蘋果 (AAPL) 2018 Q3 法說會逐字稿

Good day, and welcome to the Apple Inc. Third Quarter Fiscal Year 2018 Earnings Conference Call. Today's call is being recorded.

您好，歡迎來到蘋果公司。2018財年第三季財報電話會議。今天的通話將會被錄音。

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

此時此刻，我謹將電話轉交給投資人關係資深總監南希‧帕克斯頓，請她致開幕詞並作介紹。請繼續。

Thank you. Good afternoon, and thanks to everyone for joining us. Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

謝謝。下午好，感謝各位的到來。今天首先發言的是蘋果執行長提姆·庫克；隨後是財務長盧卡·馬埃斯特里。之後，我們將開放電話會議，接受分析師的提問。

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, taxes, capital allocation, share repurchases, dividends and future business outlook. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports on Form 10-K and Form 10-Q and the Form 8-K filed with the SEC today, along with the associated press release.

請注意，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置、股票回購、股息和未來業務展望的陳述。實際結果或趨勢可能與我們的預測有重大差異。有關更多信息，請參閱蘋果公司最近提交的 10-K 表格和 10-Q 表格定期報告以及今天提交給美國證券交易委員會的 8-K 表格中討論的風險因素，以及相關的新聞稿。

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

蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thank you, Nancy, and thanks to everyone for joining us. Today, we're proud to report our best June quarter revenue and earnings ever, thanks to the strong performance of iPhone, Services and Wearables. We generated $53.3 billion in revenue, a new Q3 record. That's an increase of 17% over last year's results, making it our seventh consecutive quarter of accelerating growth, our fourth consecutive quarter of double-digit growth and our strongest rate of growth in the past 11 quarters.

謝謝你，南希，也謝謝各位的到來。今天，我們很自豪地宣布，由於 iPhone、服務和穿戴式裝置的強勁表現，我們取得了有史以來最好的 6 月季度營收和盈利。我們創造了 533 億美元的營收，創下第三季新紀錄。與去年同期相比成長了 17%，這是我們連續第七個季度加速成長，連續第四個季度實現兩位數成長，也是過去 11 個季度以來最強勁的成長速度。

Our team generated record Q3 earnings per share of $2.34, an increase of 40% over last year. We are extremely proud of these results, and I'd like to share some highlights with you.

我們的團隊第三季每股盈餘創歷史新高，達到 2.34 美元，比去年同期成長 40%。我們對所取得的這些成果感到非常自豪，我想和大家分享一些亮點。

First, iPhone had a very strong quarter. Revenue was up 20% year-over-year, and our active installed base grew by double digits, driven by switchers, first-time smartphone buyers and our existing customers whose loyalty we greatly appreciate. iPhone X was the most popular iPhone in the quarter once again with a customer satisfaction score of 98% according to 451 Research. Based on the latest data from IDC, iPhone grew faster than the global smartphone market, gaining share in many markets including the U.S., Greater China, Canada, Germany, Australia, Russia, Mexico and the Middle East and Africa.

首先，iPhone 本季表現非常強勁。營收年增 20%，活躍用戶數量也實現了兩位數成長，這主要得益於新用戶轉換品牌、首次購買智慧型手機的用戶以及我們現有客戶的忠誠度，我們非常感謝他們的支持。根據 451 Research 的調查，iPhone X 再次成為本季最受歡迎的 iPhone，客戶滿意度高達 98%。根據IDC的最新數據，iPhone的成長速度超過了全球智慧型手機市場，並在美國、大中華區、加拿大、德國、澳洲、俄羅斯、墨西哥以及中東和非洲等許多市場獲得了市場份額。

Second, we had a stellar quarter in Services, which generated all-time record revenue of $9.5 billion fueled in part by double-digit growth in our overall active installed base. We feel great about the momentum of our Services business, and we're on target to reach our goal of doubling our fiscal 2016 Services revenue by 2020.

其次，我們的服務業務在本季度表現出色，創造了 95 億美元的歷史最高收入，部分原因是我們的整體活躍用戶基數實現了兩位數的成長。我們對服務業務的發展勢頭感到非常滿意，我們預計將實現 2020 年將 2016 財年服務收入翻倍的目標。

Our record Services results were driven by strong performance in a number of areas, and I'd like to briefly mention just some of these. Paid subscriptions from Apple and third parties have now surpassed 300 million, an increase of more than 60% in the past year alone. Revenue from subscriptions accounts for a significant and increasing percentage of our overall Services business.

我們創紀錄的服務表現得益於多個領域的強勁表現，我想簡單提及其中的一些領域。來自蘋果和第三方的付費訂閱用戶現已超過 3 億，僅在過去一年就成長了 60% 以上。訂閱收入在我們整體服務業務中所佔比例顯著且不斷成長。

What's more, the number of apps offering subscriptions also continued to grow. There are almost 30,000 available in the App Store today. The App Store turned 10 years old this month, and we set a new June quarter revenue record. The App Store has exceeded our wildest expectations, igniting a cultural and economic phenomenon that has changed how people work, learn and play. Customers around the world are visiting the App Store more often and downloading more apps than ever before. And based on third-party research estimates, the App Store generated nearly twice the revenue of Google Play so far in 2018.

此外，提供訂閱服務的應用程式數量也持續成長。目前App Store中已有近3萬款應用程式可供下載。App Store本月迎來了10週年，我們也創下了6月季度營收的新紀錄。App Store 超越了我們最瘋狂的預期，引發了一場文化和經濟現象，改變了人們的工作、學習和娛樂方式。世界各地的用戶比以往任何時候都更頻繁地訪問 App Store，下載的應用程式也更多。根據第三方研究估計，2018 年迄今為止，App Store 的收入幾乎是 Google Play 的兩倍。

The app economy is thriving, and thanks to the App Store, it's generating jobs for tens of millions of people around the world. Our developers have earned over $100 billion from the App Store since its launch, and we couldn't be more proud of them and what they've accomplished. We're hearing lots of developer excitement around our upcoming OS releases, which I'll talk about more in a moment, and can't wait to see what they can come up with next.

應用經濟蓬勃發展，得益於應用程式商店，它為世界各地數千萬人創造了就業機會。自 App Store 推出以來，我們的開發者已從中賺取了超過 1000 億美元，我們為他們以及他們所取得的成就感到無比自豪。我們聽到很多開發者對我們即將發布的作業系統感到興奮，我稍後會詳細介紹，迫不及待地想看看他們接下來能帶來什麼。

We've experienced rapid growth in our App Store search ad service. And as we announced earlier this month, we are expanding our geographic coverage to Japan, South Korea, France, Germany, Italy and Spain.

我們的 App Store 搜尋廣告服務實現了快速成長。正如我們本月稍早宣布的那樣，我們將業務範圍擴大到日本、韓國、法國、德國、義大利和西班牙。

We're also seeing strong growth in many of the other services as well. Just a few examples. Apple Music grew by over 50% on a year-over-year basis. AppleCare revenue grew at its highest rate in 18 quarters, partly due to our expanded distribution initiative. Cloud services revenue was also up over 50% year-over-year. Our communication services are experiencing record usage, which hit all-time highs for both the number of monthly active users of Messages and the number of FaceTime calls made, with growth accelerating from the March to June quarters. Siri requests have already exceeded 100 billion so far this fiscal year. And the number of articles read on Apple News more than doubled year-over-year.

我們也看到其他許多服務也實現了強勁成長。舉幾個例子。Apple Music 較去年同期成長超過 50%。AppleCare 收入實現了 18 個季度以來的最高增速，部分原因是由於我們擴大了分銷管道。雲端服務收入也較去年同期成長超過 50%。我們的通訊服務使用量創歷史新高，無論是「資訊」應用程式的月活躍用戶數還是 FaceTime 通話次數，都達到了歷史最高水平，並且從 3 月到 6 月，增長速度還在加快。本財年至今，Siri 的請求次數已超過 1,000 億次。Apple News 上的文章閱讀量比去年同期增加了一倍多。

Apple Pay continues to expand with well over 1 billion transactions last quarter, triple the amount from just a year ago, with growth accelerating from the March quarter. To put that tremendous growth into perspective, this past quarter, we completed more total transactions than great companies like Square and more mobile transactions than PayPal. Apple Pay is now live in 24 markets worldwide with over 4,900 bank partners, and we look forward to adding Germany later this year. We're excited to share that in the U.S., eBay is beginning to enable its sellers to accept Apple Pay, and CVS Pharmacy and 7-Eleven will roll out Apple Pay acceptance in locations nationwide this fall.

Apple Pay 繼續擴張，上季交易量超過 10 億筆，是去年同期的三倍，而且自 3 月季度以來成長速度加快。為了更直觀地展現這一巨大成長，上個季度，我們的交易總量超過了 Square 等知名公司，行動交易量也超過了 PayPal。Apple Pay 目前已在全球 24 個市場推出，擁有超過 4900 家銀行合作夥伴，我們期待今年稍後將 Apple Pay 擴展到德國。我們很高興地宣布，在美國，eBay 已開始允許其賣家接受 Apple Pay 付款，而 CVS 藥房和 7-Eleven 便利商店將於今年秋季在全國各地推出 Apple Pay 付款方式。

Transit is another important area of growth, and Apple Pay can be used with iPhone and Apple Watch to quickly and conveniently ride public transit in 12 metropolitan areas. Apple Pay Cash, our peer-to-peer payment service, is already serving millions of customers across the U.S. less than 8 months following its launch.

大眾運輸是另一個重要的成長領域，Apple Pay 可以與 iPhone 和 Apple Watch 配合使用，在 12 個大都市區快速便捷地乘坐公共交通工具。Apple Pay Cash 是我們推出的點對點支付服務，自推出以來不到 8 個月，已為美國數百萬客戶提供服務。

Our third highlight of the quarter is the outstanding results in Wearables, which comprises Apple Watch, AirPods and Beats and was up over 60% year-over-year, with growth accelerating from the March quarter. Our Wearables revenue exceeded $10 billion over the last 4 quarters, a truly remarkable accomplishment for a set of products that has only been in the market for a few years.

本季的第三個亮點是穿戴式裝置業務的出色業績，該業務包括 Apple Watch、AirPods 和 Beats，年成長超過 60%，並且從 3 月的季度開始加速成長。在過去的四個季度裡，我們的穿戴式裝置收入超過了 100 億美元，對於一套上市僅幾年的產品來說，這真是一項了不起的成就。

Apple Watch delivered record June quarter performance with growth in the mid-40% range. And we're thrilled to see so many customers enjoying AirPods. It reminds me of the early days of iPod when I started noticing white earbuds everywhere I went.

Apple Watch 六月季度業績創歷史新高，成長率達 40% 左右。我們很高興看到這麼多顧客喜歡 AirPods。這讓我想起了iPod剛問世的時候，那時我到處都能看到白色耳機。

A number of other notable events in the quarter. We expanded distribution of HomePods, 3 additional markets, and we added new immersive listening features with support for HomePod stereo pairs and a new multiroom audio system.

本季還發生了一些其他值得關注的事件。我們擴大了 HomePod 的分銷範圍，新增了 3 個市場，並增加了新的沉浸式聆聽功能，支援 HomePod 立體聲配對和新的多房間音訊系統。

In June, we hosted an extremely successful developers' conference that previewed many major advances coming this fall to our 4 operating systems: iOS, macOS, watchOS and tvOS. Developer and customer reaction has been very positive, and we have over 4 million users participating in our new OS beta programs.

6 月，我們舉辦了一場非常成功的開發者大會，會上預告了今年秋季我們的 4 個作業系統（iOS、macOS、watchOS 和 tvOS）將迎來許多重大改進。開發者和使用者的反應非常積極，已有超過 400 萬用戶參與了我們新的作業系統測試計畫。

Starting with iOS 12. Siri will take a major step forward with Siri Shortcuts, which deliver a new, much faster way to get things done and allow any app to work with Siri. We believe this will make Siri even more useful and significantly expand its adoption.

從 iOS 12 開始。Siri 將透過 Siri Shortcuts 向前邁出一大步，它提供了一種全新的、更快的方式來完成任務，並允許任何應用程式與 Siri 協同工作。我們相信這將使 Siri 更加實用，並顯著擴大其用戶群。

We've also designed performance improvements across iOS 12 to make everyday tasks faster and more responsive. Camera launches up to 70% faster, the keyboard appears up to 50% faster and apps can launch up to twice as fast. It's always been about empowering users to get the most from our products but not about spending all of their time using them. And so we're adding tools to iOS 12 to help our customers understand and take control of the time both they and the family spend interacting with their iOS devices.

我們也針對 iOS 12 的效能進行了改進，使日常任務運行更快、更靈敏。相機啟動速度提升高達 70%，鍵盤彈出速度提升高達 50%，應用程式啟動速度提升高達兩倍。我們一直以來的宗旨是讓使用者充分利用我們的產品，而不是讓他們把所有時間都花在使用這些產品上。因此，我們在 iOS 12 中添加了工具，以幫助我們的客戶了解並掌控他們和家人與 iOS 裝置互動的時間。

Activity Reports will provide information on the amount and nature of time spent on iPhones and iPads, and Screen Time will enable parents to monitor and limit their children's activity from their own iOS devices using Family Sharing in iCloud.

活動報告將提供有關在 iPhone 和 iPad 上花費的時間數量和性質的信息，而螢幕使用時間將使家長能夠使用 iCloud 中的「家人共享」功能，透過自己的 iOS 裝置監控和限制孩子的活動。

Developers will be able to build even more intelligent apps with just a few lines of code using the power of machine learning with Core ML 2 and Create ML. We've also included our third release of ARKit in only 1 year. With ARKit 2, iOS 12 will provide an even more powerful platform to make dynamic AR apps, integrating shared and persistent AR experiences, object detection and image tracking. We believe AR can enable profound experiences, and Apple is uniquely positioned to provide the best AR experience because of the seamless integration of our hardware and software.

透過 Core ML 2 和 Create ML 的機器學習功能，開發者只需幾行程式碼即可建立更聰明的應用程式。短短一年內，我們已經發布了第三個版本的 ARKit。iOS 12 透過 ARKit 2，將提供一個更強大的平台來製作動態 AR 應用，整合共享和持久的 AR 體驗、物件偵測和影像追蹤功能。我們相信 AR 可以帶來深刻的體驗，而 Apple 憑藉其硬體和軟體的無縫集成，在提供最佳 AR 體驗方面擁有得天獨厚的優勢。

The new capabilities of ARKit 2 will build on the potential of the thousands of AR apps already available in the App Store that are changing the way iPhone and iPad users see and experience the world.

ARKit 2 的新功能將進一步發揮 App Store 中已有的數千款 AR 應用程式的潛力，這些應用程式正在改變 iPhone 和 iPad 用戶看待和體驗世界的方式。

Turning to Mac. We want to empower our developers to bring their innovative apps from the iOS ecosystem to the Mac with minimal effort. Though iOS and macOS are different, they've shared common foundations from the very beginning. So we've taken key frameworks from iOS and adapted them to specific Mac behaviors like using a mouse or trackpad, resizing windows, copy and paste and drag and drop. We started with some of our own apps. So this fall, News, Stocks, Voice Memos and Home will be available on the Mac for the first time with macOS Mojave, and we'll be bringing these great new tools to our developers next year. We believe this will dramatically broaden the ecosystem to benefit all Mac users, creating even more great reasons to choose Mac. Also this fall, the Mac App Store is getting a full redesign with rich editorial content to help customers discover great Mac apps from our developers.

轉投Mac陣營。我們希望幫助開發者以最少的努力將他們在 iOS 生態系統中開發的創新應用程式移植到 Mac 平台。雖然 iOS 和 macOS 有所不同，但它們從一開始就擁有共同的基礎。因此，我們從 iOS 中藉鑒了關鍵框架，並將其調整為 Mac 的特定行為，例如使用滑鼠或觸控板、調整視窗大小、複製和貼上以及拖放。我們最初是從我們自己的一些應用程式開始的。因此，今年秋季，新聞、股票、語音備忘錄和家庭應用程式將首次隨 macOS Mojave 登陸 Mac，明年我們將把這些強大的新工具帶給我們的開發者。我們相信這將大大擴展生態系統，使所有 Mac 用戶受益，並為選擇 Mac 創造更多絕佳理由。今年秋季，Mac App Store 也將進行全面改版，提供豐富的編輯內容，幫助用戶發現我們開發者提供的優秀 Mac 應用程式。

We believe privacy is one of the most important issues of the 21st century, and we're always working to make our products more private and more secure for our users. As we announced at WWDC, beginning this fall, Safari will prevent share buttons and comment widgets on web pages from tracking users without their permission. Safari already protects personal data as users browse the web, so they won't be retargeted by ads.

我們認為隱私是 21 世紀最重要的議題之一，我們始終致力於讓我們的產品對使用者更加私密和安全。正如我們在 WWDC 上宣布的那樣，從今年秋天開始，Safari 將阻止網頁上的分享按鈕和評論小部件在未經用戶許可的情況下追蹤用戶。Safari瀏覽器在使用者瀏覽網頁時已經能夠保護個人數據，因此使用者不會被廣告再次定向投放。

For Apple Watch, users will see a significant expansion of features and functionality in watchOS 5. Apple Watch will become an even stronger companion for fitness, communication and quick access to information with features including new workouts, activity sharing competitions, auto workout detection, advanced running features, walkie-talkie, podcast and third-party apps on the Siri watch face.

對於 Apple Watch 用戶來說，watchOS 5 將帶來顯著的功能擴充。 Apple Watch 將成為健身、通訊和快速獲取資訊的更強大伴侶，新增功能包括新的鍛鍊項目、活動分享競賽、自動鍛鍊偵測、進階跑步功能、對講機、播客以及 Siri 錶盤上的第三方應用程式。

For Apple TV, we've seen major growth in sales since the introduction of Apple TV 4K last fall as video providers around the world choose Apple TV 4K to deliver their subscription services. Later this year, Charter Communications will begin offering Apple TV 4K to its customers in nearly 50 million U.S. households, providing access to live channels and tens of thousands of on-demand programs via the Spectrum TV app on Apple TV 4K, iPhone and iPad.

自去年秋季推出 Apple TV 4K 以來，Apple TV 的銷量大幅成長，世界各地的影片供應商都選擇 Apple TV 4K 來提供他們的訂閱服務。今年晚些時候，Charter Communications 將開始向其在美國近 5000 萬個家庭的客戶提供 Apple TV 4K，用戶可以透過 Apple TV 4K、iPhone 和 iPad 上的 Spectrum TV 應用程式存取直播頻道和數萬個點播節目。

In tvOS, we'll take the cinematic experience of Apple TV 4K to the next level this fall with support for Dolby Atmos audio and new features to easily find popular shows and movies. Apple TV 4K already offers customers the largest collection of 4K HDR movies. And this fall, iTunes will be the home to the largest collection of Dolby Atmos-supported movies anywhere.

今年秋季，tvOS 將透過支援杜比全景聲音頻和新增功能，將 Apple TV 4K 的戲院體驗提升到一個新的水平，讓用戶輕鬆找到熱門節目和電影。Apple TV 4K 已經為用戶提供了最豐富的 4K HDR 電影資源。今年秋季，iTunes 將擁有全球最大的杜比全景聲電影庫。

I'm proud that our team's hard work has an impact even beyond these innovative industry-leading products and services. We are always working to leave the world better than we found it. And as part of our commitment to address climate change and increase the use of renewable energy in our supply chain, we recently announced a first-of-its-kind investment fund in China.

我為我們團隊的辛勤工作所產生的影響遠遠超出這些創新且行業領先的產品和服務而感到自豪。我們始終致力於讓世界變得比我們發現它時更美好。作為我們應對氣候變遷和增加供應鏈中再生能源使用承諾的一部分，我們最近宣佈在中國設立首個此類投資基金。

Initially, 10 suppliers will join us in investing nearly $300 million over the next 4 years into the China Clean Energy Fund. The fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly 1 million homes.

最初，將有 10 家供應商與我們一起，在未來 4 年內向中國清潔能源基金投資近 3 億美元。該基金將在中國投資開發總計超過1吉瓦再生能源的清潔能源項目，相當於為近100萬戶家庭供電。

We're seeing great momentum in our Everyone Can Code and Everyone Can Create initiatives. More than 5,000 schools and community colleges are now teaching Everyone Can Code, and more than 350 schools have committed to incorporating Everyone Can Create into their curricula for the upcoming school year. Coding skills are opening doors for students and job seekers around the world as tremendous growth in the app economy creates opportunity everywhere we look. We're also teaming up with leading educators for blind and deaf communities across the United States, who will start teaching Everyone Can Code this fall.

我們看到「人人都能編程」和「人人都能創造」計畫取得了巨大進展。目前已有超過 5000 所中小學和社區學院開設了「人人都能編程」課程，超過 350 所學校承諾在即將到來的學年將「人人都能創造」課程納入其課程體系。隨著應用程式經濟的蓬勃發展，程式設計技能正在為世界各地的學生和求職者打開機會之門。我們也與美國各地盲人和聾人社區的頂尖教育工作者合作，他們將於今年秋季開始教授「人人都能程式設計」課程。

Looking ahead, we couldn't be more excited about the products and services in our pipeline as well as limitless applications for augmented reality and machine learning technology. We're working with key partners in the enterprise to change the way work gets done with iOS and Mac. We're welcoming communities and offering learning opportunities at our retail locations through hundreds of thousands of Today at Apple sessions each quarter. We're expanding our reach into emerging markets and seeing strong double-digit growth in revenue, and we're making great progress toward our goal of significantly expanding our Services business.

展望未來，我們對正在研發中的產品和服務，以及擴增實境和機器學習技術的無限應用感到無比興奮。我們正與企業中的關鍵合作夥伴攜手，改變使用 iOS 和 Mac 完成工作的方式。我們歡迎社區成員來到我們的零售店，並透過每季數十萬場「Today at Apple」課程提供學習機會。我們正在拓展新興市場，營收實現了強勁的兩位數成長，並且在大幅擴展服務業務的目標上取得了巨大進展。

And now for more details on the record June quarter results, I'd like to turn the call over to Luca.

現在，為了更詳細地介紹創紀錄的六月季度業績，我想把電話交給盧卡。

Thank you, Tim. Good afternoon, everyone. We are very pleased to report the financial results of our best June quarter ever. As we have done in every quarter this fiscal year, we set new quarterly records for both revenue and earnings per share with revenue up 17% year-over-year and EPS up 40%.

謝謝你，提姆。大家下午好。我們非常高興地宣布，該公司六月季度的財務表現創歷史新高。正如我們在本財年的每個季度所做的那樣，我們在營收和每股收益方面都創下了新的季度紀錄，營收年增 17%，每股收益同比增長 40%。

We generated $53.3 billion of revenue with year-over-year growth in all of our geographic segments and new June quarter records in the Americas, Europe, Japan and rest of Asia Pacific. We grew in each of our top 15 markets with especially strong performance in the U.S., Hong Kong, Russia, Mexico, the Middle East and Africa, all places where revenue was up by more than 20%.

我們創造了 533 億美元的收入，所有地區均實現了同比增長，美洲、歐洲、日本和亞太其他地區在 6 月季度均創下了新的紀錄。我們在前 15 個市場均實現了成長，其中美國、香港、俄羅斯、墨西哥、中東和非洲的業績尤為強勁，所有這些地區的收入成長均超過 20%。

Gross margin was 38.3%, flat sequentially, as cost improvements and foreign exchange offset the seasonal loss of leverage. Net income was $11.5 billion, up $2.8 billion or 32% over last year, and it was also a new June quarter record. Diluted earnings per share were $2.34, up 40%, and also a new record for the June quarter. And cash flow from operations was very strong at $14.5 billion.

毛利率為 38.3%，與上一季持平，成本改善和外匯因素抵消了季節性槓桿損失。淨利潤為 115 億美元，比去年同期成長 28 億美元，增幅達 32%，同時也創下了 6 月季度的新紀錄。稀釋後每股收益為 2.34 美元，成長 40%，也創下了 6 月季度的新紀錄。經營活動產生的現金流非常強勁，達到 145 億美元。

iPhone revenue grew 20% year-over-year, with iPhone ASP increasing to $724 from $606 a year ago, driven by the strong performance of iPhone X, iPhone 8, iPhone 8 Plus across the world.

iPhone 營收年增 20%，iPhone 平均售價從一年前的 606 美元增至 724 美元，這主要得益於 iPhone X、iPhone 8 和 iPhone 8 Plus 在全球範圍內的強勁表現。

During the quarter, we sold 41.3 million iPhones, with double-digit unit growth in several markets including the U.S., Canada, Germany, Switzerland, Mexico, Hong Kong, Russia, the Middle East and Africa. Our performance from a customer demand standpoint was stronger than our reported results as we reduced iPhone channel inventory by 3.5 million units during the quarter. We exited the June quarter towards the lower end of our target range of 5 to 7 weeks of iPhone channel inventory.

本季度，我們售出了 4,130 萬部 iPhone，在美國、加拿大、德國、瑞士、墨西哥、香港、俄羅斯、中東和非洲等多個市場實現了兩位數的銷售成長。從客戶需求角度來看，我們的業績比我們公佈的業績要好，因為我們在本季減少了 350 萬支 iPhone 通路庫存。6 月季度結束時，我們的 iPhone 通路庫存量接近我們 5 到 7 週目標範圍的下限。

Customer satisfaction with iPhone continues to be outstanding and is the highest in the industry. The latest survey of U.S. consumers from 451 Research indicates that across all the iPhone models, customer satisfaction was 96%, and combining iPhone 8, 8 Plus and iPhone X, it was even higher at 98%. And among business buyers who plan to purchase smartphones in the September quarter, 81% plan to purchase iPhones, up 3 points from the last survey.

iPhone 的用戶滿意度持續保持優異，位居業界最高水準。451 Research 最新對美國消費者的調查顯示，所有 iPhone 機型的顧客滿意度為 96%，而 iPhone 8、8 Plus 和 iPhone X 的滿意度加起來甚至更高，達到 98%。在計劃於 9 月季度購買智慧型手機的企業買家中，81% 的人計劃購買 iPhone，比上次調查增加了 3 個百分點。

Turning to Services. We had our best results ever with all-time record revenue of $9.5 billion. Services revenue included a favorable $236 million onetime item in connection with the final resolution of various lawsuits. Excluding this amount, Services revenue was still an all-time record, and the underlying growth rate of our Services business was a terrific 28% over last year. We generated double-digit Services growth in all our geographic segments, and the App Store, AppleCare, Apple Music, cloud services and Apple Pay all set new June quarter records.

轉到服務部分。我們取得了有史以來最好的業績，營收達到創紀錄的95億美元。服務收入包括一筆與多起訴訟最終解決有關的2.36億美元的一次性有利項目。剔除這部分金額後，服務收入仍創歷史新高，服務業務的實際成長率比去年成長了驚人的 28%。我們在所有地理區域的服務業務都實現了兩位數的成長，App Store、AppleCare、Apple Music、雲端服務和 Apple Pay 都創下了 6 月季度的新紀錄。

Our other product category also set a new record for the June quarter with revenue of over $3.7 billion. That's up 37% from last year with great sales momentum for both Apple Watch and AirPods. Apple Watch continues to be the best-selling smartwatch by a wide margin, and units and revenue grew dramatically during the quarter. AirPods continue to be a runaway success, and we've been selling them as fast as we can make them since their launch 1.5 years ago.

我們的另一個產品類別在六月的季度也創下了新的紀錄，收入超過 37 億美元。與去年相比成長了 37%，Apple Watch 和 AirPods 的銷售動能都非常強勁。Apple Watch 繼續以絕對優勢蟬聯最暢銷智慧手錶，本季銷售和營收均大幅成長。AirPods 持續熱銷，自 1.5 年前上市以來，我們的產品一直供不應求。

Next, I'd like to talk about the Mac. We were very happy to see double-digit year-over-year growth in our active installed base of Macs to a new all-time high, with nearly 60% of purchases during the quarter coming from customers who are new to Mac. Our year-over-year sales performance was impacted by the different timing of the MacBook Pro launch, which did not occur until early Q4 this year as opposed to June last year, with the subsequent channel fill during the June quarter. Even with the difficult launch comparison, we saw great momentum in many emerging markets with growth well into double digits, and we established new June quarter records for Mac sales in India, Turkey, Chile and Central and Eastern Europe.

接下來，我想談談Mac電腦。我們非常高興地看到，Mac 的活躍安裝量實現了兩位數的同比增長，創歷史新高，其中近 60% 的季度購買量來自 Mac 新用戶。由於 MacBook Pro 的上市時間與去年同期不同，我們的年比銷售表現受到了影響。今年 MacBook Pro 的上市時間是第四季初，而去年則是 6 月，隨後的通路補貨則是在 6 月進行的。即使面臨艱難的上市對比，我們仍然在許多新興市場看到了強勁的成長勢頭，實現了兩位數的成長，並在印度、土耳其、智利以及中歐和東歐地區創下了 Mac 銷量 6 月季度的新紀錄。

iPad unit sales grew for the fifth consecutive quarter, and we gained significant share of the global tablet market based on the latest estimates from IDC. We recorded double-digit iPad unit growth in both our Greater China and rest of Asia Pacific segments with a new June quarter record for iPad sales in mainland China. Almost half of iPad purchases in the quarter were by customers new to iPad, and our active installed base of iPads reached a new all-time high. Our overall performance compared to last year was impacted by the introduction of new iPad Pro models in June of last year, which resulted in both a different mix with higher ASPs in channel sales a year ago.

根據IDC的最新估計，iPad的銷量連續第五個季度增長，我們在全球平板電腦市場獲得了相當大的份額。我們在大中華區和亞太其他地區的 iPad 銷量均實現了兩位數成長，其中中國大陸地區 6 月的 iPad 銷量更是創下了新的季度紀錄。本季近一半的 iPad 買家是 iPad 新用戶，我們的 iPad 活躍裝置量也達到了歷史新高。與去年相比，我們的整體業績受到了去年 6 月推出新款 iPad Pro 機型的影響，導致通路銷售的組合與去年有所不同，平均售價也更高。

NPD indicates that iPad has 60% share of the U.S. tablet market in the June quarter, up from 51% share a year ago. And the most recent consumer survey from 451 Research measured iPad customer satisfaction ratings of 94%. And among business customers who plan to purchase tablets in the September quarter, 75% plan to purchase iPads.

NPD數據顯示，iPad在6月季度佔據了美國平板電腦市場60%的份額，高於去年同期的51%。451 Research 的最新消費者調查顯示，iPad 用戶滿意度為 94%。在計劃於 9 月季度購買平板電腦的企業客戶中，75% 計劃購買 iPad。

We continue to make great strides with enterprise customers across multiple industries. For example, financial services institutions are increasingly using iPads to deploy digital signature solutions for customer consent, compliance requirements, new account openings and services transactions. In the railway industry, businesses around the world are using iPhone and iPads to support operations, training, passenger engagement and maintenance activities.

我們在多個行業的企業客戶方面持續取得巨大進展。例如，金融服務機構越來越多地使用 iPad 來部署數位簽章解決方案，用於客戶同意、合規要求、新帳戶開立和服務交易。在鐵路產業，世界各地的企業都在使用 iPhone 和 iPad 來支援營運、培訓、乘客互動和維護活動。

And leading global automotive companies are deploying iPads in dealerships for sales enablement and end-to-end customer service management and are choosing iPhone as the standard mobile device for their employees around the world.

全球領先的汽車公司正在經銷商部署 iPad，用於銷售支援和端到端客戶服務管理，並選擇 iPhone 作為全球員工的標準行動裝置。

More and more companies are giving their teams a choice when it comes to the devices they use at work. And enterprises, including Salesforce and Capital One, are deploying Macs based on employee preference. In fact, at Salesforce, the majority of their 35,000 employees are using Macs. And companies tell us that Mac has been instrumental in helping them attract and retain talent while providing strong security, streamlined deployment workflow and significantly lower total cost of ownership.

越來越多的公司允許員工在工作中使用哪些設備。包括 Salesforce 和 Capital One 在內的多家企業正在根據員工的喜好部署 Mac 電腦。事實上，Salesforce公司35,000名員工中的大多數都在使用Mac電腦。各公司告訴我們，Mac 在幫助他們吸引和留住人才方面發揮了重要作用，同時也提供了強大的安全性、簡化的部署工作流程和顯著降低的整體擁有成本。

We're also seeing great interest in Business Chat, our powerful new way for organizations to connect with customers. Business Chat lets customers get answers to questions, resolve issues and complete transactions directly from within Messages by starting a conversation on their iPhone or iPad and even continue that conversation on their Mac or Apple Watch.

我們也看到大家對 Business Chat 非常感興趣，這是我們為企業與客戶建立聯繫而推出的強大新方式。Business Chat 讓客戶可以直接在 iPhone 或 iPad 上的「資訊」應用程式中發起對話，從而獲得問題的答案、解決問題並完成交易，甚至可以在 Mac 或 Apple Watch 上繼續對話。

Dish Network is making Business Chat available to customers across the U.S. to enhance the customer service experience for pay-TV. Customers can instantly reach a live agent with their questions, make account changes, schedule an appointment or order a pay-per-view movie or sporting event, all without leaving the Messages conversation.

Dish Network 正在向全美各地的客戶提供 Business Chat 服務，以提升付費電視的客戶服務體驗。客戶無需離開訊息對話即可立即聯繫到線上客服人員諮詢問題、更改帳戶、預約或訂購付費電影或體育賽事。

And Citizens Bank Park, home of the Philadelphia Phillies, is testing Business Chat with Aramark to handle beverage orders during games. Fans simply use their iPhone camera to scan a QR code on the back of their seats, taking them directly to a Business Chat conversation in Messages. From there, they can order drinks, pay quickly and securely with Apple Pay and have them delivered directly to their seats without missing a moment of on-field play.

費城費城人隊的主場市民銀行球場正在與 Aramark 合作測試 Business Chat，以便在比賽期間處理飲料訂單。粉絲只需使用 iPhone 相機掃描座椅背後的二維碼，即可直接進入「訊息」應用程式中的商務聊天對話。他們可以在這裡點飲料，使用 Apple Pay 快速安全地付款，並將飲料直接送到他們的座位上，不錯過場上比賽的任何精彩時刻。

Our retail and online stores had a great quarter, thanks to very strong growth from iPhone, AirPods and Apple Watch and the expansion of HomePod to Canada, France and Germany. Our stores hosted more than 250,000 of our very successful Today at Apple sessions. We continue to have content across all Today at Apple topics, including popular new sessions on music and photography. We opened our 50th retail store in Greater China during the quarter, and we just opened a beautiful new store in Milan this month, putting the number of stores located outside the U.S. to 46% of the total.

由於 iPhone、AirPods 和 Apple Watch 的強勁成長，以及 HomePod 向加拿大、法國和德國的擴張，我們的零售和線上商店本季業績非常出色。我們的門市舉辦了超過 25 萬場非常成功的「Today at Apple」課程。我們將繼續推出涵蓋所有「Today at Apple」主題的內容，包括廣受歡迎的音樂和攝影新課程。本季我們在大中華區開設了第 50 家零售店，本月又在米蘭開設了一家漂亮的新店，使美國以外的門市數量佔總數的 46%。

Let me now turn to our cash position. We ended the quarter with $243.7 billion in cash plus marketable securities. We retired $6 billion of debt during the quarter, leaving us with $102.6 billion in term debt and $12 billion in commercial paper outstanding for a net cash position of $129.1 billion. As we explained in February, we plan to reach a net cash neutral position over time.

現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券共2437億美元。本季我們償還了 60 億美元的債務，目前我們仍有 1,026 億美元的定期債務和 120 億美元的商業票據未償還，淨現金部位為 1,291 億美元。正如我們在二月解釋的那樣，我們計劃逐步實現淨現金中性。

We returned almost $25 billion to investors during the quarter, including $3.7 billion in dividends and equivalents. We repurchased $20 billion worth of Apple shares, of which $10 billion related to the completion of our previous $210 billion buyback program and $10 billion to the beginning of the new $100 billion authorization we announced 3 months ago for a total of 112.8 million shares repurchased through open market transactions during the quarter.

本季我們向投資者返還了近 250 億美元，其中包括 37 億美元的股息及等價物。我們回購了價值 200 億美元的蘋果股票，其中 100 億美元與我們先前完成的 2,100 億美元回購計畫有關，另外 100 億美元與我們 3 個月前宣布的新的 1,000 億美元授權計畫的啟動有關，本季度透過公開市場交易共回購了 1.128 億股股票。

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. We expect revenue to be between $60 billion and $62 billion. As you will recall, our September quarter results last year included a onetime favorable adjustment of $640 million to our Services revenue. Taking that adjustment into account, our revenue guidance implies year-over-year growth of about 16% to 19%.

隨著我們進入九月的季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在600億美元至620億美元之間。您應該還記得，我們​​去年 9 月季度的業績報告中包含了對服務收入的一次性有利調整 6.4 億美元。考慮到這項調整，我們的收入預期意味著同比增長約 16% 至 19%。

We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $7,950,000,000 and $8,050,000,000. We expect OI&E to be about $300 million, and we expect the tax rate to be about 15% before discrete items.

我們預計毛利率將在 38% 至 38.5% 之間。我們預計營運支出將在 79.5 億美元至 80.5 億美元之間。我們預計營運收入和支出約為 3 億美元，在扣除特殊項目之前，稅率約為 15%。

Also today, our Board of Directors has declared a cash dividend of $0.73 per share of common stock payable on August 16, 2018, to shareholders of record as of August 13, 2018.

今天，我們的董事會也宣布，將於 2018 年 8 月 16 日向截至 2018 年 8 月 13 日登記在冊的股東派發現金股息，每股普通股股息為 0.73 美元。

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

接下來，我想接受大家的提問。

Thank you, Luca. (Operator Instructions)

謝謝你，盧卡。（操作說明）

Our first question comes from Katy Huberty with Morgan Stanley.

我們的第一個問題來自摩根士丹利的凱蒂·休伯蒂。

I'll ask both my questions upfront. First, for Tim, you're on track to hit your Services revenue target even earlier than planned. So how are you thinking about the next legs of Services growth as you move into the next 3 to 5 years? And then for you Luca, NAND prices are falling this year. Services mix is rising. Those should both positively influence gross margins. And yet, we're seeing gross margin sort of hang out here at 38%. What are the offsetting headwinds? And is it possible that we could see the tailwinds start to overpower those headwinds in the next couple of quarters and see gross margins drift higher?

我會先把兩個問題都問清楚。首先，對提姆來說，你有望比計畫更早實現服務收入目標。那麼，展望未來 3 到 5 年，您如何看待服務業務的下一階段成長？還有，Luca，今年NAND快閃記憶體的價格會下降。服務業佔比上升。這兩者都會對毛利率產生正面影響。然而，我們看到毛利率徘徊在 38% 左右。有哪些抵消性的不利因素？未來幾季，順風能否戰勝逆風，毛利率是否有可能走高？

Yes, Katy, thanks for your questions, it's Tim. On the Services side, we're thrilled with the results. They were very broad-based. We had double-digit Services growth in all of the geographic segments. And the App Store, AppleCare, Apple Music, cloud services, Apple Pay all set new June quarter records. And then, of course, subscriptions have now passed 300 million as I've mentioned before. And so we're -- we couldn't be happier with how things are going. In terms of the next leg of this, we're -- given the momentum that we're seeing across the board, we feel great about our current services. But obviously, we're also thrilled about our pipeline that have some new services in it as well. And so with the combination of these, we feel great about hitting our objectives and maybe even doing a little better.

是的，凱蒂，謝謝你的提問，我是提姆。服務方面，我們對結果非常滿意。它們的覆蓋範圍非常廣。我們在所有地域區域的服務業務都實現了兩位數的成長。App Store、AppleCare、Apple Music、雲端服務和 Apple Pay 都創下六月季度新紀錄。當然，正如我之前提到的，訂閱用戶現在已經超過 3 億。所以，我們對目前的情況非常滿意。至於下一步的發展，鑑於我們目前看到的全面勢頭，我們對當前的服務感到非常滿意。但顯然，我們也對我們正在開發的新服務項目感到非常興奮。因此，綜合以上因素，我們對實現目標感到非常滿意，甚至可能做得更好。

Katy, for margins, let me tell you about the puts and takes for the June quarter, then I'll talk about the guidance for Q4 and make some general observations for the future. Starting with the June quarter, typically, we see a decline in gross margin going from the March quarter to the June quarter. Last year, we were down 40 bps, 2 years ago, we were down 140 bps. This year, we were able to keep GM flat sequentially. During the quarter, we always have some loss of leverage because of our typical seasonality. This year, we were able to offset that with some cost improvements, and also we had some favorability in foreign exchange on a sequential basis. Unfortunately, as you know, the U.S. dollar has already appreciated again recently, so we do not expect to see that favorability to repeat during the September quarter. But those are the puts and takes for June, and we're very happy to see gross margin sequentially flat for June. For September, we're also guiding about flat sequentially at the midpoint. As you know, we typically have what we call product transition costs during the September quarter. And this year, we also have about 30 bps of headwind from foreign exchange, again because the dollar has appreciated recently. We expect those 2 factors to be offset by positive leverage because we've seen the revenue guidance that we provided and the mix to Services that you've actually mentioned during your question. So we feel pretty good about most of the guidance for the fourth quarter. Looking forward, you know we don't provide guidance beyond the current quarter, but I think we have a pretty good record over the last several years to make good business decisions, balancing units, revenue and margins. As you know, foreign exchange has been a very significant headwind over the last 3-plus years, but we've been able to manage that. On the memory front, it is true that prices have started to decline. It has been a significant headwind for the last 12 to 18 months and still in the June quarter was negative. We believe that we're going to start seeing some improvement from here on.

凱蒂，關於利潤率，讓我先跟你說說六月季度的買賣情況，然後我會談談第四季度的業績指引，並對未來做一些總體展望。通常情況下，從 6 月的季度開始，毛利率會從 3 月的季度下降到 6 月的季度。去年我們下跌了 40 個基點，兩年前我們下跌了 140 個基點。今年，我們成功地保持了通用汽車業績環比持平。每個季度，由於季節性因素，我們總是會面臨一些槓桿損失。今年，我們透過一些成本改進措施抵消了這一影響，而且我們的外匯匯率也較上季出現了一些有利情況。不幸的是，正如您所知，美元最近已經再次升值，因此我們預計這種利好局面不會在9月份的季度重現。但以上是六月的業績展望，我們很高興看到六月毛利率環比持平。對於9月份，我們也預期環比持平，中點位附近為零。如您所知，我們在九月季度通常會有所謂的產品過渡成本。今年，我們還面臨約 30 個基點的外匯不利因素，這同樣是因為美元近期升值。我們預計這兩個因素將被積極的槓桿作用所抵消，因為我們已經看到了我們提供的收入指引以及您在問題中提到的服務業務組合。因此，我們對第四季的大部分業績預期都比較有信心。展望未來，您也知道我們不提供本季之後的業績指引，但我認為過去幾年我們在做出良好的商業決策、平衡銷售、收入和利潤率方面都有著相當不錯的記錄。如您所知，過去三年多來，外匯波動一直是很大的不利因素，但我們設法應對了這項挑戰。記憶體方面，價格確實已經開始下降。在過去的 12 到 18 個月裡，這一直是一個巨大的不利因素，而且在 6 月的季度中仍然呈現負面趨勢。我們相信從現在開始情況會有所改善。

Our next question will come from Shannon Cross with Cross Research.

下一個問題將來自 Cross Research 的 Shannon Cross。

Tim, can you talk a bit about trends within your iPhone sales? ASPs were above expectations. And now that you've had -- and that was clearly better than some of the comments from some of your competitors. Now that you've had about 9 months of experience with the high-end fully featured phone, can you talk a bit about what you think customers want, what the elasticity of demand is and how you're sort of thinking about your competitive position? And then I have a follow-up.

提姆，你能談談你們iPhone銷售的趨勢嗎？平均售價超出預期。現在你已經得到了——而且這顯然比一些競爭對手的評論要好得多。現在您已經擁有了大約 9 個月的高階全功能手機的使用經驗，您能否談談您認為客戶想要什麼，需求彈性如何，以及您如何看待您的競爭地位？然後我還有一個後續問題。

Yes. Shannon, we feel great about the results on iPhone, up 20%. And if you look for the cycle -- by the cycle, I mean Q1, Q2 and Q3, we've had, on an average weekly basis, growth in units of sort of mid-single-digit and ASP growth of double-digit. And so if you -- and look at iPhone X in particular, it's the most innovative smartphone on the market. We priced it at a level that represented the value of it, and we're really -- we could not be happier that it has been the top-selling iPhone since the launch, and so we feel terrific about iPhone X. If you look at the -- sort of the top of our line together, and by that I mean the iPhone X, the 8 and the 8 Plus, they are growing very nicely as you can probably tell from looking at the ASP, and we couldn't be happier with how that's gone. And so I think in this cycle, we've learned that customers want innovative products. And we sort of already knew that in other cycles and other points in times, but it just puts an exclamation point by that, I believe, with looking at the results. On the -- at the unit level, the iPhone SE had a difficult comp to the year-ago quarter, and so -- when we changed some of the configurations -- the memory configurations in the year-ago quarter. If you look at it on a geographic basis, the top 3 selling phones in urban China were iPhone, where iPhone X was #1 and has been for a couple of quarters. And iPhones make up 3 of the top 5 smartphones in the U.S., U.K. and Japan. And so it's difficult sometimes to get a read over exactly what's happening in the market. But given the industry numbers that we've seen, it's clear that we picked up global market share and picked up market share in several countries, not only iPhone but iPad as well.

是的。Shannon，我們對 iPhone 的銷售結果非常滿意，成長了 20%。如果你觀察週期——我所說的周期是指第一季、第二季和第三季——我們會發現，平均每週的銷售成長約為個位數，而平均售價成長約為兩位數。所以，如果你仔細看看——尤其是iPhone X，它是市場上最具創新性的智慧型手機。我們將其定價在了能夠體現其價值的水平，而且我們真的非常高興——自發布以來，它一直是銷量最高的iPhone，所以我們對iPhone X感到非常滿意。如果你看一下我們產品線中的高階機型，我指的是iPhone X、8和8 Plus，它們的成長勢頭非常強勁，正如你可能從平均售價（ASP）中看到的那樣，我們對這樣的表現非常滿意。所以我認為，在這個週期中，我們已經了解到顧客想要的是創新產品。我們其實在其他週期和其他時期就已經知道這一點了，但我相信，看到結果後，這一點就更加確鑿無疑了。從單位層級來看，iPhone SE 與去年同期相比表現不佳，因此，當我們改變一些配置時——例如去年同期的記憶體配置。從地理角度來看，中國城市地區銷售前三名的手機都是 iPhone，其中 iPhone X 排名第一，並且已經連續幾季保持領先。在美國、英國和日本，前五名的智慧型手機中，iPhone佔了三席。因此，有時很難準確判斷市場正在發生什麼。但根據我們所看到的行業數據，很明顯，我們不僅在 iPhone 上，而且在多個國家都獲得了市場份額，iPad 也是如此。

Great. And then can you talk a bit about China, up 19% -- Greater China, up 19% year-over-year during the quarter, I believe? Obviously, iPhone doing well, but -- there was some concern that maybe some of what's going on in the trade world might have impacted, it doesn't seem like that. So I'm just curious as to what you're seeing in China and how you're thinking about it as you look forward.

偉大的。那麼您能否談談中國的情況？據我所知，大中華區本季年增了19%？顯然，iPhone 的表現不錯，但是——之前有人擔心貿易界的一些事情可能會對其產生影響，但現在看來似乎並非如此。所以我很好奇你在中國看到了什麼，以及你對未來有何看法。

Yes, it's a good question. Thank you. This is the fourth consecutive quarter that we've had double-digit growth in Greater China. I mentioned how iPhone X and sort of the iPhones were selling. We did pick up share in iPhone and iPad. But if you look more holistically at our complete line, we had a double-digit growth from Services to iPad to iPhone and to our other product category, which the Watch did extremely well. And so there are lots of good things happening there. In terms of the tariffs themselves, maybe I could sort of take a step back because I'm sure that a lot -- some people have questions on this. And our view on tariffs is that they show up as a tax on the consumer and wind up resulting in lower economic growth and -- sometimes can bring about significant risk of unintended consequences. That said, the trade relationships and agreements that the U.S. has between -- between the U.S. and other major economies are very complex, and it's clear that several are in need of modernizing. But we think that in the vast majority of situations that tariffs are not the approach to doing that, and so we're sort of encouraging dialogue and so forth. In terms of the tariffs that have been imposed or have exited the comment period, I think that there's one that's exiting today, there have been 3 of those. And maybe I could walk through those briefly just to make sure everybody's on the same page. The first was the U.S. imposed a tariff on steel and aluminum that was -- many, many different countries, that started, I believe, at the beginning of June. There have been 2 other tariffs that have totaled about $50 billion of goods from China that have either been implemented or are exiting the comment period in this month. I think the latest one is today. If you look at those 3 tariffs, none of our products were directly affected by the tariffs. There is a fourth tariff, which includes goods valued at $200 billion, also focused on goods that are imported from China. That one is out for public comment. Probably like everyone else, we're evaluating that one, and we'll be sharing our views of it with the administration and so forth before the comment period for that one ends. It's actually a tedious process in going through it because you not only have to analyze the revenue products, which are a bit more straightforward to analyze, but you also have to analyze the purchases that you're making through other companies that are not related to revenue. Maybe they're related to data centers and this sort of thing. And so we're going through that now, and we'll be sharing our results later on those and feeding back from the comment. Of course, the risk associated with more of a macroeconomic issue, such as an economic slowdown in one or more countries or currency fluctuations that are related to tariffs is very difficult to quantify. And so that -- and we're not even trying to quantify that, to be clear about it. All of this said, we're optimistic, as I've been the whole time, that this will get sorted out because there's an inescapable mutuality with -- between the U.S. and China that sort of serves as a magnet to bring both countries together. Each country can only prosper if the other does. And of course, the world needs both U.S. and China to prosper, for the world to do well. That said, I can't predict the future, but I am optimistic that the countries will get through this. And we are hoping that calm heads prevail.

是的，這是個好問題。謝謝。這是我們在大中華區連續第四個季度實現兩位數成長。我提到了 iPhone X 以及 iPhone 系列其他機型的銷售情況。我們在 iPhone 和 iPad 的市佔率有所提升。但從更全面的角度來看我們的全部產品線，從服務到 iPad 到 iPhone 以及我們的其他產品類別，我們都實現了兩位數的成長，其中 Apple Watch 的表現尤為出色。所以那裡發生了很多好事。至於關稅本身，也許我可以退後一步，因為我相信很多人——有些人對此有疑問。我們認為關稅實際上相當於對消費者徵稅，最終會導致經濟成長放緩，有時甚至會帶來嚴重的意外後果。也就是說，美國與其他主要經濟體之間的貿易關係和協定非常複雜，顯然其中一些需要現代化。但我們認為，在絕大多數情況下，徵收關稅並不是解決問題的正確方法，因此我們鼓勵對話等等。就已實施或已結束意見徵詢期的關稅而言，我認為今天有一項關稅結束意見徵詢期，此前共有 3 項關稅結束意見徵詢期。或許我可以簡單地講解一下，確保大家都理解一致。首先是美國對鋼鐵和鋁徵收關稅，這項關稅影響了許多許多不同的國家，我相信是從 6 月初開始的。本月還有另外兩項關稅，總額約 500 億美元的中國商品關稅已實施或即將結束公眾評議期。我認為最新的就是今天。如果你看一下這三項關稅，你會發現我們的產品都沒有受到這些關稅的直接影響。還有第四項關稅，涉及價值 2,000 億美元的商品，同樣針對從中國進口的商品。該提案正在徵求公眾意見。可能和大家一樣，我們也在評估這項提案，我們會在意見徵詢期結束前與政府部門等各方分享我們的看法。實際上，這個過程很繁瑣，因為你不僅要分析收入產品（這比較容易分析），還要分析你透過其他公司進行的與收入無關的購買。或許它們與資料中心之類的東西有關。所以我們現在正在進行這項工作，稍後我們會分享我們的結果，並根據評論給予回饋。當然，與宏觀經濟問題相關的風險，例如一個或多個國家的經濟放緩或與關稅相關的貨幣波動，很難量化。所以——而且說實話，我們甚至都沒打算量化這一點。儘管如此，我們和我一直一樣樂觀地認為，這個問題最終會得到解決，因為美國和中國之間存在著一種不可避免的相互依存關係，這種關係就像磁鐵一樣，將兩國聯繫在一起。只有當其他國家繁榮發展時，每個國家才能繁榮發展。當然，世界需要美國和中國共同繁榮，世界才能發展得很好。話雖如此，我無法預測未來，但我樂觀地認為各國都能度過難關。我們希望大家能保持冷靜。

And that will come from Brian White with Monness, Crespi.

而這將由布萊恩懷特、莫內斯和克雷斯皮共同完成。

Yes. Tim, I'm wondering if you could talk a little bit about the multiyear partnership with Oprah Winfrey and what that says about your original content strategy. And also Apple Music, if you can give us a little more color, sort of an update maybe around paid subscribers or total subscribers around Apple Music and how you feel that's rolled out.

是的。提姆，我想請你談談與歐普拉溫芙瑞的多年合作關係，以及這反映了你的原創內容策略什麼。另外，關於 Apple Music，您能否再詳細介紹一下，例如 Apple Music 的付費用戶或總用戶數量的最新情況，以及您對 Apple Music 的推廣情況有何看法？

Yes, sure, Brian. Thanks for the question. We're very excited to work with Oprah. We think that her incomparable ability and talent to connect with audiences around the world are -- there's no match. And we think that we can do some great original content together, and so we could not be happier in working with Oprah. As you know, we hired 2 highly respected television executives last year, and they have been here now for several months and have been working on a project that we're not really ready to share the -- all the details about it yet. But I couldn't be more excited about what's going on there. And we've got great talent in the area that we've sourced from different places and feel really good about -- felt really good about what we will eventually offer. In terms of the sort of the key catalysts and the changes -- the cord-cutting, in our view, is only going to accelerate and probably accelerate at a much faster rate than is widely thought. We're seeing the things that we have on the periphery of this like Apple TV units and revenue grew by very strong double digits, very, very strong double digits in Q3. As I mentioned in my opening comments, we're seeing different providers pick up the Apple TV and use it as their box to go to market with their subscription service. There are -- within the 300 million-plus paid subscriptions, some of these are third-party video subscriptions, and we see the growth that is going on there. It's like 100% year-over-year. And so all the things from a -- all the forcing functions here from the outside all point to dramatic changes speeding up in the content industry. And so we're really happy to be working on something but just not ready to talk about it in, in depth today. In terms of Apple Music, we're well over 50 million listeners now when you add the -- our paid subscribers and the folks in the trial. And so we're moving along at a very, very good rate. It appears to us and what we've been told is that we took the leadership position in North America during the quarter, and we had leadership position in Japan. And so in some of the markets that we've been in for a long period of time, we're doing quite well. But really, the key thing in Music is not the competition between companies that are providing music, it's the -- the real challenge is to grow the market because if you add everyone up that's providing subscription music today or streaming music, it's -- outside of China, it's less than 200 million probably around the world. And so it does seem to me, there's an extraordinary opportunity in that business to grow the market well. And I think if we put our emphasis there, which we're doing, that -- we'll be a beneficiary of that as other people will as well. But I like where we are. Our revenues on Apple Music grew over 50%, as I'd mentioned earlier, during the quarter. And so it's really, really strong, strong results. Thanks for the question.

當然可以，布萊恩。謝謝你的提問。我們非常高興能與歐普拉合作。我們認為她與世界各地觀眾建立聯繫的無與倫比的能力和天賦——無人能及。我們認為我們可以一起創作出一些很棒的原創內容，所以我們非常高興能與歐普拉合作。如您所知，我們去年聘請了兩位備受尊敬的電視行業高管，他們已經在這裡工作幾個月了，一直在進行一個項目，但我們目前還不方便透露該項目的全部細節。但我對那裡正在發生的事情感到無比興奮。我們從不同的地方招募了該地區的優秀人才，我們對此感到非常滿意——對我們最終能夠提供的服務感到非常滿意。就關鍵催化劑和變化而言——我們認為，剪線潮只會加速，而且可能會以比人們普遍認為的更快的速度加速。我們看到，像 Apple TV 這樣的周邊產品，其銷售和收入在第三季度實現了非常強勁的兩位數成長，非常非常強勁的兩位數成長。正如我在開場白中提到的，我們看到不同的供應商紛紛採用 Apple TV 作為他們的機上盒，以推廣他們的訂閱服務。在超過 3 億的付費訂閱用戶中，有些是第三方影片訂閱用戶，我們看到了這部分用戶的成長。比去年同期成長了100%。因此，所有來自外部的因素——所有來自外部的驅動因素都指向內容產業正在加速發生劇烈的變化。所以我們很高興能參與這個項目，但今天還不方便深入討論。就 Apple Music 而言，加上付費用戶和試用用戶，我們現在的聽眾人數已經超過 5,000 萬人。因此，我們的進展速度非常非常快。在我們看來以及我們被告知的情況是，我們在本季度在北美佔據了領先地位，並且在日本也佔據了領先地位。因此，在我們長期經營的一些市場中，我們做得相當不錯。但實際上，音樂產業的關鍵不在於提供音樂的公司之間的競爭，而在於——真正的挑戰在於擴大市場，因為如果你把現在所有提供訂閱音樂或串流音樂的公司加起來，除了中國以外，全世界的用戶可能不到2億。因此，在我看來，這個產業確實存在著巨大的市場成長潛力。我認為，如果我們把重點放在那裡（而我們正在這樣做），那麼我們和其他人都會從中受益。但我喜歡我們現在所處的位置。正如我之前提到的，本季我們在 Apple Music 的營收成長超過 50%。所以結果非常非常出色。謝謝你的提問。

Toni Sacconaghi with Bernstein has our next question.

托尼·薩科納吉和伯恩斯坦將向我們提出下一個問題。

I have one for Luca and one for Tim, please. Luca, I'm wondering, as we think about modeling Q4, iPhone ASPs are typically up sequentially about 2% to 4%, sort of low single digits. Perhaps you can help us think through how we should be thinking about Q4. I know you provided some commentary last quarter on how we should be thinking about Q3 ASPs.

請給我一份給盧卡，一份給提姆。Luca，我在想，當我們考慮對第四季度進行建模時，iPhone 的平均售價通常會比去年同期成長 2% 到 4%，算是個位數的低漲幅。或許您可以幫助我們思考我們該如何看待第四季的問題。我知道您上個季度曾就我們應該如何看待第三季平均售價發表了一些評論。

Toni, as you know, we do not provide guidance for either units or ASPs for any product category. But of course, we provide a guidance on revenue. And the guidance range implies growth of 16% to 19%. We expect the growth to come from strong growth from iPhone, from Services and from Wearables, which has been a bit of our pattern during the course of the year. On iPhone ASP, the only thing that I would point out is that, obviously, we're exiting the June quarter at a significantly higher level than in the past. And so that, I think it's important to keep in mind -- as we move into the September quarter, it's important to keep in mind the type of revenue growth that we've implied in our guidance.

Toni，如你所知，我們不提供任何產品類別的銷售或平均售價指引。當然，我們會提供收入方面的指導。而預期區間意味著成長16%至19%。我們預計成長將主要來自 iPhone、服務和穿戴式裝置的強勁成長，這與我們今年的發展模式基本一致。關於 iPhone 平均售價，我唯一想指出的是，很顯然，我們六月季度末的售價水準比以往要高得多。因此，我認為重要的是要記住——隨著我們進入九月份的季度，重要的是要記住我們在業績指引中暗示的營收成長類型。

Okay. Tim, I was wondering if you could just comment a little bit about the health of the smartphone market. Apple's smartphone iPhone units have been relatively flat for 4 years. And I think you've probably been a share gainer during the period, which would suggest, at least at the high end of the market, that is perhaps flat to down. And I'm wondering if you can comment on, a, whether you believe that and what you think might be happening with replacement cycles and specifically also what impact, if any, you've seen from wider availability and less expensive replacement batteries for iPhones.

好的。提姆，我想請你簡單談談智慧型手機市場的現況。蘋果智慧型手機iPhone的銷量在過去4年中一直相對穩定。我認為在此期間，您可能已經獲得了股票收益，這表明，至少在高端市場，股市可能處於平穩或下跌狀態。我想請您評論一下，a，您是否相信這一點，以及您認為更換週期可能會發生什麼變化，特別是，iPhone 替換電池的供應更加充足、價格更低廉，您是否看到了任何影響。

I think the smartphone market is very healthy. I think it's actually the best market in the world to be in for someone that is in the business that we're in. So it's an enormous-sized market and whether it grows -- from our point of view, whether it grows 1% or 2% or 5% or 6% or 10% or shrinks 1% or 2%, it's a great market because it's just huge. And so that's kind of the way that I view that. iPhone revenues are up 20% for the quarter over last year. We're really pleased with that. And if you look at the sort of this cycle, which I'll define as Q1, Q2, Q3 for ease, you'll see that we've grown like mid-single digits and -- on an average weekly sales point of view and, of course, double-digit on ASP. And so I think it's really healthy. In terms of replacement cycles, as I've mentioned I think on a previous call, some replacement cycles are lengthening. I think that the major catalyst for that was probably the subsidy plans becoming a much smaller percentage of total sales around the world than they were at one time. And so I think that some are lengthening and -- but I think for us, the thing that we always have to do is come out with a really great innovative product. And I think that iPhone X shows that when you deliver great innovative product, there's enough people there that would like that, and it can be a really good business. And so that's how I look at that. In terms of the -- our installed base, which is something very important for us as it is one of the key drivers of Services, our active installed base on iPhone grew double digits over last year during the quarter. And so we're thrilled with that. And you can see that carrying through to the Services line, in the -- and the growth that we have there. In terms of batteries, we have never done an analysis internally about how many people decided to get a lower-priced battery than buy another phone because it was never about that for us. It was always about doing something great for the user. And I think if you treat the users and customers well, then you have a good business over time, and so that's how we look at that.

我認為智慧型手機市場發展非常健康。我認為對於我們這個行業的人來說，這實際上是世界上最好的市場。所以這是一個規模龐大的市場，無論它是成長——從我們的角度來看，無論是成長 1%、2%、5%、6% 還是 10%，還是萎縮 1% 或 2%，這都是一個巨大的市場，因為它實在太大了。所以，我大概就是這麼看的。本季iPhone營收比去年同期成長20%。我們對此非常滿意。如果你觀察這個週期（為了方便起見，我將其定義為第一季、第二季、第三季），你會發現，從平均每週銷售額來看，我們的成長幅度達到了中等個位數，當然，平均售價的成長幅度達到了兩位數。所以我認為這真的很有益健康。關於更換週期，正如我在之前的電話會議中提到的，我認為有些更換週期正在延長。我認為造成這種情況的主要催化劑可能是補貼計畫在全球總銷售額中所佔的比例比以前小了很多。所以我認為有些產品正在延長使用壽命——但我認為對我們來說，我們始終要做的是推出真正優秀的創新產品。我認為 iPhone X 表明，當你推出優秀的創新產品時，會有足夠多的人喜歡它，而且它可以成為一項非常好的生意。這就是我的看法。就我們的用戶基數而言，這對我們來說非常重要，因為它是服務業務的關鍵驅動因素之一。本季度，我們在 iPhone 上的活躍用戶基數比去年同期實現了兩位數的成長。所以，我們對此感到非常興奮。而且你可以看到這種趨勢也延續到了服務部門，以及我們在那裡的成長。就電池而言，我們內部從未分析過有多少人選擇購買價格更低的電池而不是購買另一部手機，因為我們從來就沒考慮過這個問題。一切的出發點始終都是為使用者創造卓越的體驗。我認為，如果你善待用戶和客戶，那麼從長遠來看，你的生意就會好起來，所以我們就是這樣看待這個問題的。

Next, we'll take a question from Laura Martin from Needham.

接下來，我們將回答來自尼德姆的勞拉·馬丁提出的問題。

Yes, can you hear me okay?

是的，你能聽清楚我說話嗎？

Yes.

是的。

Yes.

是的。

Great, okay. Super. I'd like to focus on product road map and strategy. There is a war going on for the home, the connected home, over the Internet of Things. And with 2 products, the HomePod and Apple TV in the home, my question is, strategically, how do you feel about the importance of being in the home and whether it threatens your dominance outside the home, with your core business in the mobile devices, if you sort of lose that battle? I'm just trying to figure out strategically, when you think about where the puck's going, how important is it for you to have a beachhead in the home as well as out of home?

好的。極好的。我想專注於產品路線圖和策略。一場圍繞著家庭、智慧家庭以及物聯網的戰爭正在進行中。鑑於蘋果目前擁有 HomePod 和 Apple TV 這兩款產品，我的問題是，從策略角度來看，您如何看待家庭市場的重要性？如果您在家庭市場這場戰役中失利，是否會威脅到您在行動裝置核心業務領域之外的統治地位？我只是想從戰略角度來思考，當你考慮冰球的運行軌跡時，在主場和客場都建立灘頭陣地對你來說有多重要？

I think the home business, Laura, is bigger than the HomePod and Apple TV. They're both important products clearly. But everybody has their iPhone at home as well and everybody has their Mac at home and everyone has their iPad at home. And so in terms of the -- Siri access points, there -- as you can tell from the 100 billion number I quoted in the script, there's an extraordinary amount of usage of these products that are used to perform home-related functions. I do that every day with controlling all my home automation and so on and so forth. Part of that is on HomePod, but part of it is with the Apple Watch and the iPhone and the iPad. And so I think home is important. Home is important. Work is important. The movement between the 2 are important. Health is important. So the smartphone has become the repository that goes across the whole of your life, not something that is just meant for a portion of it. And so I think all of those are important, and we're focused on all of them. Thanks for your question.

勞拉，我認為家庭娛樂業務的規模比 HomePod 和 Apple TV 更大。它們顯然都是重要的產品。但每個人家裡都有iPhone，每個人家裡都有Mac，每個人家裡都有iPad。因此，就 Siri 接入點而言，正如你在腳本中引用的 1000 億這個數字所看到的，這些用於執行家庭相關功能的產品的使用量非常大。我每天都會用這些方法來控制我的所有智慧家庭設備等等。一部分功能來自 HomePod，一部分功能來自 Apple Watch、iPhone 和 iPad。所以我認為家很重要。家很重要。工作很重要。兩者之間的轉換至關重要。健康很重要。因此，智慧型手機已經成為你整個生活的儲存庫，而不再僅僅用於記錄生活中的一部分。所以我認為所有這些都很重要，我們也正集中精力關注所有這些方面。謝謝你的提問。

That's helpful actually. Yes, sort of. I mean, I'll watch your product road map and be able to tell what the answer is. The other thing, the thing I get in fights with investors about the most is this, and I'd love your insight on this. I love the expansion of the new products. The question I have is, are they actually on-ramped into the Apple ecosystem, the Beats, the Watch, the AirPods, subscriptions? Are they on-ramped into the ecosystem? Or is the on-ramp to the ecosystem the iPhone, and then these new products add revenue per member once you get somebody into the ecosystem via the iPhone?

這確實很有幫助。是的，算是吧。我的意思是，我會關注你們的產品路線圖，然後就能知道答案是什麼了。還有一點，也是我和投資人爭論最多的一點，就是這一點，我很想聽聽你的見解。我喜歡新產品的不斷湧現。我的問題是，他們是否真正融入了蘋果生態系統，包括 Beats 耳機、Apple Watch、AirPods 和訂閱服務？它們是否已融入生態系？或者說，iPhone 是進入生態系統的入口，而這些新產品則是在用戶透過 iPhone 進入生態系統後，為每個成員增加收入？

The -- a lot of people that buy Apple products buy for the whole ecosystem even though they might not currently use all the different products. And so the way that I think about those products are they're products within the ecosystem itself. And there's a -- the AirPods have really gone through the roof, and the Apple Watch has hit an air pocket and has gone to a whole different level, as I had mentioned earlier, with our overall Wearables revenue. And so in my view, this is a part of the -- they are a core part of the ecosystem.

許多購買蘋果產品的人都是為了整個生態系統而購買，即使他們目前可能沒有使用所有不同的產品。因此，我認為這些產品是生態系統本身中的產品。而且，AirPods 的銷量真的飆升了，Apple Watch 也取得了巨大的成功，達到了一個全新的水平，正如我之前提到的，這帶動了我們整體可穿戴設備收入的增長。因此，在我看來，這是生態系統的一部分——它們是生態系統的核心組成部分。

And so they attract a new person to the ecosystem. Or does the person have to have an iPhone first?

這樣一來，它們就為生態系吸引了新的成員。或者說，這個人必須先擁有一部iPhone？

It is -- well, but on your point though, it is clear from communications that I've had with users that some of them were attracted to iPhone because of the Apple Watch. And so the Apple Watch led them to the iPhone. The reverse of that is also true is that somebody got the iPhone and then decided, "I really want something to coach me in fitness and to curate some of the communications and so forth like the Watch does so well." And so it's not always a linear path. I see these things as being somewhat fluid and different for each user.

確實如此——不過，就你提到的這一點而言，從我與用戶的交流中可以明顯看出，他們中的一些人是因為 Apple Watch 才選擇 iPhone 的。於是，Apple Watch 引導他們走向了 iPhone。反過來也一樣，有人買了iPhone後，會想：「我真的很想要一款能指導我健身、管理通訊等等的設備，就像Apple Watch那樣出色。」所以，這並不總是一條直線。我認為這些事情在某種程度上是動態的，並且因用戶而異。

So they're complementary and self-reinforcing. Okay, that makes sense. All right.

所以它們是互補的，並且相互促進的。嗯，有道理。好的。

Exactly right. Thank you for the questions.

完全正確。謝謝大家的提問。

Thank you, Laura. A replay of today's call will be available for 2 weeks on Apple podcast, as a webcast on apple.com/investor and via telephone. And the numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 5838188. And these replays will be available by approximately 5 p.m. Pacific Time today.

謝謝你，勞拉。今天的電話會議錄音將在 Apple Podcast、apple.com/investor 網站以及透過電話提供，有效期為兩週。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 5838188。這些回放影片大約在下午5點左右可以觀看。今天是太平洋時間。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142. And financial analysts can contact Matt Blake or me with additional questions. Matt is at (408) 974-7406, and I'm at (408) 974-5420. Thanks again for joining us.

媒體成員如有其他疑問，可致電 (408) 862-1142 聯絡 Josh Rosenstock。金融分析師如有其他疑問，可以聯絡 Matt Blake 或我。Matt 的電話號碼是 (408) 974-7406，我的電話號碼是 (408) 974-5420。再次感謝您的參與。

That does conclude our conference for today. Thank you for your participation.

今天的會議就到此結束。感謝您的參與。