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.

美好的一天，歡迎參加 Apple 2023 財年第三季度收益電話會議。今天的通話正在錄音。現在，我想將電話轉給財務副總裁 Saori Casey 進行開場發言和介紹。請繼續。

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，感謝您加入我們。今天首先發言的是蘋果公司首席執行官蒂姆·庫克；緊隨其後的是首席財務官 Luca Maestri。之後，我們將開始接受分析師提問。

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

請注意，您在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、資本配置和未來業務的信息展望，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.

這些陳述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存在重大差異。欲了解更多信息，請參閱 Apple 最近向 SEC 提交的 10-K 表格年度報告和今天向 SEC 提交的 8-K 表格中討論的風險因素以及相關新聞稿。蘋果公司不承擔更新任何前瞻性聲明的義務，這些聲明僅代表發布之日的情況。

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

我現在想將電話轉給蒂姆進行介紹性發言。

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.

謝謝你，沙織。大家下午好，感謝您加入我們。今天，蘋果報告 6 月份季度營收為 818 億美元，好於我們的預期。在 iPhone 強勁銷售的推動下，我們在新興市場繼續取得強勁業績，印度、印度尼西亞、墨西哥、菲律賓、波蘭、沙特阿拉伯、土耳其和阿聯酋 6 月份季度總收入創紀錄。我們還在法國、荷蘭和奧地利等許多其他國家/地區創下了六月季度的記錄。在超過 10 億美元的付費訂閱推動下，我們創下了服務收入歷史記錄。

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.

我們繼續面臨宏觀經濟環境不平衡的局面，其中外匯逆風近4個百分點。在固定匯率基礎上，我們跟踪的大多數市場的總體增長率與去年同期相比有所增長。我們繼續謹慎管理並不懈創新，這些努力所激發的可能性感是我們的動力。

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度之前，我想花點時間承認我們在全球開發者大會上自豪地宣布的前所未有的創新。除了非凡的新款 Mac 和對我們軟件平台的令人難以置信的更新之外，我們還有機會向世界介紹空間計算。

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.

我們很高興與世界分享革命性的 Apple Vision Pro，這是一款與之前創造的任何其他產品不同的大膽新產品。 Apple Vision Pro 是工程奇蹟，建立在只有 Apple 才能實現的數十年創新之上。它是有史以來最先進的個人電子設備，我們對有機會嘗試它的媒體、分析師、開發人員和內容創作者的反應感到興奮。我們迫不及待地想在明年初將其交付給客戶。

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，讓我與您分享更多有關 iPhone 的 6 月份季度業績的信息。 iPhone 本季度收入為 397 億美元，比去年同期創紀錄的業績下降 2%。按固定匯率計算，iPhone 收入有所增長，並且我們的 6 月份季度切換者數量創歷史新高，這反映了 iPhone 系列的受歡迎程度。 iPhone 14 客戶繼續稱讚其卓越的電池續航時間以及基本的健康和安全功能，而 iPhone 14 Plus 用戶則喜歡新的更大屏幕尺寸。憑藉動態島、常亮顯示屏和 iPhone 有史以來最強大的攝像頭系統，iPhone 14 Pro 系列是我們有史以來最好的產品系列。

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.

轉向麥克。我們的收入為 68 億美元，同比下降 7%。我們很自豪已經完成了整個 Mac 系列的轉變，只在 Apple 芯片上運行。我們還很高興在本季度推出了新款 15 英寸 MacBook Air，這是世界上最好的 15 英寸筆記本電腦，也是我們製造過的最好的 Mac 之一。我們推出了 2 款新的計算功能，即配備 M2 Max 和 M2 Ultra 的 Mac Studio 以及配備 M2 Ultra 的 Mac Pro，它們是我們製造過的最強大的 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 在 6 月份季度的收入為 58 億美元，同比下降 20%，部分原因是由於去年 iPad Air 的發佈時間而難以進行比較。客戶喜歡 iPad 的多功能性和卓越價值。今年春天，當我們將 Final Cut Pro 和 Logic Pro 引入 iPad 時，創意人員感到非常興奮。隨著返校季如火如荼地進行，iPad 有能力幫助學生解決最艱鉅的作業。

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.

在可穿戴設備、家居和配件領域，收入為 83 億美元，同比增長 2%，符合我們的預期。 Apple Watch 和 Apple Watch Ultra 擁有豐富的功能，可讓用戶過上更健康的生活，繼續幫助人們在健康之旅上邁出下一步。

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、最激動人心的 WWDC。我們很高興地歡迎來自世界各地的開發者親自或通過虛擬方式來到 Apple Park，並與全世界分享一些令人驚嘆的新公告。

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 Apple Vision Pro 和我們推出的新款 Mac 之外，我們還有機會向我們的軟件平台展示一些真正非凡的創新成果。從iOS 17 中的Live Voicemail 和StandBy 等令人興奮的新功能，到macOS Sonoma 和iPadOS 17 中供用戶工作、娛樂和個性化體驗的新工具，再到watchOS 10 中的全新設計和新的鍛煉功能，後續還會有更多功能推出今年，我們將讓用戶能夠更好地利用他們的設備，我們認為他們會立即喜歡這些新功能。

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.

對於服務業來說，這也是一個令人興奮的季度，收入達到 212 億美元，同比增幅連續加速至 8%，好於我們的預期。我們在總服務和多個類別（包括視頻、AppleCare、雲和支付服務）方面創造了歷史收入記錄。自從我們在大約十年前推出 Apple Pay 以來，客戶一直喜歡在網上、應用程序和商店中輕鬆購物。我們也很高興看到 Apple Card 以 Apple Pay 的成功為基礎。 Apple Card 在設計時充分考慮了用戶的財務健康狀況，已成為美國最成功的信用卡計劃之一，客戶滿意度屢獲殊榮。今年春天，我們為 Apple Card 客戶推出了一款新的高收益儲蓄賬戶，該賬戶非常受歡迎，客戶存款已超過 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.

與此同時，Apple TV+ 繼續提供精彩的富有想像力的故事講述。最近，粉絲們迎來了《劫持》和《筒倉》等新劇集，以及《基金會》和《餘興派對》等深受粉絲喜愛的回歸劇集。自推出以來的幾年裡，Apple TV+ 已獲得超過 1,500 項提名和 370 項獲獎。其中包括 Apple TV+ 上個月獲得的 13 部影片的 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，這也是一個激動人心的時刻。足球傳奇人物萊昂內爾·梅西上個月在美國職業足球大聯盟首次亮相，全世界的球迷都通過美國職業足球大聯盟季票收看。我們對美國職業足球大聯盟的合作感到興奮，也很高興看到梅西與邁阿密國際隊比賽。

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.

恰逢夏季音樂會季節，Apple Music 推出了慶祝現場音樂的新發現功能，包括 Apple 地圖中的場地指南和主要藝術家巡演的曲目列表。這些新功能和其他功能將加入今年晚些時候推出的一系列更新，使服務比以往任何時候都更強大、更有用、更有趣。

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客戶，而零售業正是我們將 Apple 最好的產品展現出來的地方。本季度，我們在越南開設了 Apple Store 在線商店，我們很高興能與那裡的更多客戶建立聯繫。我們還重新設計了位於弗吉尼亞州北部泰森斯角的第一家 Apple Store，增強了包容性、創新性和可持續的設計。我們在歷史悠久的巴特西發電站的新倫敦總部下方開設了一家漂亮的新店。今年春天我們在印度開設的門店的業績超出了我們最初的預期。

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.

我們創造的每一款產品、開發的每一項功能以及與客戶的每一次互動，都以我們所代表的價值觀為主導。我們相信創造為全人類服務的技術，這就是為什麼可訪問性始終是我們嵌入到我們所做的一切中的核心價值。

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、聽覺和移動無障礙新工具，這些工具將於今年晚些時候推出，其中包括輔助訪問（Assistive Access）和個人語音（Personal Voice ），前者將應用程序提煉出最基本的功能，後者允許用戶創建聽起來像他們的合成聲音。

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.

為客戶提供技術和服務還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、通信安全和鎖定模式進行重大更新，以進一步保護我們的用戶。作為我們建設更美好世界的努力的一部分，我們宣布將對種族平等和正義倡議的最初承諾增加了一倍多，達到 2 億美元以上。我們將繼續儘自己的一份力量支持教育、經濟賦權和刑事司法改革工作。在支持促進公平和機會的同時，我們繼續在 Apple 打造歸屬感文化，並打造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.

通過我們的環保工作，我們正在努力實現讓世界變得更加美好的承諾。上個月，Apple 與全球非營利組織 Acumen 合作，通過清潔能源創新改善印度的生計，我們一如既往地致力於實現 Apple 2030 目標，即在我們的整個供應鍊和產品生命週期中實現碳中和。產品。

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.

我們長期以來一直認為教育是偉大的均衡器。考慮到這一點，我們正在擴展 Apple Learning Coach，這是一個免費的專業學習計劃，旨在教導教育工作者如何在課堂上更多地利用 Apple 技術。今天，我們歡迎全美 1,900 多名教育工作者加入該計劃。到今年年底，我們將在另外 12 個國家/地區提供 Apple Learning Coach。

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.

在與老師聯繫的同時，我們還慶祝世界各地應用開發者學院的學生畢業。從底特律、那不勒斯、利雅得等地，我們很高興看到這些才華橫溢的開發人員開始從事編碼職業，並找到為社區帶來積極影響的方法。

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.

蘋果仍然是創新的領軍者，這家公司以無限的創造力為動力，以深刻的使命感為動力，並以偉大的想法可以改變世界這一不可動搖的信念為指導。展望未來，我們將繼續進行長期管理，始終突破可能的極限，始終將客戶置於我們所做的一切的中心。

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

這樣，我就把它交給盧卡了。

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 月份季度的收入為 818 億美元，較去年下降 1%，好於我們的預期，儘管外匯帶來了近 4 個百分點的負面影響。按固定匯率計算，我們的總收入在我們跟踪的大多數市場中都逐年增長。我們在歐洲和大中華區均創下了 6 月份季度記錄，並在 iPhone 的推動下繼續看到新興市場的強勁表現。

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.

由於我們面臨外匯逆風和不平衡的宏觀經濟環境，產品收入為 606 億美元，比去年下降 4%。然而，在iPhone 切換者6 月份季度創紀錄的增長以及Mac、iPad 和Watch 的高新用戶率以及非常高的客戶滿意度和忠誠度的推動下，我們在所有地理區域的安裝量都達到了歷史最高水平。

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.

我們的服務收入創下了 212 億美元的歷史記錄，同比增長 8%，按固定匯率計算增長了兩位數。我們在全球範圍內的業績表現強勁，在美洲和歐洲創下了服務收入歷史記錄，在大中華區和亞太其他地區創下了六月季度記錄。

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%，為 6 月份季度的創紀錄水平，環比增長 20 個基點，這得益於成本節約和向服務業的有利組合轉變，部分被季節性槓桿損失所抵消。產品毛利率為 35.4%，較上季度下降 130 個基點，原因是槓桿和組合的季節性損失，但部分被有利的成本所抵消。服務毛利率為70.5%，環比下降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.

運營費用為 134 億美元，低於我們在本季度初提供的指導範圍的下限，並且較 3 月份季度有所放緩。我們繼續採取審慎的方法來管理我們的支出，重點關注創新和新產品開發。這些行動的結果帶來了 199 億美元的淨利潤，稀釋後每股收益 1.26 美元，比去年增長 5%，運營現金流非常強勁，達到 264 億美元。

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.

現在讓我提供每個收入類別的更多詳細信息。 iPhone 收入為 397 億美元，同比下降 2%，但按固定匯率計算增長。我們在全球多個市場創造了收入記錄，包括印度的歷史記錄以及拉丁美洲、中東和非洲、印度尼西亞、菲律賓、意大利、荷蘭和英國的 6 月份季度記錄。由於六月份季度的切換人數創歷史新高，增長至歷史新高。這證明了我們極高的客戶滿意度，451 Research 最近測量的 iPhone 14 系列在美國的客戶滿意度為 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 的收入為 68 億美元，同比下降 7%。我們繼續投資 Mac 產品組合。上個季度，我們很高興完成了整個產品線向 Apple Silicon 的過渡。這一轉變推動了強勁的升級活動和大量新客戶。事實上，本季度幾乎一半的 Mac 買家是該產品的新用戶。據報導，美國 Mac 的客戶滿意度高達 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 收入為 58 億美元，同比下降 20%，符合我們的預期。這些結果是由於與去年 iPad Air 發布對整個季度的影響進行了艱難的比較而得出的。與此同時，我們繼續吸引大量新客戶加入 iPad 用戶群，本季度購買 iPad 的客戶中有一半以上是該產品的新用戶。 451 Research 的最新報告顯示，美國的客戶滿意度為 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.

可穿戴設備、家居及配件收入為 83 億美元，同比增長 2%，大中華區創下 6 月份季度記錄，多個新興市場表現強勁。我們繼續看到 Apple Watch 的覆蓋範圍不斷擴大，本季度購買 Apple Watch 的客戶中有大約 2/3 是該產品的新手。這與非常高的客戶滿意度相結合，最近據報導，美國的客戶滿意度高達 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.

轉向服務。我們創下了 212 億美元的歷史新收入記錄，同比增長連續加速至 8%，按固定匯率計算增長了兩位數。除了蒂姆之前提到的歷史記錄外，我們還創下了廣告、應用商店和音樂方面的六月季度記錄。我們對我們在服務方面的表現非常滿意，這直接反映了我們生態系統的實力。

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量繼續以良好的速度增長，並為我們生態系統的未來擴展奠定了堅實的基礎。其次，我們看到客戶對我們服務的參與度有所提高。我們的交易賬戶和付費賬戶均同比增長兩位數，均創歷史新高。第三，我們的付費訂閱呈現強勁增長。上個季度，我們實現了一個重要的里程碑，平台上所有服務的付費訂閱量突破了 10 億，在過去 12 個月內增加了 1.5 億，幾乎是 3 年前付費訂閱量的兩倍。最後，我們繼續提高當前服務的廣度和質量。從 Apple Arcade 上的 20 款新遊戲，到 Apple TV+ 上的全新內容，再到使用 Apple Card 推出高收益儲蓄賬戶，我們的客戶都喜歡這些增強的產品。

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 Apple 產品來幫助提高生產力並吸引人才。全球投資管理公司 Blackstone 正在將 Apple 的業務範圍從企業 iPhone 機群擴大到現在向其所有企業員工和投資組合公司提供由 M2 驅動的 MacBook Air。領先的生物製藥公司吉利德 (Gilead) 已在全球範圍內為其銷售團隊部署了數千台 iPad。在過去 6 個月裡，他們還通過向更多員工提供 MacBook Air，重點關注用戶體驗和強大的安全性，使 Mac 用戶群增加了一倍。

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。本季度結束時，我們擁有超過 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，並增加了 20 億美元的商業票據，使我們的債務總額達到 1090 億美元。因此，截至本季度末，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 億美元的股息和等價物，以及通過公開市場回購 1.03 億股 Apple 股票獲得的 180 億美元。我們仍然相信我們的股票具有巨大價值，並維持隨著時間的推移達到淨現金中性頭寸的目標。

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前景，其中包括 Saori 在電話會議開始時提到的前瞻性信息類型。假設宏觀經濟前景不會比我們今天對本季度的預測惡化，我們預計 9 月份季度的同比收入表現將與 6 月份季度相似。外匯將繼續成為不利因素，我們預計收入同比下降超過 2 個百分點。

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 和服務的同比業績將從 6 月季度開始加速。此外，由於難以進行比較，特別是在 Mac 上，我們預計 Mac 和 iPad 的收入將同比下降兩位數。對於這兩種產品，我們在去年六月季度經歷了工廠停工造成的供應中斷，並能夠在去年九月季度滿足大量被壓抑的需求。

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%.

我們預計毛利率將在 44% 至 45% 之間。我們預計運營支出將在 135 億美元至 137 億美元之間。我們預計 OI&E 約為負 2.5 億美元，不包括少數股權投資按市值計價的任何潛在影響，我們的稅率約為 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，我們的董事會宣佈於 2023 年 8 月 17 日向截至 2023 年 8 月 14 日登記在冊的股東派發每股普通股 0.24 美元的現金股息。接下來，讓我們開始提問。

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

謝謝你，盧卡。 （接線員指示）接線員，請問第一個問題可以嗎？

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

我們將繼續回答瑞士信貸香農·克羅斯提出的第一個問題。

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...

蒂姆，你提到過——實際上，盧卡也提到過。您在電話會議中多次提到本季度宏觀環境不平衡。我想知道您是否可以從地理角度來談談您在 iPhone 上看到的一些趨勢。我特別想知道內部需求趨勢如何...

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

當然。香農，我來回答。我沒聽清你的問題。

I think she has dropped.

我認為她已經墮落了。

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。好吧，讓我回答我可以遵循的部分的問題。因此，從地理角度來看，我們的 iPhone 在新興市場中表現出色。我們在許多新興市場創下了六月季度記錄。我們的總增長率達到了兩位數。從中國到全球許多其他地區，從中國到全球許多其他地區，我們的業績在 6 月份季度從負 3% 提高到了正 8%，並且按固定匯率計算，我們的業績實現了兩位數增長。再次，我們在印度尼西亞、東南亞、拉丁美洲、中東等地區表現強勁，創下了六月季度的記錄。所以那裡的情況真的很好。

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.

而且，正如您從我們的地理細分市場中看到的那樣，我們在美洲（主要是美國）的業績略有加速，但我們在那裡有所下降，因為智能手機市場在過去幾個季度一直在下滑在美國。

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.

對於那個很抱歉。我不知道為什麼我切斷了。就毛利率而言，您處於該範圍的高端（技術難度），並且您指導為高端的 45%，我認為這比我報導您的 20 年來的記憶中還要高。那麼我們應該如何考慮毛利率的看漲期權和看跌期權呢？似乎有一場完美的美好事物風暴。所以我只是——也許你能談談你是如何更全面地思考這個問題的。

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.

Shannon，我想你沒記錯，因為 6 月份季度的 44.5% 是我們 6 月份的歷史記錄。我們連續上漲 20 個基點。這是由成本節約和向服務業的混合轉變推動的，這顯然有助於公司毛利率，但部分被季節性槓桿損失所抵消。我們有一個對我們有利的商品環境。目前我們的產品組合相當強大。因此，除了外匯交易之外，外匯交易仍然是一個拖累因素，而且與去年同期相比，這是一個重大拖累因素，是的，我們現在處於有利地位。我們在六月季度處於有利位置。正如我所提到的，坦率地說，出於同樣的原因，我們預計 9 月份季度的毛利率將達到類似水平。

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

我們的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

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，你能為我們提供更多有關指導的信息嗎？您的整體收入表現與您所說的類似。顯然，與您的指導相比，本季度您吸收了更高的外匯影響。您還注意到服務加速。所以我想知道，當你想到關於 iPhone 加速的評論時，這是有報導的嗎？這是恆定貨幣基礎嗎？是否有什麼季節性變化可能對您來說導致產品收入沒有像典型的環比那樣大幅增長？我有一個後續行動。

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。因此，我們所有的評論均以報告貨幣表示，而不是與前景相關的固定貨幣。我們依次提到了 iPhone 和服務的加速。但我們也指出——我認為，Wamsi，你指的是一些季節性問題。我們還表示，對於 Mac 和 iPad，我們預計會出現兩位數的下降。原因是我們與去年相比非常困難。您還記得一年前的六月季度，我們的 Mac 和 iPad 工廠都關閉了。因此，我們能夠滿足九月季度因停工而被壓抑的需求。所以我們一年前的活動水平非同尋常。所以現在，顯然，比較是困難的。因此，我們預計 iPad 和 Mac 的銷量都會下降兩位數，這抵消了我提到的 iPhone 和服務的加速增長。

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。蒂姆，我想知道你是否可以向我們介紹一下目前以某種分期付款方式銷售的 iPhone 與全球範圍內全額預付款銷售的比例是多少。也許您會想到一些運營商是否會開展類似的促銷活動，尤其是在美國，這些運營商今年似乎正在努力解決許多現金流問題。

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.

Wamsi，我想——在過去的幾年裡，我們直接通過我們的直接渠道並與世界各地的合作夥伴一起在世界各地實施了可負擔性計劃，做得非常好。目前，大多數 iPhone 都是通過某種程序、以舊換新、分期付款或某種融資方式出售的。這個百分比再次遠高於 50%，在發達市場和新興市場中非常相似。我們想做更多這樣的事情，因為我們認為這確實有助於降低我們產品的承受能力門檻。我們認為這也是我們的產品組合在過去幾個週期中非常強勁的原因之一。因此，我們將繼續推動這方面的工作。

Our next question is from David Vogt with UBS.

我們的下一個問題來自瑞銀集團的大衛·沃格特。

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?

我只是想跟進你、蒂姆和盧卡就增長以及大宗商品提出的兩點。需要澄清的是，我知道您談論的是 iPhone 的加速，但與 FX 相比，比較要容易大約 2 個點。所以我只是想了解，這是在同類基礎上計算的嗎？不包括從 6 月季度到 9 月季度約 2 個百分點的匯率改善？

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?

從大宗商品的角度來看，我知道上個季度，您談到以優惠的價格購買大量庫存，這是一個非常明智的策略。今天你坐在哪裡？當我們考慮下個季度和隨後的幾個季度時，你們的商品積壓的時間或持續時間是怎樣的？這對您的未來能從這種有利的成本動態中走多遠？

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.

讓我重新開始吧。我只是想澄清一下我們提供的指導和前景指導。我們指的完全是報告的數字。所以他們考慮到我們的外匯略有改善這一事實。因此，當我談論類似的業績時，我指的是 6 月份季度的報告業績，然後是 9 月份季度的報告業績。再次，我們預計，根據報告，我們的 iPhone 性能將加速，我們的服務性能將加速，iPad 和 Mac 將出現兩位數下降。

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.

在大宗商品方面，正如我所提到的，環境是有利的。我們始終確保利用市場上提供的機會，並且我們將繼續這樣做。

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，根據您目前的情況，您知道今天的運行率有多長嗎？您能給我們至少介紹一下短期的順風車嗎？

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.

我不想猜測九月季度之後的情況，因為這是我們提供指導的時間範圍。我已經說過，9 月份的指導值為 44% 至 45%，這在歷史上是非常高的。顯然，這反映了對我們有利的環境。

Our next question is from Erik Woodring with Morgan Stanley.

我們的下一個問題來自摩根士丹利的埃里克·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2個。蒂姆或盧卡，也許我們可以從大局開始。我想知道您是否可以分享一些關於您認為消費者今天與 90 天前的行為方式的增量信息，以及不同地區的差異。意思是，是否有任何跡象表明消費者越來越願意在消費電子產品等產品上花錢？或者市場仍然相對謹慎？您認為哪些地區的消費者實力更強？您認為根據您跟踪的一些 KPI，這些優勢或劣勢的可持續性如何？然後我有一個後續行動。

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。大衛，是蒂姆。如果你環顧全球，我們上季度在新興市場的表現非常出色，如果按固定匯率計算，表現甚至更好。因此，新興市場是一種優勢。如果你看看中國，在中國，我們從第二季度的負 3% 上升到第三季度的正 8%。所以在中國，我們有一個加速。

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，顯然是在美洲部分，它佔了其中的絕大多數，雖然美洲仍然同比有所下降，但也連續略有加速，正如您在數據表上看到的。主要原因是美國目前的智能手機市場充滿挑戰。

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.

然後在歐洲，歐洲的季度創歷史新高，六月季度創紀錄。世界上大多數地方都出現了一些非常好的跡象。

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.

驚人的。盧卡，也許我想問你一個問題。我認為大約三個季度以來，我們已經看到運營支出要么低於歷史季節性增長，要么低於您的預期。我認為這是自 2007 財年第二季度以來我們第一次看到研發同比增長低於 10%。那麼您能否談談您正在採取的一些成本行動？展望未來，您真正評估的指標是什麼，這些指標會讓您更有信心回歸更具季節性的運營支出節奏？或者這只是我們應該期待的新常態？對我來說就是這樣。

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，我們觀察了環境，我們知道過去幾個季度這是一個不確定的時期。因此，我們決定在控制支出方面深思熟慮，我們正在公司的許多領域開展工作，並且在減緩支出方面非常有效。我們還放慢了公司內部幾個領域的招聘速度。考慮到整體宏觀形勢，我們對減緩部分費用增長的能力感到非常滿意。

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.

我們將繼續認真管理。您可以看到，我們的研發成本增長速度持續快於公司其他部門。 SG&A 實際上的增長速度要慢得多，因為顯然，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.

我們的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.

我也只有 2 個問題。首先，令人鼓舞的是，服務業在本季度表現出色，在匯率中性的基礎上增長了兩位數，並且根據報告，下個季度服務業將加速增長。我只是想知道您是否可以多談談對下季度服務加速信心的關鍵潛在驅動因素，了解外匯[停止]一點。但任何與 Apple Search Ads 中的內容相關的事情都是有幫助的。顯然，在 MLS 和 Canal+ 交易之間，您在 Apple TV+ 上進行了大量投資。所以任何想法都會很棒。

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，你是對的。我的意思顯然是，我們在六月季度看到了改善，並且預計九月季度會進一步改善。 6月份，表現全面。蒂姆和我提到我們確實全面創下了記錄。我們在雲、視頻、AppleCare、支付方面都創下了歷史記錄，在 App Store、廣告和音樂方面也創下了六月季度的記錄。因此，我們看到所有服務類別都有所改善。

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.

我們認為九月份情況將繼續改善。這是非常積極的，因為不僅有利於財務業績，而且顯然，它表明我們的客戶對生態系統的高度參與，這對我們來說非常重要。這實際上是我在準備好的發言中提到的所有內容的總和。這是因為我們的安裝基礎不斷增長，因此我們擁有了更大的客戶群，而隨著我們在生態系統上擁有更多的交易賬戶和付費賬戶，我們的客戶參與度更高。訂閱業務非常健康，僅在過去 12 個月內付費訂閱量就增長了 1.5 億。這幾乎是三年前的兩倍。當然，我們正在向用戶提供越來越多的內容。因此，所有這些因素的結合讓我們對 9 月份充滿信心。

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?

偉大的。正如相關的後續行動一樣，它是關於硬件安裝基礎和服務 ARPU 的。當您談到服務實力時，我很好奇，您談到了超過 20 億的安裝基礎。當您考慮增加服務 ARPU 的機會時，您真的會在內部以每個活躍 iPhone 用戶為基礎還是以每個設備為基礎來考慮？換句話說，我只是好奇你的想法——你是否認為擁有多個設備的用戶有增量機會。您真的看到服務 ARPU 在這方面大幅提升嗎？

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.

嗯，我們知道擁有不止一台設備的客戶通常會更積極地參與我們的生態系統。顯然，他們也傾向於在服務方面花費更多。我想說最大的機會是我們知道我們有很多客戶非常熟悉我們的生態系統。他們參與生態系統。但時至今日，他們仍然只使用生態系統中免費的部分。因此，我們認為，隨著時間的推移，通過提供更好的內容和更多的內容，我們將能夠吸引更多的付費客戶。

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2個。我想，盧卡，也許你可以談談可穿戴設備。我認為，按固定匯率計算，那裡的增長相當可觀，增長了 6%。您能談談是什麼推動了這一趨勢嗎？那麼我們如何看待進入九月季度的可穿戴設備領域？我知道您談到了很多其他問題，但我們如何看待 9 月份的可穿戴設備呢？

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

抱歉，阿米特，我不明白——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。對不起。我希望您能談談可穿戴設備領域，因為那裡的增長相當令人印象深刻。那麼到了 9 月，你又是如何看待這個問題的呢？

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。在可穿戴設備方面，我們在大中華區的表現非常出色。這對我們來說非常重要。這是大中華區六月季度的記錄。對我們來說非常重要，因為它再次表明，在像中國這樣對我們如此重要的市場中，生態系統的參與度在持續增長。這意味著越來越多的客戶擁有的不僅僅是 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，我們繼續快速增長該類別的安裝基礎，因為正如我所提到的，在 6 月季度的每個 Apple Watch 買家中，有 2/3 是該產品的新用戶。因此，這都是對安裝基礎的補充。因此，很高興看到 AirPods 在市場上繼續取得巨大成功。所以事情正在朝著正確的方向發展。它已成為我們在可穿戴設備、家居和配件領域的一項非常大的業務。過去 12 個月，我們完成了 400 億美元的業務，幾乎相當於財富 100 強公司的規模。因此，它變得非常重要，它使我們能夠實現收入和收益的多元化。

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。如果我能跟進的話，歐洲的增長，歐洲 5% 的增長也是非常引人注目的。我認為你們在歐洲也有一些新興市場。但我很想了解歐洲正在發生什麼，以及是否有辦法思考西歐或發達國家與那裡的新興市場。

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。情況非常好，主要是在歐洲新興市場方面。我們將印度、中東以及中歐和東歐納入歐洲部分。但正如我們在電話會議開始時提到的，我們有許多市場表現非常好，例如法國、意大利、荷蘭、奧地利。因此，對於歐洲來說，這是一個不錯的季度。

Our next question is from Harsh Kumar with Piper Sandler.

我們的下一個問題來自 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?

我給盧卡準備了一份，後來又給蒂姆準備了一份。盧卡，一段時間以來，在許多季度裡，您都遇到了貨幣逆風或外匯貨幣逆風。可以想像，隨著利率開始下降，明年美元有望走弱。您能否向我們介紹一下這將如何影響您的收入和成本的機制？

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，我們傾向於對沖我們的外匯風險，因為我們認為這對於公司來說是正確的方法，可以最大限度地減少貨幣變動必然發生的波動。我們無法有效地對沖世界各地的每一項風險，因為在某些情況下這是不可能的。在其他情況下，它的價格昂貴得令人望而卻步。但我們傾向於涵蓋我們擁有的所有主要貨幣支付國。

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.

我們大約 60% 的業務位於美國境外。所以這是一個非常非常大而且我想說非常有效的對沖計劃。因此，我們設置了這些對沖，它們往往會非常有規律地滾動。然後我們以新的即期匯率用新的對沖來取代它們。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，由於該程序的工作方式，隨著外匯隨著時間的推移而變化，在兩個方向上往往會出現一些滯後。

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。對於蒂姆來說，蒂姆，從歷史上看，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）的運營商已經制定了幫助人們升級的計劃，無論他們提供現金回扣還是你可以帶上自己的手機。舊手機之類的。

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，當你進入 12 月季度的高峰時，你是否知道這些計劃已經到位。我之所以問這個問題，是因為我想早些時候，您提到您超過 50% 的手機是通過某種程序出售的。我認為美國的數字甚至更高

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.

我不想透露不同運營商的具體細節。但一般來說，我認為在手機上找到促銷活動是很容易的，只要你連接到某項服務並更換服務、運營商或在同一運營商升級你的手機。我認為在今天的這兩種情況下，您都可以在那裡找到促銷活動，並且我希望您也能夠在 12 月的時間範圍內做到這一點。

Our next question is from Aaron Rakers with Wells Fargo.

我們的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2個。首先，我想問一下蒂姆。從戰略上講，當我們考慮服務增長以及其背後的內容擴展時，我很好奇您是否可以幫助我們欣賞您從體育角度所看到的與 MLS 的互動、與 Major 的互動棒球聯盟，以及您如何從戰略角度考慮將體育擴張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，我們通過 TV+ 專注於原創內容。因此，我們致力於為優秀的故事講述者提供講述精彩故事的場所，並希望讓我們所有人能夠更深入地思考。體育是其中的一部分，因為體育是最終的原創故事。對於 MLS 來說，我們對合作夥伴關係的進展感到非常滿意。顯然還處於早期階段，但我們在訂戶方面超出了我們的預期，而梅西去了邁阿密國際的事實對我們有所幫助。所以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。作為快速跟進，我只是很好奇，您在準備好的發言中提到了印度的持續增長。我很好奇我們如何看待未來的市場機會。您認為有什麼變化可以加速 iPhone 在這個龐大的移動市場中的機遇嗎？

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.

我們在印度確實創下了六月份季度的收入記錄，並且實現了兩位數的強勁增長。我們還在本季度開設了前兩家零售店。當然，目前還處於早期階段，但他們目前的表現超出了我們的預期。我們繼續致力於建立渠道，並對直接面向消費者的產品進行更多投資。

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.

所以我認為如果你仔細觀察的話，你會發現它是世界第二大智能手機市場。所以我們應該在那裡做得很好。我對我們在那裡的增長感到非常滿意，但我們在智能手機市場的份額仍然非常非常有限。所以我認為這對我們來說是一個巨大的機會。我們正在投入所有的精力來實現這一目標。

Our next question comes from Sidney Ho with Deutsche Bank.

我們的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.

你的——我只是想問一下人工智能方面的問題。您在人工智能方面的策略似乎與許多同行截然不同，至少您沒有過多談論這一點，以及您在其中投資了多少。也許你可以詳細說明一下。但與此相關的是，您如何看待您在這一領域的投資未來如何轉化為財務業績？主要是通過更快的升級週期，也許是更高的ASP？或者您是否正在考慮可以利用的其他服務？然後我有一個後續行動。

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.

如果你退後一步，我們將人工智能和機器學習視為核心基礎技術，幾乎是我們構建的每個產品不可或缺的一部分。因此，如果您想到 6 月份的 WWDC，我們就會宣布今年秋季 iOS 17 中將推出一些功能，例如個人語音和實時語音郵件。此前，我們宣布了跌倒檢測、碰撞檢測和心電圖等救生功能。如果沒有人工智能和機器學習，我剛才提到的這些功能以及許多其他功能都是不可能實現的。所以這對我們來說絕對至關重要。

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，多年來我們一直在研究各種人工智能技術，包括生成式人工智能。我們將繼續投資和創新，並負責任地利用這些技術改進我們的產品，以豐富人們的生活。這就是我們的全部意義。如您所知，我們傾向於在產品上市時宣布它們，這就是我們的MO，我想堅持這一點。

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。這還算公平。也許後續行動與您談到 WWDC 相關，您實際上在那裡介紹了 Vision Pro。顯然，這是一個非常重大的公告。我們應該如何看待與 Vision Pro 相關的收入增長？我們是否應該考慮任何催化劑來推動該產品的變化？

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 令人興奮不已。我們內心興奮不已。每個經歷過演示的人都被震撼了，無論是媒體、分析師還是開發人員。我們現在正在將單元發送給開發者社區，以便他們開始開發他們的應用程序。我們期待明年初發貨。因此我們對此感到非常興奮。我每天都在使用該產品。因此，我們不會在今天的電話會議上預測收入等內容，但我們對此感到非常興奮。

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

我們將回答 Krish Sankar 和 TD Cowen 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 2 個。第一，關於 iPhone，蒂姆，您提到了本季度切換者數量創紀錄的情況。我有點好奇，在宏觀和消費者支出疲弱的情況下，如何思考iPhone的更新換代周期如何？與往年相比，它是否相似、更長、更短？您能談談 iPhone 在 6 月季度的需求線性嗎？然後我有一個後續行動。

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.

切換器是我們本季度 iPhone 業績的一個非常關鍵的部分。我們確實創造了記錄。我們特別在大中華區創造了記錄，這是我們在那裡取得業績的核心。我們繼續努力說服越來越多的人轉變，因為我們的經驗和生態系統以及我們可以為他們提供的服務。所以我認為轉換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.

就升級週期等而言，很難實時估計升級週期的情況。我想說，如果你考慮 iPhone 的同比業績，你就必須考慮去年同期發布的 SE、去年同期發布的 iPhone SE。因此，這給比賽帶來了一些阻力。但正如盧卡所說，當他談到我們如何看待第四季度（9 月份的季度）時，我們看到 iPhone 在第四季度加速增長。

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?

知道了。非常有幫助，蒂姆。我的最後一個問題是關於你們的零售店，你們顯然擁有非常大的零售足跡，而且你們的許多商店似乎已經開業一年多了。那裡的人流量如何？您如何看待六月季度的銷售或零售趨勢以及對今年下半年季節性的影響？

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

抱歉，您是在談論我們的零售店嗎？

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。如果你看看零售業，它是我們進入市場方法的關鍵部分，對於 Vision Pro 來說，這將是非常關鍵的競爭優勢。這將使我們有機會向商店裡的許多人推出新產品和演示。所以它有很多優點。

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.

我們將繼續開設更多商店。如您所知，我們上季度剛剛在印度開設了 2 家。我們——仍然有很多國家沒有我們想要進入的蘋果專賣店。因此，我們繼續將其視為我們進入市場的關鍵部分，並喜歡我們可以為客戶提供的體驗。

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.

今天的電話會議將在兩週內通過 Apple 播客、apple.com/investor 網絡廣播以及電話進行重播。電話重播號碼為 (866) 583-1035。請輸入確認碼 2553017，然後輸入井號。這些重播將於下午 5 點左右提供。今天太平洋時間。如有其他問題，請聯繫喬什·羅森斯托克 (Josh Rosenstock)，電話 (408) 862-1142。當 Suhasini Chandramouli 休產假期間，金融分析師可以通過電話 (408) 974-3123 與我 Saori Casey 聯繫並提出其他問題。再次感謝您加入我們。

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

今天的會議再次結束。我們非常感謝您的參與。