他業務的收入規模，它非常小。

And so it still has a hobby label.

所以它仍然有一個愛好標籤。

However, it's a beloved hobby.

然而，這是一個心愛的愛好。

And we continue to focus on it and continue to believe there's something more there and continued to pull the strings to see where it takes us.

我們繼續關注它，並繼續相信那裡還有更多東西，並繼續拉動線，看看它會把我們帶到哪裡。

Thanks a lot, Tim.

非常感謝，蒂姆。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Tim, can you talk a little bit about the iPad?

蒂姆，你能談談 iPad 嗎？

We saw a deceleration in the September quarter.

我們在 9 月季度看到了減速。

Was there anything in particular that might have been as you think about that business, might have been driving that?

在您考慮該業務時，是否有任何特別的事情可能推動了該業務？

The June to September was 17 million to 14 million, Jean.

六月到九月是1700萬到1400萬，Jean。

And the thing -- the first thing to note there is that as we had talked about in the July call, the June quarter contained 1.2 million increase in channel inventory.

首先要注意的是，正如我們在 7 月電話會議中談到的那樣，6 月季度的渠道庫存增加了 120 萬。

And so the actual sell through sequentially comparison looks very different than the reported sell in numbers do.

因此，通過順序比較的實際銷售看起來與報告的銷售數量非常不同。

The second thing is that the 14 million exceeded what we had expected to do in iPad.

第二件事是 1400 萬超出了我們在 iPad 上的預期。

And the reason we had expected it to decline is that we believe based on the two or three years of results that we've got is that normally we would see a seasonal reduction in the September quarter versus the June quarter.

我們預計它會下降的原因是，我們相信根據我們獲得的兩三年結果，通常我們會看到 9 月季度與 6 月季度相比出現季節性下降。

Part of this reason is because K-12 heavily buys in the June quarter.

部分原因是因為 K-12 在 6 月季度大量購買。

K-12 doesn't buy very much in the September quarter.

K-12 在 9 月季度的購買量並不多。

It becomes a higher ed kind of move.

它成為一種更高版本的舉動。

And higher ed is still buying notebooks for the most part.

高等教育大部分仍在購買筆記本電腦。

And so there's some kind of normal seasonal -- that's exaggerated further when we announced a new product in March.

所以有某種正常的季節性——當我們在 3 月份宣布新產品時，這種情況被進一步誇大了。

And have an enormous full quarter of demand in the June quarter.

並且在六月季度有一個巨大的整個季度的需求。

And then when you compare that to the September quarter, that would be a natural phase down.

然後，當您將其與 9 月季度進行比較時，這將是一個自然的階段性下降。

In addition to all of that, it's clear that customers delayed purchases of tablets due to new product rumors.

除此之外，很明顯，由於新產品傳聞，客戶延遲購買平板電腦。

And these intensified in August and September.

這些在 8 月和 9 月愈演愈烈。

Some of that was anticipated and some of it I wish wouldn't occur.

其中一些是預料之中的，而其中一些我希望不會發生。

But it did occur.

但它確實發生了。

That's how I would explain the sequential difference.

這就是我解釋順序差異的方式。

On a year-over-year basis, because of the year ago quarter, having also a channel inventory build as we stocked the channel to the proper level, this sell-through year over year actually grew 44%, and so the underlying sell-through was extremely strong.

與去年同期相比，由於去年同期，當我們將渠道庫存增加到適當的水平時，還建立了渠道庫存，這個銷售量實際上同比增長了 44%，因此基礎銷售-通過非常強大。

And so we continue to feel great about how iPad has done with announcing the fourth-generation iPad just this week and adding the iPad mini to the family, we think it's going to be an incredible holiday season.

因此，我們繼續對 iPad 在本週發布第四代 iPad 並將 iPad mini 添加到家庭中的表現感到滿意，我們認為這將是一個令人難以置信的假期。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

My follow-up question is given what we're seeing in margins as some of these products get more expensive to produce to be competitive, would you be open to passing some of those costs on to your customers?

我的後續問題是鑑於我們在利潤率方面看到的情況，因為其中一些產品的生產成本更高以具有競爭力，您是否願意將其中一些成本轉嫁給您的客戶？

Obviously historically you've announced new products and maintained a lot of those price points.

顯然，從歷史上看，您已經宣布了新產品並保持了很多這樣的價格點。

It's a hypothetical question.

這是一個假設性的問題。

And so we think we've made great choices on those products and the prices and as you know, our customary practice -- long-standing customary practice is just to guide for the current quarter.

因此，我們認為我們在這些產品和價格上做出了很好的選擇，正如你所知，我們的慣例——長期的慣例只是為本季度提供指導。

And so I wouldn't want to talk about what we might do post that.

所以我不想談論我們可能會做些什麼。

Great.

偉大的。

Thank you.

謝謝你。

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Peter or Tim, my first question is around the sequential guidance for revenue of around 44% quarter on quarter for December.

彼得或蒂姆，我的第一個問題是關於 12 月季度收入環比增長約 44% 的連續指導。

Can you provide us some context about how we should think about the iPad and the iPhone families in particular?

您能否為我們提供一些關於我們應該如何特別考慮 iPad 和 iPhone 系列的背景信息？

How their revenue growth could dovetail with that 44%?

他們的收入增長如何與這 44% 相吻合？

Hi, Mark.

嗨，馬克。

It's Peter.

是彼得。

You're asking the sequential question but I do want just to remind everybody that if you're looking at this year over year and comparing the sequentials year over year, don't forget about the 14th week last year in Q1.

你問的是順序問題，但我確實想提醒大家，如果你正在查看今年的同比情況並比較同比情況，請不要忘記去年第一季度的第 14 週。

You need to adjust for that and I think it would give you a different answer if you were comparing anything year over year.

您需要對此進行調整，如果您逐年比較任何東西，我認為它會給您一個不同的答案。

Specific to your question about iPhone and iPad sequentially, we have just announced amazing new products in both lineups, and we expect large sequential increases going from the September to December quarter.

具體到您關於 iPhone 和 iPad 順序的問題，我們剛剛宣布了這兩個系列中令人驚嘆的新產品，我們預計從 9 月到 12 月季度會有較大的連續增長。

And as a result, we're thrilled to be providing guidance tonight for $52 billion of revenue.

因此，我們很高興今晚能夠為 520 億美元的收入提供指導。

Okay.

好的。

And then, Tim, a question on the iPhone 5, as far as just the global rollout, what is the approach?

然後，蒂姆，關於 iPhone 5 的一個問題，就全球推出而言，方法是什麼？

Is the approach to first touch all 100 countries?

是先接觸所有100個國家的方法嗎？

And have supply constraints impacting all 100 countries first?

供應限制首先會影響所有 100 個國家嗎？

And then go back and backfill all of those different outlets?

然後返回並回填所有這些不同的出口？

Or will there be certain markets where you decide to reach supply demand equilibrium first and then keep some of those other 100 countries kind of at constrained levels?

還是在某些市場中，您決定首先達到供需平衡，然後將其他 100 個國家中的一些國家保持在有限的水平？

Kind of curious about the average there.

有點好奇那裡的平均水平。

Are you going to try to first sprinkle the product everywhere and then backfill later?

您是否要嘗試先將產品灑在各處，然後再回填？

Or will it be more targeted?

還是會更有針對性？

What we did initially, Mark, was we planned the first 30 to 40 countries prior to introducing the product.

馬克，我們最初所做的是在推出產品之前計劃了前 30 到 40 個國家。

And rolled those out across a September in two different days.

並在兩個不同的日子裡在整個 9 月推出。

The balance of the quarter, we planned with an eye toward the supply and what we think the demand will be.

在本季度的剩餘時間裡，我們計劃著眼於供應以及我們認為的需求。

But we do plan these in advance.

但我們會提前計劃這些。

And so it is not a precise science.

所以它不是一門精確的科學。

And we obviously have to plan those with several weeks of notice.

我們顯然必須提前數週通知這些計劃。

And so occasionally, it can be different than what we think.

所以偶爾，它可能與我們的想法不同。

Okay.

好的。

Thank you.

謝謝你。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Regarding the iPad, you said that you priced it very aggressively.

關於 iPad，你說你的定價非常激進。

I think many people on the street seem to have a slightly different view.

我想街上很多人的看法似乎略有不同。

Could you maybe talk a little bit about your pricing philosophy and was it driven by cost?

你能談談你的定價理念嗎？它是由成本驅動的嗎？

Or is it just more to keep a premium brand given the quality of your products?

或者，考慮到您的產品質量，是否只是為了保持優質品牌？

Steve, it's Peter.

史蒂夫，是彼得。

When we set out to build the iPad mini, we didn't set out to build a small, cheap tablet.

當我們著手打造 iPad mini 時，我們並沒有著手打造一款小巧、廉價的平板電腦。

We set out to build a smaller iPad that offered the full iPad experience, as our customers would expect.

正如我們的客戶所期望的那樣，我們著手打造一款更小的 iPad，以提供完整的 iPad 體驗。

As a result, the difference between the iPad mini and the competition is profound.

因此，iPad mini 與競爭對手之間的差異是深刻的。

Our iPad mini begins with a 7.9-inch display, which is 35% larger than the 7-inch tablets, providing a much better experience.

我們的 iPad mini 配備 7.9 英寸顯示屏，比 7 英寸平板電腦大 35%，提供更好的體驗。

We are shipping two great cameras.

我們正在運送兩台很棒的相機。

FaceTime HD front and a 5 megapixel 1080p iSight rear camera versus typically one from our competition.

FaceTime HD 前置攝像頭和一個 5 兆像素 1080p iSight 後置攝像頭，而我們的競爭對手通常採用這種攝像頭。

We are shipping our fastest communications with dual band Wi-Fi and included the A5 chip, which has higher performance than our competitors.

我們正在運送我們最快的雙頻 Wi-Fi 通信，包括 A5 芯片，它比我們的競爭對手具有更高的性能。

And finally, the fit and finish of our precision unibody aluminum closure is breathtaking when held in your hands.

最後，我們的精密一體式鋁製封口的貼合和表面處理在您手中時令人嘆為觀止。

So that's what we've done.

這就是我們所做的。

The iPad mini has higher cost.

iPad mini 的成本更高。

And the gross margin is significantly below our corporate average.

毛利率遠低於我們的企業平均水平。

We're beginning at the height of the cost curve, but in addition to wanting to make a large number, we're going to work to try to get down the cost curves and be more efficient in manufacturing as we have been in the past with our other products.

我們從成本曲線的最高點開始，但除了想要大量生產外，我們還將努力降低成本曲線並像過去一樣提高製造效率與我們的其他產品。

Steve, it's Tim.

史蒂夫，是蒂姆。

One of the things we try to do is to create a product that people will love for months and years after they purchase it and continue using it in a robust way.

我們嘗試做的一件事是創造一種人們在購買後會喜歡數月甚至數年的產品，並繼續以穩健的方式使用它。

So that's what iPad mini has been designed to do.

這就是 iPad mini 的設計初衷。

And you can really see that more broadly on iPad by looking at the usage statistics.

通過查看使用統計數據，您可以在 iPad 上更廣泛地看到這一點。

As I've mentioned earlier this week, over 90% of the web traffic from tablets are from iPads.

正如我本週早些時候提到的，平板電腦上超過 90% 的網絡流量來自 iPad。

And so Apple will not make a product that somebody may feel good about for the moment that they're paying for it and then when they get it home, they rarely ever use it again.

因此，Apple 不會製造出人們可能會在他們支付的那一刻感覺良好的產品，然後當他們把它帶回家時，他們就很少再使用它了。

That's not what we're about.

這不是我們的目的。

It's not the kind of experience we want our customers to have.

這不是我們希望客戶擁有的那種體驗。

And I think when -- I would encourage you to use an iPad mini and I don't think you'll be using anything other than maybe another iPad or something after you do that.

我想什麼時候——我會鼓勵你使用 iPad mini，而且我認為在你這樣做之後，除了可能是另一台 iPad 或其他東西之外，你不會使用任何其他東西。

I look forward to it.

我很期待。

Could you comment on your enterprise opportunity?

您能評論一下您的企業機會嗎？

Obviously a lot of it is BYOD but you have many retailers who have a corporate directive to use iPads and so forth.

顯然其中很多是 BYOD，但您有許多零售商都有使用 iPad 等的公司指令。

Are you doing anything a little bit more aggressive to support that market particularly with the Windows pads now coming out?

您是否正在採取更積極的措施來支持該市場，尤其是現在推出的 Windows 平板電腦？

We now have almost all of the Fortune 500 that are testing or deploying iPad.

現在，幾乎所有財富 500 強企業都在測試或部署 iPad。

And I think with the recent announcements, the penetration will only grow.

而且我認為隨著最近的公告，滲透率只會增加。

We've also pushed fairly aggressively in the global 500.

我們還相當積極地推動了全球 500 強。

And so those numbers now are above 80% on both iPhone and iPad.

所以現在這些數字在 iPhone 和 iPad 上都超過了 80%。

And so I feel like we're doing fairly well there.

所以我覺得我們在那裡做得很好。

There's clearly much more to do, but I'm feeling pretty good about it.

顯然還有很多事情要做，但我對此感覺很好。

Thank you.

謝謝你。

Scott Craig, Bank of America Merrill Lynch.

美國銀行美林證券的斯科特·克雷格。

Tim, can you maybe comment on the component environment a little bit, particularly with related to iPad, iPad mini, and iPhone and just where you see some of the constraints perhaps here as your launching?

Tim，您能否對組件環境稍加評論，尤其是與 iPad、iPad mini 和 iPhone 相關的組件環境，以及您在發佈時看到的一些限制？

And then, Peter, just a quick one for you, the volatility on the OI&E line, is that just a calendar third-quarter and calendar fourth-quarter issue and then it normalizes or is that going to continue?

然後，彼得，對你來說只是一個快速的，OI&E 線上的波動，這只是日曆第三季度和日曆第四季度的問題，然後它會正常化，還是會繼續？

Thanks.

謝謝。

Scott, it's Tim.

斯科特，是蒂姆。

In terms of iPad and iPhone, I don't see a component shortage gating us for the quarter in the numbers that we've given you in the guidance.

就 iPad 和 iPhone 而言，根據我們在指南中提供的數字，我認為本季度不會出現組件短缺問題。

I think we've solved some challenges there and feel good about our position.

我認為我們已經解決了那裡的一些挑戰，並且對我們的位置感覺良好。

In terms of general shortages, on the iMac we'll be constrained for the full quarter in a significant way.

就普遍短缺而言，在 iMac 上，我們將在整個季度受到很大限制。

Part of that is that we're beginning shipping the 21.5-inch iMac in November and the 27-inch in December.

部分原因是我們將在 11 月開始發售 21.5 英寸 iMac，在 12 月開始發售 27 英寸。

And so there will be a short amount of time during the quarter to manufacture and ramp those and I expect the demand to be robust.

因此，在本季度將有很短的時間來製造和增加這些產品，我預計需求會很強勁。

So we will have a significant shortage there.

因此，我們將在那裡嚴重短缺。

The others are more based on how big is big from a demand point of view.

其他的更多是基於從需求的角度來看有多大。

And that is very difficult to predict but you can tell that we are extremely bullish on the demand with the revenue guidance that Peter talked about earlier.

這很難預測，但你可以看出我們非常看好彼得之前談到的收入指導的需求。

So hopefully that answers your question.

所以希望這能回答你的問題。

Yes.

是的。

Thanks.

謝謝。

This is Gary.

這是加里。

I'll take the OI&E question.

我會回答 OI&E 的問題。

I'll expand on Peter's remarks just a little bit.

我將稍微擴展一下彼得的評論。

While interest income was about what we expected, foreign exchange hedging expense was higher than we expected relative to our guidance.

雖然利息收入與我們預期的差不多，但相對於我們的指引，外匯對沖費用高於我們的預期。

Without getting overly detailed, dollar weakness late in the quarter and accounting rules required us to accelerate and recognize a large amount of foreign exchange premium expense related to future quarter hedges in the current quarter.

在沒有過於詳細的情況下，本季度末美元疲軟和會計規則要求我們在本季度加速並確認與未來季度對沖相關的大量外匯溢價費用。

All things being equal, premium expense in Q1 should be lower.

在所有條件相同的情況下，第一季度的保費支出應該會更低。

This has been factored into our December OI&E guidance of $380 million.

這已計入我們 12 月 3.8 億美元的 OI&E 指導。

Brian Marshall, ISI Group.

ISI 集團的布賴恩·馬歇爾。

If you look at the iPhone unit growth versus the revenue growth, that's been a pretty similar dynamic over the past several quarters, but when you look at that same dynamic for the iPad it's actually started to break down slightly over the past couple quarters.

如果你看看 iPhone 的銷量增長與收入增長的對比，過去幾個季度的動態非常相似，但是當你看 iPad 的動態時，它實際上在過去幾個季度開始略有下降。

In fact, this most recent quarter it looks like revenues grew three times faster than the unit growth, so I guess the question is, is this just simply the market migrating down to the low end of the SKU stack or is this less accessories from an attach or a dollar spend?

事實上，最近一個季度的收入增長速度似乎是單位增長的三倍，所以我想問題是，這僅僅是市場向 SKU 堆棧的低端遷移，還是來自附上還是一美元花？

And I have a quick follow-up.

我有一個快速跟進。

Brian, it's Peter.

布賴恩，是彼得。

I didn't quite follow your three times, but the iPhone ASPs were relatively flat in the September quarter year on year and were up slightly on a sequential basis.

我沒有完全遵循你的三倍，但 iPhone ASP 在 9 月季度同比相對持平，環比略有上升。

The iPad ASPs were down year over year in a low-double digit way.

iPad ASP 同比下降兩位數。

But this really was reflective of our price reduction on the iPad 2, the stronger dollar and a little bit of change in mix.

但這確實反映了我們在 iPad 2 上的降價、美元走強以及組合的一些變化。

And that's what drove the ASP change year over year.

這就是推動 ASP 年復一年變化的原因。

On a sequential basis, iPad ASPs were actually pretty flat.

在連續的基礎上，iPad ASP 實際上相當平緩。

Great.

偉大的。

Thanks.

謝謝。

And then the quick follow-up is looks like this is the second quarter in a row that the United States iPhone activations is actually growing faster than the international market, and that seems like a strange dynamic considering the magnitude of the TAM of the international being order of magnitude larger than the US.

然後快速跟進看起來這是連續第二個季度美國 iPhone 激活實際上增長速度快於國際市場，考慮到國際市場的 TAM 規模，這似乎是一個奇怪的動態比美國大一個數量級。

I just wonder if you could comment on that.

我只是想知道你是否可以對此發表評論。

Thanks.

謝謝。

I think it's important to remember there that we launched iPhone 5 in the US during the quarter and where we launched in some international countries, the bulk of the world, we did not launch yet.

我認為重要的是要記住，我們在本季度在美國推出了 iPhone 5，而我們在一些國際國家（世界大部分地區）推出了 iPhone 5，但我們還沒有推出。

And so I would have expected to have seen a more significant growth in the US versus the rest of the world.

因此，我本以為美國會比世界其他地區出現更顯著的增長。

Thank you.

謝謝你。

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Clarification question.

澄清問題。

Will the iPhone 5 launch in mainland China occur in the December quarter?

iPhone 5 在中國大陸的發布會在 12 月季度發生嗎？

Keith, it's Tim.

基思，是蒂姆。

Yes, we project that it will occur in December.

是的，我們預計它將在 12 月發生。

Okay.

好的。

Thanks.

謝謝。

And for the clarification on top of that, did you comment that you think you will be able to meet supply of iPhones at the end of the December quarter?

最重要的是，您是否評論說您認為您將能夠在 12 月季度末滿足 iPhone 的供應？

Or do you think you will end the quarter with backlog of iPhone 5 or iPhones, I should just say as a product category?

或者你認為你會以 iPhone 5 或 iPhone 的積壓結束本季度，我應該只是說作為一個產品類別？

I'm actually not projecting whether supply and demand will balance for the quarter.

我實際上並沒有預測本季度的供需是否會平衡。

I'm saying that I feel great about where we are on the manufacturing ramp, that we are -- our supply output is significantly higher than it was earlier in October.

我的意思是，我對我們在製造斜坡上所處的位置感覺很好，我們現在的供應產量明顯高於 10 月初。

And I'm confident that we'll be able to supply quite a few during the quarter, but in terms of when that balance occurs, I can't tell at this point.

而且我相信我們將能夠在本季度供應不少，但就何時出現這種平衡而言，我目前無法確定。

Okay.

好的。

Demand is very robust.

需求非常強勁。

Okay.

好的。

Thanks very much.

非常感謝。

Chris Whitmore, Deutsche Bank.

德意志銀行的克里斯·惠特莫爾。

Tim I wanted to go back to the iPad one more time if I could.

蒂姆 如果可以的話，我想再回到 iPad 上一次。

Specifically I wanted to ask or try to get a feel for your view around the emerging model in the tablet space where vendors are willing to subsidize their hardware with content or search where many of these vendors are selling hardware at a breakeven or even a loss, and hoping to make it up on the back end.

具體來說，我想詢問或嘗試了解您對平板電腦領域新興模型的看法，其中供應商願意用內容補貼他們的硬件，或者搜索其中許多供應商以盈虧平衡甚至虧損的方式銷售硬件，並希望在後端彌補。

How is that impacting your iPad business if at all?

如果有的話，這對您的 iPad 業務有何影響？

And is that something Apple would consider going forward?

這是蘋果會考慮向前發展的事情嗎？

We've seen low-cost challengers before.

我們以前見過低成本的挑戰者。

And iPad continues to beat every other tablet on the market at any price.

iPad 繼續以任何價格擊敗市場上的所有其他平板電腦。

And so we think customers are very smart.

所以我們認為客戶非常聰明。

We think they have very high expectations.

我們認為他們有很高的期望。

We think that they want a device that can do more.

我們認為他們想要一種可以做更多事情的設備。

And we're confident that our focus on making the best product is what will win at the end of the day.

我們相信，我們專注於製造最好的產品是最終會獲勝的。

And so we will stay true to that.

因此，我們將堅持這一點。

Okay.

好的。

And my second question I wanted to ask about supply.

我想問的第二個問題是關於供應的。

It sounds like you've made a lot of changes to your supplier list as these new products are ramping perhaps due to strategic reasons.

聽起來您已經對供應商列表進行了很多更改，因為這些新產品可能由於戰略原因而不斷增加。

And is that creating an added layer of complexity as you try to ramp these new products?

當您嘗試推出這些新產品時，這是否會增加一層複雜性？

And to what extent is that contributing perhaps to the higher cost structure of these products?

這在多大程度上可能導致這些產品的成本結構更高？

I'm not sure what you're trying to get at there, but I would not say that there's been a significant change in our supplier partners.

我不確定您想了解什麼，但我不會說我們的供應商合作夥伴發生了重大變化。

There's always some change obviously, but I wouldn't describe any change as significant.

顯然總會有一些變化，但我不會將任何變化描述為顯著。

And there hasn't been a change that would have driven more cost if that's your specific question.

如果這是您的具體問題，那麼沒有任何改變會導致更多成本。

I was specifically asking about LCD and your Samsung relationship.

我特意詢問了 LCD 和你們三星的關係。

LCD -- I wouldn't characterize any change there as having driven any cost.

LCD——我不會將那裡的任何變化描述為驅動了任何成本。

And Samsung we continue to be a customer of Samsung.

三星我們仍然是三星的客戶。

And continue to have a commercial relationship.

並繼續保持商業關係。

Thank you.

謝謝你。

Kulbinder Garcha, Credit Suisse.

庫爾賓德·加查，瑞士信貸。

My first question I guess is for Tim.

我想我的第一個問題是針對蒂姆的。

Just in terms on the iPad mini, there's obviously been a fair amount of debate within Apple over the years whether to even do the smaller screen iPad, and can you speak about what you've learned over the last couple of years as to why the time for that now is right or was the technology is right, just any insight there would be helpful.

就 iPad mini 而言，這些年來蘋果內部顯然存在相當多的爭論，是否要製作更小的屏幕 iPad，你能談談你在過去幾年中學到的關於為什麼現在是正確的時間，或者技術是否正確，只要有任何見解都會有所幫助。

And then for Peter, my question is on gross margin.

然後對於彼得來說，我的問題是毛利率。

I just want to revisit it slightly in the sense that you guys have spoken about various higher cost structures before as well in the move from I think the 3GS to the 4 on the iPhone.

我只是想稍微重溫一下，因為你們之前已經談到了各種更高成本的結構，以及從 iPhone 上的 3GS 到 4 的轉變。

Even when the iPad was launched, in the end what we've seen is that the scale that Apple are building, the size of revenues you're getting to, the component reuse is meant that you actually very quickly got through these potential gross margin dips.

即使在 iPad 推出的時候，我們最終看到的是，Apple 正在建立的規模，你獲得的收入規模，組件重複使用意味著你實際上很快就通過了這些潛在的毛利率下跌。

Is anything structurally different this time around?

這次在結構上有什麼不同嗎？

Many thanks.

非常感謝。

On your question about iPad mini, the comments that I think you're referencing are comments that Steve had made before about 7-inch tablets.

關於你關於 iPad mini 的問題，我認為你所引用的評論是史蒂夫之前對 7 英寸平板電腦所做的評論。

And let me be clear, we would not make one of the 7-inch tablets.

讓我明確一點，我們不會製造一款 7 英寸平板電腦。

We don't think they are good products.

我們認為它們不是好產品。

And we would never make one.

我們永遠不會製造一個。

Not just because it's 7 inches, but for many reasons.

不僅僅是因為它是 7 英寸，還有很多原因。

One of the reasons, however is size.

然而，原因之一是尺寸。

And so I'm not sure if you saw our keynote, but the difference in just the real estate size between the 7.9, almost 8, versus 7 is 35%.

所以我不確定你是否看過我們的主題演講，但僅 7.9、幾乎 8 和 7 之間的房地產規模差異是 35%。

And when you look at the usable area, it's much greater than that.

當您查看可用區域時，它遠不止於此。

It's from 50% to 67%.

從 50% 到 67%。

And also, the iPad mini has the same number of pixels as iPad 2 does.

而且，iPad mini 的像素數與 iPad 2 相同。

And so you have access to all 275,000 apps that are in our App Store that have been custom designed to take advantage of the full canvas.

因此，您可以訪問我們 App Store 中的所有 275,000 個應用程序，這些應用程序經過定制設計，可以充分利用整個畫布。

And so iPad mini is a fantastic product.

所以 iPad mini 是一款了不起的產品。

It's not a compromised product like the 7-inch tablets are.

它不像 7 英寸平板電腦那樣是妥協的產品。

It's in a whole different league.

這是一個完全不同的聯盟。

Kulbinder, the sequential decline in gross margin that we see in the December quarter is largely being driven by many new form factor changes and some price reductions that we've taken that I went through in great detail.

Kulbinder，我們在 12 月季度看到的毛利率連續下降主要是由許多新的外形變化和我們已經詳細介紹的一些降價推動的。

And we believe that over 80% of the revenue that we will see in the December quarter will come from products that we just introduced in the last six weeks.

我們相信，我們將在 12 月季度看到的超過 80% 的收入將來自我們在過去六週內剛剛推出的產品。

And so while having lower gross margins on a new product is not something that's new for us, what is different this time is just the sheer number of new products that we've introduced in the last six weeks.

因此，雖然新產品的毛利率較低對我們來說並不是什麼新鮮事，但這次不同的是我們在過去六週內推出的新產品的絕對數量。

We just have not had that magnitude in the past.

我們只是在過去沒有那麼大。

So I don't see something that's structurally different.

所以我看不出結構上有什麼不同。

And we have a big focus on wanting to make a lot of these products to get them in customers' hands as quickly as we can, but we're also going to work to try and get down the cost curves and improve manufacturing and other efficiencies as we have successfully done in the past.

我們非常關注希望製造大量此類產品以盡快將它們送到客戶手中，但我們也將努力降低成本曲線並提高製造和其他效率正如我們過去成功完成的那樣。

So no change in what we're going to try and work on.

所以我們將嘗試和工作的內容沒有改變。

And we'll report to you in January how we did.

我們將在 1 月份向您報告我們的表現。

Thank you very much.

非常感謝。

A replay of today's call will be available for two weeks with a podcast on the iTunes Store, the webcast on Apple.com/investor, and via telephone.

今天電話會議的重播將在兩週內通過 iTunes Store 上的播客、Apple.com/investor 上的網絡廣播和電話進行。

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。

Please enter confirmation code 883-4583.

請輸入確認碼 883-4583。

These replays will be available by approximately 5.30 PM Pacific Time today, and members of the press with additional questions can contact Steve Dowling at 408-974-1896, and financial analysts can contact either Joan Hoover or me with additional questions.

這些回放將在今天太平洋時間下午 5.30 左右提供，媒體成員有其他問題可以聯繫 Steve Dowling，電話是 408-974-1896，金融分析師可以聯繫 Joan Hoover 或我有其他問題。

Joan is at 408-974-4570 and I'm at 408-974-5420.

瓊的電話是 408-974-4570，我的電話是 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。

EventID.

事件 ID。