蘋果 (AAPL) 2023 Q3 法說會逐字稿

Good day, and welcome to the Apple Q3 Fiscal Year 2023 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Saori Casey, Vice President of Finance. Please go ahead.

大家好，歡迎參加蘋果2023財年第三季財報電話會議。本次會議正在錄音。現在，我將把電話交給財務副總裁Saori Casey女士，請她致開幕詞並進行介紹。

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

謝謝。下午好，感謝各位參加本次電話會議。今天首先發言的是蘋果執行長提姆·庫克，接著是財務長盧卡·馬埃斯特里。之後，我們將開放分析師提問環節。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of macroeconomic conditions on the company's business and the results of operations.

請注意，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述，包括宏觀經濟狀況對公司業務和經營業績的潛在影響。

These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。更多信息，請參閱蘋果公司最新提交的10-K表格年度報告和今天提交給美國證券交易委員會（SEC）的8-K表格報告以及相關新聞稿中討論的風險因素。蘋果公司不承擔更新任何前瞻性聲明的義務，這些聲明僅代表其發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thank you, Saori. Good afternoon, everyone, and thanks for joining us. Today, Apple is reporting revenue of $81.8 billion for the June quarter, better than our expectations. We continued to see strong results in emerging markets, driven by robust sales of iPhone with June quarter total revenue records in India, Indonesia, Mexico, the Philippines, Poland, Saudi Arabia, Turkey and the UAE. We set June quarter records in a number of other countries as well, including France, the Netherlands and Austria. And we set an all-time revenue record in Services driven by more than $1 billion paid subscriptions.

謝謝Saori。大家下午好，感謝各位的參與。今天，蘋果公司公佈了6月季度的營收，達到818億美元，超乎預期。新興市場業績持續強勁，主要得益於iPhone的強勁銷售，印度、印尼、墨西哥、菲律賓、波蘭、沙烏地阿拉伯、土耳其和阿聯酋等市場在6月季度的總營收均創下歷史新高。此外，法國、荷蘭和奧地利等多個國家也創下了6月季的營收紀錄。同時，服務業務的營收也創下歷史新高，付費訂閱收入超過10億美元。

We continued to face an uneven macroeconomic environment, including nearly 4 percentage points of foreign exchange headwinds. On a constant currency basis, we grew compared to the prior year's quarter in aggregate and in the majority of markets we track. We continue to manage deliberately and innovate relentlessly, and we are driven by the sense of possibility those efforts inspire.

我們持續面臨不穩定的宏觀經濟環境，其中包括近4個百分點的外匯逆風。以固定匯率計算，與去年同期相比，我們整體業績以及我們追蹤的大多數市場均實現了成長。我們將繼續審慎管理，堅持不懈地創新，而這些努力所帶來的無限可能正是我們前進的動力。

To that end, before I turn to the quarter in more detail, I want to take a moment to acknowledge the unprecedented innovations we were proud to announce at our Worldwide Developers Conference. In addition to extraordinary new Macs and incredible updates to our software platforms, we had the chance to introduce the world to spatial computing.

為此，在更詳細地介紹本季業績之前，我想先花一點時間回顧一下我們在全球開發者大會上自豪地宣布的那些前所未有的創新。除了卓越的新款Mac電腦和軟體平台的重大更新之外，我們還有機會向世界展示了空間運算技術。

We were so pleased to share the revolutionary Apple Vision Pro with the world, a bold new product unlike anything else created before. Apple Vision Pro is a marvel of engineering, built on decades of innovation only possible at Apple. It is the most advanced personal electronic device ever created, and we've been thrilled by the reaction from press, analysts, developers and content creators who've had the chance to try it. We can't wait to get it into customers' hands early next year.

我們非常高興地向全世界推出革命性的 Apple Vision Pro，這是一款前所未見的全新產品。 Apple Vision Pro 堪稱工程奇蹟，凝聚了 Apple 數十年來獨有的創新精神。它是迄今為止最先進的個人電子設備，我們很高興地看到，媒體、分析師、開發者和內容創作者在體驗後都給予了高度評價。我們迫不及待地想在明年初將它送到用戶手中。

Now let me share more with you on our June quarter results beginning with iPhone. iPhone revenue came in at $39.7 billion for the quarter, down 2% from the year ago quarter's record performance. On a constant currency basis, iPhone revenue grew, and we had a June quarter record for switchers, reflecting the popularity of the iPhone lineup. iPhone 14 customers continue to praise the exceptional battery life and essential health and safety features, while iPhone 14 Plus users are loving the new larger screen size. And with Dynamic Island, Always-On display and the most powerful camera system ever in an iPhone, the iPhone 14 Pro lineup is our best ever.

現在讓我來詳細介紹一下我們六月的季度業績，首先是iPhone。 iPhone本季營收為397億美元，較去年同期創紀錄的業績下降了2%。以固定匯率計算，iPhone 營收有所成長，六月的換機用戶數量也創下新高，這反映了iPhone系列產品的受歡迎程度。 iPhone 14用戶持續稱讚其卓越的電池續航力和重要的健康與安全功能，而iPhone 14 Plus用戶則對更大的螢幕尺寸讚不絕口。憑藉動態島、息屏顯示器以及iPhone史上最強大的相機系統，iPhone 14 Pro系列堪稱我們迄今最出色的產品。

Turning to Mac. We recorded $6.8 billion in revenue, down 7% year-over-year. We are proud to have completed the transition of our entire Mac lineup to run exclusively on Apple silicon. We are also excited to have introduced the new 15-inch MacBook Air during the quarter, the world's best 15-inch laptop and one of the best Macs we've ever made. And we launched 2 new powerhouses in computing, Mac Studio with M2 Max and M2 Ultra and Mac Pro with M2 Ultra, which are the most powerful Macs we've ever made.

接下來談談Mac產品。我們錄得68億美元的營收，年減7%。我們很自豪地宣布，我們所有的Mac產品線都已完全過渡到搭載Apple Silicon晶片。此外，我們也很高興在本季推出了全新的15吋MacBook Air，它是全球最好的15吋筆記型電腦，也是我們迄今為止打造的最優秀的Mac之一。同時，我們也發表了兩款全新的高效能運算產品：搭載M2 Max和M2 Ultra的Mac Studio以及搭載M2 Ultra的Mac Pro，它們是我們迄今為止打造的最強大的Mac。

iPad revenue was $5.8 billion for the June quarter, down 20% year-over-year, in part due to a difficult compare because of the timing of the iPad Air launch last year. Customers are loving iPad's versatility and exceptional value. There was a great deal of excitement from creatives when we brought Final Cut Pro and Logic Pro to iPad this spring. And with the back-to-school season in full swing, iPad has the power to help students tackle the toughest assignments.

iPad 6 月季度營收為 58 億美元，年減 20%，部分原因是去年 iPad Air 發布的時間點導致去年同期業績基數較高。消費者對 iPad 的多功能性和卓越性價比讚不絕口。今年春天，我們將 Final Cut Pro 和 Logic Pro 引入 iPad 平台，創意人士對此反應熱烈。隨著開學季的全面展開，iPad 也能夠幫助學生應對最棘手的作業。

Across Wearables, Home and Accessories, revenue was $8.3 billion, up 2% year-over-year and in line with our expectations. Packed with features to empower users to live a healthier life, Apple Watch and Apple Watch Ultra continue to help people take the next step on their wellness journey.

穿戴式裝置、家居和配件業務的總營收為 83 億美元，較去年同期成長 2%，符合預期。 Apple Watch 和 Apple Watch Ultra 擁有眾多功能，旨在幫助用戶擁有更健康的生活方式，並將繼續幫助人們在健康之旅中邁出下一步。

As I mentioned earlier, last quarter, we held our biggest and most exciting WWDC yet. We were thrilled to welcome developers from across the globe to Apple Park, both in person and virtually, and to share some stunning new announcements with the world.

正如我之前提到的，上個季度我們舉辦了迄今為止規模最大、最令人興奮的 WWDC。我們非常高興地歡迎來自全球各地的開發者來到 Apple Park，無論他們是親臨現場還是在線參與，並與全世界分享了一些令人振奮的全新產品。

In addition to Apple Vision Pro and the new Macs that we introduced, we had the chance to reveal some truly remarkable new innovations to our software platforms. From exciting new features like Live Voicemail and StandBy in iOS 17, to new tools for users to work, play and personalize their experience in macOS Sonoma and iPadOS 17, to a fresh design and new workout capabilities in watchOS 10, there's so much coming later this year to empower users to get more out of their devices, and we think they're going to instantly love these new features.

除了我們推出的 Apple Vision Pro 和新款 Mac 電腦之外，我們還有機會向大家展示軟體平台的一些真正令人矚目的創新。從 iOS 17 中令人興奮的新功能，例如即時語音郵件和待機模式，到 macOS Sonoma 和 iPadOS 17 中為用戶提供的工作、娛樂和個性化體驗的新工具，再到 watchOS 10 的全新設計和健身功能，今年晚些時候還將推出更多功能，幫助用戶更好地利用他們的設備，我們相信他們會立刻愛上這些新功能。

It was also an exciting quarter for Services where revenue reached $21.2 billion and saw a sequential acceleration to an 8% year-over-year increase, better than we expected. We set an all-time revenue record for total services and in a number of categories, including video, AppleCare, cloud and payment services. Since we introduced Apple Pay almost a decade ago, customers have been loving how easy it is to make purchases online, in apps and in stores. We're also pleased to see Apple Card build on the success of Apple Pay. Designed with our users' financial health in mind, Apple Card has become one of the most successful credit card programs in the U.S. with award-winning customer satisfaction. And this spring, we introduced a new high-yield savings account for Apple Card customers, which has become incredibly popular, with customers already making more than $10 billion in deposits.

本季服務業務同樣表現亮眼，營收達 212 億美元，季增加速至 8%，超出預期。我們創下了服務總營收的歷史新高，並在影片、AppleCare、雲端服務和支付服務等多個類別中均創下新高。自從近十年前推出 Apple Pay 以來，用戶一直喜愛它便利的線上、離線和離線購物體驗。我們也很高興看到 Apple Card 在 Apple Pay 的成功基礎上更上一層樓。 Apple Card 的設計以用戶財務健康為核心，已成為美國最成功的信用卡項目之一，並屢獲殊榮，贏得了客戶滿意度的認可。今年春季，我們為 Apple Card 用戶推出了一款全新的高收益儲蓄帳戶，該帳戶廣受歡迎，用戶存款總額已超過 100 億美元。

Meanwhile, Apple TV+ continues to provide a spectacular showcase of imaginative storytelling. Recently, fans welcomed new series like Hijack and Silo as well as returning fan favorites like Foundation and The Afterparty. In the few years since its launch, Apple TV+ has earned more than 1,500 nominations and 370 wins. That includes the 54 Emmy Award nominations across 13 titles that Apple TV+ received last month.

同時，Apple TV+ 繼續為觀眾呈現精彩的創意故事。近期，粉絲們迎來了《劫持》（Hijack）和《筒倉》（Silo）等新劇，以及《基地》（Foundation）和《派對之後》（The Afterparty）等經典回歸劇集。自上線以來短短幾年，Apple TV+ 已獲得超過 1500 項提名和 370 項大獎。其中包括上個月 Apple TV+ 旗下 13 部作品獲得的 54 項艾美獎提名。

It's also been an exciting time for sports on Apple TV+. Soccer legend Lionel Messi made his debut with Major League Soccer last month, and fans all over the world tuned in with MLS Season Pass. We are excited about our MLS partnership, and we're thrilled to see Messi suiting up with Inter Miami.

對於Apple TV+上的體育賽事來說，這段時間也令人興奮。足球傳奇人物萊昂內爾·梅西上個月首次亮相美國職業足球大聯盟（MLS），世界各地的球迷都通過MLS賽季通行證收看了比賽。我們對與MLS的合作感到非常興奮，也很高興看到梅西穿上邁阿密國際隊的戰袍。

And just in time for summer concert season, Apple Music launched new discovery features celebrating live music, including venue guides in Apple Maps and set lists from tours of major artists. These new features and others join a lineup of updates coming later this year to make Services more powerful, more useful and more fun than ever.

正值夏季音樂會季來臨之際，Apple Music 推出了全新的發現功能，旨在推廣現場音樂，包括在 Apple 地圖中新增場館指南，以及提供知名藝人巡迴的歌單。這些新功能以及其他功能，將在今年稍後陸續推出，旨在讓 Apple Music 服務更加強大、實用和有趣。

Everything we do is in service of our customers, and retail is where we bring the best of Apple. During the quarter, we opened the Apple Store online in Vietnam, and we're excited to connect with more customers there. We also redesigned our first-ever Apple Store located in Tysons Corner, Northern Virginia, with inclusive, innovative and sustainable design enhancements. We opened a beautiful new store beneath our new London headquarters in the historic Battersea Power Station. And the performance of the stores we opened in India this spring exceeded our initial expectations.

我們所做的一切都是為了服務顧客，而零售則是我們展現 Apple 最佳產品體驗的平台。本季度，我們在越南開設了 Apple Store 線上商店，我們很高興能與更多越南顧客建立聯繫。此外，我們也對位於維吉尼亞州北部泰森斯角的首家 Apple Store 進行了重新設計，融入了包容性、創新性和永續性的設計理念。我們在倫敦新總部所在的巴特西發電廠（一座歷史悠久的建築）內開設了一家全新的 Apple Store。今年春天，我們在印度開設的 Apple Store 的表現也超出了我們的預期。

With every product we create, every feature we develop and every interaction we share with our customers, we lead with the values we stand for. We believe in creating technology that serves all of humanity, which is why accessibility has always been a core value that we embed in everything we do.

我們打造的每一款產品、開發的每項功能、與客戶的每一次互動，都秉持著我們所堅持的價值觀。我們致力於創造服務全人類的技術，因此，無障礙設計始終是我們核心價值的一部分，並貫穿我們所做的每一件事。

On Global Accessibility Awareness Day, we unveiled some extraordinary new tools for cognitive, vision, hearing and mobile accessibility that will be available later this year, including Assistive Access, which distills apps to their most essential features, and Personal Voice, which allows users to create a synthesized voice that sounds just like them.

在全球無障礙意識日，我們推出了一些非凡的認知、視覺、聽覺和行動無障礙新工具，這些工具將於今年稍後推出，包括輔助存取（可將應用程式簡化為最基本的功能）和個人語音（允許用戶創建聽起來像他們自己的合成語音）。

Building technology and service of our customers also means protecting their privacy, which we believe is a fundamental human right. That's why we were pleased to announce major updates to Safari Private Browsing, Communication Safety and Lockdown Mode to further safeguard our users. And as part of our efforts to build a better world, we announced that we've more than doubled our initial commitment to our Racial Equity and Justice Initiative to more than $200 million. We will continue to do our part to support education, economic empowerment and criminal justice reform work. And while supporting efforts to advance equity and opportunity, we continue to build a culture of belonging at Apple and a workforce that reflects the communities we serve.

為客戶打造技術和服務的同時，也意味著保護他們的隱私，我們認為這是一項基本人權。因此，我們很高興地宣布對 Safari 隱私瀏覽、通訊安全和鎖定模式進行重大更新，以進一步保護用戶。作為我們致力於建立更美好世界的一部分，我們宣布已將對種族平等與正義倡議的初步承諾增加一倍以上，達到 2 億美元以上。我們將繼續盡己所能，支持教育、經濟賦權和刑事司法改革工作。在支持促進公平和機會平等的努力的同時，我們也將繼續在 Apple 內部營造歸屬感文化，並打造一支能夠反映我們所服務社區的員工隊伍。

Through our environmental work, we're making strides in our commitment to leave the world better than we found it. Last month, Apple joined with global nonprofit Acumen in a new effort to improve livelihoods in India through clean energy innovation, and we are as committed as ever to our Apple 2030 goal to be carbon neutral across our entire supply chain and the life cycle of our products.

透過我們在環保方面的工作，我們正朝著讓世界變得更美好的承諾邁進。上個月，蘋果公司與全球非營利組織 Acumen 攜手，共同致力於透過清潔能源創新改善印度人民的生活。同時，我們也一如既往地堅定不移地朝著「蘋果2030」的目標邁進，力求在整個供應鏈和產品生命週期內實現碳中和。

We've long held that education is the great equalizer. With that in mind, we're expanding Apple Learning Coach, a free professional learning program that teaches educators how to get more out of Apple technology in the classroom. Today, we welcome more than 1,900 educators across the U.S. to the program. By the end of the year, we'll offer Apple Learning Coach in 12 more countries.

我們一直堅信教育是實現公平的基石。秉持著這個理念，我們正在拓展 Apple Learning Coach 專案。這是一個免費的專業學習項目，旨在幫助教育工作者在課堂上更有效地利用 Apple 技術。今天，我們歡迎全美超過 1900 位教育工作者加入此計畫。今年底，我們將把 Apple Learning Coach 計畫推廣到另外 12 個國家。

As we're connecting with teachers, we're also celebrating the graduations of students at our app developer academies around the world. From Detroit, to Naples, to Riyadh and more, we're excited to watch these talented developers embark on careers in coding and find ways to make a positive difference in their communities.

在與教師們交流的同時，我們也慶祝了全球各地應用開發者學院學員的畢業典禮。從底特律到那不勒斯，再到利雅德等等，我們很高興看到這些才華橫溢的開發者開啟他們的程式設計職業生涯，並找到為社區帶來正面影響的方式。

Apple remains a champion of innovation, a company fueled by boundless creativity, driven by a deep sense of mission and guided by the unshakable belief that a great idea can change the world. Looking ahead, we'll continue to manage for the long term, always pushing the limits of what's possible and always putting the customer at the center of everything we do.

蘋果始終是創新的領導者，充滿無限創造力、肩負使命、堅信偉大創意能改變世界的公司。展望未來，我們將繼續著眼長遠，不斷突破極限，並始終將客戶放在一切工作的核心。

With that, I'll turn it over to Luca.

接下來，我將把麥克風交給盧卡。

Thank you, Tim, and good afternoon, everyone. Revenue for the June quarter was $81.8 billion, down 1% from last year and better than our expectations despite nearly 4 percentage points of negative impact from foreign exchange. On a constant currency basis, our revenue grew year-over-year in total and in the majority of the markets we track. We set June quarter records in both Europe and Greater China and continue to see strong performance across our emerging markets driven by iPhone.

謝謝蒂姆，大家下午好。 6 月季度營收為 818 億美元，年減 1%，但儘管受到近 4 個百分點的匯率負面影響，仍優於預期。以固定匯率計算，我們的營收整體較去年同期成長，在我們追蹤的大多數市場也實現了成長。我們在歐洲和大中華區均創下了 6 月季度的營收紀錄，並且在 iPhone 的推動下，我們在新興市場的業績持續強勁。

Products revenue was $60.6 billion, down 4% from last year, as we faced FX headwinds and an uneven macroeconomic environment. However, our installed base reached an all-time high across all geographic segments, driven by a June quarter record for iPhone switchers and high new-to rates in Mac, iPad and Watch, coupled with very high levels of customer satisfaction and loyalty.

產品營收為606億美元，較去年同期下降4%，主要受匯率波動和宏觀經濟環境不平衡的影響。然而，由於iPhone用戶在6月季度創下新高，以及Mac、iPad和Apple Watch新用戶成長迅速，再加上極高的客戶滿意度和忠誠度，我們的用戶基數在所有地區均創歷史新高。

Our Services revenue set an all-time record of $21.2 billion, up 8% year-over-year and grew double digits in constant currency. Our performance was strong around the world as we reach all-time Services revenue records in Americas and Europe and June quarter records in Greater China and rest of Asia Pacific.

我們的服務收入創歷史新高，達到 212 億美元，年增 8%，以固定匯率計算實現了兩位數成長。我們在全球各地均表現強勁，美洲和歐洲的服務收入均創歷史新高，大中華區和亞太其他地區也創下了 6 月份季度收入新高。

Company gross margin was 44.5%, a record level for the June quarter and up 20 basis points sequentially, driven by cost savings and favorable mix shift towards Services, partially offset by a seasonal loss of leverage. Products gross margin was 35.4%, down 130 basis points from last quarter due to seasonal loss of leverage and mix, partially offset by favorable costs. Services gross margin was 70.5%, decreasing 50 basis points sequentially.

公司毛利率為44.5%，創6月季度歷史新高，季增20個基點，主要得益於成本節約和服務業務組合的有利調整，但部分被季節性槓桿效應下降所抵銷。產品毛利率為35.4%，較上季下降130個基點，主要受季節性槓桿效應下降和業務組合調整的影響，但部分被成本優勢所抵銷。服務毛利率為70.5%，季減50個基點。

Operating expenses of $13.4 billion were below the low end of the guidance range we provided at the beginning of the quarter and decelerated from the March quarter. We continue to take a deliberate approach in managing our spend with strong focus on innovation and new product development. The results of these actions delivered net income of $19.9 billion, diluted earnings per share of $1.26, up 5% versus last year, and very strong operating cash flow of $26.4 billion.

營運支出為134億美元，低於我們在本季初提供的預期範圍下限，且較3月份季度放緩。我們持續採取審慎的支出管理策略，重點在於創新和新產品開發。這些措施帶來了199億美元的淨利潤，稀釋後每股收益為1.26美元，年增5%，以及高達264億美元的強勁營運現金流。

Let me now provide more detail for each of our revenue categories. iPhone revenue was $39.7 billion, down 2% year-over-year but grew on a constant currency basis. We set revenue records in several markets around the world, including an all-time record in India and June quarter records in Latin America, the Middle East and Africa, Indonesia, the Philippines, Italy, the Netherlands and the U.K. Our iPhone active installed base grew to a new all-time high, thanks to a June quarter record in switchers. This is a testament to our extremely high levels of customer satisfaction, which 451 Research recently measured at 98% for the iPhone 14 family in the U.S.

現在讓我詳細介紹一下我們各項收入類別。 iPhone 營收為 397 億美元，年減 2%，但以固定匯率計算則有所成長。我們在全球多個市場創下了收入紀錄，其中包括印度市場的歷史新高，以及拉丁美洲、中東和非洲、印尼、菲律賓、義大利、荷蘭和英國等市場 6 月季度收入的新高。由於 6 月季度用戶轉換數量創下新紀錄，我們的 iPhone 活躍用戶數也達到了歷史新高。這充分證明了我們極高的客戶滿意度，451 Research 最近測得美國 iPhone 14 系列的客戶滿意度高達 98%。

Mac generated $6.8 billion in revenue, down 7% year-over-year. We continue to invest in our Mac portfolio. And this past quarter, we were pleased to complete the transition to Apple silicon for the entire lineup. This transition has driven both strong upgrade activity and a high number of new customers. In fact, almost half of Mac buyers during the quarter were new to the product. We also saw reported customer satisfaction of 96% for Mac in the U.S.

Mac 營收為 68 億美元，年減 7%。我們將繼續加大對 Mac 產品線的投入。上個季度，我們很高興地完成了全線產品向 Apple 晶片的過渡。這項過渡不僅推動了強勁的升級換代，也帶來了大量新客戶。事實上，本季近一半的 Mac 用戶都是首次購買該產品。此外，我們也看到美國 Mac 用戶滿意度高達 96%。

iPad revenue was $5.8 billion, down 20% year-over-year and in line with our expectations. These results were driven by a difficult compare against the full quarter impact of the iPad Air launch in the prior year. At the same time, we continue to attract a large number of new customers to the iPad installed base with over half of the customers who purchased iPads during the quarter being new to the product. And the latest reports from 451 Research indicate customer satisfaction of 96% in the U.S.

iPad 營收為 58 億美元，年減 20%，符合預期。這項業績主要受去年同期 iPad Air 發布帶來的強勁成長影響。同時，我們持續吸引大量新用戶加入 iPad 用戶群體，本季購買 iPad 的用戶中超過一半是首次購買。此外，451 Research 的最新報告顯示，美國用戶滿意度高達 96%。

Wearables, Home and Accessories revenue was $8.3 billion, up 2% year-over-year, with a June quarter record in Greater China and strong performance in several emerging markets. We continue to see Apple Watch expand its reach with about 2/3 of customers purchasing an Apple Watch during the quarter being new to the product. And this is combined with very high levels of customer satisfaction, which was recently reported at 98% in the United States.

穿戴式裝置、家居及配件業務營收達 83 億美元，年成長 2%，其中大中華區 6 月季度業績創歷史新高，多個新興市場表現強勁。 Apple Watch 的用戶群持續擴大，本季購買 Apple Watch 的用戶中約有三分之二是首次使用該產品。同時，用戶滿意度也非常高，近期公佈的數據顯示，美國地區的用戶滿意度高達 98%。

Moving on to Services. We reached a new all-time revenue record of $21.2 billion with year-over-year growth accelerating sequentially to 8% and up double digits in constant currency. In addition to the all-time records Tim mentioned earlier, we also set June quarter records for advertising, App Store and Music. We are very pleased with our performance in Services, which is a direct reflection of our ecosystem's strength.

接下來談談服務業務。我們創下了212億美元的歷史新高，年增8%，以固定匯率計算更是實現了兩位數的成長。除了提姆之前提到的這些歷史紀錄之外，我們在廣告、App Store和音樂業務方面也創下了6月季度的新紀錄。我們對服務業務的表現非常滿意，這直接反映了我們生態系統的強大實力。

First, our installed base of over 2 billion active devices continues to grow at a nice pace and establishes a solid foundation for the future expansion of our ecosystem. Second, we see increased customer engagement with our services. Both our transacting accounts and paid accounts grew double digits year-over-year, each reaching a new all-time high. Third, our paid subscriptions showed strong growth. This past quarter, we reached an important milestone and passed 1 billion paid subscriptions across the services on our platform, up 150 million during the last 12 months and nearly double the number of paid subscriptions we had only 3 years ago. And finally, we continue to improve the breadth and the quality of our current services. From 20 new games on Apple Arcade, to brand-new content on Apple TV+, to the launch of our high-yield savings account with Apple Card, our customers are loving these enhanced offerings.

首先，我們超過20億台活躍設備的安裝基數持續穩定成長，為我們生態系統的未來擴展奠定了堅實的基礎。其次，我們看到用戶對我們服務的參與度顯著提升。我們的交易帳戶和付費帳戶均實現了兩位數的同比增長，並創下歷史新高。第三，我們的付費訂閱用戶成長強勁。上個季度，我們達成了一個重要的里程碑，平台上的付費訂閱用戶總數突破10億，較過去12個月成長了1.5億，幾乎是三年前的兩倍。最後，我們不斷提升現有服務的廣度和品質。從Apple Arcade上的20款全新遊戲，到Apple TV+上的全新內容，再到Apple Card高收益儲蓄帳戶的推出，我們的用戶對這些升級服務讚不絕口。

Turning to the enterprise market. Our customers are leveraging Apple products every day to help improve productivity and attract talent. Blackstone, a global investment management firm, is expanding its Apple footprint from their corporate iPhone fleet to now offering the MacBook Air powered by M2 to all of their corporate employees and portfolio companies. Gilead, a leading biopharmaceutical company, has deployed thousands of iPads globally to their sales team. Over the last 6 months, they have also doubled their Mac user base by making MacBook Air available to more employees with a focus on user experience and strong security.

轉向企業市場。我們的客戶每天都在利用蘋果產品來提高生產力並吸引人才。全球投資管理公司黑石集團正在擴大其蘋果產品的應用範圍，從公司內部的 iPhone 設備擴展到為所有公司員工和投資組合公司提供搭載 M2 晶片的 MacBook Air。領先的生物製藥公司吉利德已在全球為其銷售團隊部署了數千台 iPad。在過去的六個月裡，他們透過向更多員工提供 MacBook Air，並專注於用戶體驗和強大的安全性，使其 Mac 用戶群翻了一番。

Let me now turn to our cash position and capital return program. We ended the quarter with over $166 billion in cash and marketable securities. We repaid $7.5 billion in maturing debt while issuing $5.2 billion of new debt and increasing commercial paper by $2 billion, leaving us with total debt of $109 billion. As a result, net cash was $57 billion at the end of the quarter.

現在讓我談談我們的現金狀況和資本回報計劃。本季末，我們持有超過1,660億美元的現金和有價證券。我們償還了75億美元的到期債務，同時發行了52億美元的新債務，並將商業票據增加了20億美元，使我們的總債務達到1,090億美元。因此，本季末的淨現金為570億美元。

During the quarter, we returned over $24 billion to shareholders, including $3.8 billion in dividends and equivalents and $18 billion through open market repurchases of 103 million Apple shares. We continue to believe there is great value in our stock and maintain our target of reaching a net cash neutral position over time.

本季度，我們向股東返還了超過240億美元，其中包括38億美元的股息及等價物，以及透過公開市場回購1.03億股蘋果股票所獲得的180億美元。我們仍然相信我們的股票具有巨大的價值，並維持我們最終實現淨現金中立的目標。

As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Saori referred to at the beginning of the call. We expect our September quarter year-over-year revenue performance to be similar to the June quarter, assuming that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. Foreign exchange will continue to be a headwind, and we expect a negative year-over-year revenue impact of over 2 percentage points.

隨著我們進入九月季度，我想回顧一下我們的展望，其中包括Saori在電話會議開始時提到的那些前瞻性資訊。我們預計九月季度的年比營收表現將與六月季度類似，前提是宏觀經濟前景不會比我們目前對本季的預測更糟。外匯波動仍將構成不利因素，我們預期其將對年比營收產生超過2個百分點的負面影響。

We expect iPhone and Services year-over-year performance to accelerate from the June quarter. Also, we expect the revenue for both Mac and iPad to decline by double digits year-over-year due to difficult compares, particularly on the Mac. For both products, we experienced supply disruptions from factory shutdowns in the June quarter a year ago and were able to fulfill significant pent-up demand in the year ago September quarter.

我們預計iPhone和服務業務的年比業績將從6月季度開始加速成長。此外，由於基數較高，尤其是Mac，我們預期Mac和iPad的營收將年比出現兩位數下降。去年6月季度，由於工廠停工，這兩款產品的供應均受到影響，但我們在去年9月季度成功滿足了大量積壓需求。

We expect gross margin to be between 44% and 45%. We expect OpEx to be between $13.5 billion and $13.7 billion. We expect OI&E to be around negative $250 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.

我們預計毛利率在44%至45%之間。預計營運支出在135億美元至137億美元之間。預計營業收入及支出約為負2.5億美元（不包括少數股權投資以市值計價可能產生的影響），稅率約為16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.24 per share of common stock payable on August 17, 2023, to shareholders of record as of August 14, 2023. With that, let's open the call to questions.

最後，今天，我們的董事會宣布派發每股普通股0.24美元的現金股息，將於2023年8月17日支付給截至2023年8月14日登記在冊的股東。接下來，我們開始提問環節。

Thank you, Luca. (Operator Instructions) Operator, may we have the first question, please?

謝謝你，盧卡。 （操作員指示）操作員，請問第一個問題是什麼？

We will go ahead and take our first question from Shannon Cross with Credit Suisse.

接下來，我們將接受瑞士信貸的 Shannon Cross 提出的第一個問題。

Tim, you mentioned -- and actually, Luca, too. You mentioned an uneven macro environment during the quarter several times on the call. I'm wondering if you can talk on a geographic basis about some of the trends you're seeing in iPhone. I'm specifically wondering how demand is trending within...

提姆，你提到了──盧卡也提到了──你們在電話會議上多次提到本季宏觀環境的不平衡。我想請你們從地域角度談談你們觀察到的iPhone市場趨勢。我特別想了解各地區的需求趨勢…

Sure. Shannon, I'll answer it. I didn't get the end of your question.

當然，香農，我會回答的。你問題我沒聽完。

I think she has dropped.

我覺得她掉隊了。

Okay. Well, let me answer the question for the part that I could follow. So on a geographic basis, we've had great performance for iPhone in emerging markets. We set June quarter records in many of the emerging markets. We grew in total double digits. And the performance was strong across the board in emerging markets from China, where our performance improved from minus 3% to plus 8% in the June quarter and we grew double digits in constant currency, to many other areas around the world from India, where, again, we set a June quarter record with very strong performance there, Indonesia, Southeast Asia, in general, Latin America, Middle East. And so it's been really good there.

好的。那我先回答一下我能理解的部分。從地域上看，iPhone 在新興市場的表現非常出色。我們在許多新興市場都創下了六月季度的銷售紀錄。整體成長達到了兩位數。從中國到其他許多新興市場，整體表現都很強勁。在中國，我們的業績從六月季度的-3%大幅提升至+8%，以固定匯率計算也實現了兩位數的成長。此外，印度、印尼、東南亞、拉丁美洲和中東等地區也都表現出色。所以，這些地區的銷售情況都非常好。

We -- also, as you can see from our geographic segments, we had a slight acceleration of performance in the Americas, primarily in the United States, but we declined there because the smartphone market has been in a decline for the last couple of quarters in the United States.

此外，正如您從我們的地理區域劃分中看到的那樣，我們在美洲（主要是美國）的業績略有加速增長，但由於美國智慧型手機市場在過去幾個季度一直處於下滑狀態，我們在那裡的業績有所下降。

Sorry about that. I'm not sure why I cut off. In terms of gross margin, you were at the high end of the range (technical difficulty) and you guided to 45% at the high end, which is, I think, higher than I remember in 20 years of covering you. So how should we think about puts and takes of gross margin? And it seems like there's like a perfect storm of good things. So I just -- maybe if you can talk about how you're thinking about it more holistically.

抱歉，我也不知道為什麼突然中斷了。關於毛利率，你們的預期處於區間上限（技術難度較高），你們的預期上限是45%，這比我過去20年關注你們以來的預期都要高。那麼，我們該如何看待毛利率的利弊呢？感覺現在各種利多因素都在疊加。所以我想——或許您可以更全面地談談您是如何看待這個問題的。

I think you remember correctly, Shannon, because the 44.5% for the June quarter is an all-time record for us in June. We were up 20 basis points sequentially. It was driven by cost savings and a mix shift towards Services, which obviously helps company gross margins, partially offset by the seasonal loss of leverage. We have a commodity environment that is favorable to us. Our product mix is quite strong at this point. And so with the exception of foreign exchange, which continues to be a drag, and it was a significant drag on a year-over-year basis, yes, we are in a good position right now. We are in a good position for the June quarter. And as I mentioned, we expect similar level of gross margins for the same reasons, frankly, for the September quarter.

我想你沒記錯，香農，因為6月季的毛利率44.5%是我們6月的歷史最高紀錄。季增了20個基點。這主要得益於成本節約和產品組合向服務業的轉型，這顯然有助於提高公司毛利率，但部分被季節性槓桿效應的下降所抵消。我們目前的商品市場環境對我們有利。我們的產品組合目前也相當強勁。因此，除了匯率波動（它仍然是一個拖累因素，而且與年比來看影響尤為顯著）之外，是的，我們目前的處境很好。我們對6月季度的業績充滿信心。正如我之前提到的，坦白說，出於同樣的原因，我們預計9月份季度的毛利率也將保持在類似的水平。

Our next question comes from Wamsi Mohan of Bank of America.

下一個問題來自美國銀行的瓦姆西·莫漢。

Luca, can you just give us a little more color around the guidance? Your overall revenue performance, you called out similar. Obviously, you absorbed a higher FX impact this quarter versus your guide. And you also noted Services acceleration. So just wondering, when you think about that comment on iPhone acceleration, is that on a reported basis? Is that constant currency basis? And is there something that's changing in terms of seasonality perhaps for you that is causing not as much step-up in product revenue as typical on a sequential basis? And I have a follow-up.

Luca，可以再詳細解釋一下業績指引嗎？你提到整體營收表現與預期相近。顯然，本季匯率波動的影響比預期更大。你也提到了服務業務的加速成長。我想問的是，你提到的iPhone業務加速成長是基於已公佈的數據，還是基於固定匯率？是否存在某些季節性因素導致產品營收較上季成長不如往常？我還有一個後續問題。

Yes. So all our comments are in reported currency, not in constant currency in relation to the outlook. And we said acceleration sequentially for iPhone and for Services. But we're also pointing out -- and this is where I think, Wamsi, you're referring to some seasonality issues. We also said that for Mac and iPad, we expect to decline double digits. And the reason for that is that we have a very difficult compare versus last year. You remember that a year ago, in the June quarter, we had factory shutdowns for both Mac and iPad. And so we were able to fill the pent-up demand from those shutdowns during the September quarter. So an unusual level of activity that we had a year ago. And so now, obviously, the compare is difficult. So we expect both iPad and Mac to be down double digits, which offset the acceleration that I mentioned for iPhone and Services.

是的。所以我們所有的評論都是以報告貨幣為準，而不是以與展望相關的固定匯率為準。我們說過iPhone和服務業務的環比成長有所加速。但我們也指出——我想Wamsi，你指的是一些季節性因素——我們也說過，我們預計Mac和iPad的銷售額將出現兩位數的下降。原因是與去年同期相比，我們面臨非常大的比較基數。你可能還記得，去年6月的季度，Mac和iPad的工廠都停產了。因此，我們在9月的季度中滿足了這些停產造成的積壓需求。所以，去年同期的銷售活動水準異常活躍。因此，現在顯然很難進行比較。所以我們預計iPad和Mac的銷售額都將出現兩位數的下降，這將抵消我之前提到的iPhone和服務業務的成長。

Okay. And Tim, I was wondering if you could update us on what percent of iPhones are sold on some type of installment basis now versus full upfront payment on a global basis. And maybe some thoughts on if you expect similar promotional activity from carriers, especially in the U.S., that seem to be grappling with a lot of cash flow issues this particular year.

好的。提姆，我想請你更新一下目前全球範圍內，iPhone 分期付款和全額預付的銷售比例分別是多少？另外，你是否預期運營商，尤其是美國運營商，會推出類似的促銷活動？畢竟他們今年似乎都面臨嚴重的現金流問題。

Wamsi, I'll take it from -- we've done a really good job over the last few years with affordability programs around the world directly in our direct channel and with our partners around the world. The majority of iPhones, at this point, are sold using some kind of a program, trade-ins, installments, some kind of financing. And that percentage, which again, it's well over 50%, is very similar across developed and emerging markets. We want to do more of that because we think it really helps reduce the affordability threshold for our products. And we think it is also one of the reasons why our product mix has been very strong during the last couple of cycles. So we will continue to push on that front.

瓦姆西，我來接話——過去幾年，我們透過直銷管道和全球合作夥伴，在全球推行了多項提升產品可負擔性的計劃，並取得了顯著成效。目前，大部分iPhone都是透過某種形式的計劃售出的，例如以舊換新、分期付款或融資。而且，這一比例（超過50%）在已開發市場和新興市場都非常接近。我們希望繼續推進此類計劃，因為我們認為這確實有助於降低我們產品的可負擔性門檻。我們也認為，這正是我們產品組合在過去幾個週期中表現強勁的原因之一。因此，我們將繼續在這方面加大投入。

Our next question is from David Vogt with UBS.

下一個問題來自瑞銀集團的David Vogt。

I just wanted to follow up on 2 points that both you, Tim, and Luca made about growth and maybe commodities. So just to be clear, I know you're talking about an acceleration in iPhone, but the comp is about 2 points easier from FX. So I just want to understand, is that on a like-for-like basis, excluding the currency improvement of about 2 points from the June quarter to the September quarter?

我想就您、Tim 和 Luca 提到的關於成長和商品方面的兩點進行補充說明。首先，我知道您提到了 iPhone 的加速成長，但考慮到外匯市場，其年比數據降低了約 2 個百分點。所以我想確認一下，這是在不考慮匯率因素的情況下，即排除 6 月季度到 9 月季度約 2 個百分點的匯率改善影響的情況下得出的結論嗎？

And from a commodity perspective, I know last quarter, you talked about buying a lot of inventory at favorable prices, which was an incredibly smart strategy. Where do you sit today? And what's sort of the timing or the duration of that commodity sort of backlog that you have as we think about next quarter and the subsequent quarters? How far does that get you out into the future from this favorable cost dynamic?

從大宗商品角度來看，我知道上個季度您談到以優惠價格大量購入庫存，這確實是一個非常明智的策略。您目前的庫存狀況如何？考慮到下個季度及之後幾個季度，您目前的大宗商品積壓訂單的持續時間或期限是多久？這種有利的成本動態能讓您在未來多久內保持獲利？

Let me start again. I just want to be clear about the guidance, the outlook guidance that we provided. We're referring entirely to reported numbers. So they take into account the fact that we have a slight improvement in foreign exchange. So when I talk about similar performance, I refer to reported performance in the June quarter and then the reported performance in the September quarter. And again, we expect, on a reported basis, our iPhone performance to accelerate, our Services performance to accelerate, and iPad and Mac to decline double digits.

讓我重新開始。我只想澄清一下我們提供的業績指引和展望。我們完全指的是已公佈的數據。這些數據已經考慮到了外匯狀況的略微改善。所以，當我提到業績相似時，我指的是6月份季度的已公佈業績，以及9月份季度的已公佈業績。再次強調，我們預計，以已公佈的數據計算，iPhone和我們的服務業務的業績將加速成長，而iPad和Mac的業績將出現兩位數的下滑。

On the commodity front, as I mentioned, the environment is favorable. We always make sure that we take advantage of the opportunities that are available in the market, and we will continue to do that going forward.

正如我之前提到的，大宗商品市場環境有利。我們始終確保把握市場機遇，未來也將繼續這樣做。

Luca, any sense of how long that gives you a run rate today based on what you currently have? Can you give us a sense for at least the short-term tailwind?

盧卡，根據你目前的資源，你覺得這樣的配置能維持多久？能大概估算一下短期內的順風期嗎？

I don't want to speculate past the September quarter because that's the horizon where we provide guidance. And I've said that the guidance for September is 44% to 45%, which you know is historically very high. And so obviously, that reflects a favorable environment for us.

我不想對九月季度之後的情況進行推測，因為我們只在這個時間段提供業績指引。我已經說過，九月的業績指引是44%到45%，您也知道，這在歷史上是非常高的水平。顯然，這反映出我們目前所處的環境非常有利。

Our next question is from Erik Woodring with Morgan Stanley.

下一個問題來自摩根士丹利的艾瑞克‧伍德林。

I have 2 as well. Maybe if we just start kind of big picture, Tim or Luca. I was wondering if you could just kind of share some incremental color on how you think the consumer is behaving today versus 90 days ago and maybe how that differs by region. Meaning, are there any signs that consumer is incrementally more willing to spend on things like consumer electronics? Or is there still relative caution in the market? Are there any regions where you're seeing more strength in the consumer? And how sustainable do you think some of that strength or weakness could be based on some of the KPIs you track? And then I have a follow-up.

我也有兩個問題。 Tim 或 Luca，或許我們可以先從宏觀角度談談。我想請你們分享一下，你們認為消費者現在的行為與 90 天前相比有何變化，以及不同地區之間的差異。也就是說，是否有跡象顯示消費者在消費性電子產品等方面的支出意願有所提升？或者市場仍然相對謹慎？你們是否觀察到某些地區的消費者購買力更強？根據你們追蹤的一些關鍵績效指標 (KPI)，你們認為這些強勢或疲軟的趨勢能夠持續多久？最後，我還有一個後續問題。

Yes. David, it's Tim. If you sort of step around the world, we did exceptionally well in emerging markets last quarter and even better on a constant currency basis. And so emerging markets were -- was a strength. If you look at China, in China, we went from a negative 3% in Q2 to a plus 8% in Q3. And so in China, we had an acceleration.

是的，我是提姆，大衛。放眼全球，我們上季在新興市場的表現非常出色，以固定匯率計算則更是如此。因此，新興市場是我們的優勢所在。再看看中國，我們在中國的業務從第二季的-3%轉為第三季的+8%。所以，我們在中國的業務成長速度加快了。

If you look at the U.S., which is in the -- obviously in the Americas segment, it is the vast majority of what's in there, there was also a slight acceleration sequentially, although the Americas is still declining somewhat year-over-year, as you can see on the data sheet. The primary reason for that is that it's a challenging smartphone market in the U.S. currently.

如果你看一下美國市場，它顯然位於美洲地區，佔據了該地區絕大部分的份額。儘管美洲地區的市佔率仍略有下降（如數據表所示），但環比成長略有加快。主要原因是目前美國智慧型手機市場競爭激烈。

And then in Europe, Europe saw a record quarter and -- for the June quarter, a record. And so some really good signs in most places in the world.

然後，歐洲也迎來了創紀錄的季度，尤其是六月的季度，更是創下了紀錄。因此，世界大部分地區都出現了非常積極的跡象。

Awesome. And then maybe, Luca, a question for you. I think it's been about 3 quarters now where we've seen OpEx either grow below historical seasonality or come in below your expectations. I think this is the first time we've seen R&D grow less than 10% year-over-year since fiscal 2Q 2007. So can you maybe just talk about some of the cost actions you're taking? And as you look forward, what are the indicators that you're really evaluating that would give you greater confidence in perhaps returning back to a more seasonal cadence of OpEx spending? Or is this just a new normal that we should be expecting? That's it for me.

太棒了。盧卡，我有個問題想問你。我想說，過去三個季度以來，我們的營運支出要不是低於歷史季節性成長，就是低於你們的預期。研發支出年增率低於10%也是自2007財年第二季以來的首次。你能談談你們正在採取的一些成本控制措施嗎？展望未來，你們正在評估哪些指標，才能更有信心讓營運支出恢復到更符合季節性的水平？或者說，這只是我們該預料到的新常態？我的問題就這些。

Obviously, we look at the environment, and we know that this has been an uncertain period for the last few quarters. And so we decided to be deliberate in what we do in terms of controlling our spend, and there's many areas across the company that we're working on and we've been quite effective at slowing down the spend. We slowed down also the hiring within the company in several areas. And we're very pleased with our ability to decelerate some of the expense growth taking into account the overall macro situation.

顯然，我們關注著當前的環境，也知道過去幾季以來市場一直充滿不確定性。因此，我們決定謹慎地控制支出，公司在多個領域都採取了措施，並且在減緩支出方面取得了顯著成效。我們也放緩了公司多個領域的招募速度。考慮到整體宏觀經濟情勢，我們對能夠有效降低部分支出成長速度感到非常滿意。

We will continue to manage deliberately. You can see that we continue to grow our R&D costs faster than the rest of the company. SG&A is actually growing at a much slower pace because obviously, our focus continues to be in innovation and product development, and we'll continue to do that.

我們將繼續採取審慎的管理方式。您可以看到，我們的研發成本成長速度持續高於公司其他部門。銷售、管理及行政費用（SG&A）的成長速度實際上要慢得多，因為很顯然，我們的重點仍然是創新和產品開發，而且我們將繼續這樣做。

Our next question is from Michael Ng with Goldman Sachs.

下一個問題來自高盛的Michael Ng。

I just have 2 questions as well. First, it was encouraging to see the Services outperformance in the quarter, up double digits on an FX-neutral basis, and more Services acceleration next quarter on a reported basis. I was just wondering if you could just talk a little bit more about key underlying drivers for the confidence in the Services acceleration next quarter, understanding that FX [cease] a little bit. But anything to call out as it relates to things in Apple Search Ads that's helping. You're obviously making a lot of investments in Apple TV+ between MLS and the Canal+ deal. So any thoughts there would be great.

我還有兩個問題。首先，令人鼓舞的是，本季服務業務表現優異，按匯率中性計算實現了兩位數增長，而且預計下季度按報告數據計算，服務業務將繼續加速增長。我想請您詳細談談，在匯率波動有所減緩的情況下，您能否更深入地探討一下推動服務業務下季度加速成長的關鍵因素？另外，能否重點介紹一下與 Apple Search Ads 相關的、有助於成長的因素？顯然，您在 MLS 和 Canal+ 交易中對 Apple TV+ 進行了大量投資。如果您能分享這方面的想法，那就太好了。

Yes, Michael, you're correct. I mean clearly, we've seen an improvement in the June quarter, and we expect further improvement in the September quarter. In June, the performance was across the board. Tim and I mentioned we set records really across the board. We had all-time records in cloud, in video, in AppleCare, in payments and June quarter records in App Store, advertising and Music. So we saw improvement in all our Services categories.

是的，邁克爾，你說得對。我的意思是，很明顯，我們在六月的季度業績有所改善，我們預計九月份的季度業績會進一步提升。六月份，所有業務板塊的業績都出現了成長。我和蒂姆都提到過，我們幾乎在所有業務板塊都創下了紀錄。我們在雲端服務、視訊服務、AppleCare 服務和支付服務方面都創下了歷史新高，在 App Store、廣告和音樂服務方面也創下了六月季度新高。所以，我們所有服務類別的績效都有提升。

We think the situation will continue to improve as we go through September. And that's very positive because not only good for the financial results, but obviously, it shows a high level of engagement of our customers in the ecosystem, which is very important for us. And it's really the sum of all the things that I mentioned in my prepared remarks. It goes from the fact that our installed base continues to grow, so we've got a larger pool of customers, to the fact that our customers are more engaged as we have more transacting accounts and paid accounts on the ecosystem. And the subscriptions business is very healthy with growth of 150 million paid subscriptions just in the last 12 months. It's almost double to what we had 3 years ago. And of course, we are providing more and more content to our users. And so the combination of all these things gives us good confidence for September.

我們認為，隨著九月的到來，情況將持續改善。這非常積極，不僅有利於財務業績，而且顯然也表明我們的客戶在生態系統中擁有高度的參與度，這對我們來說至關重要。這其實是我事先準備好的發言稿中提到的所有因素的總和。一方面，我們的用戶基數持續成長，這意味著我們擁有更大的客戶群；另一方面，隨著生態系統中交易帳戶和付費帳戶數量的增加，我們的客戶參與度也更高。訂閱業務發展勢頭強勁，光在過去12個月就新增了1.5億付費訂閱用戶，幾乎是三年前的兩倍。當然，我們也在提供用戶越來越多的內容。因此，所有這些因素加在一起，讓我們對九月充滿信心。

Great. And just as a related follow-up, it's about the hardware installed base and Services ARPU. I was curious when you talked about the Services strength, you talked about the 2 billion-plus installed base. When you think about the opportunity to increase the Services ARPU, do you really think about it internally on a per-active-iPhone user basis or on a per-device basis? Said differently, I'm just curious where you think about -- whether you think there's an incremental opportunity for those users that have multiple devices. Do you really see a big Services ARPU uplift in that respect?

好的。還有一個相關的後續問題，是關於硬體裝機量和服務ARPU的。您之前談到服務優勢時，提到了超過20億的裝機量，我很好奇。當您考慮提升服務ARPU的機會時，您內部是按活躍iPhone用戶還是按裝置來考慮的？換句話說，我只是好奇您是如何看待提升服務ARPU的－您是否認為擁有多台裝置的使用者群體存在提升空間？您是否真的認為這方面服務ARPU會有顯著提升？

Well, we know that customers that own more than one device are typically more engaged in our ecosystem. And so obviously, they tend to also spend more on the Services front. I would say the biggest opportunity is that we know that there's a lot of customers that we have that are very familiar with our ecosystem. They are engaged in the ecosystem. But still today, they're using only the portion of the ecosystem that is free. And so we think that by offering better content and more content over time, we're going to be able to attract more of them as paid customers.

我們知道，擁有多台設備的使用者通常更積極參與我們的生態系統。因此，他們也往往會在服務方面投入更多。我認為最大的機會在於，我們有許多用戶非常熟悉我們的生態系統，並且積極參與其中。但目前，他們僅使用了生態系統中的免費部分。因此，我們相信，透過持續提供更優質、更豐富的內容，我們將能夠吸引更多用戶成為付費用戶。

Our next question is from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess, Luca, maybe if you can talk about Wearables a bit. The growth over there, I think, in constant currency was fairly impressive at plus 6%. Can you just touch on maybe what's driving that? And then how do we think about the Wearables segment heading into the September quarter? I know you talked about a bunch of other ones, but how do we think about Wearables into September as well?

我也有兩個。盧卡，我想，你能不能稍微談談穿戴裝置？我覺得，以固定匯率計算，穿戴式裝置的成長相當可觀，達到了 6%。你能簡單說說推動這成長的因素嗎？還有，我們該如何看待穿戴式裝置板塊在九月的季度表現？我知道你談到了其他一些板塊，但我們該如何看待穿戴式裝置板塊在九月的表現呢？

Sorry, Amit, I didn't get the -- what are you referring to?

抱歉，阿米特，我沒聽懂──你指的是什麼？

Yes. Sorry. I was hoping you could talk a bit about the Wearables segment because the growth over there was fairly impressive. And then how do you think about it into September as well?

是的，不好意思。我原本希望您能談談穿戴式裝置領域，因為該領域的成長相當驚人。您如何看待九月份的市場趨勢？

Yes. On the Wearables front, we had really good performance in Greater China. And that's, again, very important for us. It was a June quarter record for Greater China. Very important for us because, again, it shows that the engagement with the ecosystem in a market that is so important for us like China continues to grow. It means that there's more and more customers that are owning more than the iPhone.

是的。在穿戴式裝置方面，我們在大中華區的表現非常出色。這一點對我們來說至關重要。這是大中華區第二季（6月季）的業績紀錄。這對我們來說非常重要，因為它再次表明，在中國這樣一個對我們至關重要的市場，我們與生態系統的互動正在持續成長。這意味著越來越多的消費者擁有的不僅僅是iPhone。

Also, we continue to grow the installed base of the category very quickly because, as I mentioned, 2/3 of every buyer of Apple Watch during the course of the June quarter was new to the product. And so that is all additive to the installed base. So it's just great to see that the AirPods continue to be a great success in the marketplace for us. And so things are moving in the right direction there. It's become a very large business for us in Wearables, Home and Accessories. The last 12 months, we've done $40 billion of business, which is nearly the size of a Fortune 100 company. So it's become very important, and it's allowed us to diversify both our revenues and our earnings.

此外，我們該品類的裝置持續快速成長，正如我之前提到的，在六月的季度中，每三分之二的 Apple Watch 購買者都是新用戶。因此，所有這些都對裝機量產生了積極影響。很高興看到 AirPods 在市場上持續取得成功。目前，該業務正朝著正確的方向發展。 AirPods 已成為我們穿戴式裝置、家居和配件業務的重要組成部分。過去 12 個月，我們的營業額達到了 400 億美元，幾乎相當於財富 100 強公司的規模。因此，AirPods 業務變得至關重要，並幫助我們實現了收入和利潤的多元化。

That's really helpful. And then if I could just follow up, the Europe growth, the growth in Europe at up 5% is totally notable as well. I think you have a few emerging markets that you put in Europe as well. But I would love to understand what's happening in Europe and if there's a way to think about sort of Western Europe or developed world versus emerging markets over there.

這真的很有幫助。如果可以的話，我想再補充一點，歐洲的成長，尤其是5%的成長，也非常值得關注。我想你們也把一些新興市場歸入了歐洲。但我很想了解歐洲正在發生的事情，以及是否可以從某個角度來思考西歐或已開發國家與新興市場之間的差異。

Yes. It's been very good, primarily on the emerging market side of Europe. We include India and the Middle East and Central and Eastern Europe into the Europe segment. But as we mentioned at the beginning of the call, we had a number of markets that did very well, like France, like Italy, the Netherlands, Austria. So it was a good quarter for Europe.

是的，整體表現非常出色，尤其是在歐洲新興市場方面。我們把印度、中東以及中歐和東歐都納入了歐洲市場範疇。但正如我們在電話會議開始時所提到的，還有一些市場表現特別突出，例如法國、義大利、荷蘭和奧地利。所以，對歐洲來說，這是一個不錯的季度。

Our next question is from Harsh Kumar with Piper Sandler.

下一個問題來自 Harsh Kumar 和 Piper Sandler。

I have one for Luca and then later on one for Tim. So Luca, for some time now, for many quarters, you've had a currency headwind or foreign exchange currency headwind. It's conceivable that as rates start to come down, hopefully next year that the dollar weakens. Could you take us through the mechanism of how that will work on your revenues and for your costs?

我先為盧卡準備了一份，之後再準備一份給提姆。盧卡，過去幾季以來，你們一直面臨貨幣逆風或外匯匯率逆風。可以預見的是，隨著利率開始下降，希望明年美元能走弱。能詳細解釋一下這會對你們的收入和成本產生怎樣的影響嗎？

So we tend -- we try to hedge our foreign exchange exposures because we think it's the right approach for the company in terms of minimizing the volatility that necessarily happens from the movements of currencies. We cannot effectively hedge every single exposure around the world because in some cases, it is not possible. In other cases, it is prohibitively expensive. But we tend to cover all the major currency payers that we have.

因此，我們傾向於對沖外匯風險敞口，因為我們認為這對公司而言是降低匯率波動帶來的必然風險的正確方法。我們無法有效地對沖全球所有風險敞口，因為在某些情況下，這是不可能的；而在另一些情況下，對沖成本則高得令人望而卻步。但我們通常會涵蓋所有主要貨幣支付方的風險敞口。

About 60% of our business is outside the United States. So it's a very, very large and, I would say, very effective hedging program. And so we set up these hedges, and they tend to roll over very regularly. And then we replace them with new hedges at the new spot rate. So the impact that we're going to have on revenue and cost will depend on where the spot rates are at different points in time. And therefore, because of the way the program works, tends to be a bit of a lag in both directions as the foreign exchange moves over time.

我們約60%的業務都在美國以外。因此，我們的對沖計劃規模非常龐大，而且我認為非常有效。我們建立這些對沖合約，並且它們會定期展期。然後，我們會根據新的即期匯率建立新的避險合約來取代它們。因此，我們對收入和成本的影響將取決於不同時間點的即期匯率。因此，由於該計劃的運作方式，隨著外匯匯率的波動，其影響往往會存在一定的滯後性。

Understood. Very helpful. And for Tim, Tim, historically, for the last many years, carriers in at least the U.S., which I think is your largest market for iPhone, have had programs to help folks upgrade, whether they give a cash rebate or you bring in your old phone, something like that.

明白了。很有幫助。至於蒂姆，蒂姆，從歷史角度來看，至少在過去的很多年裡，至少在美國（我認為美國是iPhone最大的市場），運營商都有一些項目來幫助用戶升級，比如提供現金返還或者讓用戶拿回舊手機等等。

I was curious, as you get into your peak December quarter, if you're aware of these programs are in place. And the reason why I'm asking is I think earlier, you mentioned that more than 50% of your phones are sold through some kind of program. I assume the number is even higher in the U.S.

我很好奇，在你們即將進入銷售旺季（12月季度）之際，你們是否了解這些促銷活動。我這麼問是因為，我記得你之前提到過，你們超過50%的手機都是透過某種促銷活動售出的。我估計在美國，這個比例還會更高。

I don't want to get into revealing specifics in the different carriers. But generally speaking, I would think that it would be quite easy to find a promotion on a phone, provided you're hooking up to a service and either switching services, carriers or upgrading your phone at the same carrier. I think both of those cases today that you can find promotions out there, and I would expect that you'd be able to do that in the December time frame as well.

我不想透露各業者的具體細節。但總的來說，如果你正在辦理新服務，並且是更換運營商或在同一運營商內升級手機，那麼找到手機促銷活動應該不難。我認為目前這兩種情況下都能找到促銷活動，而且我預計在12月份也能找到。

Our next question is from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

I have 2 as well. So first of all, I just want to kind of ask Tim. Strategically, as we think about the Services growth and kind of the content expansion behind that, I'm curious if you could help us maybe appreciate what you've seen from a sporting perspective in terms of the engagement with MLS, the engagement with Major League Baseball, and how strategically you're thinking about expansion in sports as a key driver of Services growth going forward.

我也有兩個問題。首先，我想問提姆。從策略角度來看，當我們考慮服務成長以及背後的內容擴展時，我很好奇您能否從體育角度來看，特別是MLS和美國職棒大聯盟的參與度方面，幫我們分析一下，以及您如何看待體育領域的擴張，並將其作為未來服務增長的關鍵驅動力。

We're focused on original content, as you know, with TV+. And so we're all about giving great storytellers the venue to tell great stories and hopefully get us all to think a little deeper. And sport is a part of that because sport is the ultimate original story. And for MLS, we're -- we could not be happier with how the partnership is going. It's clearly in the early days, but we are beating our expectation in terms of subscribers, and the fact that Messi went to Inter Miami helped us out there a bit. And so we're very excited about it.

如您所知，我們TV+專注於原創內容。我們致力於為優秀的說故事者提供平台，讓他們講述精彩的故事，並希望能引發大家更深入的思考。體育是其中的重要組成部分，因為體育本身就是最精彩的原創故事。對於MLS，我們對目前的合作進展非常滿意。雖然合作尚處於初期階段，但就訂閱用戶數量而言，我們已經超出了預期，梅西加盟邁阿密國際也對我們有所幫助。因此，我們對此感到非常興奮。

Yes. And as a quick follow-up, I'm just curious, an update on -- you mentioned in your prepared remarks the continued growth that you've seen in India. I'm curious how we think about that market opportunity looking forward. Is there anything that you see evolving that could accelerate the opportunity for iPhone in that large mobile market?

是的。還有一個後續問題，我很好奇，您在準備好的演講稿中提到了印度市場的持續成長。我想了解您如何看待這個市場未來的發展機會。您認為有哪些因素會加速iPhone在這個龐大的行動市場的發展？

We did hit a June quarter revenue record in India, and we grew strong double digits. We also opened our first 2 retail stores during the quarter. And it's -- of course, it's early going currently, but they're currently beating our expectation in terms of how they're doing. We continue to work on building out the channel and putting more investment in our direct-to-consumer offers as well.

我們在印度的六月季度營收創下歷史新高，實現了強勁的兩位數成長。此外，我們還在本季開設了首批兩家零售門市。當然，目前還處於起步階段，但就目前的業績而言，它們的表現超出了我們的預期。我們將繼續努力拓展通路，並加大對直銷業務的投資。

And so I think if you look at it, it's the second largest smartphone market in the world. And it's -- so we ought to be doing really well there. And where I'm really pleased with our growth there, we're still -- we still have a very, very modest and low share in the smartphone market. And so I think that it's a huge opportunity for us. And we're putting the -- all of our energies in making that occur.

所以我覺得，如果你仔細分析一下，你會發現它是全球第二大智慧型手機市場。因此，我們理應在那裡取得非常好的成績。我對我們在那裡的成長感到非常滿意，但我們目前在智慧型手機市場的份額仍然非常非常低。所以我認為這對我們來說是一個巨大的機會。我們正在全力以赴，爭取實現這一目標。

Our next question comes from Sidney Ho with Deutsche Bank.

下一個問題來自德意志銀行的 Sidney Ho。

Your -- I just wanted to ask about the AI side of things. Your strategy on AI seems quite different than many of your peers, at least you don't talk too much about that, how much you invest in it. Maybe you can elaborate a little bit on that. But related to that, how do you see your investment in this area turning into financial performance in the future? Is it mainly through faster upgrade cycle, maybe higher ASP? Or are you thinking about maybe additional services that you can capitalize on that? And then I have a follow-up.

我只是想問一下關於人工智慧方面的問題。您在人工智慧方面的策略似乎與許多同行截然不同，至少您很少談論這方面的投資。能否詳細解釋一下？另外，您認為未來在這一領域的投資將如何轉化為財務收益？主要是透過更快的升級週期，或更高的平均售價（ASP）嗎？還是您考慮過開發其他可以利用人工智慧優勢的服務？最後，我還有一個後續問題。

If you take a step back, we view AI and machine learning as core fundamental technologies that are integral to virtually every product that we build. And so if you think about WWDC in June, we announced some features that will be coming in iOS 17 this fall, like Personal Voice and Live Voicemail. Previously, we had announced lifesaving features like fall detection and crash detection and ECG. None of these features that I just mentioned and many, many more would be possible without AI and machine learning. And so it's absolutely critical to us.

從更宏觀的角度來看，我們認為人工智慧和機器學習是核心基礎技術，幾乎是我們所有產品不可或缺的一部分。例如，在六月的WWDC大會上，我們宣布了一些將在今年秋季iOS 17中推出的功能，例如個人語音和即時語音郵件。先前，我們也宣布了一些能夠挽救生命的功能，例如跌倒偵測、碰撞偵測和心電圖。如果沒有人工智慧和機器學習，我剛才提到的所有這些功能以及更多其他功能都無法實現。因此，它們對我們至關重要。

And of course, we've been doing research across a wide range of AI technologies, including generative AI for years. We're going to continue investing and innovating and responsibly advancing our products with these technologies with the goal of enriching people's lives. And so that's what it's all about for us. And as you know, we tend to announce things as they come to market, and that's our MO, and I'd like to stick to that.

當然，多年來我們一直在對包括生成式人工智慧在內的各種人工智慧技術進行研究。我們將繼續投資、創新，並以負責任的方式推進我們運用這些技術的產品，旨在豐富人們的生活。這就是我們工作的核心所在。如您所知，我們通常會在產品上市後立即發佈公告，這是我們的慣例，我希望繼續堅持這種做法。

Okay. That's fair. Maybe as a follow-up is related to -- you talked about WWDC, where you actually introduced Vision Pro there. Clearly, a very big announcement there. How should we think about the revenue ramp related to the Vision Pro? Is there any catalysts that we should be thinking about that will drive an inflection of that product?

好的，這很合理。或許可以接著問一個問題——您剛才提到了WWDC，您在那裡發布了Vision Pro。顯然，這是一個非常重要的發布。我們該如何看待Vision Pro的營收成長？有哪些催化劑能夠推動該產品的營收成長？

Yes. There's enormous excitement around the Vision Pro. We're excited internally. Everybody that's been through the demos are blown away, whether you're talking about press or analysts or developers. We are now shipping units to the developer community for them to begin working on their apps. And we're looking forward to shipping early next year. And so we could not be more excited with that. I'm using the product daily. And so we're not going to forecast revenues and so forth on the call today, but we're very excited about it.

是的。 Vision Pro 引起了巨大的轟動。我們內部也興奮不已。所有體驗過簡報的人都讚嘆不已，無論是媒體、分析師或開發者。我們現在正向開發者社群出貨，以便他們開始開發自己的應用程式。我們期待明年年初正式發售。對此我們感到無比興奮。我每天都在使用這款產品。所以，我們今天不會在電話會議上預測營收等等，但我們對它充滿信心。

We will take our last question from Krish Sankar with TD Cowen.

我們將回答來自 TD Cowen 的 Krish Sankar 提出的最後一個問題。

I have 2 of them as well. Number one, on iPhone, Tim, you mentioned about the record number of switchers in the quarter. I'm kind of curious how to think about, given the weak macro and consumer spending, how is the replacement cycle for iPhone? Is it similar, longer, shorter versus prior years? And can you talk a little bit about the demand linearity of iPhone during the June quarter? And then I have a follow-up.

我也有兩個問題。首先，關於iPhone，提姆，你提到本季換機用戶數量創下紀錄。我很好奇，在宏觀經濟疲軟和消費者支出下降的情況下，iPhone的換機週期是怎麼樣的？與往年相比，是相似、更長還是更短？你能否談談iPhone在六月季度的需求線性變化？我還有一個後續問題。

Switchers were a very key part of our iPhone results for the quarter. We did set a record. We set a record in Greater China, in particular, and it was at the heart of our results there. And we continue to try to convince more and more people to switch because of our -- the experience and the ecosystem and -- that we can offer them. And so I think switching is a huge opportunity for us.

在本季iPhone的業績中，用戶轉換是至關重要的因素。我們確實創下了紀錄，尤其是在大中華區，這更是該地區業績的核心。我們將繼續努力，說服更多用戶轉換手機，因為我們能為他們提供卓越的體驗、完善的生態系統等等。所以我認為，用戶轉換手機對我們來說是一個巨大的機會。

In terms of the upgrade cycle and so forth, it's very difficult to estimate real time what is going on with the upgrade cycle. I would say, if you think about the iPhone results year-over-year, you have to think about the SE announcement in the year ago quarter, the iPhone SE announcement in the year ago quarter. And so that provides a bit of a headwind on the comp. But as Luca said, as he talked about how we're viewing Q4, the September quarter, we see iPhone accelerating in Q4.

就升級週期等方面而言，很難即時預測升級週期的進展。我認為，如果考慮iPhone的同比業績，就必須考慮到去年同期iPhone SE的發布。因此，這在一定程度上對同比數據構成了不利影響。但正如Luca所說，在我們展望第四季（即9月份的季度）時，我們預計iPhone在第四季將加速成長。

Got it. Very helpful, Tim. And then my final question is on your retail stores, you obviously have a very large retail footprint and many of your stores seem to have been open for over a year now. How is the foot traffic there? And how do you think about sales or the retail trends in the June quarter and implications for the back half of this year on a seasonality basis?

明白了。非常感謝，提姆。我的最後一個問題是關於你們的零售門市，你們的零售網路非常龐大，而且很多門市似乎都已經開業一年多了。這些門市的客流量如何？您如何看待六月季度的銷售情況或零售趨勢，以及這些趨勢對今年下半年季節性影響的看法？

I'm sorry, are you talking about our retail stores?

抱歉，您說的是我們的零售店嗎？

Yes, yes, your retail stores.

是的，是的，你們的零售店。

Yes. The -- if you look at retail, it's a key part of our go-to-market approach, and it will be so key and such a competitive advantage with Vision Pro. It will give us the opportunity to launch a new product and demo to many people in the stores. And so it has many advantages in it.

是的。零售通路－如果你看看零售業，你會發現它是我們市場推廣策略的關鍵組成部分，對Vision Pro來說，它將至關重要，並能帶來巨大的競爭優勢。它將使我們有機會在門市推出新產品並向眾多顧客進行展示。因此，它具有諸多優勢。

And we continue to roll out more stores. As you know, we just opened 2 in India last quarter. We're -- there's still a lot of countries out there that don't have Apple stores that we would like to go into. And so we continue to see it as a key part of how we go to market and love the experience that we can provide customers there.

我們持續拓展門市佈局。如您所知，上個季度我們在印度剛剛開設了兩家門市。還有很多國家還沒有蘋果零售店，而我們很想把這些國家也納入我們的視野。因此，我們始終將門市視為我們市場拓展的關鍵環節，並且非常重視能夠為當地顧客提供的體驗。

A replay of today's call will be available for 2 weeks on Apple Podcasts, at a webcast of apple.com/investor and via telephone. The number for the telephone replay is (866) 583-1035. Please enter the confirmation code 2553017, followed by the pound sign. These replays will be available by approximately 5 p.m. Pacific Time today. Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142. Financial analysts can contact me, Saori Casey, with additional questions at (408) 974-3123 while Suhasini Chandramouli is on her maternity leave. Thank you again for joining us.

今天電話會議的錄音回放將在 Apple Podcasts、apple.com/investor 網站的網路直播以及電話收聽中保留兩週。電話回放號碼為 (866) 583-1035。請輸入確認碼 2553017，然後按井號 (#) 鍵。重播將於太平洋時間今天下午 5 點左右上線。媒體會員如有其他問題，可致電 (408) 862-1142 聯絡 Josh Rosenstock。金融分析師如有其他問題，可致電 (408) 974-3123 聯絡我，Saori Casey，Suhasini Chandramouli 目前正在休產假。再次感謝您的參與。

Once again, this does conclude today's conference. We do appreciate your participation.

今天的會議到此結束。感謝各位的參與。