蘋果 (AAPL) 2019 Q2 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.

Second Quarter Fiscal Year 2019 Earnings Conference Call.

2019 財年第二季度收益電話會議。

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 today.

下午好，感謝大家今天加入我們。

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

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 and future business outlook.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收、資本分配和未來業務前景的陳述.

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。

Thanks, Nancy.

謝謝，南希。

Good afternoon, and thanks to all of you for joining us today.

下午好，感謝大家今天加入我們。

This has been an exciting and productive quarter for Apple.

對於 Apple 來說，這是一個令人興奮且富有成效的季度。

In my letter to investors at the beginning of January, I wrote that one of Apple's great strengths is our culture of flexibility, adaptability and creativity.

在 1 月初給投資者的信中，我寫道，Apple 的一大優勢是我們的靈活性、適應性和創造力文化。

This quarter featured some important announcements that speak to the power of our commitment to innovation and long-term thinking.

本季度發布了一些重要公告，這些公告說明了我們對創新和長期思考的承諾的力量。

I'd like to start with some top line highlights and then move into greater detail with you.

我想從一些最重要的亮點開始，然後與您一起更詳細地介紹。

I'll get started with financial results.

我將從財務結果開始。

Our revenue was $58 billion, toward the high end of our guidance range.

我們的收入為 580 億美元，接近我們指導範圍的高端。

We see this result as a positive outcome in light of ongoing headwinds from weaker foreign currencies relative to the U.S. dollar.

鑑於相對於美元走弱的外幣持續不利，我們認為這一結果是一個積極的結果。

In constant currency, our year-over-year revenue performance would have been 200 basis points better than our reported results indicate.

按固定匯率計算，我們的同比收入表現將比我們報告的結果顯示的高 200 個基點。

We had great results in a number of areas across our business.

我們在業務的多個領域都取得了不錯的成績。

It was our best quarter ever for Services with revenue reaching $11.5 billion.

這是我們服務業有史以來最好的季度，收入達到 115 億美元。

We had a blockbuster quarter for iPad with revenue up 22% from a year ago.

我們在 iPad 上度過了一個轟動一時的季度，收入比一年前增長了 22%。

This is our highest iPad revenue growth rate in 6 years.

這是我們 6 年來最高的 iPad 收入增長率。

And it was another sensational quarter for Wearables with growth near 50%.

對於可穿戴設備來說，這是另一個驚人的季度，增長率接近 50%。

This business is now about the size of a Fortune 200 company, an amazing statistic when you consider it's only been 4 years since we delivered the very first Apple Watch.

現在，這項業務的規模與財富 200 強公司差不多，考慮到我們推出第一款 Apple Watch 僅 4 年，這是一個驚人的統計數據。

I'll talk more about these categories later.

稍後我將詳細討論這些類別。

While we grew year-over-year in developed markets and while we had record March quarter results in a number of major markets, including the United States, Canada, the United Kingdom and Japan, we did experience a revenue decline in emerging markets.

雖然我們在發達市場同比增長，並且我們在包括美國、加拿大、英國和日本在內的一些主要市場取得了創紀錄的 3 月季度業績，但我們確實在新興市場經歷了收入下降。

But we feel positive about our trajectory.

但我們對自己的發展軌跡感到樂觀。

Our year-over-year revenue performance in Greater China improved relative to the December quarter, and we've seen very positive customer response to the pricing actions we've taken in that market, our trade-in and financing programs in our retail stores, the effects of government measures to stimulate the economy and improved trade dialogue between the United States and China.

相對於 12 月季度，我們在大中華區的收入同比表現有所改善，我們看到客戶對我們在該市場採取的定價行動、我們在零售店的以舊換新和融資計劃的反應非常積極、政府刺激經濟措施的效果以及改善中美貿易對話的效果。

Our App Store results are still reflecting the impact of the slowdown of regulatory approval in gaming apps in China, but we're encouraged by the recent increase in the pace of approvals.

我們的 App Store 業績仍然反映了中國遊戲應用監管審批放緩的影響，但我們對近期審批速度的加快感到鼓舞。

We believe strongly in our long-term opportunity in China thanks to our robust ecosystem, our talented developer community and the country's growing population of tech-savvy consumers who value the very best products and services.

我們堅信我們在中國的長期機會，這要歸功於我們強大的生態系統、我們才華橫溢的開發者社區以及中國日益增長的精通技術的消費者，他們重視最好的產品和服務。

For iPhone, while our worldwide revenue was down 17% from a year ago, declines were significantly smaller in the final weeks of the March quarter.

對於 iPhone，雖然我們的全球收入比一年前下降了 17%，但在 3 月季度的最後幾週下降幅度要小得多。

Looking back at the past 5 months, November and December were the most challenging, so this is an encouraging trend.

回顧過去 5 個月，11 月和 12 月最具挑戰性，這是一個令人鼓舞的趨勢。

We like the direction we're headed with iPhone, and our goal now is to pick up the pace.

我們喜歡 iPhone 的發展方向，我們現在的目標是加快步伐。

Importantly, our active installed base of devices continues to grow in each of our geographic segments and setting new all-time record for all major product categories.

重要的是，我們活躍的設備安裝基礎在我們的每個地理區域繼續增長，並為所有主要產品類別創造了新的歷史記錄。

That growing installed base is a reflection of the satisfaction and loyalty of our customers, and it's driving our Services business to new heights.

不斷增長的安裝基數反映了我們客戶的滿意度和忠誠度，並將我們的服務業務推向了新的高度。

In fact, we had our best quarter ever for the App Store, Apple Music, cloud services and our App Store search ad business, and we set new March quarter revenue records for AppleCare and Apple Pay.

事實上，我們在 App Store、Apple Music、雲服務和我們的 App Store 搜索廣告業務方面取得了有史以來最好的季度，我們為 AppleCare 和 Apple Pay 創造了新的 3 月季度收入記錄。

Apple Pay transaction volume more than doubled year-over-year, and we're on track to reach 10 billion transactions this calendar year.

Apple Pay 交易量同比增長了一倍多，我們有望在本日曆年達到 100 億筆交易。

Apple Pay is now available in 30 markets, and we expect to be live in 40 markets by the end of the year.

Apple Pay 現已在 30 個市場推出，我們預計到今年年底將在 40 個市場推出。

More and more transit systems are accepting Apple Pay, and New York's MTA system will begin their rollout in early summer.

越來越多的交通系統接受 Apple Pay，紐約的 MTA 系統將在初夏開始推出。

As we've seen in places like London, Tokyo and Shanghai, contactless entry into transit systems helps to spur broader Apple Pay adoption, and we believe this will get even more people using Apple Pay in the United States.

正如我們在倫敦、東京和上海等地看到的那樣，非接觸式進入交通系統有助於促進更廣泛的 Apple Pay 採用，我們相信這將使更多人在美國使用 Apple Pay。

And Ticketmaster has just announced that they will be accepting Apple Pay for ticket purchases on the web and through the Ticketmaster app.

Ticketmaster 剛剛宣布，他們將接受 Apple Pay 在網絡上和通過 Ticketmaster 應用程序購買門票。

And over 50 of their entertainment and sporting event venues are launching contactless tickets this year, including the vast majority of NFL stadiums.

今年，他們的 50 多個娛樂和體育賽事場地推出了非接觸式門票，包括絕大多數 NFL 體育場。

Subscriptions are a powerful driver of our Services business.

訂閱是我們服務業務的強大驅動力。

We reached a new high of over 390 million paid subscriptions at the end of March, an increase of 30 million in the last quarter alone.

我們在 3 月底達到了超過 3.9 億付費訂閱的新高，僅在上個季度就增加了 3000 萬。

This was also an incredibly important quarter for our Services moving forward.

這也是我們的服務向前發展的一個非常重要的季度。

In March, we previewed a game-changing array of new services, each of them rooted in principles that are fundamentally Apple.

3 月，我們預覽了一系列改變遊戲規則的新服務，每項服務都植根於 Apple 的基本原則。

They're easy to use.

它們易於使用。

They feature unmatched attention to detail.

它們具有無與倫比的對細節的關注。

They put a premium on user privacy and security.

他們非常重視用戶的隱私和安全。

They're expertly curated, personalized and ready to be shared by everyone in your family.

它們經過專業策劃、個性化並準備好與您家中的每個人分享。

These features aren't just nice to have.

這些功能不僅很好。

They actually help to eliminate the boundary between hardware, software and service, creating a singularly exceptional experience for our users.

它們實際上有助於消除硬件、軟件和服務之間的界限，為我們的用戶創造非凡的體驗。

First, building on the great momentum of Apple News, which is already the #1 news app in the United States and the United Kingdom, we launched Apple News+.

首先，在已經是美國和英國排名第一的新聞應用 Apple News 的良好勢頭的基礎上，我們推出了 Apple News+。

It will bring together over 30 popular magazines, leading newspapers and digital publishers into a beautiful, convenient and curated experience within the Apple News app.

它將匯集超過 30 種流行雜誌、領先的報紙和數字出版商，在 Apple News 應用程序中提供美觀、便捷和精心策劃的體驗。

Apple News+ builds on our commitment to supporting quality journalism from trusted sources while providing the best magazine and news reading experience ever for mobile devices.

Apple News+ 以我們的承諾為基礎，即支持來自可靠來源的優質新聞，同時為移動設備提供有史以來最好的雜誌和新聞閱讀體驗。

Advancing our vision to replace the wallet, we announced Apple Card, built on principles Apple stands for like transparency, simplicity and privacy.

為了推進我們取代錢包的願景，我們發布了 Apple Card，它基於 Apple 所代表的透明、簡單和隱私等原則。

Apple Card is integrated into the Wallet app and delivers all new experiences that only Apple can provide, integrating our hardware, software and services in an elegant solution that places the customer at the center.

Apple Card 已集成到 Wallet 應用程序中，提供只有 Apple 才能提供的所有新體驗，將我們的硬件、軟件和服務集成到一個以客戶為中心的優雅解決方案中。

It's the first card to encourage you to pay less interest, eliminate fees and give you daily cash on all your purchases, and customer interest to date has been terrific.

它是第一張鼓勵您支付更少利息、免除費用並在所有購買時為您提供每日現金的卡，迄今為止，客戶的興趣非常好。

We also previewed Apple Arcade, the world's first game subscription service for mobile, desktop in the living room.

我們還預覽了 Apple Arcade，這是世界上第一個在客廳的移動、桌面遊戲訂閱服務。

With over 100 new games all with no ads or ad tracking, no additional purchases and respect for user privacy, we've created a service for players of all ages, kids to teens to adults and one that families can enjoy together.

超過 100 款新遊戲都沒有廣告或廣告跟踪，無需額外購買並尊重用戶隱私，我們為所有年齡段的玩家創建了一項服務，從兒童到青少年到成人，以及家庭可以一起享受的服務。

The App Store is already the world's biggest gaming platform, and we think Apple Arcade is a great way to unleash the creativity of the game developer community with a collection of new games not available on any other mobile platform or in any other subscription service.

App Store 已經是世界上最大的遊戲平台，我們認為 Apple Arcade 是釋放遊戲開發者社區創造力的好方法，它提供了任何其他移動平台或任何其他訂閱服務都沒有的新遊戲集合。

We can't wait for our customers to experience it for themselves beginning this fall.

我們迫不及待地想讓我們的客戶從今年秋天開始親身體驗它。

We were thrilled to provide a peek at what's new for TV.

我們很高興能夠一窺電視的新功能。

Beginning in mid-May, the all-new Apple TV app will bring together the different ways to discover and watch shows, movies, sports, news and more in 1 app across iPhone, iPad, Apple TV, Mac, smart TVs and streaming devices.

從 5 月中旬開始，全新的 Apple TV 應用程序將在 iPhone、iPad、Apple TV、Mac、智能電視和流媒體設備上的 1 個應用程序中整合發現和觀看節目、電影、體育、新聞等的不同方式.

And users can subscribe to and watch new Apple TV channels like HBO, Showtime and Starz, paying only for services they want, all on demand available on and offline.

用戶可以訂閱和觀看新的 Apple TV 頻道，如 HBO、Showtime 和 Starz，只需為他們想要的服務付費，所有這些都可以在線和離線點播。

And coming this fall, Apple TV+ will be the new home for the world's most creative storytellers featuring exclusive original shows, movies and documentaries.

今年秋天，Apple TV+ 將成為全球最具創意的故事講述者的新家，提供獨家原創節目、電影和紀錄片。

We also had several major product introductions during the quarter.

我們在本季度還推出了幾個主要產品。

We launched a new, more powerful iMac with dramatic increases in both compute and graphics performance, making it a great update for consumers and pros alike.

我們推出了一款功能更強大的全新 iMac，其計算和圖形性能都得到了顯著提升，使其成為消費者和專業人士的絕佳更新。

For our Mac business overall, we faced some processor constraints in the March quarter, leading to a 5% revenue decline compared to last year.

對於我們的 Mac 業務整體而言，我們在 3 月季度面臨一些處理器限制，導致收入與去年相比下降了 5%。

But we believe that our Mac revenue would have been up compared to last year without those constraints and don't believe this challenge will have a significant impact on our Q3 results.

但我們相信，如果沒有這些限制，我們的 Mac 收入會比去年增加，並且不相信這一挑戰會對我們的第三季度業績產生重大影響。

For iPad, we were very happy to return to growth in Greater China while generating strong double-digit growth in each of our other geographic segments.

對於 iPad，我們很高興能夠在大中華區恢復增長，同時在我們其他每個地理區域實現兩位數的強勁增長。

Our great iPad results were driven primarily by strong customer response to iPad Pro.

我們出色的 iPad 業績主要得益於客戶對 iPad Pro 的強烈反應。

Late in the quarter, we launched an all-new iPad Air with an ultra-thin design, Apple Pencil support and high-end performance powered by Apple's A12 Bionic chip.

在本季度末，我們推出了全新 iPad Air，它採用超薄設計、支持 Apple Pencil，並採用 Apple A12 仿生芯片提供高端性能。

In addition, we introduced a new iPad mini, a major upgrade for iPad fans who love an ultra-portable design, and like the new iPad Air, it delivers the power of the A12 Bionic and support for Apple Pencil.

此外，我們還推出了新的 iPad mini，這是對喜愛超便攜設計的 iPad 粉絲的一次重大升級，與新的 iPad Air 一樣，它提供了 A12 Bionic 的強大功能並支持 Apple Pencil。

Last month, we introduced new AirPods, the second generation of the world's most popular wireless headphones and demand has been incredible.

上個月，我們推出了新的 AirPods，這是世界上最受歡迎的第二代無線耳機，需求量令人難以置信。

This is nothing less than a cultural phenomenon.

這無異於一種文化現象。

With the new Apple-designed H1 chip, the new AirPods deliver faster connect times, more talk time and the convenience of hands-free Hey Siri.

借助 Apple 設計的全新 H1 芯片，全新 AirPods 可提供更快的連接時間、更長的通話時間以及免提 Hey Siri 的便利性。

Our retail and online stores continue to be a key point of innovation.

我們的零售和在線商店仍然是創新的關鍵點。

As we mentioned in January, we've been working on an initiative to make it simple to trade in our -- trade in a phone in our store, finance the purchase over time and get help transferring data from the old phone to the new phone.

正如我們在一月份提到的那樣，我們一直在努力簡化我們的交易 - 在我們的商店中交易手機，隨著時間的推移為購買提供資金，並獲得幫助將數據從舊手機傳輸到新手機.

As part of this initiative, we rolled out new trade-in and financing programs in the U.S., China, the U.K., Spain, Italy and Australia.

作為該計劃的一部分，我們在美國、中國、英國、西班牙、意大利和澳大利亞推出了新的以舊換新和融資計劃。

The results had been striking.

結果是驚人的。

Across our stores, we had an all-time record response to our trade-in programs and with more than 4x the trade-in volume of our March quarter a year ago.

在我們的商店中，我們對以舊換新計劃的反應創歷史新高，並且以舊換新交易量是一年前 3 月季度的 4 倍以上。

With each passing quarter, we're more inspired by the impact our products are having on people's fitness and health.

每過一個季度，我們的產品對人們的健身和健康產生的影響就會給我們更多的啟發。

This quarter, we brought the ECG app on Apple Watch Series 4 to Hong Kong and 19 European countries, including France, Germany, Italy, Spain and the U.K. Just like when the ECG app launched in the United States, there's hardly a day that goes by that I don't get a letter or an e-mail from a customer in one of these countries talking about how this feature had significantly changed their life.

本季度，我們將 Apple Watch Series 4 上的 ECG 應用程序帶到了香港和 19 個歐洲國家，包括法國、德國、意大利、西班牙和英國。就像 ECG 應用程序在美國推出時一樣，幾乎沒有一天過去因此，我沒有收到來自其中一個國家的客戶的來信或電子郵件，談論此功能如何顯著改變了他們的生活。

We believe we're really just beginning to tap into what we can do to help our users actively manage their health and well-being.

我們相信我們真的才剛剛開始利用我們可以做的事情來幫助我們的用戶積極管理他們的健康和福祉。

For example, last month, Stanford Medicine reported results of the Apple Heart Study, the largest study ever of its kind, which enrolled over 400,000 participants from all 50 states in a span of only 8 months.

例如，上個月，斯坦福醫學報告了蘋果心臟研究的結果，這是同類研究中規模最大的一項，在短短 8 個月內就招募了來自所有 50 個州的 400,000 多名參與者。

And hundreds of institutions are now supporting health records on iPhone with recent additions including Michigan Medicine and UT Health Austin.

數百家機構現在正在支持 iPhone 上的健康記錄，包括密歇根醫學和 UT Health Austin。

In February, we announced that we are working with the U.S. Department of Veterans Affairs to make health records on iPhone available to veterans.

2 月，我們宣布我們正在與美國退伍軍人事務部合作，為退伍軍人提供 iPhone 上的健康記錄。

This will be the first record sharing platform of its kind available to the VA, which is the largest medical system in the U.S. providing service to more than 9 million veterans across more than 1,200 facilities.

這將是 VA 可用的第一個此類記錄共享平台，VA 是美國最大的醫療系統，為 1,200 多個設施的超過 900 萬退伍軍人提供服務。

Apple's innovation extends beyond the impact we have in the lives of our customers to the impact we leave on the world around us.

Apple 的創新不僅限於我們對客戶生活的影響，還包括我們對周圍世界的影響。

We recently marked Earth Day with several major announcements about our efforts to leave the world better than we found it.

我們最近在世界地球日發布了幾項重要公告，說明我們努力讓世界變得比我們發現的更好。

We've completed the allocation of our $2.5 billion green bond proceeds across 40 environmental initiatives around the world to projects ranging from solar power generation to water conservation to development of custom alloys for our products made from 100% recycled aluminum.

我們已完成將 25 億美元的綠色債券收益分配給全球 40 項環保舉措，用於從太陽能發電、節水到為我們的 100% 再生鋁製成的產品開發定制合金等項目。

We've announced a major expansion of our recycling programs, including quadrupling the number of locations where U.S. customers can send their iPhones to be disassembled by Daisy, our recycling robot.

我們宣布大幅擴展我們的回收計劃，包括將美國客戶可以將他們的 iPhone 送到我們的回收機器人 Daisy 拆卸的地點數量翻兩番。

Each Daisy can now disassemble 1.2 million devices per year, allowing recovered materials to be recycled into the manufacturing process.

現在，每個 Daisy 每年可以拆解 120 萬台設備，從而使回收的材料可以回收到製造過程中。

And we partnered with a record number of our suppliers to follow our lead and transition to 100% clean energy.

我們與創紀錄數量的供應商合作，追隨我們的腳步，向 100% 清潔能源過渡。

With the help of these 44 suppliers, we will exceed our goal of bringing 4 gigawatts of renewable energy into our supply chain by 2020 with over 1 additional gigawatt projected within that time frame.

在這 44 家供應商的幫助下，我們將超過我們的目標，即到 2020 年將 4 吉瓦的可再生能源帶入我們的供應鏈，預計在該時間範圍內增加超過 1 吉瓦。

In the last calendar year alone, the partners that have joined this effort have generated enough clean energy to power over 600,000 homes in the United States.

僅在上一個日曆年，參與這項工作的合作夥伴就產生了足夠的清潔能源，為美國超過 600,000 戶家庭供電。

We're very proud of the progress that we and our partners are making and hope our actions will inspire other businesses to do what they can to protect the world that we share.

我們為我們和我們的合作夥伴所取得的進展感到非常自豪，並希望我們的行動將激勵其他企業盡其所能保護我們共同分享的世界。

We are as excited as ever about our great pipeline of hardware, software and services, and we're looking forward to sharing more information about the future of our 4 software platforms at our Worldwide Developer Conference now less than 5 weeks from now.

我們一如既往地對我們強大的硬件、軟件和服務管道感到興奮，我們期待在距離現在不到 5 週的全球開發者大會上分享更多關於我們 4 個軟件平台未來的信息。

Everyone here is hard at work to prepare for WWDC, and it's always a privilege to get to share the future of our platforms with the community of world-changing developers who bring it to life.

這裡的每個人都在努力為 WWDC 做準備，能夠與改變世界的開發者社區分享我們平台的未來總是一種榮幸。

You are not going to want to miss this one.

你不會想錯過這個的。

We're in the fortunate position of generating more cash than we need to run our business and invest confidently in our future, so today, we're announcing the latest update to our capital return program, including an increase to our share repurchase authorization and our quarterly dividend.

我們很幸運，能夠產生比我們經營業務和對未來充滿信心的投資所需的更多現金，所以今天，我們宣布了我們資本回報計劃的最新更新，包括增加我們的股票回購授權和我們的季度股息。

For more details on that and our March quarter results, I'll turn the call over to Luca.

有關這方面和我們 3 月季度業績的更多詳細信息，我將把電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

Revenue in the March quarter was $58 billion, near the high end of the guidance range that we provided 90 days ago and down 5% from last year.

3 月季度的收入為 580 億美元，接近我們 90 天前提供的指導範圍的高端，比去年下降 5%。

Our revenue decline reflects 200 basis points of negative foreign exchange due to the strength of the U.S. dollar.

由於美元走強，我們的收入下降反映了 200 個基點的負匯率。

Overall products revenue declined 9% driven primarily by iPhone, while Services revenue grew 16% to a new all-time record.

主要受 iPhone 推動的整體產品收入下降了 9%，而服務收入增長了 16%，創下歷史新高。

We also set a new March quarter record for Wearables, Home and Accessories, and we recorded our best iPad growth rate in 6 years.

我們還為可穿戴設備、家居和配件創造了新的 3 月季度記錄，我們記錄了 6 年來最好的 iPad 增長率。

Company gross margin was 37.6%, in line with our guidance.

公司毛利率為 37.6%，符合我們的預期。

Products gross margin was 31.2%, down about 310 basis points sequentially due to the seasonal loss of leverage and headwinds from foreign exchange.

產品毛利率為 31.2%，環比下降約 310 個基點，原因是槓桿的季節性損失和外匯逆風。

Services gross margin was 63.8%, up 100 basis points sequentially due to a different mix and leverage from higher revenue.

服務毛利率為 63.8%，環比增長 100 個基點，原因是收入增加帶來的不同組合和槓桿作用。

Net income was $11.6 billion.

淨收入為 116 億美元。

Diluted earnings per share were $2.46, and operating cash flow was $11.2 billion.

每股攤薄收益為 2.46 美元，經營現金流為 112 億美元。

Let me provide more color for our various revenue categories.

讓我為我們的各種收入類別提供更多顏色。

iPhone revenue was $31.1 billion.

iPhone 收入為 311 億美元。

We're seeing positive customer response to recent pricing actions in certain emerging markets as well as enhancements to our trade-in and financing programs.

我們看到客戶對某些新興市場最近的定價行動以及我們以舊換新和融資計劃的改進反應積極。

And our year-over-year performance improved relative to our December quarter results in Greater China, in the Americas and in Japan.

相對於我們在大中華區、美洲和日本的 12 月季度業績，我們的同比業績有所改善。

Our active installed base of iPhone reached a new all-time high at the end of March.

我們的 iPhone 活躍安裝基數在 3 月底達到了歷史新高。

This growing installed base reflects the industry-leading satisfaction and loyalty of our customers.

這種不斷增長的安裝基礎反映了我們客戶行業領先的滿意度和忠誠度。

The latest survey of U.S. consumers from 451 Research indicates customer satisfaction of 99% for iPhone XR, XS and XS Max combined.

451 Research 對美國消費者的最新調查表明，iPhone XR、XS 和 XS Max 的客戶滿意度合計為 99%。

And among business buyers who plan to purchase smartphones in the June quarter, 81% plan to purchase iPhones.

在計劃在六月季度購買智能手機的商業買家中，81% 的人計劃購買 iPhone。

Turning to Services.

轉向服務。

As Tim said, it was our best quarter ever with $11.5 billion in revenue, an increase of 16% from last year.

正如蒂姆所說，這是我們有史以來最好的季度，收入為 115 億美元，比去年增長 16%。

We generated double-digit revenue growth across the App Store, Apple Music, cloud services, AppleCare, Apple Pay and our App Store search ad business.

我們在 App Store、Apple Music、雲服務、AppleCare、Apple Pay 和我們的 App Store 搜索廣告業務中實現了兩位數的收入增長。

And we set all-time services revenue records in 4 of our 5 geographic segments.

我們在 5 個地理區域中的 4 個創造了歷史服務收入記錄。

We're very happy with this performance.

我們對這種表現非常滿意。

As you can see from our new disclosures, Services accounted for 20% of our March quarter revenue and about 1/3 of our gross profit dollars.

從我們的新披露中可以看出，服務占我們 3 月季度收入的 20%，占我們毛利潤的 1/3。

Customer engagement in our ecosystem continues to grow.

客戶對我們生態系統的參與度持續增長。

The number of transacting accounts on our digital content stores reached another new all-time high during the quarter with the number of paid accounts also setting a new all-time record and growing by strong double digits over last year.

我們數字內容商店的交易賬戶數量在本季度再創歷史新高，付費賬戶數量也創下歷史新高，並比去年強勁增長兩位數。

And we now have over 390 million paid subscriptions across our Services portfolio, an increase of 120 million versus just 12 months ago.

現在，我們的服務組合中的付費訂閱量已超過 3.9 億，與 12 個月前相比增加了 1.2 億。

All subscription categories are growing strong double digits, and as we mentioned a quarter ago, we expect the number of paid subscriptions to surpass 0.5 billion during 2020.

所有訂閱類別都以兩位數強勁增長，正如我們在一個季度前提到的，我們預計 2020 年付費訂閱數量將超過 5 億。

On the App Store, our subscription business is extremely diversified and is growing strongly around the world.

在 App Store 上，我們的訂閱業務極為多元化，並且在全球範圍內增長強勁。

In fact, the number of paid third-party subscriptions increased by over 40% compared to last year in each of our geographic segments.

事實上，與去年相比，我們每個地理區域的付費第三方訂閱數量都增加了 40% 以上。

And across all third-party subscription apps, the largest accounted for only 0.3% of our total Services revenue.

在所有第三方訂閱應用中，最大的僅占我們服務總收入的 0.3%。

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

接下來，我想談談Mac。

Revenue was $5.5 billion compared to $5.8 billion a year ago with the decline driven primarily by processor constraint on certain popular models.

收入為 55 億美元，而一年前為 58 億美元，下降的主要原因是某些流行型號的處理器限制。

In spite of this challenge, we generated double-digit Mac revenue growth in Japan and Korea, setting new all-time Mac revenue records in both markets.

儘管面臨這一挑戰，我們在日本和韓國創造了兩位數的 Mac 收入增長，在這兩個市場創造了新的 Mac 收入記錄。

On a global basis, nearly half of the customers purchasing Macs during the quarter were new to Mac, and the active installed base of Macs reached a new all-time high.

在全球範圍內，本季度購買 Mac 的客戶中有近一半是 Mac 的新用戶，Mac 的活躍安裝基數達到了歷史新高。

We had great results for iPad with $4.9 billion in revenue and growth accelerating from the December quarter to 22%.

我們在 iPad 方面取得了不錯的成績，收入為 49 億美元，增長從 12 月季度加速至 22%。

iPad revenue grew in all 5 of our geographic segments with a return to growth in Greater China and strong double-digit growth in all other segments.

iPad 收入在我們所有 5 個地理區域均實現增長，大中華區恢復增長，所有其他區域均實現兩位數的強勁增長。

We had our best March quarter ever for iPad in Japan, and we were especially pleased by performance in Korea, Thailand and Mexico where revenue more than doubled over last year.

我們在日本迎來了 iPad 有史以來最好的 3 月季度，我們對韓國、泰國和墨西哥的表現感到特別高興，這些國家的收入比去年增加了一倍以上。

In total, over half of the customers purchasing iPads during the March quarter were new to iPad, and the iPad active installed base also reached a new all-time high.

總體而言，在第三季度購買 iPad 的客戶中，超過一半是 iPad 的新用戶，iPad 活躍安裝基數也創下歷史新高。

iPad revenue growth has been fueled primarily by the great customer response to our new iPad Pros.

iPad 收入增長主要是由於客戶對我們的新 iPad Pro 的良好反應。

These completely redesigned iPads with full-screen Liquid Retina display, Face ID, powerful A12X Bionic chip with Neural Engine and support for the new Apple Pencil and Smart Keyboard make iPad Pro the perfect PC, laptop replacement for both consumers and professionals.

這些經過完全重新設計的 iPad 配備全屏 Liquid Retina 顯示屏、面容 ID、具有神經引擎的強大 A12X 仿生芯片以及對全新 Apple Pencil 和智能鍵盤的支持，使 iPad Pro 成為消費者和專業人士的完美 PC、筆記本電腦替代品。

The most recent surveys from 451 Research measured a 93% customer satisfaction rating for iPad overall.

451 Research 的最新調查顯示，客戶對 iPad 的整體滿意度為 93%。

Among customers who plan to purchase tablets, 77% of consumers and 75% of businesses plan to purchase iPads.

在計劃購買平板電腦的客戶中，77% 的消費者和 75% 的企業計劃購買 iPad。

Wearables, Home and Accessories revenue set a new March quarter revenue record of $5.1 billion fueled primarily by the strong performance of our Wearables business, which grew close to 50%.

可穿戴設備、家居和配件收入創下 51 億美元的新 3 季度收入記錄，這主要得益於我們可穿戴設備業務的強勁表現，該業務增長接近 50%。

Within this category, Apple Watch is the best selling and most loved smartwatch in the world and produced its best results ever for a nonholiday quarter.

在這一類別中，Apple Watch 是世界上最暢銷和最受喜愛的智能手錶，並且在非節假日季度取得了有史以來最好的成績。

It's reaching many new customers with 3/4 of purchases going to customers who have never owned an Apple Watch before.

它吸引了許多新客戶，其中 3/4 的購買量來自之前從未擁有過 Apple Watch 的客戶。

Interest in AirPods has been off the charts, and we're working hard to catch up with the incredible customer demand.

對 AirPods 的興趣已經超出了預期，我們正在努力趕上令人難以置信的客戶需求。

Turning to our retail and online stores.

轉向我們的零售和在線商店。

We generated very strong double-digit revenue growth from Apple Watch and iPad.

我們通過 Apple Watch 和 iPad 實現了非常強勁的兩位數收入增長。

We also announced 50 new Today at Apple sessions during the quarter in 3 new and expanded formats, Skills, Walks and Labs, free at our stores around the world.

我們還在本季度宣布了 50 場新的 Today at Apple 課程，採用 3 種新的和擴展的形式，即技能、步行和實驗室，在我們的全球商店免費提供。

We're making important progress in the enterprise market, helping transform major industries.

企業市場取得重要進展，助力重點行業轉型。

We're building on Apple's leading position in key functional areas to expand our reach and share within large accounts.

我們正在鞏固 Apple 在關鍵職能領域的領先地位，以擴大我們在大客戶中的影響力和份額。

Aviation is a strong example of this strategy at work.

航空業就是這種戰略的一個很好的例子。

Across 450 airlines, iPad is overwhelmingly the preferred solution for the pilot's electronic flight bag.

在 450 家航空公司中，iPad 絕對是飛行員電子飛行包的首選解決方案。

We've been making great progress expanding Apple's footprint beyond the cockpit into the cabin, where more than half of the top 50 airlines have now implemented iOS to enhance the guest experience as well as enable a new use case with mobile point of sale.

我們在將 Apple 的足跡從駕駛艙擴展到客艙方面取得了巨大進展，其中超過一半的前 50 家航空公司現已實施 iOS 以增強客戶體驗並啟用移動銷售點的新用例。

We're also seeing traction with other mission-critical airline functions in ground operations and flight maintenance.

我們還看到地面運營和飛行維護中其他關鍵任務航空公司職能的吸引力。

For example, one of the largest airlines in the world tells us that the adoption of iPad has cut maintenance delays in half.

例如，世界上最大的航空公司之一告訴我們，iPad 的採用將維護延誤減少了一半。

Apple services are also making their way onboard, including growing adoption of Apple Pay for food and beverage purchases and in-flight access to Apple Music.

Apple 服務也在逐漸普及，包括越來越多地採用 Apple Pay 來購買食品和飲料，以及在機上訪問 Apple Music。

We're also seeing significant iOS traction with large enterprise platforms, which are the face of complex back-end systems to tens of millions of employees around the world.

我們還看到大型企業平台對 iOS 的巨大吸引力，這些平台是面向全球數千萬員工的複雜後端系統的面孔。

The end user employee experience is vital to engagement and productivity, and with increasing mobility of today's modern workforce, those experiences are best on native iOS applications.

最終用戶員工體驗對於敬業度和生產力至關重要，並且隨著當今現代勞動力的流動性不斷提高，這些體驗在原生 iOS 應用程序上是最好的。

We see great momentum through the growing number of iOS SDKs being delivered by the world's largest enterprise platforms.

通過全球最大的企業平台交付的 iOS SDK 數量不斷增加，我們看到了巨大的發展勢頭。

For instance, SAP's SDK for iOS continues to gain strong traction with their customers, growing by more than 40% in the last 6 months.

例如，SAP 的 iOS SDK 繼續在客戶中獲得強大的吸引力，在過去 6 個月中增長了 40% 以上。

And this past quarter, Salesforce released its SDK, enabling developers to be native iOS applications directly on top of the Salesforce platform.

在上個季度，Salesforce 發布了它的 SDK，使開發人員能夠直接在 Salesforce 平台上成為原生 iOS 應用程序。

And finally, our enterprise channels continue to build momentum.

最後，我們的企業渠道繼續發展勢頭。

In February, our Apple at Work initiative was launched with AT&T.

2 月，我們與 AT&T 合作推出了 Apple at Work 計劃。

This extension to our ongoing collaboration with AT&T will make it easy for more customers to choose the best Apple products for their needs in the enterprise and modernize their business.

我們與 AT&T 持續合作的此次擴展將使更多客戶能夠輕鬆選擇最適合其企業需求的 Apple 產品並實現業務現代化。

AT&T will enable business services for Apple products to help companies with their IT strategy, including device management, security, productivity and collaboration.

AT&T 將為 Apple 產品提供商業服務，以幫助公司製定 IT 戰略，包括設備管理、安全性、生產力和協作。

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 $225 billion in cash plus marketable securities.

我們在本季度末擁有 2250 億美元的現金和有價證券。

We also had $101 billion in term debt and $12 billion in commercial paper outstanding for a net cash position of almost $113 billion.

我們還有 1010 億美元的定期債務和 120 億美元的未償商業票據，淨現金頭寸接近 1130 億美元。

As a result, we're in a very strong position that allows us to invest confidently in all areas of the business while continuing to return value to our shareholders.

因此，我們處於非常有利的地位，使我們能夠自信地投資於業務的所有領域，同時繼續為我們的股東回報價值。

Just last year, we announced a commitment to contribute more than $350 billion to the U.S. economy over the next 5 years, including the creation of 20,000 jobs.

就在去年，我們宣布承諾在未來 5 年內為美國經濟貢獻超過 3500 億美元，其中包括創造 20,000 個工作崗位。

More recently, we've announced a major expansion in Austin, Texas and in other cities across the country.

最近，我們宣佈在德克薩斯州奧斯汀和全國其他城市進行大規模擴張。

All these efforts are essential investments to make sure that we're incorporating innovative ideas and top talent wherever they emerge.

所有這些努力都是必不可少的投資，以確保我們將創新理念和頂尖人才融入其中。

As we execute those initiatives, we're also able to return over $27 billion to investors during the March quarter.

隨著我們執行這些舉措，我們還能夠在 3 月季度向投資者返還超過 270 億美元。

We began a $12 billion accelerated share repurchase program in February, resulting in the initial delivery and retirement of 55.1 million shares.

我們在 2 月份啟動了 120 億美元的加速股票回購計劃，最初交付和退役了 5510 萬股股票。

We also repurchased 71.7 million Apple shares for $12 billion through open market transactions, and we paid $3.4 billion in dividends and equivalents.

我們還通過公開市場交易以 120 億美元的價格回購了 7170 萬股蘋果股票，並支付了 34 億美元的股息和等價物。

Our priorities for cash have not changed over the years.

多年來，我們對現金的優先考慮沒有改變。

Most importantly, we always want to maintain the cash we need to run our business, maintain strategic flexibility and invest in our future.

最重要的是，我們始終希望保持經營業務、保持戰略靈活性和投資未來所需的現金。

We're well on our way towards meeting the investment projections we laid out early last year.

我們正在朝著實現去年初制定的投資預測邁進。

We also want to work towards a more optimal capital structure, and as we said before, it is our plan to reach a net cash neutral position over time.

我們還希望努力實現更優化的資本結構，正如我們之前所說，我們計劃隨著時間的推移達到淨現金中性頭寸。

Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases.

鑑於我們對 Apple 未來的信心以及我們在股票中看到的價值，我們的董事會已授權額外 750 億美元用於股票回購。

And because we know many of our investors value income, we're also raising our quarterly dividend for the seventh time in less than 7 years to $0.77, an increase of about 5% from the previous amount.

而且因為我們知道我們的許多投資者重視收入，我們還在不到 7 年的時間裡第七次將季度股息提高到 0.77 美元，比之前的數額增加了約 5%。

We paid over $14 billion in dividends and equivalents over the last 4 quarters alone, making us 1 of the largest dividend payers in the world.

僅在過去四個季度，我們就支付了超過 140 億美元的股息和等價物，使我們成為全球最大的股息支付者之一。

Going forward, we continue to plan for annual increases in dividends per share.

展望未來，我們將繼續計劃每年增加每股股息。

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

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

We expect revenue to be between $52.5 billion and $54.5 billion.

我們預計收入將在 525 億美元至 545 億美元之間。

This guidance range comprehends 300 basis points of negative foreign exchange impact year-over-year.

該指導範圍涵蓋了同比 300 個基點的負面外匯影響。

Also, as a reminder, in the June quarter last year, our Services revenue included a favorable $236 million onetime item in connection with the final resolution of various lawsuits.

此外，提醒一下，在去年 6 月季度，我們的服務收入包括與各種訴訟的最終解決有關的有利的 2.36 億美元一次性項目。

We expect gross margin to be between 37% and 38%.

我們預計毛利率將在 37% 至 38% 之間。

We expect OpEx to be between $8.7 billion and $8.8 billion.

我們預計運營支出將在 87 億美元至 88 億美元之間。

We expect OI&E to be about $250 million, and we expect the tax rate to be about 16.5%.

我們預計 OI&E 約為 2.5 億美元，我們預計稅率約為 16.5%。

Also, reflecting the approved increase, today, our Board of Directors has declared a cash dividend of $0.77 per share of common stock payable on May 16, 2019, to shareholders of record as of May 13, 2019.

此外，為了反映批准的增加，今天，我們的董事會已宣佈於 2019 年 5 月 16 日向截至 2019 年 5 月 13 日在冊的股東派發每股普通股 0.77 美元的現金股息。

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

有了這個，我想打開問題的電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions) Operator, may we have the first question, please?

（操作員說明）操作員，請問第一個問題好嗎？

Certainly.

當然。

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

我們的第一個問題將來自 Cross Research 的 Shannon Cross。

Tim, can you talk a bit more about what you're seeing in China?

蒂姆，你能多談談你在中國看到的情況嗎？

Clearly, it looks like things are improving sequentially.

顯然，情況似乎正在逐步改善。

You also mentioned that last few weeks of the quarter were stabilizing in emerging markets, I believe.

您還提到，我相信本季度的最後幾週新興市場正在企穩。

So what are customers saying there?

那麼客戶在那裡說什麼？

What are your partners saying in China?

您的合作夥伴在中國怎麼說？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

Thanks for the question, Shannon.

謝謝你的問題，香農。

We're seeing -- in the iPhone space, we saw a better year-over-year performance in the last weeks of the quarter as compared to the full quarter or November and December, which was sort of a -- appears to be the trough.

我們看到 - 在 iPhone 領域，與整個季度或 11 月和 12 月相比，我們在本季度的最後幾週看到了更好的同比表現，這有點像 - 似乎是槽。

I think there's a set of reasons for this.

我認為這是有一系列原因的。

One, we made some price adjustments, essentially backing out the weaker currency effect and then some.

第一，我們進行了一些價格調整，基本上抵消了疲軟的貨幣效應，然後是一些。

The -- there's stimulus programs that the government has executed, including, and this happened in early April, VAT being reduced from 16% to 13%, so they've been aggressive in the stimulus side.

- 政府已經執行了一些刺激計劃，包括，這發生在 4 月初，增值稅從 16% 降至 13%，因此他們在刺激方面一直很積極。

Three, our trade-in and financing programs that we implemented in our retail stores have been very well received there, and I'm happy with the results to date there.

第三，我們在零售店實施的以舊換新和融資計劃在當地很受歡迎，我對迄今為止的結果感到滿意。

And then four, the -- there's an improved trade dialogue between the U.S. and China.

然後是第四個，美國和中國之間的貿易對話有所改善。

And from our point of view, this has affected consumer confidence on the ground there in a positive way.

從我們的角度來看，這以積極的方式影響了當地消費者的信心。

And so I think it's a set of all of these things, and we certainly feel a lot better than we did 90 days ago.

所以我認為這是所有這些事情的集合，我們肯定比 90 天前感覺好多了。

And then I'm sure you're probably expecting a question on Qualcomm settlement.

然後我敢肯定，您可能會期待有關高通和解的問題。

So what would you like to say on the settlement?

那麼你想對和解說些什麼呢？

How are you thinking about your component providers going forward?

您如何看待您的組件供應商的未來發展？

And how should we think about this with regard to, I don't know, your development plans in the future?

不知道你們以後的發展計劃，我們應該怎麼想？

Because I'm sure you're not going to talk about when you're going to do 5G but clearly, it helps that path.

因為我確定你不會談論什麼時候要做 5G，但很明顯，它有助於這條道路。

Yes.

是的。

Thank you, Shannon.

謝謝你，香農。

We're glad to put the litigation behind us, and all the litigation around the world have been dismissed and settled.

我們很高興將訴訟拋在腦後，世界各地的所有訴訟都已被駁回和解決。

We're very happy to have a multi-year supply agreement.

我們很高興達成多年供應協議。

And we're happy that we have a direct license arrangement with Qualcomm, which was, I know, important for both companies, and so we feel good about the resolution.

我們很高興我們與高通有直接的許可安排，我知道這對兩家公司都很重要，所以我們對這項決議感到滿意。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的 Samik Chatterjee。

Tim, you talked about China responding well to the pricing actions that you've taken in that market.

蒂姆，你談到中國對你在該市場採取的定價行動反應良好。

Do any of those learnings kind of carry through into how you decide pricing in the remaining emerging markets like India, et cetera, as you get ready for the next product cycle?

當您為下一個產品週期做好準備時，這些學習中的任何一個是否會影響到您如何決定印度等剩餘新興市場的定價？

We have made some adjustments in India, and we've seen preliminarily some better results there.

我們在印度做了一些調整，我們已經初步看到了一些更好的結果。

Everything that we do does advise everything we do in the future, so we try to learn the best we can and fold that into our thinking.

我們所做的每一件事都為我們未來所做的一切提供了建議，因此我們努力學習最好的知識，並將其融入我們的思考中。

And we'll obviously do that with this as well.

我們顯然也會這樣做。

I just had a quick follow-up for Luca on the Services side.

我剛剛在服務方面對 Luca 進行了快速跟進。

Luca, we see that you're guiding to higher operating expenses quarter-on-quarter.

盧卡，我們看到您正在引導更高的季度運營費用。

How much of that incremental is going in to support the new services that you're planning to launch later in the year?

有多少增量用於支持您計劃在今年晚些時候推出的新服務？

Yes.

是的。

Of course, we are supporting both our products and Services business, and you can see the trajectory of our OpEx over the different quarters.

當然，我們同時支持我們的產品和服務業務，您可以看到我們在不同季度的運營支出軌跡。

Clearly, as we add new services, we will need to make the necessary investments to support them.

顯然，當我們添加新服務時，我們需要進行必要的投資來支持它們。

Our Services business is -- has multiple streams.

我們的服務業務是——有多個流。

In total, it is accretive to company gross margins.

總的來說，它增加了公司的毛利率。

You've seen the latest -- we're running services margins at over 60%.

你已經看到了最新的情況——我們的服務利潤率超過 60%。

So it's a very important business for us in many ways for our ecosystem and for our ability to monetize it.

因此，對於我們的生態系統和我們將其貨幣化的能力，從很多方面來說，這對我們來說都是一項非常重要的業務。

And so clearly, we will make all the necessary investments to ensure that the new services are successful.

很明顯，我們將進行所有必要的投資，以確保新服務取得成功。

And we're really encouraged by the level of customer response that we received so far in anticipation for the launch of these services.

到目前為止，我們收到的客戶響應水平讓我們感到非常鼓舞，因為我們期待這些服務的推出。

The next question will come from Katy Huberty with Morgan Stanley.

下一個問題將來自摩根士丹利的 Katy Huberty。

Luca, if I look back over the past 5 years, June quarter revenue typically declines about 15% from the March quarter.

盧卡，如果我回顧過去 5 年，6 月季度的收入通常比 3 月季度下降約 15%。

You're guiding to an 8% drop this year.

您正在指導今年下降 8%。

So can you just talk about which regions or product segments you think can outperform that typical seasonality?

那麼，您能否談談您認為哪些地區或產品細分市場的表現優於典型的季節性？

Yes, Katy.

是的，凱蒂。

And keep in mind, by the way, we are reporting this guidance including a 300 basis point negative impact from foreign exchange, so actually, in constant currency, the numbers would be even stronger.

請記住，順便說一句，我們報告的這一指導包括來自外彙的 300 個基點的負面影響，所以實際上，以不變貨幣計算，這些數字會更加強勁。

At the product category level, we expect that we continue to have strong revenue growth from the non-iPhone categories as we've had for the first half of our fiscal year.

在產品類別層面，我們預計非 iPhone 類別的收入將繼續保持強勁增長，正如我們在本財年上半年所擁有的那樣。

We're also expecting a relative improvement in our iPhone performance on a year-over-year basis in Q3 versus the first half.

我們還預計，與上半年相比，第三季度我們的 iPhone 性能將同比有所改善。

As Tim said, March was the strongest month of the quarter on a year-over-year basis, and so this has given the confidence to provide the guidance that you've seen.

正如蒂姆所說，3 月是本季度同比最強勁的月份，因此這讓您有信心提供您所看到的指導。

Geographically, of course, as you've seen from our results for the March quarter, China is the geo where we found some challenges, but we believe the trajectory should improve over time.

當然，從地理上看，正如您從我們 3 月季度的業績中看到的那樣，中國是我們發現一些挑戰的地區，但我們相信隨著時間的推移，發展軌跡應該會有所改善。

And then just as a follow-up, Shannon said you're not going to talk specifics around the timing of the 5G phone, but Tim, maybe you can talk about how the company approaches a new technology like this given the higher cost but also potentially significant benefit, how you think about the right timing for coming to market with a product with those characteristics and then just, generally, how meaningful, you think, 5G is as a demand driver for upgrades in your iPhone installed base.

然後作為後續行動，Shannon 說你不會談論 5G 手機的時間安排的細節，但是 Tim，也許你可以談談考慮到更高的成本，公司如何處理這樣的新技術，而且潛在的顯著好處，您如何考慮將具有這些特徵的產品推向市場的正確時機，然後一般而言，您認為 5G 作為 iPhone 安裝群升級的需求驅動因素有多大意義。

Katy, this is one that I'm going to largely punt on as you would probably guess.

凱蒂，正如你可能猜到的那樣，這是我將主要強調的一個。

We look at a lot of things on the different technologies and try to look at the -- and select the right time that things come together and get those into products as soon as we can.

我們研究了很多關於不同技術的東西，並嘗試著眼於——並選擇合適的時間將這些東西融合在一起，並儘快將它們轉化為產品。

And the -- certainly, from a cost point of view, there has been -- the technologies have had cost pressure over the last couple of years or so.

而且——當然，從成本的角度來看，在過去幾年左右的時間裡，這些技術一直存在成本壓力。

On the flip side of that, there's a number of things in the commodity markets going in the other direction at the moment like DRAM and NAND.

另一方面，大宗商品市場目前有很多東西朝著另一個方向發展，比如 DRAM 和 NAND。

And so it's difficult to project what happens next, but it's the aggregate of all of it that really matters from a price point of view.

因此很難預測接下來會發生什麼，但從價格的角度來看，真正重要的是所有這些的總和。

Jim Suva from Citi has our next question.

花旗銀行的 Jim Suva 提出了我們的下一個問題。

A topic that's probably split or shared by both Tim and Luca on a response but I'll ask the question and you can decide how to divide it up.

蒂姆和盧卡可能會在回復中拆分或共享一個主題，但我會問這個問題，您可以決定如何劃分它。

In your opening remarks, Tim, you'd mentioned about pricing adjustments that you made in some of the markets, and then Luca talked also about the strength of the trade-in program or maybe it was Tim also.

蒂姆，在您的開場白中，您提到了您在某些市場進行的定價調整，然後盧卡還談到了以舊換新計劃的優勢，或者蒂姆也可能是。

Can you help us understand about what type of lessons or elasticity you've learned about pricing and the trade-in programs of how it impacts like revenues and COGS and margins and things?

您能否幫助我們了解您在定價方面學到了哪些類型的課程或彈性，以及它如何影響收入、銷貨成本、利潤率和其他東西的以舊換新計劃？

Yes.

是的。

Jim, the -- in the opening remarks, I was really talking about China specifically.

吉姆，在開場白中，我真的特別談到了中國。

And I mentioned 4 things that I believe are responsible for the better year-over-year performance in the Q2 relative to Q1 and also the final weeks of March being better than the Q2 average.

我提到了 4 件事，我認為它們是導致第二季度相對於第一季度的同比表現更好的原因，並且 3 月的最後幾周也好於第二季度的平均水平。

And those 4 are the price reductions but that's 1 of them.

這4個是降價，但這是其中1個。

But there are 3 others, and 1 of the others is the trade-in and financing programs that we instituted in our retail stores.

但還有另外 3 個，其中 1 個是我們在零售店實施的以舊換新和融資計劃。

Clearly, what we've learned here and it's not a surprise really is that the -- many, many people do want to trade in their current phone.

顯然，我們在這裡學到的東西並不奇怪，很多人確實想以他們當前的手機進行交易。

It does -- from a customer user point of view, the trade-in looks like a subsidy, and so it is a way to offset the device cost itself.

確實如此——從客戶用戶的角度來看，以舊換新看起來像是一種補貼，因此它是一種抵消設備成本本身的方式。

And many people in literally every market that we've tried this in, there is a reasonable number of people that want to take and pay for something on installments instead of all at once.

在我們嘗試過的幾乎每個市場中，有很多人想要分期付款而不是一次性付款。

And so it's a little different in each market in terms of what the elasticity is, but you can bet that we're learning quickly on all of those.

因此，每個市場在彈性方面略有不同，但你可以打賭，我們正在快速學習所有這些。

The other 2 items that are not insignificant in China that I don't want to lose here is that the stimulus programs, I believe, are having an effect on the consumer.

我不想在這裡失去的在中國並非無關緊要的另外兩個項目是，我相信刺激計劃正在對消費者產生影響。

And the 1 that I got much visibility in -- that happened in early April was the VAT reduction from 16% to 13%, so it's a very aggressive move.

我在 4 月初獲得了很大的知名度——增值稅從 16% 降低到 13%，所以這是一個非常激進的舉措。

But there are other stimulus programs as well that likely have an effect to the consumer level.

但也有其他刺激計劃可能對消費者產生影響。

And then finally, and this is not to be underweighted either, I think the improved trade dialogue between the countries affects consumer confidence in a positive way.

最後，這一點也不應該被低估，我認為國家之間貿易對話的改善以積極的方式影響了消費者的信心。

And so I think it's sort of the sum of all of those things.

所以我認為這是所有這些事情的總和。

And Jim, if I may add on the gross margin level, as we look at pricing actions, of course, anytime you do a pricing action, it is gross margin percentage diluted.

吉姆，如果我可以在毛利率水平上加上，當我們看定價行為時，當然，任何時候你做定價行為，它都會被稀釋的毛利率百分比。

But what really matters to us and what we look at when we look at the elasticity of these programs is to see the impact on our gross margin dollars.

但是，對我們來說真正重要的，以及當我們看到這些項目的彈性時，我們所關注的是對我們毛利率的影響。

And what -- the experience that we've had in a few of these emerging markets has been positive in that respect, and so that's what we think matters the most really.

還有什麼——我們在其中一些新興市場的經驗在這方面是積極的，所以這才是我們認為最重要的。

The next question will come from Wamsi Mohan with Bank of America Merrill Lynch.

下一個問題將來自美銀美林的 Wamsi Mohan。

Tim, you shared a lot of color around trade-ins, but I was also hoping maybe you can characterize what sort of dynamics you're seeing across your installed base on these trade-ins.

蒂姆，你分享了很多關於以舊換新的色彩，但我也希望你能描述你在這些以舊換新的安裝基礎上看到的動態。

What type of devices are being traded in?

交易的是什麼類型的設備？

Is the profile of someone who has a really old iPhone?

是擁有真正舊 iPhone 的人的個人資料嗎？

Or are you seeing folks that have newer iPhones trading in?

或者你看到有更新 iPhone 的人在交易嗎？

And what sort of incentives are you providing beyond sort of the financing to drive that?

除了融資之外，您還提供了哪些激勵措施來推動這一點？

And do you see this as something that can accelerate replacement cycles here over the next year or so?

您是否認為這可以加速未來一年左右的更換週期？

And I have a follow-up.

我有一個後續行動。

We're -- actually, the product that's being traded in is all over the place, to be honest.

老實說，我們 - 實際上，被交易的產品到處都是。

It's 6, 6 Plus, 6s, 6s Plus, 7, 7 Plus and then fewer 8 and 8 Plus.

它是 6、6 Plus、6s、6s Plus、7、7 Plus，然後是更少的 8 和 8 Plus。

But there's some of each of those, and so you get customers that are on the 2-year cycle and customers -- some customers on the 1-year cycle and then customers as well on the 3- and 4-year cycles.

但是其中的每一個都有一些，因此您會獲得 2 年周期的客戶和客戶 - 一些 1 年周期的客戶，然後還有 3 年和 4 年周期的客戶。

And so it's really all over the place.

所以它真的無處不在。

In terms of the incentives, we're offering currently in our retail stores a trade-in value that has -- that is more than the sort of the blue book of the device, if you will, for lack of a better description.

在激勵措施方面，我們目前在我們的零售店提供以舊換新的價值——如果你願意的話，這比設備的藍皮書還要多，因為沒有更好的描述。

And so we have topped those up to provide an extra benefit to the user.

因此，我們對這些進行了補充，以為用戶提供額外的好處。

The installments are different in each geography.

每個地區的分期付款都不同。

I would say that, at the moment, the geography that is doing the best in installments would be China.

我想說，目前，分期付款做得最好的地理位置將是中國。

And we have a bit of a unique offering there, I think, versus the -- versus what you can get in the regular market, and so that probably further helps there.

我認為，我們在那裡有一些獨特的產品，而不是 - 與你在常規市場上可以獲得的產品相比，這可能會進一步幫助那裡。

And so you can bet that we're learning on each of these, finding the parts that the user likes the most.

所以你可以打賭我們正在學習每一個，找到用戶最喜歡的部分。

I think the key is we're trying to build a -- build something into the consumer mindset that it's good for the environment and good for them to trade in their current device on a new device.

我認為關鍵是我們正在嘗試在消費者的心態中建立一種對環境有益的東西，並有利於他們在新設備上以現有設備進行交易。

And we do our best of getting the current device to someone else that can use that or, in some cases, if the product is at an end of life, we are recycling the parts on it to make sure that it can carry on in another form.

我們盡最大努力將當前設備提供給可以使用該設備的其他人，或者在某些情況下，如果產品已報廢，我們會回收其上的部件，以確保它可以在另一個設備上繼續使用形式。

And as my follow-up, Luca, can you just clarify if the settlement with Qualcomm is creating either a headwind or a tailwind to your gross margins in the near term?

作為我的後續行動，盧卡，你能否澄清一下與高通的和解是否會在短期內對你的毛利率造成不利或不利影響？

And does your guidance contemplate incremental pricing actions that could be creating some gross margin headwinds?

您的指導是否考慮了可能會造成一些毛利率逆風的增量定價行動？

As Tim has explained, we've reach this comprehensive agreement with Qualcomm.

正如蒂姆所解釋的，我們已經與高通達成了這項全面協議。

As part of this, we have agreed that we're not going to share the financial terms of the agreement, so we plan to honor that.

作為其中的一部分，我們已經同意我們不會分享協議的財務條款，因此我們計劃兌現這一點。

What you see in our gross margin guidance for the June quarter, we guided 37% to 38%, fully comprehends the outcome of the agreement with Qualcomm.

您在我們的 6 月季度毛利率指導中看到的，我們指導 37% 至 38%，完全理解與高通協議的結果。

Mike Olson from Piper Jaffray has our next question.

Piper Jaffray 的 Mike Olson 提出了我們的下一個問題。

So you have more than 1.4 billion active devices, and at your event, you announced services that leverage that installed base.

因此，您擁有超過 14 億台活動設備，並且在您的活動中，您宣布了利用該安裝基礎的服務。

And you have obviously a remarkable position with kind of this Trojan horse of devices out in so many households.

而且你顯然在這麼多家庭中擁有這種設備特洛伊木馬的非凡地位。

So I guess the question is -- and I know some of these services aren't even live yet, but should we expect a continuation of the building out of new services categories like what we saw at the March event?

所以我想問題是——我知道其中一些服務甚至還沒有上線，但我們是否應該期待像我們在三月份的活動中看到的那樣繼續構建新的服務類別？

Is there a pipeline of new services in the works?

是否有一系列新服務正在籌備中？

Or have we kind of seen what we're likely to see on that front for the near to intermediate term?

或者我們是否已經看到了近期到中期在這方面可能會看到的情況？

And then I have a follow-up.

然後我有一個跟進。

Yes, I wouldn't want to get into announcing things on the call, but obviously, we're always working on new things.

是的，我不想在電話會議上宣布事情，但顯然，我們一直在研究新事物。

And -- but we're -- right now, we're really focused on getting these 4 out there.

而且 - 但我們 - 現在，我們真的專注於讓這 4 個出現。

We have the News+ in the market today.

我們今天在市場上有 News+。

We'll have the Apple Arcade and the Apple TV+ products in the market in the fall, and Apple Card will go out in the summer timeframe.

我們將在秋季推出 Apple Arcade 和 Apple TV+ 產品，而 Apple Card 將在夏季推出。

And so we've got lots in front of us, and we're very excited about getting these out there.

所以我們面前有很多東西，我們很高興能把這些東西拿出來。

Right.

正確的。

And then you mentioned the App Store search ad business a couple of times in the prepared remarks.

然後你在準備好的評論中多次提到了 App Store 搜索廣告業務。

Is that reaching a point where it's become material and maybe moving the needle for overall Services revenue?

這是否已經到了重要的程度，並且可能會影響整體服務收入？

Or is there anything you can quantify related to that?

或者有什麼你可以量化的與之相關的嗎？

I also imagine that this is a high-margin business, at least maybe higher than the overall Services margin but wondering if you can confirm if that's the case or not.

我還認為這是一項高利潤業務，至少可能高於整體服務利潤率，但想知道您是否可以確認是否是這種情況。

It's growing very, very fast, Mike.

它的增長非常非常快，邁克。

I think it was up around 70% over the previous year.

我認為它比前一年增長了約 70%。

We're expanding into new geographies as well, and we still have more geographies out there that we think can move the dial further.

我們也在向新的地區擴張，我們仍然有更多的地區，我們認為可以進一步推動錶盤。

So it is a -- it's definitely a business that is big and getting bigger.

所以它是一個 - 它絕對是一個越來越大的業務。

Our next question comes from Lou Miscioscia with Daiwa Capital Markets.

我們的下一個問題來自大和資本市場的 Lou Miscioscia。

Tim, when you look at the 4 things that you have announced, and I realize they have different dates when they're coming out, but which ones would you say, over the next 12 months, has the most potential to help your Services line?

蒂姆，當你看到你宣布的 4 件事時，我意識到它們的發布日期不同，但你會說，在接下來的 12 個月內，哪些最有可能幫助你的服務熱線?

And then maybe which one has the best long-term potential?

然後也許哪一個具有最好的長期潛力？

And then I have a quick follow-up.

然後我有一個快速跟進。

We're going to wait until we get these things out.

我們要等到我們把這些東西弄出來。

And what I can tell you right now is that the -- we're taking sort of consumer interest on the Apple Card, and there's been a significant level of interest on that and we're excited.

我現在可以告訴你的是 - 我們正在對 Apple Card 產生某種程度的消費者興趣，並且對此有很大的興趣，我們很興奮。

As you know, the -- gaming is the top category on the App Store.

如您所知，遊戲是 App Store 上的頂級類別。

And so the Apple Arcade will serve some of that market, and it serves it with a different kind of game, which we think will be great for developers and great for users.

因此，Apple Arcade 將服務於該市場的一部分，並為它提供不同類型的遊戲，我們認為這對開發人員和用戶來說都很棒。

The TV+ product plays in a market where it's -- there's a huge move from the cable bundle to over the top.

TV+ 產品在它所在的市場中發揮作用——從有線電視捆綁到頂級市場的巨大轉變。

We think that most users are going to get multiple over-the-top products, and we're going to do our best to convince them that the Apple TV+ product should be one of them.

我們認為大多數用戶將獲得多種 OTT 產品，我們將盡最大努力讓他們相信 Apple TV+ 產品應該是其中之一。

And then we're working very hard to get everyone to give Apple News+ a look because we think it's a very unique product.

然後我們正在努力讓每個人都看一看 Apple News+，因為我們認為它是一款非常獨特的產品。

And I love magazines, and we have really wanted to support the publishers.

我喜歡雜誌，我們真的很想支持出版商。

And so we're working very hard to -- at the -- but at the very beginning of the ramp there.

因此，我們非常努力地 - 在 - 但在坡道的最開始。

We wouldn't do a service that we didn't think could be meaningful, so that's sort of the way I look at it.

我們不會做我們認為沒有意義的服務，所以這就是我看待它的方式。

Yes, these aren't hobbies.

是的，這些都不是愛好。

Okay.

好的。

A quick follow-up on India.

對印度的快速跟進。

Obviously, market share there is well, well below China.

顯然，那裡的市場份額遠遠低於中國。

I believe you're looking to start manufacturing there.

我相信你正在尋找在那裡開始製造。

But what's the -- obviously, the potential could be huge, but the market already seems to be pretty dominated on the Android side.

但這是什麼 - 顯然，潛力可能是巨大的，但市場似乎已經在 Android 方面佔據主導地位。

So maybe if you could just talk about trying to really aggressively ramp up share there.

所以也許你可以談談嘗試真正積極地增加那裡的份額。

I think India is a very important market in the long term.

我認為從長遠來看，印度是一個非常重要的市場。

It's a challenging market in the short term, but we're learning a lot.

短期內這是一個充滿挑戰的市場，但我們學到了很多東西。

We have started manufacturing there, which is very important to be able to serve the market in a reasonable way, and we're growing that capability there.

我們已經開始在那裡生產，這對於能夠以合理的方式為市場服務非常重要，我們正在那裡提高這種能力。

And we would like to place retail stores there, and we're working with the government to seek approval to do that.

我們想在那裡開設零售店，我們正在與政府合作尋求批准。

And so we plan on going in there with sort of all of our might.

所以我們計劃用我們所有的力量去那裡。

We've opened a developer accelerator there, which we're very happy with some of the things coming out of there.

我們在那裡開設了一個開發者加速器，我們對其中的一些東西非常滿意。

It's a long-term play.

這是一場長期的比賽。

It's not something that's going to be on overnight huge business, but I think the growth potential is phenomenal.

這不會在一夜之間成為巨大的業務，但我認為增長潛力是驚人的。

It doesn't bother me that it's primarily Android business at the moment because that just means there's a lot of opportunity there.

目前主要是 Android 業務並不困擾我，因為這意味著那裡有很多機會。

A replay of today's call will be available for 2 weeks on Apple Podcasts as a webcast on Apple.com/investor and via telephone.

今天電話會議的重播將在 Apple 播客上以網絡廣播的形式在 Apple.com/investor 和通過電話播放 2 週。

And the numbers to 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 7060604.

請輸入確認碼 7060604。

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 Kristin Huguet at (408) 974-2414, and financial analysts can contact Matt Blake or me with additional questions.

有其他問題的媒體成員可以聯繫 Kristin Huguet，電話是 (408) 974-2414，金融分析師可以聯繫 Matt Blake 或我提出其他問題。

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。