蘋果 (AAPL) 2018 Q3 法說會逐字稿

Good day, and welcome to the Apple Inc.

美好的一天，歡迎來到 Apple Inc.

Third Quarter Fiscal Year 2018 Earnings Conference Call.

2018 財年第三季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri.

今天首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。

After that, we'll open the call to questions from analysts.

在那之後，我們將打開分析師提問的電話。

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.

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、稅收、資本分配、股票回購的陳述，股息和未來的業務前景。

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 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.

有關更多信息，請參閱 Apple 最近提交的有關 10-K 表格和 10-Q 表格的定期報告以及今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。

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。

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

我現在想把電話轉給蒂姆做介紹性發言。

Thank you, Nancy, and thanks to everyone for joining us.

謝謝你，南希，也感謝大家加入我們。

Today, we're proud to report our best June quarter revenue and earnings ever, thanks to the strong performance of iPhone, Services and Wearables.

今天，由於 iPhone、服務和可穿戴設備的強勁表現，我們很自豪地報告了我們有史以來最好的 6 月季度收入和收益。

We generated $53.3 billion in revenue, a new Q3 record.

我們創造了 533 億美元的收入，創下第三季度的新紀錄。

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.

這比去年的業績增長了 17%，這是我們連續第七個季度加速增長，連續第四個季度實現兩位數增長，也是過去 11 個季度中最強勁的增長率。

Our team generated record Q3 earnings per share of $2.34, an increase of 40% over last year.

我們的團隊創造了創紀錄的第三季度每股收益 2.34 美元，比去年增長了 40%。

We are extremely proud of these results, and I'd like to share some highlights with you.

我們對這些結果感到非常自豪，我想與您分享一些亮點。

First, iPhone had a very strong quarter.

首先，iPhone 有一個非常強勁的季度。

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.

收入同比增長 20%，我們的活躍安裝基數增長了兩位數，這得益於切換器、首次購買智能手機的買家以及我們非常感謝他們的忠誠度的現有客戶。

iPhone X was the most popular iPhone in the quarter once again with a customer satisfaction score of 98% according to 451 Research.

根據 451 Research 的數據，iPhone X 再次成為本季度最受歡迎的 iPhone，客戶滿意度得分為 98%。

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.

根據 IDC 的最新數據，iPhone 的增長速度超過了全球智能手機市場，在包括美國、大中華區、加拿大、德國、澳大利亞、俄羅斯、墨西哥以及中東和非洲在內的許多市場中獲得了份額。

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.

其次，我們在服務方面有一個出色的季度，創造了創紀錄的 95 億美元的收入，部分原因是我們的整體活躍安裝基數實現了兩位數的增長。

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.

我們對服務業務的發展勢頭感到滿意，我們的目標是到 2020 年實現 2016 財年服務收入翻番的目標。

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.

我們創紀錄的服務業績是由多個領域的強勁表現推動的，我想簡要提及其中的一些。

Paid subscriptions from Apple and third parties have now surpassed 300 million, an increase of more than 60% in the past year alone.

來自 Apple 和第三方的付費訂閱現已超過 3 億，僅在過去一年就增長了 60% 以上。

Revenue from subscriptions accounts for a significant and increasing percentage of our overall Services business.

訂閱收入在我們的整體服務業務中所佔的比例很大且不斷增加。

What's more, the number of apps offering subscriptions also continued to grow.

此外，提供訂閱服務的應用數量也在持續增長。

There are almost 30,000 available in the App Store today.

如今，App Store 中有近 30,000 個可用。

The App Store turned 10 years old this month, and we set a new June quarter revenue record.

本月 App Store 成立 10 週年，我們創下了新的 6 月季度收入記錄。

The App Store has exceeded our wildest expectations, igniting a cultural and economic phenomenon that has changed how people work, learn and play.

App Store 超出了我們的最大預期，引發了一種文化和經濟現象，改變了人們的工作、學習和娛樂方式。

Customers around the world are visiting the App Store more often and downloading more apps than ever before.

世界各地的客戶比以往任何時候都更頻繁地訪問 App Store 並下載更多應用程序。

And based on third-party research estimates, the App Store generated nearly twice the revenue of Google Play so far in 2018.

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.

應用經濟正在蓬勃發展，多虧了應用商店，它為全球數以千萬計的人創造了就業機會。

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.

自 App Store 推出以來，我們的開發人員已從 App Store 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。

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.

我們聽到很多開發人員對即將發布的 OS 版本感到興奮，我稍後會詳細討論，並且迫不及待地想看看他們接下來會想出什麼。

We've experienced rapid growth in our App Store search ad service.

我們的 App Store 搜索廣告服務經歷了快速增長。

And as we announced earlier this month, we are expanding our geographic coverage to Japan, South Korea, France, Germany, Italy and Spain.

正如我們本月早些時候宣布的那樣，我們正在將我們的地理覆蓋範圍擴大到日本、韓國、法國、德國、意大利和西班牙。

We're also seeing strong growth in many of the other services as well.

我們還看到許多其他服務的強勁增長。

Just a few examples.

只是幾個例子。

Apple Music grew by over 50% on a year-over-year basis.

Apple Music 同比增長超過 50%。

AppleCare revenue grew at its highest rate in 18 quarters, partly due to our expanded distribution initiative.

AppleCare 收入以 18 個季度以來的最高速度增長，部分原因是我們擴大了分銷計劃。

Cloud services revenue was also up over 50% year-over-year.

雲服務收入也同比增長超過 50%。

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.

我們的通信服務使用量創歷史新高，消息的月度活躍用戶數量和 FaceTime 通話數量均創下歷史新高，並且從 3 月到 6 月的季度增長加速。

Siri requests have already exceeded 100 billion so far this fiscal year.

本財年到目前為止，Siri 的請求已經超過 1000 億次。

And the number of articles read on Apple News more than doubled year-over-year.

Apple News 上閱讀的文章數量同比增長了一倍多。

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.

Apple Pay 繼續擴張，上個季度的交易量超過 10 億筆，是一年前的三倍，與 3 月季度相比增長加速。

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.

從這個巨大的增長來看，在上個季度，我們完成的總交易量超過了 Square 等偉大公司，移動交易量超過了 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.

Apple Pay 現已在全球 24 個市場上線，擁有超過 4,900 家銀行合作夥伴，我們期待在今年晚些時候加入德國。

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.

我們很高興在美國分享這一點，eBay 開始允許其賣家接受 Apple Pay，CVS 藥房和 7-11 將於今年秋季在全國各地推出 Apple Pay 接受服務。

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.

公交是另一個重要的增長領域，Apple Pay 可與 iPhone 和 Apple Watch 配合使用，在 12 個大都市地區快速便捷地乘坐公共交通。

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.

Apple Pay Cash 是我們的點對點支付服務，在推出不到 8 個月的時間裡，已經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.

我們本季度的第三個亮點是可穿戴設備的出色業績，其中包括 Apple Watch、AirPods 和 Beats，同比增長超過 60%，與 3 月季度相比增長加速。

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.

在過去的四個季度中，我們的可穿戴設備收入超過了 100 億美元，對於一系列僅在市場上推出幾年的產品來說，這確實是一項了不起的成就。

Apple Watch delivered record June quarter performance with growth in the mid-40% range.

Apple Watch 在 40% 的中間範圍內實現了創紀錄的 6 月季度業績。

And we're thrilled to see so many customers enjoying AirPods.

我們很高興看到這麼多客戶喜歡 AirPods。

It reminds me of the early days of iPod when I started noticing white earbuds everywhere I went.

它讓我想起了 iPod 的早期，那時我開始注意到我所到之處都是白色的耳塞。

A number of other notable events in the quarter.

本季度還有許多其他值得注意的事件。

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.

我們擴大了 HomePods 的分銷，增加了 3 個市場，並添加了新的沉浸式聆聽功能，支持 HomePod 立體聲對和新的多房間音頻系統。

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.

6 月，我們舉辦了一次非常成功的開發者大會，預覽了今年秋天我們 4 種操作系統的許多重大進展：iOS、macOS、watchOS 和 tvOS。

Developer and customer reaction has been very positive, and we have over 4 million users participating in our new OS beta programs.

開發人員和客戶的反應非常積極，我們有超過 400 萬用戶參與了我們的新操作系統測試計劃。

Starting with iOS 12.

從 iOS 12 開始。

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.

Siri 將通過 Siri Shortcuts 向前邁出一大步，它提供了一種新的、更快的方式來完成工作，並允許任何應用程序與 Siri 一起工作。

We believe this will make Siri even more useful and significantly expand its adoption.

我們相信這將使 Siri 更加有用，並顯著擴大其應用範圍。

We've also designed performance improvements across iOS 12 to make everyday tasks faster and more responsive.

我們還設計了 iOS 12 的性能改進，以使日常任務更快、響應更快。

Camera launches up to 70% faster, the keyboard appears up to 50% faster and apps can launch up to twice as fast.

相機的啟動速度提高了 70%，鍵盤的顯示速度提高了 50%，應用程序的啟動速度提高了兩倍。

It's always been about empowering users to get the most from our products but not about spending all of their time using them.

它始終是為了讓用戶能夠從我們的產品中獲得最大收益，而不是讓他們將所有時間都花在使用它們上。

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.

因此，我們正在向 iOS 12 添加工具，以幫助我們的客戶了解並控制他們和家人與 iOS 設備進行交互的時間。

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 上花費的時間量和性質的信息，而屏幕時間將使父母能夠使用 iCloud 中的家庭共享在他們自己的 iOS 設備上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.

使用 Core ML 2 和 Create ML 的機器學習功能，開發人員只需幾行代碼即可構建更智能的應用程序。

We've also included our third release of ARKit in only 1 year.

我們還僅在 1 年內推出了第三版 ARKit。

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.

借助 ARKit 2，iOS 12 將提供一個更強大的平台來製作動態 AR 應用程序，集成共享和持久的 AR 體驗、對象檢測和圖像跟踪。

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.

我們相信 AR 可以帶來深刻的體驗，而由於我們的硬件和軟件的無縫集成，Apple 在提供最佳 AR 體驗方面具有獨特的優勢。

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 的新功能將建立在 App Store 中已有的數千個 AR 應用的潛力之上，這些應用正在改變 iPhone 和 iPad 用戶看待和體驗世界的方式。

Turning to Mac.

轉向Mac。

We want to empower our developers to bring their innovative apps from the iOS ecosystem to the Mac with minimal effort.

我們希望讓我們的開發人員能夠以最小的努力將他們的創新應用從 iOS 生態系統帶到 Mac。

Though iOS and macOS are different, they've shared common foundations from the very beginning.

儘管 iOS 和 macOS 不同，但它們從一開始就有共同的基礎。

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.

因此，我們從 iOS 中獲取了關鍵框架，並將它們調整為特定的 Mac 行為，例如使用鼠標或觸控板、調整窗口大小、複製和粘貼以及拖放。

We started with some of our own apps.

我們從一些我們自己的應用程序開始。

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.

因此，今年秋天，新聞、股票、語音備忘錄和家庭將首次在 Mac 上與 macOS Mojave 一起使用，我們將在明年將這些出色的新工具帶給我們的開發人員。

We believe this will dramatically broaden the ecosystem to benefit all Mac users, creating even more great reasons to choose Mac.

我們相信這將極大地拓寬生態系統，讓所有 Mac 用戶受益，從而為選擇 Mac 創造更多理由。

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.

同樣在今年秋天，Mac App Store 將通過豐富的編輯內容進行全面重新設計，以幫助客戶發現來自我們開發人員的出色 Mac 應用程序。

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.

我們相信隱私是 21 世紀最重要的問題之一，我們一直在努力使我們的產品對用戶來說更加私密和安全。

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.

正如我們在 WWDC 上宣布的那樣，從今年秋天開始，Safari 將阻止網頁上的共享按鈕和評論小部件在未經用戶許可的情況下跟踪用戶。

Safari already protects personal data as users browse the web, so they won't be retargeted by ads.

Safari 已經在用戶瀏覽網頁時保護了個人數據，因此他們不會被廣告重新定位。

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，用戶將在 watchOS 5 中看到特性和功能的顯著擴展。Apple Watch 將成為健身、溝通和快速獲取信息的更強大伴侶，其功能包括新的鍛煉、活動共享比賽、自動鍛煉檢測、高級在 Siri 錶盤上運行功能、對講機、播客和第三方應用程序。

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.

對於 Apple TV，自去年秋天推出 Apple TV 4K 以來，我們已經看到銷售額大幅增長，因為世界各地的視頻提供商都選擇 Apple TV 4K 來提供訂閱服務。

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.

今年晚些時候，Charter Communications 將開始向近 5000 萬美國家庭的客戶提供 Apple TV 4K，通過 Apple TV 4K、iPhone 和 iPad 上的 Spectrum TV 應用程序提供直播頻道和數以萬計的點播節目。

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.

在 tvOS 中，我們將在今年秋天將 Apple TV 4K 的影院體驗提升到一個新的水平，支持杜比全景聲 (Dolby Atmos) 音頻和新功能，以便輕鬆查找熱門節目和電影。

Apple TV 4K already offers customers the largest collection of 4K HDR movies.

Apple TV 4K 已經為客戶提供了最大的 4K HDR 電影收藏。

And this fall, iTunes will be the home to the largest collection of Dolby Atmos-supported movies anywhere.

今年秋天，iTunes 將成為世界上最大的杜比全景聲支持電影收藏的所在地。

I'm proud that our team's hard work has an impact even beyond these innovative industry-leading products and services.

我感到自豪的是，我們團隊的辛勤工作所產生的影響甚至超出了這些行業領先的創新產品和服務。

We are always working to leave the world better than we found it.

我們一直在努力讓世界變得比我們發現的更好。

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.

作為我們應對氣候變化和增加供應鏈中可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.

最初，10 家供應商將與我們一起在未來 4 年內向中國清潔能源基金投資近 3 億美元。

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.

該基金將在中國投資和開發總計超過 1 吉瓦的可再生能源，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.

我們在“人人能編程”和“人人能創造”計劃中看到了巨大的發展勢頭。

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.

5,000 多所學校和社區學院現在正在教授“人人能編程”課程，350 多所學校已承諾將“人人能創造”納入下一學年的課程。

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.

隨著應用程序經濟的巨大增長在我們所看到的任何地方創造機會，編碼技能正在為世界各地的學生和求職者打開大門。

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.

我們還與美國盲人和聾人社區的領先教育工作者合作，他們將於今年秋天開始教授人人能編程的課程。

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.

展望未來，我們對我們管道中的產品和服務以及增強現實和機器學習技術的無限應用感到非常興奮。

We're working with key partners in the enterprise to change the way work gets done with iOS and Mac.

我們正在與企業中的主要合作夥伴合作，以改變使用 iOS 和 Mac 完成工作的方式。

We're welcoming communities and offering learning opportunities at our retail locations through hundreds of thousands of Today at Apple sessions each quarter.

我們歡迎社區，並通過每季度數十萬的 Today at Apple 課程在我們的零售店提供學習機會。

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.

我們正在將業務範圍擴大到新興市場，並看到收入實現兩位數的強勁增長，我們正在朝著顯著擴展服務業務的目標邁進。

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

現在，有關創紀錄的 6 月季度業績的更多詳細信息，我想將電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

We are very pleased to report the financial results of our best June quarter ever.

我們非常高興地報告我們有史以來最好的六月季度的財務業績。

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%.

正如我們在本財年每個季度所做的那樣，我們創造了新的季度收入和每股收益記錄，收入同比增長 17%，每股收益增長 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.

我們在所有地理區域實現了 533 億美元的收入，同比增長，並在美洲、歐洲、日本和亞太其他地區創下了新的 6 月季度記錄。

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%.

我們在前 15 個市場中的每一個都實現了增長，在美國、香港、俄羅斯、墨西哥、中東和非洲的表現尤為強勁，所有這些地區的收入都增長了 20% 以上。

Gross margin was 38.3%, flat sequentially, as cost improvements and foreign exchange offset the seasonal loss of leverage.

毛利率為 38.3%，環比持平，因為成本改善和外匯抵消了槓桿的季節性損失。

Net income was $11.5 billion, up $2.8 billion or 32% over last year, and it was also a new June quarter record.

淨收入為 115 億美元，比去年增加 28 億美元或 32%，這也是 6 月季度的新紀錄。

Diluted earnings per share were $2.34, up 40%, and also a new record for the June quarter.

稀釋後每股收益為 2.34 美元，增長 40%，也是 6 月季度的新紀錄。

And cash flow from operations was very strong at $14.5 billion.

運營現金流非常強勁，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 收入同比增長 20%，iPhone ASP 從一年前的 606 美元增加到 724 美元，這得益於全球 iPhone X、iPhone 8、iPhone 8 Plus 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.

本季度，我們售出了 4130 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量增長。

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.

從客戶需求的角度來看，我們的表現強於我們報告的業績，因為我們在本季度將 iPhone 渠道庫存減少了 350 萬部。

We exited the June quarter towards the lower end of our target range of 5 to 7 weeks of iPhone channel inventory.

我們在 5 到 7 週的 iPhone 渠道庫存目標範圍的低端退出了 6 月季度。

Customer satisfaction with iPhone continues to be outstanding and is the highest in the industry.

客戶對 iPhone 的滿意度繼續保持出色，並且是業內最高的。

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%.

451 Research 對美國消費者的最新調查表明，在所有 iPhone 機型中，客戶滿意度為 96%，而結合 iPhone 8、8 Plus 和 iPhone X 的客戶滿意度甚至更高，達到 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.

在計劃在 9 月當季購買智能手機的商業買家中，有 81% 的人計劃購買 iPhone，比上次調查增加了 3 個百分點。

Turning to Services.

轉向服務。

We had our best results ever with all-time record revenue of $9.5 billion.

我們取得了有史以來最好的成績，創紀錄的收入達到了 95 億美元。

Services revenue included a favorable $236 million onetime item in connection with the final resolution of various lawsuits.

服務收入包括與各種訴訟的最終解決有關的 2.36 億美元一次性項目。

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.

不包括這一數額，服務收入仍然創歷史新高，我們的服務業務的基本增長率比去年高出 28%。

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.

我們在所有地理區域實現了兩位數的服務增長，App Store、AppleCare、Apple Music、雲服務和 Apple Pay 均創下了新的 6 月季度記錄。

Our other product category also set a new record for the June quarter with revenue of over $3.7 billion.

我們的其他產品類別也創下了 6 月季度的新紀錄，收入超過 37 億美元。

That's up 37% from last year with great sales momentum for both Apple Watch and AirPods.

這比去年增長了 37%，Apple Watch 和 AirPods 的銷售勢頭強勁。

Apple Watch continues to be the best-selling smartwatch by a wide margin, and units and revenue grew dramatically during the quarter.

Apple Watch 繼續遙遙領先，成為最暢銷的智能手錶，本季度銷量和收入大幅增長。

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.

AirPods 繼續取得巨大成功，自 1.5 年前推出以來，我們一直在以最快的速度銷售它們。

Next, I'd like to talk about the Mac.

接下來，我想談談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.

我們很高興看到我們活躍的 Mac 安裝基數同比增長兩位數，創下歷史新高，本季度近 60% 的購買來自 Mac 新用戶。

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.

我們的同比銷售業績受到 MacBook Pro 發佈時間不同的影響，與去年 6 月相比，MacBook Pro 直到今年第 4 季度初才發布，隨後在 6 月季度填補了渠道。

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.

儘管發布比較困難，但我們在許多新興市場看到了強勁的增長勢頭，增長率達到兩位數，並且我們在印度、土耳其、智利以及中歐和東歐創造了新的 6 月季度 Mac 銷售記錄。

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.

iPad 銷量連續第五個季度增長，根據 IDC 的最新估計，我們在全球平板電腦市場獲得了相當大的份額。

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.

我們在大中華區和亞太其他地區的 iPad 銷量均錄得兩位數增長，6 月份中國大陸 iPad 銷量創下季度新高。

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.

本季度幾乎一半的 iPad 購買來自 iPad 新用戶，我們的 iPad 活躍安裝基數達到了歷史新高。

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.

與去年相比，我們的整體表現受到去年 6 月新 iPad Pro 機型的推出的影響，這導致一年前渠道銷售的 ASP 出現了不同的組合。

NPD indicates that iPad has 60% share of the U.S. tablet market in the June quarter, up from 51% share a year ago.

NPD 表示，iPad 在 6 月季度佔據美國平板電腦市場 60% 的份額，高於一年前的 51%。

And the most recent consumer survey from 451 Research measured iPad customer satisfaction ratings of 94%.

451 Research 的最新消費者調查顯示，iPad 的客戶滿意度為 94%。

And among business customers who plan to purchase tablets in the September quarter, 75% plan to purchase iPads.

在計劃在 9 月季度購買平板電腦的商業客戶中，75% 計劃購買 iPad。

We continue to make great strides with enterprise customers across multiple industries.

我們繼續與跨多個行業的企業客戶取得長足的進步。

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.

例如，金融服務機構越來越多地使用 iPad 為客戶同意、合規要求、新開戶和服務交易部署數字簽名解決方案。

In the railway industry, businesses around the world are using iPhone and iPads to support operations, training, passenger engagement and maintenance activities.

在鐵路行業，世界各地的企業都在使用 iPhone 和 iPad 來支持運營、培訓、乘客參與和維護活動。

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處部署 iPad，以實現銷售支持和端到端客戶服務管理，並選擇 iPhone 作為其全球員工的標準移動設備。

More and more companies are giving their teams a choice when it comes to the devices they use at work.

在工作中使用的設備方面，越來越多的公司為他們的團隊提供了選擇。

And enterprises, including Salesforce and Capital One, are deploying Macs based on employee preference.

包括 Salesforce 和 Capital One 在內的企業正在根據員工偏好部署 Mac。

In fact, at Salesforce, the majority of their 35,000 employees are using Macs.

事實上，在 Salesforce，他們 35,000 名員工中的大多數都在使用 Mac。

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.

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，同時提供強大的安全性、簡化的部署工作流程和顯著降低的總擁有成本。

We're also seeing great interest in Business Chat, our powerful new way for organizations to connect with customers.

我們還看到了對商務聊天的極大興趣，這是我們為組織與客戶建立聯繫的強大新方式。

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.

Business Chat 讓客戶可以通過在 iPhone 或 iPad 上開始對話，甚至在 Mac 或 Apple Watch 上繼續對話，直接從 Messages 中獲得問題的答案、解決問題和完成交易。

Dish Network is making Business Chat available to customers across the U.S. to enhance the customer service experience for pay-TV.

Dish Network 正在向美國各地的客戶提供商務聊天功能，以增強付費電視的客戶服務體驗。

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.

客戶可以立即與現場代理聯繫，提出問題、更改帳戶、安排約會或訂購按次付費的電影或體育賽事，所有這些都無需離開 Messages 對話。

And Citizens Bank Park, home of the Philadelphia Phillies, is testing Business Chat with Aramark to handle beverage orders during games.

費城費城人隊的主場 Citizens Bank Park 正在測試與 Aramark 的 Business Chat，以在比賽期間處理飲料訂單。

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.

粉絲只需使用 iPhone 攝像頭掃描座位背面的二維碼，即可直接進入 Messages 中的商務聊天對話。

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.

從那裡，他們可以訂購飲料，使用 Apple Pay 快速安全地付款，並將它們直接送到他們的座位上，而不會錯過任何現場比賽的時刻。

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.

由於 iPhone、AirPods 和 Apple Watch 的強勁增長以及 HomePod 向加拿大、法國和德國的擴張，我們的零售店和在線商店的季度表現非常出色。

Our stores hosted more than 250,000 of our very successful Today at Apple sessions.

我們的商店舉辦了超過 250,000 場非常成功的 Today at Apple 會議。

We continue to have content across all Today at Apple topics, including popular new sessions on music and photography.

我們將繼續提供所有 Today at Apple 主題的內容，包括有關音樂和攝影的熱門新課程。

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.

本季度我們在大中華區開設了第 50 家零售店，本月我們剛剛在米蘭開設了一家漂亮的新店，使美國以外的門店數量達到總數的 46%。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with $243.7 billion in cash plus marketable securities.

我們在本季度結束時擁有 2437 億美元的現金和有價證券。

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.

我們在本季度償還了 60 億美元的債務，留下 1026 億美元的定期債務和 120 億美元的未償商業票據，淨現金頭寸為 1291 億美元。

As we explained in February, we plan to reach a net cash neutral position over time.

正如我們在 2 月份所解釋的那樣，我們計劃隨著時間的推移達到淨現金中性頭寸。

We returned almost $25 billion to investors during the quarter, including $3.7 billion in dividends and equivalents.

我們在本季度向投資者返還了近 250 億美元，其中包括 37 億美元的股息和等價物。

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.

我們回購了價值 200 億美元的蘋果股票，其中 100 億美元與我們之前的 2100 億美元回購計劃的完成有關，100 億美元與我們 3 個月前宣布的新的 1000 億美元授權開始時有關，共回購了 1.128 億股股票。本季度公開市場交易。

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

隨著我們進入 9 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $60 billion and $62 billion.

我們預計收入將在 600 億美元至 620 億美元之間。

As you will recall, our September quarter results last year included a onetime favorable adjustment of $640 million to our Services revenue.

您會記得，我們去年 9 月的季度業績包括對我們的服務收入進行了 6.4 億美元的一次性有利調整。

Taking that adjustment into account, our revenue guidance implies year-over-year growth of about 16% to 19%.

考慮到這一調整，我們的收入指引意味著同比增長約 16% 至 19%。

We expect gross margin to be between 38% and 38.5%.

我們預計毛利率在 38% 至 38.5% 之間。

We expect OpEx to be between $7,950,000,000 and $8,050,000,000.

我們預計 OpEx 將在 7,950,000,000 美元到 8,050,000,000 美元之間。

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 OI&E 約為 3 億美元，我們預計不計離散項目的稅率約為 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.

同樣在今天，我們的董事會宣佈於 2018 年 8 月 16 日向截至 2018 年 8 月 13 日在冊的股東派發每股普通股 0.73 美元的現金股息。

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

有了這個，我想打開問題電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions)

（操作員說明）

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 Katy Huberty。

I'll ask both my questions upfront.

我會提前問我兩個問題。

First, for Tim, you're on track to hit your Services revenue target even earlier than planned.

首先，對於 Tim，您有望比計劃更早地實現服務收入目標。

So how are you thinking about the next legs of Services growth as you move into the next 3 to 5 years?

那麼，隨著您進入未來 3 到 5 年，您如何看待服務業的下一個增長階段？

And then for you Luca, NAND prices are falling this year.

然後對 Luca 來說，今年 NAND 的價格正在下降。

Services mix is rising.

服務組合正在上升。

Those should both positively influence gross margins.

這些都應該對毛利率產生積極影響。

And yet, we're seeing gross margin sort of hang out here at 38%.

然而，我們看到毛利率在這裡徘徊在 38%。

What are the offsetting headwinds?

什麼是抵消逆風？

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?

在接下來的幾個季度裡，我們是否有可能看到順風開始壓倒逆風，毛利率會更高？

Yes, Katy, thanks for your questions, it's Tim.

是的，凱蒂，謝謝你的提問，我是蒂姆。

On the Services side, we're thrilled with the results.

在服務方面，我們對結果感到非常興奮。

They were very broad-based.

它們的基礎非常廣泛。

We had double-digit Services growth in all of the geographic segments.

我們在所有地理區域實現了兩位數的服務增長。

And the App Store, AppleCare, Apple Music, cloud services, Apple Pay all set new June quarter records.

App Store、AppleCare、Apple Music、雲服務、Apple Pay 均創下了新的 6 月季度記錄。

And then, of course, subscriptions have now passed 300 million as I've mentioned before.

當然，正如我之前提到的，訂閱量現在已經超過了 3 億。

And so we're -- we couldn't be happier with how things are going.

所以我們 - 我們對事情的進展感到非常高興。

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.

就下一步而言，我們 - 鑑於我們全面看到的勢頭，我們對我們目前的服務感覺很好。

But obviously, we're also thrilled about our pipeline that have some new services in it as well.

但顯然，我們也對我們的管道中也有一些新服務感到興奮。

And so with the combination of these, we feel great about hitting our objectives and maybe even doing a little better.

因此，結合這些，我們對實現目標感到非常高興，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.

凱蒂，關於利潤率，讓我告訴你關於六月季度的看跌期權，然後我將討論第四季度的指導並對未來進行一些一般性的觀察。

Starting with the June quarter, typically, we see a decline in gross margin going from the March quarter to the June quarter.

從 6 月季度開始，我們通常會看到從 3 月季度到 6 月季度的毛利率下降。

Last year, we were down 40 bps, 2 years ago, we were down 140 bps.

去年，我們下跌了 40 個基點，兩年前，我們下跌了 140 個基點。

This year, we were able to keep GM flat sequentially.

今年，我們能夠連續保持通用汽車持平。

During the quarter, we always have some loss of leverage because of our typical seasonality.

在本季度，由於我們典型的季節性，我們總是會損失一些槓桿。

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.

今年，我們能夠通過一些成本改善來抵消這一點，而且我們在外匯方面也有一些連續的優勢。

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.

不幸的是，如您所知，美元最近已經再次升值，因此我們預計這種利好不會在 9 月季度再次出現。

But those are the puts and takes for June, and we're very happy to see gross margin sequentially flat for June.

但這些是 6 月份的看跌期權，我們很高興看到 6 月份的毛利率連續持平。

For September, we're also guiding about flat sequentially at the midpoint.

對於 9 月，我們還將在中點按順序引導持平。

As you know, we typically have what we call product transition costs during the September quarter.

如您所知，我們通常在 9 月季度有我們所謂的產品轉換成本。

And this year, we also have about 30 bps of headwind from foreign exchange, again because the dollar has appreciated recently.

今年，我們也有大約 30 個基點的外匯逆風，同樣是因為美元最近升值了。

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.

我們預計這兩個因素將被正槓桿抵消，因為我們已經看到了我們提供的收入指導以及您在問題中實際提到的服務組合。

So we feel pretty good about most of the guidance for the fourth quarter.

因此，我們對第四季度的大部分指導感到非常滿意。

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.

展望未來，您知道我們不會在當前季度之後提供指導，但我認為我們在過去幾年中的記錄非常好，可以做出良好的業務決策、平衡單位、收入和利潤率。

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.

如您所知，在過去 3 年多的時間裡，外匯一直是一個非常重要的逆風，但我們已經能夠做到這一點。

On the memory front, it is true that prices have started to decline.

在內存方面，價格確實開始下降。

It has been a significant headwind for the last 12 to 18 months and still in the June quarter was negative.

在過去的 12 到 18 個月裡，這是一個重大的逆風，並且在 6 月季度仍然是負面的。

We believe that we're going to start seeing some improvement from here on.

我們相信我們將從這裡開始看到一些改進。

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

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

Tim, can you talk a bit about trends within your iPhone sales?

蒂姆，你能談談你的 iPhone 銷售趨勢嗎？

ASPs were above expectations.

平均售價高於預期。

And now that you've had -- and that was clearly better than some of the comments from some of your competitors.

現在你已經有了 - 這顯然比你的一些競爭對手的一些評論要好。

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?

既然您已經擁有大約 9 個月的高端全功能手機經驗，您能否談談您認為客戶想要什麼、需求彈性是什麼以及您如何看待自己的競爭地位?

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

Shannon, we feel great about the results on iPhone, up 20%.

Shannon，我們對 iPhone 上的結果感到非常滿意，增長了 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.

如果你尋找周期——按週期，我的意思是第一季度、第二季度和第三季度，我們平均每週都有中位數的單位增長和兩位數的平均售價增長.

And so if you -- and look at iPhone X in particular, it's the most innovative smartphone on the market.

因此，如果你——特別是看看 iPhone X，它是市場上最具創新性的智能手機。

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.

我們將它定價在一個代表它價值的水平，我們真的 - 我們非常高興它自推出以來一直是最暢銷的 iPhone，所以我們對 iPhone X 感到非常棒。如果你看在我們產品線的最高端，我的意思是 iPhone X、8 和 8 Plus，它們的增長非常好，正如你從 ASP 中可以看出的那樣，我們不能對它是如何消失的感到高興。

And so I think in this cycle, we've learned that customers want innovative products.

所以我認為在這個週期中，我們了解到客戶需要創新產品。

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.

我們在其他週期和其他時間點已經知道這一點，但我相信，通過查看結果，這只是一個感嘆號。

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.

在單元級別上，iPhone SE 與去年同期相比存在困難，因此，當我們更改一些配置時，去年同期的內存配置。

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.

如果從地理角度來看，中國城市銷量前三名的手機是 iPhone，其中 iPhone X 排名第一，並且已經持續了幾個季度。

And iPhones make up 3 of the top 5 smartphones in the U.S., U.K. and Japan.

在美國、英國和日本的前 5 名智能手機中，iPhone 佔據了 3 名。

And so it's difficult sometimes to get a read over exactly what's happening in the market.

因此，有時很難準確了解市場上正在發生的事情。

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.

但鑑於我們所看到的行業數據，很明顯我們在全球市場份額和多個國家/地區的市場份額都獲得了提升，不僅是 iPhone，iPad 也是如此。

Great.

偉大的。

And then can you talk a bit about China, up 19% -- Greater China, up 19% year-over-year during the quarter, I believe?

然後你能談談中國，增長 19% - 大中華區，本季度同比增長 19%，我相信？

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.

顯然，iPhone 表現不錯，但是——有人擔心貿易世界中正在發生的一些事情可能會受到影響，但似乎並非如此。

So I'm just curious as to what you're seeing in China and how you're thinking about it as you look forward.

所以我只是好奇你在中國看到了什麼，以及你在展望未來時是如何看待它的。

Yes, it's a good question.

是的，這是個好問題。

Thank you.

謝謝你。

This is the fourth consecutive quarter that we've had double-digit growth in Greater China.

這是我們在大中華區連續第四個季度實現兩位數增長。

I mentioned how iPhone X and sort of the iPhones were selling.

我提到了 iPhone X 和一些 iPhone 的銷售情況。

We did pick up share in iPhone and iPad.

我們確實在 iPhone 和 iPad 中獲得了份額。

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.

但是，如果您更全面地查看我們的完整產品線，我們會發現從服務到 iPad 再到 iPhone 以及我們的其他產品類別，我們都有兩位數的增長，而 Watch 做得非常好。

And so there are lots of good things happening there.

所以那裡發生了很多好事。

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.

就關稅本身而言，也許我可以退後一步，因為我確信很多——有些人對此有疑問。

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.

我們對關稅的看法是，它們表現為對消費者徵稅，最終導致經濟增長放緩，並且有時會帶來意想不到的後果的重大風險。

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.

也就是說，美國與其他主要經濟體之間的貿易關係和協議非常複雜，很明顯其中有幾個需要現代化。

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.

但我們認為，在絕大多數情況下，關稅並不是實現這一目標的方法，因此我們在某種程度上鼓勵對話等等。

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.

就已經徵收或已退出評論期的關稅而言，我認為今天有一個正在退出，其中有 3 個。

And maybe I could walk through those briefly just to make sure everybody's on the same page.

也許我可以簡要介紹一下，以確保每個人都在同一頁面上。

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.

第一個是美國對鋼鐵和鋁徵收關稅，我相信這是從 6 月初開始的——許多不同的國家。

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.

本月還有另外兩項總計約 500 億美元的中國商品關稅已實施或正在退出評論期。

I think the latest one is today.

我認為最新的是今天。

If you look at those 3 tariffs, none of our products were directly affected by the tariffs.

如果您查看這 3 項關稅，我們的產品都沒有直接受到關稅的影響。

There is a fourth tariff, which includes goods valued at $200 billion, also focused on goods that are imported from China.

還有第四項關稅，其中包括價值 2000 億美元的商品，也側重於從中國進口的商品。

That one is out for public comment.

那個是公開徵求意見的。

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.

可能像其他人一樣，我們正在評估那個，我們將在該評論期結束之前與政府等部門分享我們對它的看法。

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.

這實際上是一個乏味的過程，因為您不僅要分析收入產品，這些產品分析起來更簡單，而且您還必須分析您通過其他公司進行的與與收入。

Maybe they're related to data centers and this sort of thing.

也許它們與數據中心之類的東西有關。

And so we're going through that now, and we'll be sharing our results later on those and feeding back from the comment.

所以我們現在正在經歷這些，稍後我們將分享我們的結果並從評論中反饋。

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.

當然，與更多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有關的貨幣波動，是很難量化的。

And so that -- and we're not even trying to quantify that, to be clear about it.

所以 - 我們甚至沒有試圖量化它，要清楚它。

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.

所有這一切都說，我們很樂觀，就像我一直以來一樣，這將得到解決，因為在美國和中國之間存在不可避免的相互關係，這就像一塊磁鐵將兩國團結在一起.

Each country can only prosper if the other does.

每個國家都只有在對方繁榮的情況下才能繁榮。

And of course, the world needs both U.S. and China to prosper, for the world to do well.

當然，世界需要美國和中國共同繁榮，世界才能做得好。

That said, I can't predict the future, but I am optimistic that the countries will get through this.

也就是說，我無法預測未來，但我樂觀地認為這些國家將度過難關。

And we are hoping that calm heads prevail.

我們希望冷靜的頭腦佔上風。

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

這將來自 Brian White 和 Monness，Crespi。

Yes.

是的。

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.

蒂姆，我想知道你能否談談與奧普拉溫弗瑞的多年合作關係，以及這對你的原創內容策略有何影響。

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.

還有 Apple Music，如果你能給我們更多的色彩，可能是圍繞 Apple Music 的付費訂閱者或總訂閱者的更新，以及你對推出的感覺如何。

Yes, sure, Brian.

是的，當然，布賴恩。

Thanks for the question.

謝謝你的問題。

We're very excited to work with Oprah.

我們很高興與奧普拉合作。

We think that her incomparable ability and talent to connect with audiences around the world are -- there's no match.

我們認為她與世界各地觀眾聯繫的無與倫比的能力和才能是——無與倫比。

And we think that we can do some great original content together, and so we could not be happier in working with Oprah.

而且我們認為我們可以一起做一些很棒的原創內容，所以我們和奧普拉一起工作真是太開心了。

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.

如你所知，我們去年聘請了 2 位備受尊敬的電視主管，他們已經在這里工作了幾個月，一直在從事一個我們還沒有準備好分享的項目——所有細節。

But I couldn't be more excited about what's going on there.

但我對那裡發生的事情感到非常興奮。

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.

我們在這個領域擁有來自不同地方的優秀人才，並且感覺非常好——對我們最終將提供的東西感覺非常好。

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.

就關鍵催化劑的種類和變化而言——在我們看來，斷線只會加速，而且可能會以比普遍認為的更快的速度加速。

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.

我們看到我們在這方面擁有的東西，比如 Apple TV 單位和收入增長了非常強勁的兩位數，第三季度非常非常強勁的兩位數。

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.

正如我在開場評論中提到的那樣，我們看到不同的供應商選擇了 Apple TV 並將其用作他們的盒子，通過他們的訂閱服務進入市場。

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.

在超過 3 億的付費訂閱中，其中一些是第三方視頻訂閱，我們看到了那裡正在發生的增長。

It's like 100% year-over-year.

這就像 100% 年同比。

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.

因此，所有來自外部的強制功能都指向內容行業正在加速的巨大變化。

And so we're really happy to be working on something but just not ready to talk about it in, in depth today.

所以我們真的很高興能做一些事情，但今天還沒有準備好深入討論它。

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.

就 Apple Music 而言，當您添加我們的付費訂閱者和試用版的人時，我們現在的聽眾已經超過 5000 萬。

And so we're moving along at a very, very good rate.

所以我們正在以非常非常好的速度前進。

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.

在我們看來，我們被告知的是，我們在本季度擔任了北美的領導職位，我們在日本擔任了領導職位。

And so in some of the markets that we've been in for a long period of time, we're doing quite well.

因此，在我們長期從事的一些市場中，我們做得很好。

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.

但實際上，音樂的關鍵不是提供音樂的公司之間的競爭，而是——真正的挑戰是發展市場，因為如果你把今天提供訂閱音樂或流媒體音樂的所有人都加起來，那就是——外面在中國，全世界可能還不到2億。

And so it does seem to me, there's an extraordinary opportunity in that business to grow the market well.

因此，在我看來，該行業確實有一個很好的機會來很好地發展市場。

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.

我認為，如果我們把重點放在那裡，我們正在做的，那 - 我們將成為其他人的受益者。

But I like where we are.

但我喜歡我們現在的位置。

Our revenues on Apple Music grew over 50%, as I'd mentioned earlier, during the quarter.

正如我之前提到的，本季度我們在 Apple Music 上的收入增長了 50% 以上。

And so it's really, really strong, strong results.

所以這是非常非常強大的結果。

Thanks for the question.

謝謝你的問題。

Toni Sacconaghi with Bernstein has our next question.

伯恩斯坦的托尼·薩科納吉有我們的下一個問題。

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

請給我一份給盧卡，一份給蒂姆。

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.

Luca，我想知道，當我們考慮對第四季度建模時，iPhone ASP 通常會連續增長約 2% 至 4%，有點低個位數。

Perhaps you can help us think through how we should be thinking about Q4.

也許您可以幫助我們思考我們應該如何考慮第四季度。

I know you provided some commentary last quarter on how we should be thinking about Q3 ASPs.

我知道你在上個季度就我們應該如何考慮第三季度的 ASP 提供了一些評論。

Toni, as you know, we do not provide guidance for either units or ASPs for any product category.

Toni，如您所知，我們不為任何產品類別的單位或 ASP 提供指導。

But of course, we provide a guidance on revenue.

但是，當然，我們提供收入指導。

And the guidance range implies growth of 16% to 19%.

指導範圍意味著增長 16% 至 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.

我們預計增長將來自 iPhone、服務和可穿戴設備的強勁增長，這在這一年中一直是我們的模式。

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.

在 iPhone ASP 上，我唯一要指出的是，顯然，我們正在以比過去高得多的水平退出 6 月季度。

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.

因此，我認為記住這一點很重要——當我們進入 9 月季度時，記住我們在指導中暗示的收入增長類型很重要。

Okay.

好的。

Tim, I was wondering if you could just comment a little bit about the health of the smartphone market.

蒂姆，我想知道你是否可以就智能手機市場的健康狀況發表一點評論。

Apple's smartphone iPhone units have been relatively flat for 4 years.

4 年來，蘋果的智能手機 iPhone 銷量一直相對持平。

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.

而且我認為您在此期間可能一直是股票上漲者，這表明，至少在市場的高端，這可能是持平到下跌。

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.

我想知道你是否可以評論一下，a，你是否相信這一點，以及你認為更換週期可能會發生什麼，特別是你從更廣泛的可用性和更便宜的 iPhone 更換電池中看到了什麼影響（如果有的話） .

I think the smartphone market is very healthy.

我認為智能手機市場非常健康。

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.

我認為對於我們所在行業的人來說，這實際上是世界上最好的市場。

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.

所以這是一個巨大的市場，無論它是否增長——從我們的角度來看，無論是增長 1%、2%、5%、6% 或 10%，還是收縮 1% 或 2%，它都是一個很棒的市場，因為它是只是巨大的。

And so that's kind of the way that I view that.

這就是我的看法。

iPhone revenues are up 20% for the quarter over last year.

本季度 iPhone 收入比去年同期增長 20%。

We're really pleased with that.

我們對此感到非常高興。

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.

如果你看一下這個週期的類型，我將其定義為 Q1、Q2、Q3當然，在 ASP 上也是兩位數。

And so I think it's really healthy.

所以我認為它真的很健康。

In terms of replacement cycles, as I've mentioned I think on a previous call, some replacement cycles are lengthening.

在更換週期方面，正如我在之前的電話會議中提到的，我認為一些更換週期正在延長。

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.

我認為主要的催化劑可能是補貼計劃在全球總銷售額中所佔的比例比以前要小得多。

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.

所以我認為有些人正在延長——但我認為對我們來說，我們總是要做的就是推出一款非常棒的創新產品。

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.

我認為 iPhone X 表明，當你提供出色的創新產品時，會有足夠多的人喜歡它，這可能是一項非常好的業務。

And so that's how I look at that.

我就是這麼看的。

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.

就我們的安裝基數而言，這對我們來說非常重要，因為它是服務的關鍵驅動因素之一，我們在 iPhone 上的活躍安裝基數在本季度比去年增長了兩位數。

And so we're thrilled with that.

所以我們對此感到很興奮。

And you can see that carrying through to the Services line, in the -- and the growth that we have there.

你可以看到，在我們那裡的增長中，一直到服務線。

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.

在電池方面，我們從未在內部分析過有多少人決定購買價格更低的電池而不是購買另一部手機，因為這對我們來說從來都不是這個問題。

It was always about doing something great for the user.

它總是為用戶做一些偉大的事情。

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.

而且我認為，如果您善待用戶和客戶，那麼隨著時間的推移，您的業務就會很好，這就是我們的看法。

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

接下來，我們將回答來自 Needham 的 Laura Martin 的問題。

Yes, can you hear me okay?

是的，你能聽到我的聲音嗎？

Yes.

是的。

Yes.

是的。

Great, okay.

太好了，好吧。

Super.

極好的。

I'd like to focus on product road map and strategy.

我想專注於產品路線圖和戰略。

There is a war going on for the home, the connected home, over the Internet of Things.

物聯網正在為家庭、互聯家庭而戰。

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?

有了 HomePod 和 Apple TV 這兩款產品，我的問題是，從戰略上講，您如何看待在家中的重要性以及它是否會威脅到您在家外的主導地位，而您的核心業務是移動設備，如果你輸掉那場戰鬥？

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?

我只是想從戰略上弄清楚，當你考慮冰球的去向時，在家里和外面都有一個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.

我認為家庭業務 Laura 比 HomePod 和 Apple TV 更大。

They're both important products clearly.

它們顯然都是重要的產品。

But everybody has their iPhone at home as well and everybody has their Mac at home and everyone has their iPad at home.

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。

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.

因此，就 Siri 接入點而言，從我在腳本中引用的 1000 億個數字可以看出，這些產品用於執行與家庭相關的功能的使用量非常大。

I do that every day with controlling all my home automation and so on and so forth.

我每天都這樣做，控制我所有的家庭自動化等等。

Part of that is on HomePod, but part of it is with the Apple Watch and the iPhone and the iPad.

部分是在 HomePod 上，但部分是在 Apple Watch、iPhone 和 iPad 上。

And so I think home is important.

所以我認為家很重要。

Home is important.

家很重要。

Work is important.

工作很重要。

The movement between the 2 are important.

兩者之間的移動很重要。

Health is important.

健康很重要。

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.

因此，智能手機已成為貫穿您整個生活的存儲庫，而不是僅用於其中一部分的東西。

And so I think all of those are important, and we're focused on all of them.

所以我認為所有這些都很重要，我們專注於所有這些。

Thanks for your question.

謝謝你的問題。

That's helpful actually.

這實際上很有幫助。

Yes, sort of.

是的，有點。

I mean, I'll watch your product road map and be able to tell what the answer is.

我的意思是，我會看你的產品路線圖，並能說出答案是什麼。

The other thing, the thing I get in fights with investors about the most is this, and I'd love your insight on this.

另一件事，我與投資者爭吵最多的就是這個，我希望你能對此有見解。

I love the expansion of the new products.

我喜歡新產品的擴展。

The question I have is, are they actually on-ramped into the Apple ecosystem, the Beats, the Watch, the AirPods, subscriptions?

我的問題是，它們是否真的進入了 Apple 生態系統、Beats、Watch、AirPods 和訂閱？

Are they on-ramped into the ecosystem?

他們是否已進入生態系統？

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?

或者，iPhone 是生態系統的入口，一旦你通過 iPhone 讓某人進入生態系統，這些新產品就會增加每個成員的收入？

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.

- 許多購買 Apple 產品的人會購買整個生態系統，即使他們目前可能不會使用所有不同的產品。

And so the way that I think about those products are they're products within the ecosystem itself.

所以我對這些產品的看法是它們是生態系統本身的產品。

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.

正如我之前提到的，AirPods 真的已經突破了頂峰，Apple Watch 已經達到了一個完全不同的水平，正如我之前提到的，我們的整體可穿戴設備收入。

And so in my view, this is a part of the -- they are a core part of the ecosystem.

所以在我看來，這是其中的一部分——它們是生態系統的核心部分。

And so they attract a new person to the ecosystem.

因此，它們吸引了一個新人加入生態系統。

Or does the person have to have an iPhone first?

還是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.

是的——好吧，但就你的觀點而言，從我與用戶的交流中可以清楚地看出，他們中的一些人是因為 Apple Watch 而被 iPhone 吸引的。

And so the Apple Watch led them to the iPhone.

於是 Apple Watch 將他們引向了 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.

反過來也是如此，有人拿到了 iPhone，然後決定，“我真的想要一些東西來指導我的健身，並策劃一些溝通等等，就像 Watch 做得很好一樣。”所以它並不總是一條線性路徑。

I see these things as being somewhat fluid and different for each user.

我認為這些東西對於每個用戶來說都有些流動和不同。

So they're complementary and self-reinforcing.

所以它們是互補和自我強化的。

Okay, that makes sense.

好吧，這是有道理的。

All right.

好的。

Exactly right.

非常正確。

Thank you for the questions.

謝謝你的提問。

Thank you, Laura.

謝謝你，勞拉。

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.

今天電話會議的重播將在 Apple 播客、apple.com/investor 上的網絡廣播和電話上播放 2 週。

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 5838188.

請輸入確認碼5838188。

And these replays will be available by approximately 5 p.m.

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142.

有其他問題的媒體成員可以致電 (408) 862-1142 聯繫 Josh Rosenstock。

And financial analysts can contact Matt Blake or me with additional questions.

如果有其他問題，金融分析師可以聯繫 Matt Blake 或我。

Matt is at (408) 974-7406, and I'm at (408) 974-5420.

馬特的電話是 (408) 974-7406，我的電話是 (408) 974-5420。

Thanks again for joining us.

再次感謝您加入我們。

That does conclude our conference for today.

這確實結束了我們今天的會議。

Thank you for your participation.

感謝您的參與。