蘋果 (AAPL) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the Apple Q2 Fiscal Year 2024 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. 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.

下午好，歡迎參加 Apple 2024 財年第二季財報電話會議。我叫 Suhasini Chandramouli，是投資者關係總監。今天的通話正在錄音。今天首先發言的是蘋果執行長庫克；他的繼任者是財務長盧卡·馬埃斯特里 (Luca Maestri)。之後，我們將開始回答分析師的提問。

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

請注意，您在我們今天的討論中會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、營業費用、其他收入和支出、稅收、資本配置和未來業務前景的陳述，包括宏觀經濟狀況對公司業務和經營業績的潛在影響。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。欲了解更多信息，請參閱蘋果最近向美國證券交易委員會提交的 10-K 表年度報告和 8-K 表中討論的風險因素，以及相關新聞稿。 Apple 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其發布之日的觀點。

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

現在，我想將電話轉給提姆作介紹性發言。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $90.8 billion and an EPS record of $1.53 for the March quarter. We set revenue records in more than a dozen countries and regions. These include, among others, March quarter records in Latin America and the Middle East as well as Canada, India, Spain and Turkey. We also achieved an all-time revenue record in Indonesia, one of the many markets where we continue to see so much potential.

謝謝你，蘇哈西尼。大家下午好，感謝大家參加電話會議。今天，蘋果報告稱，3 月當季營收為 908 億美元，每股盈餘創歷史新高，達到 1.53 美元。我們在十多個國家和地區創下了收入記錄。其中包括拉丁美洲和中東以及加拿大、印度、西班牙和土耳其等三月季度的記錄。我們也在印尼創下了歷史新高的收入，印尼是我們認為具有巨大潛力的眾多市場之一。

In Services, we set an all-time revenue record, up 14% over the past year. Keep in mind, as we described on the last call, in the March quarter a year ago, we were able to replenish iPhone channel inventory and fulfill significant pent-up demand from the December quarter COVID-related supply disruptions on the iPhone 14 Pro and 14 Pro Max. We estimate this onetime impact added close to $5 billion to the March quarter revenue last year. If we removed this from last year's results, our March quarter total company revenue this year would have grown. Despite this impact, we were still able to deliver the records I described.

在服務領域，我們的營收創下了歷史新高，比去年成長了 14%。請記住，正如我們在上次電話會議上所描述的，在一年前的 3 月季度，我們能夠補充 iPhone 頻道庫存，並滿足 12 月季度與 COVID 相關的 iPhone 14 Pro 和 14 Pro Max 供應中斷所導致的大量被壓抑的需求。我們估計，這一一次性影響使去年 3 月季度的收入增加了近 50 億美元。如果我們從去年的業績中去掉這部分收入，我們今年 3 月季度的公司總收入將會成長。儘管受到了這種影響，我們仍然能夠提供我所描述的記錄。

Of course, this past quarter, we were thrilled to launch Apple Vision Pro, and it has been so wonderful to hear from people who now get to experience the magic of spatial computing. They described the impossible becoming possible right before their eyes, and they share their amazement and their emotions about what they can do now, whether it's reliving their most treasured memories or having a movie theater experience right in their living room.

當然，上個季度，我們很高興推出了 Apple Vision Pro，聽到人們的回饋並體驗到空間運算的魔力，我們感到非常高興。他們描述了眼前不可能的事情如何變成可能，並分享了他們對現在可以做的事情的驚奇和情感，無論是重溫最珍貴的回憶還是在客廳裡享受電影院的體驗。

It's also great to see the enthusiasm from the enterprise market. For example, more than half of the Fortune 100 companies have already bought Apple Vision Pro units and are exploring innovative ways to use it to do things that weren't possible before. And this is just the beginning.

看到企業市場表現出的熱情也是一件令人高興的事。例如，超過一半的財富 100 強公司已經購買了 Apple Vision Pro，並正在探索創新方法來實現以前不可能的事情。這只是一個開始。

Looking ahead, we're getting ready for an exciting product announcement next week that we think our customers will love. And next month, we have our Worldwide Developers Conference, which has generated enormous enthusiasm from our developers. We can't wait to reveal what we have in store.

展望未來，我們正準備在下週發布一款令人興奮的產品，我們認為我們的客戶一定會喜歡。下個月，我們將舉行全球開發者大會，這激發了我們的開發者的極大熱情。我們迫不及待地想要揭曉我們準備了什麼。

We continue to feel very bullish about our opportunity in generative AI. We are making significant investments, and we're looking forward to sharing some very exciting things with our customers soon. We believe in the transformative power and promise of AI, and we believe we have advantages that will differentiate us in this new era, including Apple's unique combination of seamless hardware, software, and services integration, groundbreaking Apple silicon with our industry-leading neural engines, and our unwavering focus on privacy, which underpins everything we create. As we push innovation forward, we continue to manage thoughtfully and deliberately through an uneven macroeconomic environment and remain focused on putting our users at the center of everything we do.

我們仍然對生成式人工智慧領域的機會充滿信心。我們正在進行大量投資，並期待很快與我們的客戶分享一些非常令人興奮的事情。我們相信人工智慧的變革力量和前景，我們相信我們擁有在這個新時代脫穎而出的優勢，包括 Apple 獨特的無縫硬體、軟體和服務整合、具有我們業界領先神經引擎的突破性 Apple 晶片，以及我們對隱私的堅定關注，這是我們所創造的一切的基礎。在我們推動創新的同時，我們繼續在不平衡的宏觀經濟環境中進行深思熟慮和謹慎的管理，並繼續專注於將用戶放在我們所做的一切的中心。

Now let's turn to our results for the March quarter across each product category beginning with iPhone. iPhone revenue for the March quarter was $46 billion, down 10% year-over-year. We faced a difficult compare over the previous year due to the $5 billion impact that I mentioned earlier. However, we still saw growth on iPhone in some markets including Mainland China, and according to Kantar, during the quarter, the 2 bestselling smartphones in urban China were the iPhone 15 and iPhone 15 Pro Max.

現在讓我們來看看 3 月份季度各產品類別的業績，從 iPhone 開始。 3 月當季 iPhone 營收 460 億美元，年減 10%。由於我之前提到的 50 億美元的影響，與去年相比，我們面臨的困難比較大。不過，我們仍然看到 iPhone 在包括中國大陸在內的一些市場成長，根據 Kantar 的數據，本季中國城市最暢銷的兩款智慧型手機是 iPhone 15 和 iPhone 15 Pro Max。

I was in China recently where I had the chance to meet with developers and creators who are doing remarkable things with iPhone. And just a couple of weeks ago, I visited Vietnam, Indonesia and Singapore, where it was incredible to see all the ways customers and communities are using our products and services to do amazing things. Everywhere I travel, people have such a great affinity for Apple, and it's one of the many reasons I'm so optimistic about the future.

我最近在中國，有機會與使用 iPhone 做出非凡成就的開發人員和創作者見面。就在幾週前，我訪問了越南、印尼和新加坡，看到那裡的客戶和社區利用我們的產品和服務做出了令人驚嘆的事情，我感到非常驚訝。無論我走到哪裡，人們都對蘋果有著濃厚的興趣，這也是我對未來如此樂觀的眾多原因之一。

Turning to Mac. March quarter revenue was $7.5 billion, up 4% from a year ago. We had an amazing launch in early March with the new 13- and 15-inch MacBook Air. The world's most popular laptop is the best consumer laptop for AI with breakthrough performance of the M3 chip and its even more powerful neural engine. Whether it's an entrepreneur starting a new business or a college student finishing their degree, users depend on the power and portability of MacBook Air to take them places they couldn't have gone without it.

轉向 Mac。 3 月季度營收為 75 億美元，較去年同期成長 4%。我們於 3 月初推出了令人驚嘆的全新 13 吋和 15 吋 MacBook Air。這款全球最受歡迎的筆記型電腦是適合人工智慧的最佳消費性筆記型電腦，具有 M3 晶片的突破性性能及其更強大的神經引擎。無論是剛開始新事業的企業家，還是即將完成學業的大學生，用戶都依賴 MacBook Air 的強大功能和便攜性帶他們去往沒有它就無法去的地方。

In iPad, revenue for the March quarter was $5.6 billion, 17% lower year-over-year due to a difficult compare with the momentum following the launch of M2 iPad Pro and the 10th generation iPad last fiscal year. iPad continues to stand apart for its versatility, power and performance. For video editors, music makers and creatives of all kinds, iPad is empowering users to do more than they ever could with a tablet.

iPad 方面，3 月當季營收為 56 億美元，較上年同期下降 17%，原因在於與上財年推出 M2 iPad Pro 和第 10 代 iPad 後的勢頭相比難以對比。 iPad 繼續憑藉其多功能性、強大功能和卓越性能脫穎而出。對於影片編輯、音樂製作者和各類創意人員來說，iPad 可以讓使用者完成比平板電腦更多的事情。

Across Wearables, Home and Accessories, March quarter revenue was $7.9 billion, down 10% from a year ago due to a difficult launch compare on Watch and AirPods. Apple Watch is helping runners go the extra mile on their wellness journeys, keeping hikers on course with the latest navigation capabilities in watchOS 10 and enabling users of all fitness levels to live a healthier day. Across our Watch lineup, we're harnessing AI and machine learning to power life-saving features like irregular rhythm notifications and fall detection. I often hear about how much these features mean to users and their loved ones, and I'm thankful that so many people are able to get help in their time of greatest need.

穿戴式裝置、家居和配件業務方面，3 月季度營收為 79 億美元，較去年同期下降 10%，原因是 Watch 和 AirPods 的發布對比困難。 Apple Watch 正在幫助跑者在健康之旅中走得更遠，利用 watchOS 10 中的最新導航功能讓健行者保持在路線上，並讓所有健身水平的用戶都能過上更健康的一天。在我們的手錶系列中，我們利用人工智慧和機器學習來實現諸如不規則節律通知和跌倒偵測等救生功能。我經常聽到這些功能對使用者及其親人意味著什麼，我很感激這麼多人能夠在最需要的時候得到幫助。

As I shared earlier, we set an all-time revenue record in Services with $23.9 billion, up 14% year-over-year. We also achieved all-time revenue records across several categories and geographic segments. Audiences are tuning in on screens large, small and spatial and are enjoying Apple TV+ originals like Palm Royale and Sugar. And we have some incredible theatrical releases coming this year, including Wolves, which reunites George Clooney and Brad Pitt. Apple TV+ productions continue to be celebrated as major awards contenders. Since launch, Apple TV+ productions have earned more than 2,100 award nominations and 480 wins.

正如我之前所分享的，我們的服務業務收入創下了歷史新高，達到 239 億美元，年增 14%。我們也在多個產品類別和地理區域創下了歷史新高。觀眾透過大螢幕、小螢幕和空間螢幕觀看節目，並欣賞《Palm Royale》和《Sugar》等 Apple TV+ 原創作品。今年我們還將上映一些精彩的院線影片，包括喬治克隆尼和布萊德彼特重聚的《狼》。 Apple TV+ 作品繼續被譽為主要獎項的競爭者。自推出以來，Apple TV+ 作品已獲得超過 2,100 項獎項提名和 480 項獲獎。

Meanwhile, we're enhancing the live sports experience with a new iPhone app, Apple Sports. This free app allows fans to follow their favorite teams and leagues with real-time scores, stats and more. Apple Sports is the perfect companion for MLS Season Pass subscribers.

同時，我們正在透過一款新的 iPhone 應用程式 Apple Sports 增強現場體育賽事體驗。這款免費應用程式讓球迷可以關注他們最喜歡的球隊和聯賽，了解即時比分、統計數據等。 Apple Sports 是 MLS Season Pass 訂閱者的完美伴侶。

Turning to retail. Our stores continue to be vital spaces for connection and innovation. I was delighted to be in Shanghai for the opening of our latest flagship store. The energy and enthusiasm from our customers was truly something to behold. And across the United States, our incredible retail teams have been sharing Vision Pro demos with customers, delighting them with a profound and emotional experience of using it for the very first time.

轉向零售。我們的商店繼續成為聯絡和創新的重要空間。我很高興來到上海參加我們最新旗艦店的開幕。我們的顧客所展現的活力和熱情確實令人讚嘆不已。在美國各地，我們出色的零售團隊一直在與客戶分享 Vision Pro 的演示，讓他們第一次使用它就獲得了深刻而感人的體驗。

Everywhere we operate, in everything we do, we're guided by our mission to enrich users' lives and leave the world better than we found it, whether we're making Apple Podcasts more accessible with a new transcripts feature or helping to safeguard iMessage users' privacy with new protections that can defend against advances in quantum computing.

無論我們在哪裡運營，無論我們做什麼，我們都以豐富用戶的生活、讓世界變得比我們所發現的更好為使命，無論是透過新的成績單功能讓 Apple Podcasts 更易於訪問，還是透過可以抵禦量子運算進步的新保護措施幫助保護 iMessage 用戶的隱私。

Our environmental work is another great example of how innovation and our values come together. As we work toward our goal of being carbon neutral across all of our products by 2030, we are proud of how we've been able to innovate and do more for our customers while taking less from the planet. Since 2015, Apple has cut our overall emissions by more than half, while revenue grew nearly 65% during that same time period. And we're now using more recycled materials in our products than ever before.

我們的環境工作是創新與價值觀結合的另一個很好的例子。我們致力於實現在 2030 年實現所有產品碳中和的目標，同時，我們為能夠創新並為客戶做更多事情，同時減少對地球的消耗而感到自豪。自 2015 年以來，Apple 已將整體排放量減少了一半以上，而同期營收成長了近 65%。我們現在在產品中使用的再生材料比以前更多。

Earlier this spring, we launched our first-ever product to use 50% recycled materials with the new M3-powered MacBook Air. We're also investing in new solar and wind power in the U.S. and Europe, both to power our growing operations and our users' devices. And we're working with partners in India and the U.S. to replenish 100% of the water we use in places that need it most, with the goal of delivering billions of gallons of water benefits over the next 2 decades.

今年春初，我們推出了首款使用 50% 再生材質的產品：搭載 M3 晶片的新款 MacBook Air。我們也在美國和歐洲投資新的太陽能和風能，為我們不斷成長的業務和用戶的設備提供動力。我們正在與印度和美國的合作夥伴共同努力，在最需要的地方補充 100% 的水，目標是在未來 20 年內提供數十億加侖的水效益。

Through our Restore Fund, Apple has committed $200 million to nature-based carbon removal projects. And last month, we welcomed 2 supplier partners as new investors who will together invest up to an additional $80 million in the fund. Whether we're enriching lives of users across the globe or doing our part to be a force for good in the world, we do everything with a deep sense of purpose at Apple. And I'm proud of the impact we've already made at the halfway point in a year of unprecedented innovation. I couldn't be more excited for the future we have ahead of us, driven by the imagination and innovation of our teams and the enduring importance of our products and services in people's lives.

透過我們的恢復基金，蘋果已向基於自然的碳去除項目投入 2 億美元。上個月，我們迎來了兩家供應商合作夥伴作為新投資者，他們將共同向該基金額外投資高達 8,000 萬美元。無論我們是在豐富全球用戶的生活，還是盡自己的一份力量為世界帶來好處，在 Apple，我們所做的每一件事都帶著深刻的目標感。我為我們在這前所未有的創新年中已經取得的影響感到自豪。我對我們的未來感到無比興奮，這得益於我們團隊的想像和創新能力，以及我們的產品和服務在人們生活中的持久重要性。

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

說完這些，我將把話題交給盧卡 (Luca)。

Thank you, Tim, and good afternoon, everyone. Revenue for the March quarter was $90.8 billion, down 4% from last year. Foreign exchange had a negative year-over-year impact of 140 basis points on our results. Products revenue was $66.9 billion, down 10% year-over-year due to the challenging compare on iPhone that Tim described earlier, which was partially offset by strength from Mac. And thanks to our unparalleled customer satisfaction and loyalty and a high number of customers who are new to our products, our installed base of active devices reached an all-time high across all products and all geographic segments.

謝謝你，提姆，大家下午好。 3 月當季營收為 908 億美元，較去年同期下降 4%。外匯對我們的業績產生了同比140個基點的負面影響。產品收入為 669 億美元，年減 10%，原因是 Tim 之前描述的 iPhone 面臨挑戰，但 Mac 的強勁表​​現部分抵消了這一影響。而且由於我們無與倫比的客戶滿意度和忠誠度，以及大量新購買我們產品的客戶，我們所有產品和所有地理區域的活躍設備安裝基數都達到了歷史最高水平。

Services revenue set an all-time record of $23.9 billion, up 14% year-over-year with record performance in both developed and emerging markets. Company gross margin was 46.6%, up 70 basis points sequentially, driven by cost savings and favorable mix to Services partially offset by leverage. Products gross margin was 36.6%, down 280 basis points sequentially, primarily driven by seasonal loss of leverage and mix, partially offset by favorable costs. Services gross margin was 74.6%, up 180 basis points from last quarter due to a more favorable mix. Operating expenses of $14.4 billion were at the midpoint of the guidance range we provided and up 5% year-over-year. Net income was $23.6 billion. Diluted EPS was $1.53 and a March quarter record. And operating cash flow was strong at $22.7 billion.

服務收入創下 239 億美元的歷史新高，年增 14%，在已開發市場和新興市場均創下歷史新高。該公司毛利率為 46.6%，比上一季上升 70 個基點，這得益於成本節約和有利的服務組合，但被槓桿率部分抵消。產品毛利率為 36.6%，較上一季下降 280 個基點，主要受季節性槓桿率和產品組合損失影響，但被成本優惠部分抵銷。服務毛利率為 74.6%，由於產品組合更有利，較上一季上升 180 個基點。 144 億美元的營運費用處於我們提供的指導範圍的中點，年增 5%。淨收入為236億美元。稀釋每股收益為 1.53 美元，創下三月季度的最高紀錄。營運現金流強勁，達到 227 億美元。

Let me now provide more detail for each of our revenue categories. iPhone revenue was $46 billion, down 10% year-over-year due to the almost $5 billion impact from a year ago that Tim described earlier. Adjusting for this onetime impact, iPhone revenue would be roughly flat to last year. Our iPhone active installed base grew to a new all-time high in total and in every geographic segment. And during the March quarter, we saw many iPhone models as the top-selling smartphones around the world. In fact, according to a survey from Kantar, an iPhone was the top-selling model in the U.S., urban China, Australia, the U.K., France, Germany and Japan. And the iPhone 15 family continues to be very popular with customers. 451 Research recently measured customer satisfaction at 99% in the U.S.

現在讓我提供有關每個收入類別的更多詳細資訊。 iPhone 營收為 460 億美元，較上年同期下降 10%，因為提姆之前描述的同比去年減少了近 50 億美元。經過這項一次性影響調整後，iPhone 的收入將與去年基本持平。我們的 iPhone 活躍安裝基數在總量和各個地理區域都創下了歷史新高。在三月季度，我們看到許多 iPhone 型號成為全球最暢銷的智慧型手機。事實上，根據 Kantar 的一項調查，iPhone 是美國、中國城市、澳洲、英國、法國、德國和日本最暢銷的型號。 iPhone 15系列持續受到消費者的熱烈歡迎。 451 Research 最近測量顯示美國的顧客滿意度為 99%。

Mac revenue was $7.5 billion, up 4% year-over-year, driven by the strength of our new MacBook Air powered by the M3 chip. Customers are loving the incredible AI performance of the latest MacBook Air and MacBook Pro models. And our Mac installed base reached an all-time high with half of our MacBook Air buyers during the quarter being new to Mac. Also, customer satisfaction for Mac was recently reported at 96% in the U.S.

Mac 營收為 75 億美元，比去年同期成長 4%，這得益於搭載 M3 晶片的新款 MacBook Air 的強勁成長。客戶非常喜歡最新款 MacBook Air 和 MacBook Pro 機型令人難以置信的 AI 效能。我們的 Mac 安裝基數達到了歷史最高水平，其中本季有一半的 MacBook Air 購買者都是 Mac 新用戶。此外，最近有報導稱，美國 Mac 的客戶滿意度達到了 96%。

iPad generated $5.6 billion in revenue, down 17% year-over-year. iPad continued to face a challenging compare against the launch of the M2 iPad Pro and iPad 10th generation from last year. At the same time, the iPad installed base has continued to grow and is at an all-time high, as over half of the customers who purchased iPads during the quarter were new to the product. In addition, the latest report from 451 Research indicated customer satisfaction of 96% for iPad in the U.S.

iPad 營收 56 億美元，年減 17%。與去年推出的 M2 iPad Pro 和第 10 代 iPad 相比，iPad 繼續面臨挑戰。同時，iPad 的安裝基數持續成長並達到歷史最高水平，因為本季購買 iPad 的客戶中有一半以上都是新購買者。此外，451 Research 的最新報告顯示，美國客戶對 iPad 的滿意度高達 96%。

Wearables, Home and Accessories revenue was $7.9 billion, down 10% year-over-year due to a difficult launch compare. Last year, we had the continued benefit from the launches of the AirPods Pro second generation, the Watch SE and the first Watch Ultra. Apple Watch continues to attract new customers with almost 2/3 of customers purchasing an Apple Watch during the quarter being new to the product, sending the Apple Watch installed base to a new all-time high. And customer satisfaction was recently measured at 95% in the U.S.

穿戴式裝置、家居和配件收入為 79 億美元，由於發表會困難，較去年同期下降 10%。去年，我們持續受惠於第二代 AirPods Pro、Watch SE 和第一款 Watch Ultra 的推出。 Apple Watch 繼續吸引新客戶，本季購買 Apple Watch 的客戶中近 2/3 都是新客戶，這使得 Apple Watch 的安裝基數創下了歷史新高。美國最近的顧客滿意度測量結果為 95%。

In Services, as I mentioned, total revenue reached an all-time record of $23.9 billion, growing 14% year-over-year with our installed base of active devices continuing to grow at a nice pace. This provides a strong foundation for the future growth of the services business as we continue to see increased customer engagement with our ecosystem.

正如我所提到的，在服務方面，總收入達到了創紀錄的 239 億美元，年增 14%，我們的活躍設備安裝基數繼續以良好的速度成長。隨著我們繼續看到客戶對我們生態系統的參與度不斷提高，這為服務業務的未來成長奠定了堅實的基礎。

Both transacting accounts and paid accounts reached a new all-time high, with paid accounts growing double digits year-over-year. And paid subscriptions showed strong double-digit growth. We have well over 1 billion paid subscriptions across the services on our platform, more than double the number that we had only 4 years ago. We continue to improve the breadth and quality of our current services from creating new games on Arcade and great new shows on TV+ to launching additional countries and partners for Apple Pay.

交易帳戶和付費帳戶均創下歷史新高，付費帳戶較去年同期成長兩位數。付費訂閱呈現強勁的兩位數成長。我們平台服務的付費訂閱用戶已超過 10 億，比四年前增加了一倍以上。我們將繼續提高當前服務的廣度和質量，從在 Arcade 上創造新遊戲、在 TV+ 上製作精彩的新節目，到為 Apple Pay 推出更多國家和合作夥伴。

Turning to enterprise. Our customers continue to invest in Apple products to drive productivity and innovation. We see more and more enterprise customers embracing the MAC. In health care, Epic Systems, the world's largest electronic medical record provider, recently launched its native app for the Mac, making it easier for health care organizations like Emory Health to transition thousands of PCs to the Mac for clinical use.

轉向企業。我們的客戶不斷投資 Apple 產品以提高生產力和創新能力。我們看到越來越多的企業客戶接受MAC。在醫療保健領域，全球最大的電子病歷提供者 Epic Systems 最近推出了適用於 Mac 的原生應用程序，讓 Emory Health 等醫療保健機構可以更輕鬆地將數千台 PC 轉換到 Mac 以供臨床使用。

And since the launch of Vision Pro last quarter, many leading enterprise customers have been investing in this amazing new product to bring spatial computing apps and experiences to life. We are seeing so many compelling use cases from aircraft engine maintenance training at KLM Airlines to real-time team collaboration for racing a Porsche to immersive kitchen design at Lowe's. We couldn't be more excited about the special computing opportunity in enterprise.

自從上個季度推出 Vision Pro 以來，許多領先的企業客戶一直在投資這款令人驚嘆的新產品，以將空間運算應用和體驗變為現實。我們看到了許多引人注目的用例，從荷蘭皇家航空的飛機引擎維護培訓、保時捷賽車的即時團隊協作，到勞氏的沉浸式廚房設計。我們對企業中的特殊計算機會感到無比興奮。

Taking a quick step back. When we look at our performance during the first half of our fiscal year, total company revenue was roughly flat to the prior year in spite of having one less week of sales during the period and some foreign exchange headwinds. We were particularly pleased with our strong momentum in emerging markets. As we said, first half revenue records in several countries and regions, including Latin America, the Middle East, India, Indonesia, the Philippines and Turkey. These results, coupled with double-digit growth in Services and strong levels of gross margin, drove a first half diluted EPS record of $3.71, up 9% from last year.

迅速後退一步。當我們回顧我們上半年的業績時，我們發現，儘管上半年的銷售量減少了一周，且面臨一些外匯阻力，但公司總收入與去年同期基本持平。我們對新興市場的強勁發展勢頭感到特別高興。正如我們所說，上半年的收入記錄來自幾個國家和地區，包括拉丁美洲、中東、印度、印尼、菲律賓和土耳其。這些業績，加上服務業務的兩位數成長和強勁的毛利率，推動上半年攤薄每股收益達到 3.71 美元，較去年同期成長 9%。

Let me now turn to our cash position and capital return program. We ended the quarter with $162 billion in cash and marketable securities. We repaid $3.2 billion in maturing debt, and commercial paper was unchanged sequentially, leaving us with total debt of $105 billion. As a result, net cash was $58 billion at the end of the quarter. During the quarter, we returned over $27 billion to shareholders, including $3.7 billion in dividends and equivalents and $23.5 billion through open market repurchases of 130 million Apple shares.

現在我來談談我們的現金狀況和資本回報計劃。本季結束時，我們的現金和有價證券總額為 1,620 億美元。我們償還了 32 億美元的到期債務，商業票據的餘額環比沒有變化，我們的總債務為 1050 億美元。因此，本季末的淨現金為 580 億美元。本季度，我們向股東返還了超過 270 億美元，其中包括 37 億美元的股息和等價物，以及透過公開市場回購 1.3 億股 Apple 股票的 235 億美元。

Given the continued confidence we have in our business now and into the future, our Board has authorized today an additional $110 billion for share repurchases as we maintain our goal of getting to net cash neutral over time. We're also raising our dividend by 4% to $0.25 per share of common stock, and we continue to plan for annual increases in the dividend going forward as we've done for the last 12 years. This cash dividend will be payable on May 16, 2024, to shareholders of record as of May 13, 2024.

鑑於我們對當前和未來的業務持續充滿信心，我們的董事會今天批准額外 1100 億美元用於股票回購，同時我們仍保持著隨著時間的推移實現淨現金中性的目標。我們還將把股息提高 4% 至每股普通股 0.25 美元，我們將繼續計劃在未來每年增加股息，就像我們過去 12 年所做的那樣。該現金股利將於 2024 年 5 月 16 日支付給截至 2024 年 5 月 13 日登記在冊的股東。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to at the beginning of the call. The color we are providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. We expect our June quarter total company revenue to grow low single digits year-over-year in spite of a foreign exchange headwind of about 2.5 percentage points. We expect our Services business to grow double digits at a rate similar to the growth we reported for the first half of the fiscal year. And we expect iPad revenue to grow double digits.

隨著我們進入六月季度，我想回顧一下我們的展望，其中包括 Suhasini 在電話會議開始時提到的前瞻性資訊。我們今天提供的情況假設宏觀經濟前景不會比我們今天對本季的預測更惡化。儘管面臨約 2.5 個百分點的外匯逆風，我們預計 6 月季度公司總營收將年增低個位數成長。我們預計我們的服務業務將實現兩位數的成長，成長率與本財年上半年報告的成長率相似。我們預計 iPad 的營收將達到兩位數成長。

We expect gross margin to be between 45.5% and 46.5%. We expect OpEx to be between $14.3 billion and $14.5 billion. We expect OI&E to be around $50 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 45.5% 至 46.5% 之間。我們預計營運支出將在 143 億美元至 145 億美元之間。我們預計 OI&E 約為 5000 萬美元，不包括少數股權投資的市價調整可能產生的影響，我們的稅率約為 16%。

With that, let's open the call to questions.

現在，我們開始提問。

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

謝謝你，盧卡。 (接線生指示) 接線員，我們可以問第一個問題嗎？

We will go ahead and take our first question from Mike Ng with Goldman Sachs.

我們將繼續回答高盛的 Mike Ng 提出的第一個問題。

I have 2. First, I'll ask about the June quarter guidance, the revenue outlook for low single digits growth. I was wondering if you could run through some of the product assumptions. iPhone, like what kind of gives you confidence around that? And then on the Services momentum, what was better than expected in the quarter? And then I just have a quick follow-up.

我有 2 個問題。我想知道您是否可以介紹一些產品假設。 iPhone，是什麼讓你對此有信心？那麼就服務業發展動能而言，本季哪些方面比預期更好？然後我做一個快速的跟進。

Mike, it's Luca. On the outlook, what we said is we expect to grow low single digits in total for the company. We expect Services to grow double digits at a rate that is similar to what we've done in the first half of our fiscal year. And we also mentioned that iPad should grow double digits. This is the color that we're providing for the June quarter.

麥克，我是盧卡。就前景而言，我們預計公司整體將實現低個位數成長。我們預計服務業務將以與我們財年上半年類似的速度實現兩位數的成長。我們也提到 iPad 應該會達到兩位數的成長。這是我們為六月季度提供的顏色。

In Services, we've seen very strong performance across the board. We've mentioned we've had records in several categories, in several geographic segments. It's very broad-based. Our subscription business is going well. Transacting accounts and paid accounts are growing. Paid accounts are growing double digits. And also, we've seen a really strong performance both in developed and emerging markets, so very pleased with the way the Services business is going.

在服務業方面，我們看到了全面強勁的表現。我們提到過，我們擁有多個類別、多個地理區域的記錄。它的基礎非常廣泛。我們的訂閱業務進展順利。交易帳戶和付費帳戶正在成長。付費帳戶正在以兩位數的速度成長。此外，我們看到已開發市場和新興市場都表現強勁，因此對服務業務的發展非常滿意。

Great. And I wanted to ask about, as Apple leans more into AI and generative AI, should we expect any changes to the historical CapEx cadence that we've seen in the last few years of about $10 billion to $11 billion per year? Or any changes to how we may have historically thought about the split between tooling, data center, and facilities?

偉大的。我想問的是，隨著蘋果越來越傾向於人工智慧和生成式人工智慧，我們是否應該預期過去幾年看到的每年約 100 億美元至 110 億美元的歷史資本支出節奏會有什麼變化？或者我們對工具、資料中心和設施之間的劃分的歷史看法有什麼改變嗎？

Yes. We are obviously very excited about the opportunity with GenAI. We obviously are pushing very hard on innovation on every front, and we've been doing that for many, many years. Just during the last 5 years, we spent more than $100 billion in research and development.

是的。我們顯然對與 GenAI 合作的機會感到非常興奮。我們顯然在各個方面大力推動創新，而且我們已經這樣做了很多年。光是過去5年裡，我們在研發上就花了1000多億美元。

As you know, on the CapEx front, we have a bit of a hybrid model where we make some of the investments ourselves. In other cases, we share them with our suppliers and partners. On the manufacturing side, we purchase some of the tools and manufacturing equipment. In some of the cases, our suppliers make the investment.

如您所知，在資本支出方面，我們採用混合模式，我們自己進行一些投資。在其他情況下，我們會與我們的供應商和合作夥伴分享這些資訊。在製造方面，我們購買一些工具和製造設備。在某些情況下，我們的供應商進行投資。

And we do something similar on the data center side. We have our own data center capacity and then we use capacity from third parties. It's a model that has worked well for us historically, and we plan to continue along the same lines going forward.

我們在資料中心也做了類似的事情。我們有自己的資料中心容量，然後我們使用來自第三方的容量。從歷史上看，這個模式對我們來說非常有效，我們計劃在未來繼續沿著同樣的路線發展。

Our next question is from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的 Wamsi Mohan。

Tim, can you talk about the implications to Apple from the changes driven by EU DMA? You've had to open up third-party app stores. Clearly, this poses some security risks on the one hand, which can dilute the experience but also lower payments from developers to Apple. What are you seeing developers choose in these early days and consumers choose in terms of these third-party app stores? And I have a follow-up.

提姆，你能談談歐盟 DMA 帶來的變化對蘋果有何影響嗎？您必須開設第三方應用程式商店。顯然，這一方面帶來了一些安全風險，會降低體驗，另一方面也降低開發者向蘋果支付的費用。就第三方應用程式商店而言，您看到開發人員在早期做出了什麼選擇，而消費者做出了什麼選擇？我還有一個後續問題。

It's really too early to answer the question. We just implemented in March, as you probably know, in the European Union, the alternate app stores and alternate billing, et cetera. So we're focused on complying while mitigating the impacts to user privacy and security that you mentioned. And so that's our focus.

現在回答這個問題確實還為時過早。您可能知道，我們在 3 月在歐盟實施了替代應用程式商店和替代計費等措施。因此，我們專注於遵守規定，同時減輕您提到的對使用者隱私和安全的影響。這就是我們的重點。

Okay. And Luca, I was wondering if you could comment a bit on the product gross margins, the sequential step down. You noted mix and leverage. Any more color on the mix, if you could share if customers are at all starting to mix down across product lines? Or is this more a mix across product lines? Just trying to get some color on customer behavior given some of the broader inflationary pressures.

好的。盧卡，我想知道您是否可以就產品毛利率的連續下降發表一些評論。您注意到了混合和槓桿。關於混合還有什麼細節嗎？還是這更多的是跨產品線的混合？只是想在更廣泛的通膨壓力下了解一些消費者行為。

On a sequential basis, yes, we were down. It's primarily the fact that we had a slightly different mix of products than the previous one. Obviously, leverage plays a big role as we move from the holiday quarter into the -- into a more typical quarter. So I would say, primarily leverage and a different mix of products. I mean we haven't seen anything different in terms -- within the product categories, we haven't seen anything particular.

從連續性來看，我們的業績確實下降了。主要原因是我們的產品組合與之前略有不同。顯然，當我們從假期季節進入更典型的季度時，槓桿發揮著重要作用。所以我想說，主要是槓桿和不同的產品組合。我的意思是我們沒有看到任何不同——在產品類別內，我們沒有看到任何特別的東西。

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艾瑞克‧伍德林 (Erik Woodring)。

Maybe my first one, Tim, you've obviously mentioned your excitement around generative AI multiple times. I'm just curious how Apple is thinking about the different ways in which you can monetize this technology because, historically, software upgrades haven't been a big factor in driving product cycles. And so could AI be potentially different? How could that impact replacement cycles? Is there any services angle you'd be thinking? Any early color that you can share on that? And then I have a follow-up, please.

也許這是我的第一個問題，提姆，你顯然多次提到你對生成式人工智慧的興奮之情。我只是好奇蘋果如何考慮將這項技術貨幣化的不同方式，因為從歷史上看，軟體升級並不是推動產品週期的重要因素。那麼人工智慧可能有所不同嗎？這會對更換週期產生什麼影響？您是否考慮過任何服務角度？您可以分享有關此問題的任何早期資訊嗎？然後我還有一個後續問題。

I don't want to get in front of our announcements obviously. I would just say that we see generative AI as a very key opportunity across our products, and we believe that we have advantages that set us apart there. And we'll be talking more about it in -- as we go through the weeks ahead.

我顯然不想妨礙我們發表聲明。我想說的是，我們將生成式人工智慧視為我們產品的關鍵機遇，我們相信我們在這方面擁有獨特的優勢。在接下來的幾周里，我們會對此進行更多討論。

Okay. Very fair. And then, Luca, maybe to just follow up on Wamsi's comments or question, there's a broad concern about the headwind that rising commodity costs have on your product gross margins. Wondering if you could just clarify for us, if we take a step back and look at all of the components and commodities that go into your products kind of collectively, are you seeing these costs rising? Are they falling? What tools do you have to try to help mitigate some rising costs if at all -- rising input costs if at all?

好的。非常公平。然後，盧卡，也許只是為了跟進瓦姆西的評論或問題，人們普遍擔心商品成本上升對產品毛利率造成的阻力。我想知道您是否可以為我們澄清一下，如果我們退一步來看看您們產品中的所有組件和商品，您是否看到這些成本正在上升？它們在掉落嗎？您可以使用什麼工具來幫助緩解一些上漲的成本（如果有的話）——上漲的投入成本（如果有的話）？

Yes. I mean, during the last quarter, commodity costs and in general, component costs have behaved favorably to us. On the memory front, prices are starting to go up. They've gone up slightly during the March quarter. But in general, I think it's been a period, not only this quarter but the last several quarters, where commodities have behaved well for us.

是的。我的意思是，在上個季度，商品成本以及整體零件成本對我們而言都是有利的。在記憶體方面，價格開始上漲。三月份季度，該數字略有上漲。但總體而言，我認為不僅是本季度，而且在過去幾個季度，大宗商品的表現都很好。

Commodities go in cycles, and so there's obviously always that possibility. Keep in mind that we are starting from a very high level of gross margins. We reported 46.6%, which is something that we haven't seen in our company in decades. And so we're starting from a good point. As you know, we try to buy ahead when the cycles are favorable to us. So we would try to mitigate if there are headwinds, but in general, we feel, particularly for this cycle, we are in good shape.

商品是有周期性的，所以顯然總是存在這種可能性。請記住，我們的起點已經非常高了。我們的報告顯示，這一比例達到了 46.6%，這是我們公司幾十年來從未見過的。因此，我們從一個好的方面開始。如您所知，當週期對我們有利時，我們會嘗試提前購買。因此，如果遇到阻力，我們會盡力減輕影響，但總的來說，我們感覺，特別是在這個週期，我們處於良好狀態。

Our next question is from Ben Reitzes with Melius.

下一個問題來自 Melius 的 Ben Reitzes。

Tim, I was wondering if I could ask the China question again. Is there any more color from your visit there that gives you confidence that you've reached the bottom there and that it's turning? I know you've been -- you've continued to be confident there in the long term. Just wondering if there was any color as to when you think the tide turns there. And I have a follow-up.

提姆，我想知道我是否可以再次問有關中國的問題。您到訪那裡後，是否有其他資訊讓您有信心已經到達底部並且情況正在好轉？我知道你一直——你對長期前景一直充滿信心。只是想知道當您認為那裡的潮流何時轉變時是否有任何跡象。我還有一個後續問題。

Ben, if you look at our results in Q2 for Greater China, we were down 8. That's an acceleration from the previous quarter in Q1. And the primary driver of the acceleration was iPhone. And if you then look at iPhone within Mainland China, we grew on a reported basis. That's before any kind of normalization for the supply disruption that we mentioned earlier.

本，如果你看一下我們大中華區第二季度的業績，我們下降了 8%。而推動這成長的主要動力就是 iPhone。如果你看看中國大陸的 iPhone，你會發現我們的銷售在報告的基礎上實現了成長。這是在我們之前提到的供應中斷出現任何正常化之前的情況。

And if you look at the top-selling smartphones, the top 2 in urban China are iPhones. And while I was there, it was a great visit, and we opened a new store in Shanghai and the reception was very warm and highly energetic. And so I left there having a fantastic trip and enjoyed being there. And so I maintain a great view of China in the long term. I don't know how each and every quarter goes and each and every week, but over the long haul, I have a very positive viewpoint.

如果你看一下最暢銷的智慧型手機，中國城市排名前兩位的都是 iPhone。我在那裡度過了一段愉快的時光，我們在上海開了一家新店，接待非常熱情且充滿活力。因此，我離開那裡時度過了一次美妙的旅行並享受在那裡的時光。因此，從長遠來看，我對中國保持著良好的看法。我不知道每個季度、每週的情況如何，但從長遠來看，我持非常積極的看法。

Okay. And then my follow-up, I want to ask this carefully, though. It's -- there's a fear out there that you may lose some traffic acquisition revenue. And I was wondering if you thought AI, from a big picture -- and it doesn't have to be on a long-term basis, I mean, from a big picture, if AI is an opportunity for you to continue to monetize your mobile real estate, just how you -- how maybe investors can think about that from a big picture just given that's been one of the concerns. That's potentially been an overhang, of course, due to a lot of the news in the media around some of the legal cases. And I was wondering if there's just a big picture color you could give that makes us kind of think about it better and your ability to sort of continue to monetize that real estate.

好的。然後我的後續問題是，我想仔細地問一下。人們擔心你可能會失去一些流量來獲取收入。我想知道您是否認為，從大局來看，人工智慧——它不必是從長遠來看，我的意思是，從大局來看，如果人工智慧為您提供了繼續將行動房地產貨幣化的機會，那麼鑑於這一直是投資者關注的問題之一，您如何從大局來思考這個問題。當然，這可能是個懸而未決的問題，因為媒體上有很多關於一些法律案件的新聞。我想知道您是否可以提供一個總體概況，以便我們更好地思考這個問題，以及您繼續將房地產貨幣化的能力。

I think AI, generative AI and AI both are big opportunities for us across our products. And we'll talk more about it in the coming weeks. But I think there are numerous ways there that are great for us, and we think that we're well positioned.

我認為人工智慧、產生人工智慧和人工智慧對於我們的產品來說都是巨大的機會。我們將在接下來的幾週內進一步討論這個問題。但我認為有很多方法對我們很有利，而且我們認為我們處於有利地位。

Our next question is from Krish Sankar with TD Cowen.

下一個問題來自 TD Cowen 的 Krish Sankar。

Again, sorry to beat the AI horse, but Tim, I know you don't want to like reveal a lot. But I'm just kind of curious because last quarter, you spoke about how you're getting traction in enterprise. Is the AI strategy going to be both consumer and enterprise? Or is it going to be 1/2 or the other? Any color would be helpful. And then I have a follow-up for Luca.

再次，很抱歉打敗了 AI 馬，但蒂姆，我知道你不想透露太多。但我只是有點好奇，因為上個季度您談到如何在企業中獲得關注。人工智慧策略是否將同時面向消費者和企業？還是 1/2 或其他？任何顏色都會有幫助。然後我跟進 Luca。

Our focus on enterprise has been in, through the quarter and the quarters that preceded it, on selling iPhones and iPads and Macs. And we recently added Vision Pro to that, and we're thrilled with what we see there in terms of interest from big companies buying some to explore ways they can use it. And so I see enormous opportunity in the enterprise. I wouldn't want to cabin that to AI only. I think there's a great opportunity for us around the world in enterprise.

本季以及前幾個季度，我們一直專注於企業業務，銷售 iPhone、iPad 和 Mac。我們最近添加了 Vision Pro，我們很高興看到大公司對購買一些產品感興趣並探索其使用方式。因此，我看到企業中存在著巨大的機會。我不想把它僅限於 AI。我認為，全球企業都為我們帶來了巨大的機會。

Got it. Very helpful. And then for Luca, I'm kind of curious on -- given the macro environment, on the hardware side, are you seeing a bias towards like standard iPhone versus the Pro model? The reason I'm asking the question is that there's a weaker consumer spending environment, yet your Services business is still growing and has amazing growth margins. So I'm just trying to like square the circle over there.

知道了。非常有幫助。然後對於 Luca，我有點好奇——考慮到宏觀環境，在硬體方面，你是否看到對標準 iPhone 而非 Pro 型號的偏見？我之所以問這個問題，是因為現在的消費支出環境較弱，但你們的服務業務仍在成長，而且成長幅度驚人。所以我只是想把那邊的圓變成方。

I'm not sure I fully understand the question. But in general, what we are seeing on the product side, we continue to see a lot of interest at the top of the range of our products. And I think it's a combination of consumers wanting to purchase the best product that we offer in the different categories and our ability to make those purchases more affordable over time.

我不確定我是否完全理解了這個問題。但總體而言，從產品方面來看，我們繼續看到消費者對我們高端產品系列的興趣。我認為，這是由於消費者希望購買我們提供的不同類別的最佳產品，以及我們有能力隨著時間的推移使這些購買的價格變得更加實惠。

We've introduced several financing solutions from installment plans to trade-in programs that reduce the affordability threshold and therefore, customers tend to buy -- want to buy at the top of the range. That is very valuable for us in developed markets but particularly in emerging markets where the affordability issues are more pronounced. But in general, over the last several years -- and that is also reflected in our gross margins. Over the last several years, we've seen this trend, which we think is pretty sustainable.

我們推出了多種融資解決方案，從分期付款計劃到以舊換新計劃，降低了購買能力門檻，因此，客戶傾向於購買——想要購買最高價位的產品。這對於已開發市場中的我們來說非常有價值，對於負擔能力問題更為突出的新興市場來說尤其如此。但總體而言，在過去幾年中——這也反映在我們的毛利率上。過去幾年來，我們看到了這種趨勢，我們認為這種趨勢非常永續。

Our next question is from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess first off on capital allocation. You folks have about $58 billion of net cash right now. As you think about eventually getting to this net cash neutral target, do you think, at some point, Apple would be open to taking on leverage on the balance sheet and continuing the buyback program? Or is it more like once you get to this neutral position, it's going to be about returning free cash flow back to shareholders? I'm just wondering, how do you think about leverage on your balance sheet over time? And what sort of leverage do you think you'd be comfortable taking on?

我也有 2 個。我想首先要考慮的是資本配置。你們現在的淨現金約為 580 億美元。當您考慮最終實現這一淨現金中性目標時，您是否認為蘋果在某個時候會願意在資產負債表上承擔槓桿並繼續回購計劃？或者更像是，一旦你達到這個中立立場，就會把自由現金流還給股東？我只是想知道，您如何看待隨著時間的推移資產負債表上的槓桿作用？您認為您願意承受什麼樣的影響？

Amit, this is Luca. I would say one step at a time. We have put out this target of getting to net cash neutral several years ago, and we're working very hard to get there. Our free cash flow generation has been very strong over the years, particularly the last few years. And so as you've seen this year, we've increased the amount that we're allocating to the buyback.

阿米特，這是盧卡。我想說的是，一步一步來。我們幾年前就提出了實現淨現金中立的目標，並且正在努力實現這一目標。多年來，尤其是過去幾年，我們的自由現金流產生一直非常強勁。正如您今年所看到的，我們增加了分配給回購的金額。

For the last couple of years, we were doing $90 billion. Now we're doing $110 billion. So let's get there first. It's going to take a while still. And then when we are there, we're going to reassess and see what is the optimal capital structure for the company at that point in time. Obviously, there's going to be a number of considerations that we will need to look at when we get there.

在過去幾年裡，我們的收入達到了 900 億美元。現在我們的規模是 1100 億美元。因此我們先到那裡。這還需要一段時間。然後，當我們到達那裡時，我們將重新評估並了解當時公司的最佳資本結構是什麼。顯然，當我們到達那裡時，我們需要考慮許多因素。

Fair enough. I figured it's worth trying anyway. If I go back to this China discussion a bit, and Tim, I think your comments around growth in iPhones in Mainland China is really notable. Could you step back? I mean these numbers are still declining, at least Greater China, on a year-over-year basis in aggregate. Maybe just talk about what are you seeing from a macro basis in China. And then at least the annual decline -- or year-over-year decline that we're seeing, do you think it's more macro driven or more competitive driven over there? That would be helpful.

很公平。我認為無論如何都值得嘗試。如果我回顧一下關於中國的討論，蒂姆，我認為你對中國大陸 iPhone 增長的評論確實值得注意。你能退後一步嗎？我的意思是，至少在大中華區，這些數字總體上比去年同期仍在下降。也許只是談談您從宏觀角度對中國的觀察。那麼至少我們看到的年度下降或年減，您認為這更多是由宏觀因素驅動還是由競爭因素驅動？那將會很有幫助。

Yes, I can only tell you what we're seeing. And so I don't want to present myself as an economist, so I'll steer clear of that. From -- what we saw was an acceleration from Q1, and it was driven by iPhone, and iPhone in Mainland China, before we adjust for this $5 billion impact that we talked about earlier, did grow. That means the other products didn't fare as well, and so we clearly have work there to do.

是的，我只能告訴你我們所看到的。所以我不想把自己表現為經濟學家，所以我會避免這一點。從我們看到的來看，從第一季開始，iPhone 銷量出現了加速成長，而中國大陸的 iPhone 銷量在我們調整之前談到的 50 億美元影響之前確實出現了成長。這意味著其他產品的表現不太好，所以我們顯然還有很多工作要做。

I think it has been and is, through last quarter, the most competitive market in the world. And I -- so I wouldn't say anything other than that. I've said that before and I believe that it was last quarter as well. And -- but if you step back from the 90-day cycle, what I see is a lot of people moving into the middle class. We try to serve customers very well there and have a lot of happy customers. And you can kind of see that in the latest store opening over there. And so I continue to feel very optimistic.

我認為，截至上個季度，它一直是世界上最具競爭力的市場。所以除此之外我不會說其他任何話。我以前就說過這個，而且我相信上個季度也曾說過這個。但如果你回顧一下 90 天的週期，我會看到很多人正在進入中產階級。我們盡力為客戶提供良好的服務，並擁有許多滿意的客戶。您可以在那邊最新開業的商店裡看到這一點。因此我仍然感到非常樂觀。

Our next question is from David Vogt with UBS.

下一個問題來自瑞銀的戴維‧沃格特 (David Vogt)。

I'm going to roll the 2 together, so you guys have them both. So Luca, obviously, I'm trying to parse through the outlook for the June quarter. And just based on the quick math, it looks like, all things being equal given what you said, the iPhone business is going to be down mid-single digits again in the June quarter. And if that's the case, and maybe this is for Tim, obviously, how are you thinking about the competitive landscape in the context of what you just said maybe outside of China?

我要將兩者放在一起，這樣你們就可以同時擁有它們了。所以盧卡，顯然，我正在嘗試分析六月季度的前景。根據簡單的計算，看起來，如果所有條件都相同，那麼 iPhone 業務在 6 月季度將再次出現中等個位數的下滑。如果情況確實如此，也許這對蒂姆來說是正確的，那麼，根據您剛才所說的，您如何看待中國以外的競爭格局？

And what changes sort of the consumer demand or receptivity to new devices because we've been in this malaise for a while? Is it really this AI initiative that a lot of companies are pursuing? And do you think that changes sort of the demand drivers going forward? Or is it just really more of a timing issue in terms of the replacement cycle is a little bit long in the tooth and we see a bit of an upgrade cycle at some point maybe later this year into next year?

由於我們處於這種低迷狀態已有一段時間，消費者對新設備的需求或接受度發生了哪些變化？這真的是很多公司都在推行的人工智慧計畫嗎？您認為這會改變未來的需求驅動因素嗎？或者這實際上只是一個時間問題，因為更換週期有點長，我們在某些​​時候會看到一點升級週期，也許在今年晚些時候到明年？

I do see a key opportunity, as I'd mentioned before, with generative AI, with all of our devices or the vast majority of our devices. And so I think that if you look out, that's not within the next quarter or so, and we don't guide at the product level, but I'm extremely optimistic. And so that's kind of how I view it. In terms of -- I'll let Luca comment on the outlook portion of it. I think if you step back on iPhone, though, and you make this adjustment from the previous year, our Q2 results would be flattish on iPhone. And so that's how we performed in Q2.

正如我之前提到的，我確實看到了產生人工智慧的一個關鍵機遇，它存在於我們所有的設備或絕大多數設備中。因此，我認為，如果你留意的話，你會發現這不會在下個季度左右發生，我們也不會在產品層面做出指導，但我非常樂觀。這就是我的看法。就——我將讓盧卡對其前景部分進行評論。我認為，如果你回顧 iPhone，並對去年的情況做出調整，我們第二季的業績在 iPhone 上將持平。這就是我們在第二季的表現。

Yes, David, on the outlook, I'll only repeat what we said before, and this is the color that we're providing for the quarter. We do expect to grow in total low single digits. We do expect services to grow double digits, and we expect iPad to grow double digits. For the rest, I'll let you make assumptions, and then we will report 3 months from now.

是的，大衛，關於展望，我只想重複我們之前說過的內容，這是我們為本季提供的顏色。我們確實預期整體成長率將達到個位數。我們確實預期服務業務將達到兩位數成長，我們也預期 iPad 業務也將達到兩位數成長。對於其餘部分，我會讓你做出假設，然後我們將在 3 個月後報告。

Our next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I have a couple as well. Maybe for the first one, your Services growth accelerated from 11% growth to 14%. If you can sort of dig into the drivers of where or which parts of services did you really see that acceleration and why is it a bit more sustainable as we think about the next quarter? Because I believe you're guiding more to sort of averaging out the first half of the year for the next quarter. So just curious what were the drivers. And why not have it a bit more sustainably sort of improve as we go through the remainder of the year? I have a quick follow-up.

我也有幾個。也許對於第一個來說，您的服務成長從 11％ 加速到 14％。如果您可以深入研究驅動因素，那麼您真正看到了哪些服務或服務的哪些部分加速成長，以及為什麼在我們考慮下一季時，它會更具可持續性？因為我相信你會對下一季上半年的表現做出更多的平均指引。所以只是好奇驅動因素是什麼。那麼，為什麼我們不能在今年剩餘的時間內讓它得到更永續的改善呢？我有一個快速的跟進。

So a number of things on Services. First of all, the overall performance was very strong. As I said earlier, all-time records in both developed and emerging markets, so we see our Services do well across the world. Records in many of our Services categories, there are some categories that are growing very fast also because they are relatively smaller in the scheme of our Services business like cloud, video, payment services. Those all set all-time revenue records. So we feel very good about the progress that we're making in Services.

關於服務有很多事情。首先，整體表現非常強勁。正如我之前所說，無論是已開發市場還是新興市場，我們的服務都創下了歷史新高，因此我們看到我們的服務在全球範圍內表現良好。在我們的許多服務類別中，有些類別的成長非常快，因為它們在我們的服務業務方案中相對較小，例如雲端、視訊、支付服務。這些都創下了歷史收入紀錄。因此，我們對服務領域的進展感到非常滿意。

As we go forward, I'll just point out that if you look at our growth rates a year ago, they improved during the course of the fiscal year last year. So the comps for the Services business become a bit more challenging as we go through the year. But in general, as I mentioned, we still expect to grow double digits in the June quarter at a rate that is very similar to what we've done in the first half.

展望未來，我只想指出，如果你看看我們一年前的成長率，你會發現在去年財年，我們的成長率有所提高。因此，隨著時間的推移，服務業務的比較變得更具挑戰性。但總體而言，正如我所提到的那樣，我們仍然預計 6 月季度的銷售額將實現兩位數的成長，並且成長率與上半年非常相似。

Got it. Got it. And for my follow-up, if I can ask you more specifically about the India market. Obviously, you continue to make new records in terms of revenue in that market. How much of the momentum you're seeing would you associate with your sort of retail strategy in that market, retail expansion relative to maybe some of the supply change or the manufacturing changes or strategy you've undergone or taken in that market itself? Any thoughts around that would be helpful.

知道了。知道了。作為我的後續問題，我可以更具體地問您有關印度市場的問題嗎？顯然，你們在該市場的收入不斷創下新紀錄。您所看到的這種勢頭在多大程度上與您在該市場的零售策略、零售擴張有關，相對於一些供應變化、製造變化或您在該市場本身經歷或採取的策略？任何有關此的想法都會有幫助。

Sure. We did grow strong double digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us. As I've said before, I see it as an incredibly exciting market and it's a major focus for us. In terms of the operational side or supply chain side, we are producing there.

當然。我們的數字確實強勁增長了兩位數，因此我們對此非常非常滿意。這是我們三月季度的新收入記錄。正如我之前所說，我認為這是一個非常令人興奮的市場並且是我們關注的重點。就營運方面或供應鏈方面而言，我們都在那裡生產。

From a pragmatic point of view, you need to produce there to be competitive. And so yes, there -- the 2 things are linked from that point of view. But we have both operational things going on, and we have go to market and initiatives going on. We just opened a couple of stores as -- last year, as you know, and we see enormous opportunity there. We're continuing to expand our channels and also working on the developer ecosystem as well. And we've been very pleased that there's a rapidly growing base of developers there. And so we're working all of the entire ecosystem from developer to the market to operations, the whole thing. And I just -- I could not be more excited and enthusiastic about it.

從務實的角度來說，你需要在那裡生產才能具有競爭力。是的，從這個角度來看，這兩件事是相關的。但我們既在營運方面進行著，也在進行行銷和計畫的實施。正如你所知，我們去年剛開了幾家商店，我們看到了巨大的機會。我們將繼續拓展管道，並致力於開發者生態系統。我們非常高興看到那裡的開發者群體迅速壯大。所以我們正在運作整個生態系統，從開發者到市場到運營，所有的一切。我只是——我對此感到無比興奮和熱情。

Our next question is from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

And I think I have 2 as well like everybody else. I guess I'm going to go back to the China question. I guess at a high level, the simple question is when we look at the data points that have been repeatedly reported throughout the course of this quarter, I'm curious, Tim, what are we missing? Like where do you think people are missing Apple's iPhone traction within the China market just at a high level given the data points that were reported throughout this course of last quarter?

我認為我和其他人一樣也有 2 個。我想我要回到中國問題。我想，從高層次來看，簡單的問題是，當我們查看本季反覆報告的數據點時，我很好奇，提姆，我們遺漏了什麼？例如，從上個季度報告的數據來看，您認為人們在哪些方面忽視了蘋果 iPhone 在中國市場的高成長吸引力？

I can't address the data points. I could only address what our results are. And we did accelerate last quarter and the iPhone grew in Mainland China. So that's what the results were. I can't bridge to numbers we didn't come up with.

我無法解決數據點。我只能說一下我們的結果是什麼。我們上個季度的銷量確實加速了，iPhone 在中國大陸實現了成長。結果就是這樣。我無法連接到我們沒有想到的數字。

Okay. And then as a quick follow-up. I know you guys haven't talked about this, quantified it in quite some time, but I'm curious to how we would characterize the channel inventory dynamics for iPhone.

好的。然後進行快速跟進。我知道你們很久沒有談論過這個問題，也沒有量化過它，但我很好奇我們如何描述 iPhone 的通路庫存動態。

Sure. The -- for the March quarter, we decreased channel inventory during the quarter. We usually decrease channel inventory during the Q2 time frame, so that's not unusual. And we're very comfortable with the overall channel inventory.

當然。就三月季度而言，我們減少了渠道庫存。我們通常會在第二季減少渠道庫存，所以這並不罕見。我們對整體通路庫存非常滿意。

Our next question is from Richard Kramer with Arete Research.

我們的下一個問題來自 Arete Research 的 Richard Kramer。

I'm not going to ask about China, but you regularly call out all the rapid growth in many other emerging markets. So is Apple approaching a point where all those other emerging markets in aggregate might cross over to become larger than your current $70 billion Greater China segments? And maybe investors could look at that for driving growth for the wider business. And I have a follow-up for Luca.

我不會問中國的情況，但你經常提到許多其他新興市場的快速成長。那麼，蘋果是否正在接近這樣一個臨界點：所有其他新興市場加起來的規模可能超過目前價值 700 億美元的大中華區市場？投資者或許可以將其視為推動更廣泛業務成長的因素。我還需要跟進 Luca 的情況。

I think, Richard, you're asking a really interesting question. We were looking at something similar recently. Obviously, China is by far the largest emerging market that we have. But when we start looking at places like India, like Saudi, like Mexico, Turkey, of course, Brazil and Mexico and Indonesia, the numbers are getting large and we're very happy because these are markets where our market share is low. The populations are large and growing, and our products are really making a lot of progress with -- in those markets.

理查德，我認為你問了一個非常有趣的問題。我們最近正在研究一些類似的東西。顯然，中國是迄今為止我們最大的新興市場。但當我們開始關注印度、沙烏地阿拉伯、墨西哥、土耳其、巴西、墨西哥和印尼等地時，數字變得越來越大，我們非常高興，因為這些市場的市佔率較低。這些國家的人口數量龐大且不斷成長，我們的產品在這些市場上確實取得了巨大進展。

The level of excitement for the brand is very high. Tim was in Southeast Asia recently, and the level of excitement is incredibly high. So it is very good for us. And then -- and certainly, the numbers are getting larger all the time, and so the gap, as you compare it to the numbers in China, is reducing. And hopefully, that trajectory continues for a long time.

人們對該品牌的興奮程度非常高。 Tim 最近在東南亞，興奮程度令人難以置信。所以這對我們來說非常好。然後 — — 可以肯定的是，數字一直在增加，因此，與中國的數字相比，差距正在縮小。希望這種軌跡能夠長久持續下去。

Okay. And then as a follow-up maybe for either of you, I mean, you're coming up on 4 years from what was an incredibly popular iPhone 12 cycle. And given you're struggling to reduce your net -- your -- reach your net neutral cash position and your margins are sort of near highs, do you see ways to deploy capital more to spur replacement demand in your installed base, either with greater device financing, more investment in marketing, more promotions? I mean do you feel like you need to produce those sort of margins? Or is it more important to spur growth with replacement?

好的。然後作為對你們任何一位的後續關注，我的意思是，距離 iPhone 12 的極度流行週期已經過去了 4 年。鑑於您正在努力降低淨現金頭寸以達到淨中性現金頭寸，而且您的利潤率接近高位，您是否認為可以透過部署更多資本來刺激已安裝基礎的更換需求，無論是增加設備融資、增加行銷投資還是增加促銷？我的意思是，您是否覺得需要產生那種利潤？或者說透過替代來刺激成長更重要？

I think innovation spurs the upgrade cycle and as one thing, of course, there's economic factors as well that play in there and what kind of offerings there are from our carrier partners and so forth. And so there's a number of variables in there. But we work all of those, and we price our products for the value that we're delivering. And so that's how we look at it.

我認為創新刺激了升級週期，當然，一方面也有經濟因素在起作用，還有我們的營運商合作夥伴提供什麼樣的產品等等。這其中存在許多變數。但我們盡力做到這一切，並根據我們所提供的價值為產品定價。這就是我們看待這個問題的方式。

And if I can add to Tim's comments, Richard, one of the things that when you look over the long arc of time that maybe is not fully understood is that we've gone through a long period of very strong dollar. And what that means, given that our company sells more than 60% of our revenues outside the United States, the demand for our products in those markets is stronger than the results that we report just because of the translation of those local currencies into dollars, right?

理查德，如果我可以補充蒂姆的評論的話，當你回顧漫長的時間歷程時，也許人們還沒有完全理解的一件事就是，我們經歷了一段長期的美元強勢時期。這意味著什麼呢？

And so that is something to keep in mind as you look at our results, right? And so we are making all the investments that are needed, and Tim has talked about innovation. Obviously, we made a lot of progress with financing solutions, with trading programs and so on, and we will continue to make all those investments.

所以當您查看我們的結果時，您需要記住這一點，對嗎？因此，我們正在進行所有必要的投資，蒂姆也談到了創新。顯然，我們在融資解決方案、交易計畫等方面取得了巨大進展，我們將繼續進行這些投資。

Our next question is from Atif Malik with Citi.

我們的下一個問題來自花旗銀行的阿蒂夫馬利克 (Atif Malik)。

I have 2 questions as well. First, for Tim, for enterprise specifically, what are some of the top 2 or 3 use cases on Vision Pro you're hearing most excitement? And then I have a follow-up for Luca.

我也有兩個問題。首先，對於 Tim 來說，具體到企業而言，您聽到的最令人興奮的 Vision Pro 前 2 或 3 個用例是什麼？然後我跟進 Luca。

Yes, the great thing is I'm hearing about so many of them. I wouldn't say that one has emerged as the top right now. The most impressive thing is that similar to the way people use a Mac, you use it for everything. People are using it for many different things in enterprise, and that varies from field service to training to health-care-related things like preparing a doctor for pre-op surgery or advanced imaging. And so it -- commands control centers.

是的，最棒的是，我聽說了這麼多。我不會說現在有一個已經脫穎而出成為頂尖的。最令人印象深刻的是，它與人們使用 Mac 的方式類似，你可以用它來做任何事情。人們在企業中將它用於許多不同的事情，從現場服務到培訓，再到醫療保健相關的事務，例如為醫生進行術前手術或高級成像的準備。所以它——指揮控制中心。

And so it's an enormous number of different verticals. And our focus is on -- is growing that ecosystem and getting more apps and more and more enterprises engaged. And the event that we had recently, I can't overstate the enthusiasm in the room. It was extraordinary. And so we're off to a good start, I think, with enterprise.

因此，它包含大量不同的垂直行業。我們的重點是發展這個生態系統並吸引更多的應用程式和更多的企業參與。對於我們最近舉辦的活動，我無法形容現場的熱情。這真是太特別了。所以我認為，我們在企業方面已經有了一個好的開始。

Great. And then, Luca, I believe you mentioned that for the March quarter, the commodity pricing environment was favorable. Can you talk about what you're assuming for commodity pricing on memory, et cetera, for the June quarter and maybe for the full year?

偉大的。然後，盧卡，我相信您提到過，對於 3 月季度來說，商品定價環境是有利的。您能否談談您對 6 月份季度以及全年內存等商品定價的預期？

Yes. We provide guidance just for the current quarter, so I'll tell you about the guidance. We're guiding to -- again, to a very high level of gross margins, 45.5% to 46.5%. Within that guidance, we expect memory to be a slight headwind, not a very large one but a slight headwind. And the same applies for foreign exchange. Foreign exchange will have a negative impact sequentially of about 30 basis points.

是的。我們僅提供當前季度的指導，因此我會向您介紹有關指導的情況。我們再次預計毛利率將達到非常高的水平，45.5% 至 46.5%。在該指導範圍內，我們預期記憶體會出現輕微的阻力，雖然不是很大，但也是輕微的阻力。對於外匯而言也是如此。外匯將帶來約30個基點的負面影響。

A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone. The number for the telephone replay is (866) 583-1035. Please enter confirmation code 0467138 followed by the pound sign. These replays will be available by approximately 5 p.m. Pacific Time today.

今天的電話會議重播將在 Apple Podcasts 上提供兩週，也可以在 apple.com/investor 和電話上以網路廣播的形式提供。電話回放號碼為 (866) 583-1035。請輸入確認碼 0467138，後面接著井號。這些重播將在大約下午 5 點提供。今天太平洋時間。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142, and financial analysts can contact me, Suhasini Chandramouli, with additional questions at (408) 974-3123. Thank you again for joining us.

媒體界如有其他問題，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 Suhasini Chandramouli。再次感謝您的加入我們。

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

今天的會議再次到此結束。我們非常感謝您的參與。