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 年第二季財報電話會議。我叫 Suhasini Chandramouli，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；緊隨其後的是財務長盧卡·梅斯特里 (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 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，您在今天的討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和費用、稅收、資本分配和未來業務的陳述展望，包括宏觀經濟狀況對公司業務及經營績效的潛在影響。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有重大差異。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, 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，感謝您加入通話。今天，蘋果公佈第三季營收為 908 億美元，每股收益創歷史新高 1.53 美元。我們在十幾個國家和地區創造了收入記錄。其中包括拉丁美洲和中東以及加拿大、印度、西班牙和土耳其三月季度的記錄。我們也在印尼創造了歷史收入記錄，印尼是我們繼續看到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，我們創下了歷史收入記錄，比過去一年增長了 14%。請記住，正如我們在上次電話會議中所描述的那樣，在一年前的3 月份季度，我們能夠補充iPhone 渠道庫存，並滿足因12 月份季度與iPhone 14 Pro 和iPhone 14 Pro 相關的供應中斷而被壓抑的大量需求。我們估計，這一一次性影響為去年 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刪除這一點，今年三月季度的公司總收入將會成長。儘管有這種影響，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，在上個季度，我們很高興推出了 Apple Vision Pro，並且很高興聽到人們現在可以體驗空間運算的魔力。他們描述了眼前的不可能變成可能，並分享了他們對現在可以做的事情的驚訝和情感，無論是重溫他們最珍貴的記憶還是在客廳裡享受電影院體驗。

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.

看到企業市場的熱情也很令人高興。例如，超過一半的財富 100 強公司已經購買了 Apple Vision Pro 設備，並正在探索創新的方法來使用它來完成以前不可能的任務。而這只是個開始。

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，我們正在為下週發布令人興奮的產品做好準備，我們認為我們的客戶會喜歡它。下個月，我們將召開全球開發者大會，這引起了我們開發者的巨大熱情。我們迫不及待地想透露我們所擁有的東西。

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.

我們仍然非常看好我們在生成人工智慧領域的機會。我們正在進行重大投資，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，我們相信我們擁有的優勢將使我們在這個新時代脫穎而出，包括蘋果公司將硬體、軟體和服務無縫整合的獨特組合，突破性的蘋果晶片與我們業界領先的神經引擎，以及我們對隱私的堅定不移的關注，這是我們創造的一切的基礎。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置於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.

現在讓我們來看看從 iPhone 開始的每個產品類別的 3 月季度業績。 iPhone 第三季營收為 460 億美元，年減 10%。由於我之前提到的 50 億美元的影響，我們與去年相比面臨困難。然而，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，有機會見到了開發者和創作者，他們正在用 iPhone 做出非凡的事情。就在幾週前，我訪問了越南、印尼和新加坡，在那裡看到客戶和社區使用我們的產品和服務做出令人驚嘆的事情的各種方式令人難以置信。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.

轉向麥克。 3 月季度營收為 75 億美元，比去年同期成長 4%。我們在 3 月初推出了令人驚嘆的新款 13 吋和 15 吋 MacBook Air。全球最受歡迎的筆記型電腦是最適合 AI 的消費性筆記型電腦，具有 M3 晶片的突破性性能及其更強大的神經引擎。無論是創辦新企業的企業家還是完成學業的大學生，用戶都依賴 MacBook Air 的強大功能和便攜性來實現他們的目標。

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，由於與上一財年推出 M2 iPad Pro 和第 10 代 iPad 後的勢頭難以相比，第三季度營收為 56 億美元，年減 17%。 iPad 繼續以其多功能性、功能和性能脫穎而出。對於影片編輯、音樂製作人和各類創意人員來說，iPad 使用戶能夠完成比平板電腦更多的工作。

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.

在穿戴式裝置、家居和配件領域，由於 Watch 和 AirPods 的推出比較困難，3 月季度的營收為 79 億美元，比去年同期下降 10%。 Apple Watch 正在幫助跑者在健康之旅上加倍努力，利用 watchOS 10 中最新的導航功能讓健行者保持在正確的路線上，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支援救生功能，例如不規則節律通知和跌倒偵測。我常聽到這些功能對使用者及其親人有多重要，我很感激這麼多人能夠在最需要的時候獲得幫助。

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.

正如我之前分享的，我們在服務領域創下了 239 億美元的歷史收入記錄，年增 14%。我們還在多個類別和地理區域創造了歷史收入記錄。觀眾可以在大大小小的螢幕和空間螢幕上觀看 Apple TV+ 原創節目，例如 Palm Royale 和 Sugar。今年我們將推出一些精彩的院線影片，其中包括喬治克隆尼和布萊德彼特再度聯手的《狼隊》。 Apple TV+ 作品繼續被譽為主要獎項的有力競爭者。自推出以來，Apple TV+ 作品已獲得 2,100 多項獎項提名和 480 項獎項。

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，我們正在透過新的 iPhone 應用程式 Apple Sports 增強現場體育體驗。這個免費的應用程式允許球迷關注他們最喜歡的球隊和聯賽的即時比分、統計數據等。 Apple Sports 是 MLS 季票訂閱者的完美伴侶。

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。我們的商店仍然是聯繫和創新的重要空間。我很高興來到上海參加我們最新旗艦店的開幕典禮。我們客戶的活力和熱情確實值得一看。在美國各地，我們出色的零售團隊一直在與客戶分享 Vision Pro 演示，讓他們在第一次使用它時獲得深刻而令人興奮的體驗。

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.

無論我們在哪裡開展業務，無論我們做什麼，我們都以豐富用戶的生活並讓世界變得比我們發現的更美好為使命，無論我們是透過新的轉錄功能讓Apple 播客更易於訪問，還是幫助保護iMessage透過新的保護措施保護使用者的隱私，可以抵禦量子運算的進步。

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.

我們的環保工作是創新與我們的價值觀如何融合的另一個很好的例子。當我們努力實現到 2030 年所有產品實現碳中和的目標時，我們為自己能夠創新並為客戶做更多事情，同時減少對地球的影響而感到自豪。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%。現在，我們在產品中使用的再生材料比以往任何時候都多。

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.

今年春天早些時候，我們推出了首款使用 50% 再生材料的產品，即搭載 M3 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設備提供動力。我們正在與印度和美國的合作夥伴合作，為最需要的地方補充 100% 的用水，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，Apple 已承諾投入 2 億美元用於基於自然的碳清除項目。上個月，我們迎來了 2 家供應商合作夥伴作為新投資者，他們將共同向該基金追加投資 8,000 萬美元。無論我們是要豐富全球用戶的生活，還是盡自己的一份力量，成為世界上行善的力量，Apple 所做的一切都帶著深刻的使命感。我對我們在史無前例的創新之年過半時所產生的影響感到自豪。在我們團隊的想像和創新以及我們的產品和服務在人們生活中的持久重要性的推動下，我對我們面前的未來感到無比興奮。

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 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.

謝謝蒂姆，大家下午好。三月季度的營收為 908 億美元，比去年下降 4%。外匯對我們的業績產生了 140 個基點的年比負面影響。產品收入為 669 億美元，年減 10%，原因是蒂姆之前描述的 iPhone 面臨的挑戰，但 Mac 的強勁表​​現部分抵消了這一影響。由於我們無與倫比的客戶滿意度和忠誠度以及大量新客戶，我們的所有產品和所有地理區域的活躍設備安裝量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 億美元的歷史紀錄，年增 14%，已開發市場和新興市場均創歷史新高。公司毛利率為 46.6%，比上一季成長 70 個基點，這得益於成本節約和有利的服務組合，部分被槓桿所抵消。產品毛利率為 36.6%，比上一季下降 280 個基點，主要是由於槓桿和組合的季節性損失造成的，但部分被有利的成本所抵消。由於較有利的組合，服務毛利率為 74.6%，較上季成長 180 個基點。營運費用為 144 億美元，處於我們提供的指導範圍的中點，年增 5%。淨利為 236 億美元。稀釋後每股收益為 1.53 美元，創 3 月季度記錄。營運現金流強勁，達 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.

現在讓我提供每個收入類別的更多詳細資訊。 iPhone 收入為 460 億美元，年減 10%，因為提姆之前描述的相比一年前受到了近 50 億美元的影響。調整這一一次性影響後，iPhone 收入將與去年大致持平。我們的 iPhone 活躍安裝基數在各個地理區域的總數均創歷史新高。在 3 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 系列持續深受消費者歡迎。 451 Research 最近測量的美國顧客滿意度為 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，年增 4%，這得益於搭載 M3 晶片的新款 MacBook Air 的強勁表​​現。客戶喜歡最新 MacBook Air 和 MacBook Pro 型號令人難以置信的 AI 性能。我們的 Mac 安裝基數達到了歷史最高水平，本季 MacBook Air 購買者中有一半是 Mac 新手。此外，最近據報道，美國 Mac 的客戶滿意度為 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 創造了 56 億美元的收入，年減 17%。與去年推出的 M2 iPad Pro 和 iPad 10 世代相比，iPad 繼續面臨挑戰。同時，iPad 安裝量持續成長並達到歷史最高水平，本季購買 iPad 的客戶中有一半以上是該產品的新用戶。此外，451 Research 的最新報告顯示，美國 iPad 客戶滿意度高達 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，由於推出比較困難，較去年同期下降 10%。去年，我們持續受惠於第二代 AirPods Pro、Watch SE 和首款 Watch Ultra 的推出。 Apple Watch 繼續吸引新客戶，本季購買 Apple Watch 的客戶中有近 2/3 是該產品的新客戶，這使得 Apple Watch 的安裝量創下歷史新高。最近，美國的客戶滿意度高達 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，在服務領域，總收入達到了 239 億美元的歷史記錄，年增 14%，我們的活躍設備安裝基數繼續以良好的速度成長。隨著我們不斷看到客戶對我們生態系統的參與度不斷增加，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歷史新高，其中付費帳戶較去年同期成長兩位數。付費訂閱量呈現強勁的兩位數成長。我們平台上的各項服務的付費訂閱量遠遠超過 10 億，是 4 年前的兩倍多。我們不斷提高當前服務的廣度和質量，從在 Arcade 上製作新遊戲、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。我們的客戶持續投資 Apple 產品，以推動生產力和創新。我們看到越來越多的企業客戶擁抱 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 的本機應用程序，使Emory Health 等醫療保健組織能夠更輕鬆地將數千台PC 轉移到Mac 上以供臨床使用。

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.

自從上季推出 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，以將空間運算應用程式和體驗變為現實。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修培訓到保時捷賽車的即時團隊協作，再到 Lowe's 的沉浸式廚房設計。我們對企業中的特殊計算機會感到非常興奮。

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.

快速後退一步。當我們審視我們上半財年的業績時，儘管該期間的銷售額減少了一周，並且存在一些外匯不利因素，但公司總收入與前一年大致持平。我們對新興市場的強勁勢頭感到特別滿意。正如我們所說，上半年多個國家和地區的收入均創歷史新高，包括拉丁美洲、中東、印度、印尼、菲律賓和土耳其。這些業績，加上服務業的兩位數增長和強勁的毛利率水平，推動上半年攤薄後每股收益創下 3.71 美元的紀錄，較去年增長 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.

現在讓我談談我們的現金狀況和資本回報計劃。本季結束時，我們擁有 1,620 億美元的現金和有價證券。我們償還了 32 億美元的到期債務，商業票據較上季沒有變化，使我們的債務總額達到 1,050 億美元。結果，本季末淨現金為 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 億美元的股息及等價物，以及透過公開市場回購 1.3 億股蘋果股票的 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.

鑑於我們對現在和未來的業務持續充滿信心，董事會今天額外授權 1,100 億美元用於股票回購，因為我們維持隨著時間的推移實現淨現金中性的目標。我們還將普通股股息提高 4% 至每股 0.25 美元，我們將繼續計劃每年增加股息，就像過去 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前景，其中包括蘇哈西尼在電話會議開始時提到的前瞻性資訊類型。我們今天提供的顏色假設宏觀經濟前景不會比我們今天對本季的預測惡化。儘管匯率逆風約 2.5 個百分點，但我們預計 6 月季度公司總收入將同比增長較低的個位數。我們預計我們的服務業務將以兩位數的速度成長，與我們報告的本財年上半年的成長速度相似。我們預計 iPad 收入將成長兩位數。

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按市值計算的任何潛在影響，我們的稅率約為 16%。

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

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。 （接線生指示）接線員，請問第一個問題可以嗎？

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

我們將繼續回答高盛麥克吳提出的第一個問題。

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完成一些產品假設。 iPhone，什麼樣的東西能讓你對此充滿信心？那麼，就服務業動能而言，本季哪些方面優於預期？然後我就進行快速跟進。

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。關於前景，我們所說的是我們預計該公司的整體成長將達到低個位數。我們預計服務業將以兩位數的速度成長，與我們在本財年上半年的成長速度相似。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.

在服務領域，我們看到了全面強勁的表現。我們已經提到過，我們在多個類別、多個地理區域都有記錄。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，我們在已開發市場和新興市場都看到了非常強勁的表現，因此對服務業務的發展方式非常滿意。

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，隨著蘋果更傾向於人工智慧和生成式人工智慧，過去幾年我們看到的每年約 100 億至 110 億美元的歷史資本支出節奏是否會改變？或者我們歷史上對工具、資料中心和設施之間劃分的思考方式有什麼改變嗎？

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。顯然，我們對 GenAI 的機會感到非常興奮。顯然，我們在各方面都非常努力地推動創新，而且我們已經這樣做了很多很多年。光是在過去 5 年裡，我們在研發方面的支出就超過 1,000 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，我們有一些混合模型，我們自己進行一些投資。在其他情況下，我們會與供應商和合作夥伴分享它們。在製造方面，我們購買了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.

我們在資料中心方面做了類似的事情。我們擁有自己的資料中心容量，然後使用第三方的容量。這種模式在歷史上對我們來說效果很好，我們計劃繼續沿著同樣的路線前進。

Our next question is from Wamsi Mohan with 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)。

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.

Tim，您能談談歐盟 DMA 推動的變化對蘋果的影響嗎？您必須開設第三方應用程式商店。顯然，這一方面會帶來一些安全風險，可能會削弱體驗，但也會降低開發者向蘋果支付的費用。您認為早期開發者和消費者在這些第三方應用程式商店中選擇什麼？我有一個後續行動。

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為時過早。正如您可能知道的那樣，我們剛剛在三月在歐盟實施了替代應用程式商店和替代計費等。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對產品毛利率以及連續下降發表一些評論。您提到了混合和槓桿。如果客戶開始混合不同的產品線，您是否可以分享更多的混合顏色？還是這更多的是跨產品線的混合？考慮到更廣泛的通膨壓力，我只是想了解客戶行為。

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.

從順序來看，是的，我們的業績有所下降。這主要是因為我們的產品組合與先前的產品組合略有不同。顯然，當我們從假日季度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的東西——在產品類別中，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。

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.

也許是我的第一個，提姆，你顯然多次提到了你對生成人工智慧的興奮。我只是好奇蘋果公司如何考慮透過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。那麼人工智慧可能會有所不同嗎？這會如何影響更換週期？您會考慮任何服務角度嗎？您可以分享一些早期的顏色嗎？然後我有一個後續行動，請。

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.

顯然我不想在我們的公告中出現。我只想說，我們將生成式人工智慧視為我們產品中的一個非常關鍵的機會，我們相信我們擁有使我們在這方面脫穎而出的優勢。我們將在未來幾週內更多地討論它。

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。很公平。然後，盧卡，也許只是跟進瓦姆西的評論或問題，人們普遍擔心商品成本上漲對產品毛利率造成的不利影響。想知道您是否可以為我們澄清一下，如果我們退後一步，看看您產品中使用的所有組件和商品，您是否看到這些成本正在上升？他們在跌倒嗎？您必須採取哪些工具來嘗試幫助緩解某些成本上升（如果有的話）—投入成本上升（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，商品成本和整體而言，零件成本對我們有利。在記憶體方面，價格開始上漲。它們在三月季度略有上升。但總的來說，我認為這段時間，不僅是本季度，而且是過去幾個季度，大宗商品對我們來說表現良好。

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.

商品是有周期的，因此顯然總是存在這種可能性。請記住，我們的毛利率水準非常高。我們報告了 46.6%，這是我們公司幾十年來從未見過的。所以我們從一個好的起點開始。如您所知，當週期對我們有利時，我們會嘗試提前購買。因此，如果出現不利因素，我們會盡力減輕影響，但總的來說，我們認為，特別是在這個週期中，我們的狀況良好。

Our next question is from Ben Reitzes with Melius.

我們的下一個問題來自 Ben Reitzes 和 Melius。

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，我想知道是否可以再問一次中國問題。您訪問那裡是否有更多的色彩讓您相信您已經到達那裡的底部並且它正在轉向？我知道你一直對長期發展充滿信心。只是想知道當你認為潮流轉向那裡時是否有任何顏色。我有一個後續行動。

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.

Ben，如果你看一下我們第二季大中華區的業績，我們下降了 8。 iPhone 是推動這一成長的主要推動力。如果你看看中國大陸的 iPhone，你會發現我們在報告的基礎上成長了。那是在我們之前提到的供應中斷正常化之前。

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.

如果你看看最暢銷的智慧型手機，中國城市中排名前兩位的都是 iPhone。當我在那裡的時候，這是一次很棒的訪問，我們在上海開了一家新店，接待非常熱情，充滿活力。於是我離開那裡，享受了一次美好的旅行，並且很享受在那裡的時光。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、每週的進展如何，但從長遠來看，我有一個非常積極的觀點。

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。然後我的後續行動，我想仔細問一下。人們擔心您可能會失去一些流量來獲取收入。我想知道你是否認為人工智慧，從大局來看——而且它不一定是長期的，我的意思是，從大局來看，如果人工智慧是你繼續貨幣化的機會移動房地產，投資者如何從大局出發來思考這個問題，因為這是令人擔憂的問題之一。當然，由於媒體上圍繞著一些法律案件的大量新聞，這可能是一個懸而未決的問題。我想知道您是否可以提供一個大圖景，讓我們更好地思考它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、生成式人工智慧和人工智慧對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更多地討論它。但我認為有很多方法對我們來說非常有利，而且我們認為我們處於有利位置。

Our next question is from Krish Sankar with TD Cowen.

我們的下一個問題來自 Krish Sankar 和 TD Cowen。

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，抱歉打敗了人工智慧馬，但提姆，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吸引力。人工智慧策略將同時針對消費者和企業嗎？還是 1/2 還是其他？任何顏色都會有幫助。然後我有盧卡的後續行動。

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.

在本季和之前的幾個季度中，我們對企業的重點一直是銷售 iPhone、iPad 和 Mac。我們最近新增了 Vision Pro，我們很高興看到大公司有興趣購買一些 Vision Pro 來探索他們的使用方式。所以我在企業中看到了巨大的機會。我不想只把它交給人工智慧。我認為世界各地的企業都有很好的機會。

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。很有幫助。然後，對於 Luca，我有點好奇 ​​- 考慮到宏觀環境，在硬體方面，您是否看到標準 iPhone 與 Pro 型號之間存在偏見？我問這個問題的原因是消費者支出環境疲軟，但您的服務業務仍在成長，並且具有驚人的成長利潤。所以我只是想化圓為方。

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這個問題。但總的來說，我們在產品方面看到的情況是，我們繼續看到人們對我們的頂級產品有很多興趣。我認為這是消費者想要購買我們在不同類別中提供的最佳產品以及我們隨著時間的推移使這些購買變得更加實惠的能力的結合。

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，降低了負擔能力的門檻，因此，客戶傾向於購買——想要購買最高價位的產品。這對我們在已開發市場非常有價值，尤其是在負擔能力問題更為明顯的新興市場。但總的來說，在過去的幾年裡，這也反映在我們的毛利率上。在過去的幾年裡，我們看到了這種趨勢，我們認為這是相當可持續的。

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 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。我想首先是資本配置。你們現在擁有大約 580 億美元的淨現金。當你考慮到最終達到這個淨現金中性目標時，你認為在某個時候，蘋果會願意在資產負債表上施加槓桿並繼續回購計畫嗎？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，隨著時間的推移，您如何看待資產負債表上的槓桿率？您認為您願意接受什麼樣的槓桿？

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。我會說一步一步。幾年前，我們就提出了實現淨現金中立的目標，而我們正在努力實現這一目標。多年來，特別是過去幾年，我們的自由現金流產生非常強勁。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.

過去幾年，我們的營業額達到了 900 億美元。現在我們的營業額為 1100 億美元。那我們先到那裡吧。還需要一段時間。然後當我們到達那裡時，我們將重新評估並看看當時公司的最佳資本結構是什麼。顯然，當我們到達那裡時，我們需要考慮很多因素。

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。我想無論如何都值得一試。如果我稍微回顧一下有關中國的討論，蒂姆，我認為您對 iPhone 在中國大陸增長的評論確實值得注意。你能退後一步嗎？我的意思是，這些數字總體仍在下降，至少在大中華區是如此。也許只是談談您從中國的宏觀基礎上看到的情況。然後至少是我們看到的年度下降——或者同比下降，你認為是宏觀驅動的還是競爭驅動的？那會有幫助的。

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，所以我會避開這一點。我們看到的是第一季的加速成長，這是由 iPhone 推動的，在我們對我們之前談到的 50 億美元的影響進行調整之前，中國大陸的 iPhone 確實有所增長。這意味著其他產品的表現並不好，因此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，它一直是世界上競爭最激烈的市場。而我——所以除此之外我不會說任何其他的話。我之前已經說過了，我相信上個季度也是如此。但如果你從 90 天的週期中退一步，我看到很多人正在進入中產階級。我們努力為那裡的客戶提供良好的服務，並擁有許多滿意的客戶。你可以在那邊最新開業的商店中看到這一點。所以我仍然感到非常樂觀。

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'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?

我要把這兩個放在一起，這樣你們就都擁有了。盧卡，顯然，我正在嘗試解析六月季度的前景。根據你所說的快速計算，在所有條件相同的情況下，iPhone 業務在 6 月季度將再次出現中個位數下降。如果是這樣的話，也許這就是提姆的情況，顯然，你如何看待你剛才所說的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?

由於我們已經陷入這種困境一段時間了，消費者的需求或對新設備的接受度又發生了哪些變化？這真的是很多公司都在追求的人工智慧舉措嗎？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，我們會在今年晚些時候到明年的某個時候看到一些升級週期？

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，我確實看到了生成式人工智慧、我們所有設備或絕大多數設備的關鍵機會。所以我認為，如果你留意的話，那不會在下個季度左右發生，而且我們不會在產品層面提供指導，但我非常樂觀。這就是我的看法。就——我會讓盧卡評論一下它的前景部分。不過，我認為，如果你退一步討論 iPhone，並對上一年進行調整，我們第二季的 iPhone 業績將會持平。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，關於前景，我只會重複我們之前說過的話，這就是我們為本季提供的顏色。我們確實預計總量將實現低個位數成長。我們確實預計服務將實現兩位數成長，我們預計 iPad 也將達到兩位數成長。剩下的，我會讓你們做出假設，然後我們將在 3 個月後報告。

Our next question is from Samik Chatterjee with JPMorgan.

我們的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.

我也有一對。也許對於第一個，您的服務成長從 11% 加速到 14%。如果您可以深入了解服務的哪些地方或哪些部分確實看到了這種加速的驅動因素，以及為什麼在我們考慮下個季度時它更具可持續性？因為我相信您會更指導下季度對上半年進行平均。所以只是好奇驅動因素是什麼。為什麼不在今年剩下的時間裡對其進行更永續的改進？我有一個快速跟進。

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.

服務方面有很多事情。首先，整體表現非常強勁。正如我之前所說，已開發市場和新興市場都創下了歷史記錄，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都有記錄，有些類別成長非常快，也是因為它們在我們的服務業務計劃中相對較小，例如雲端、視訊、支付服務。這些都創下了歷史收入紀錄。因此，我們對我們在服務方面取得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.

在我們前進的過程中，我只想指出，如果你看看我們一年前的成長率，你會發現它們在去年財年期間有所改善。因此，隨著這一年的發展，服務業務的競爭變得更具挑戰性。但總的來說，正如我所提到的，我們仍然預計六月季度的成長率將達到兩位數，與上半年的成長率非常相似。

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。對於我的後續行動，我是否可以更具體地詢問您有關印度市場的情況。顯然，您在該市場的收入方面繼續創造新記錄。您所看到的勢頭有多少會與您在該市場的零售策略、相對於供應變化或製造變化或您在該市場本身經歷或採取的策略的零售擴張聯繫起來？任何關於這方面的想法都會有幫助。

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。我們確實實現了兩位數的強勁成長，因此我們對此非常非常滿意。這對我們來說是新的三月季度收入記錄。正如我之前所說，我認為這是一個令人難以置信的令人興奮的市場，也是我們的主要關注點。從營運方面或供應鏈方面來說，我們在那裡生產。

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.

從務實的角度來看，你需要在那裡生產才能具有競爭力。是的，從這個角度來看，這兩件事是相互關聯的。但我們既有營運方面的事情，也有進入市場和採取的措施。正如你所知，我們去年剛開設了幾家商店，我們在那裡看到了巨大的機會。我們正在繼續擴大我們的管道，並致力於開發者生態系統。我們非常高興那裡的開發人員基礎正在快速成長。因此，我們正在致力於整個生態系統，從開發商到市場再到運營，整個事情。我對此感到非常興奮和熱情。

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。

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?

我想我和其他人一樣有 2 個。我想我要回到中國問題。我想從高水準來看，一個簡單的問題是，當我們查看本季重複報告的數據點時，我很好奇，提姆，我們錯過了什麼？考慮到上個季度整個過程中報告的數據點，您認為人們在哪裡錯過了蘋果 iPhone 在中國市場的高水準吸引力？

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.

我無法解決數據點問題。我只能談談我們的結果。上個季度我們確實加速了 iPhone 在中國大陸的成長。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。然後作為快速跟進。我知道你們已經很長一段時間沒有討論過這個問題，也沒有對其進行量化，但我很好奇我們將如何描述 iPhone 的渠道庫存動態。

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。對於三月季度，我們減少了該季度的通路庫存。我們通常會在第二季減少渠道庫存，因此這並不罕見。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，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階段：所有其他新興市場的總和可能會超過目前價值 700 億美元的大中華區市場？也許投資者可以將其視為推動更廣泛業務的成長。我還有盧卡的後續行動。

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.

我認為，理查德，你問了一個非常有趣的問題。我們最近正在研究類似的東西。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，當然還有巴西、墨西哥和印尼等地時，數量越來越大，我們非常高興，因為這些市場我們的市佔率很低。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很大進展。

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.

該品牌的興奮程度非常高。蒂姆最近去了東南亞，興奮程度令人難以置信。所以這對我們來說非常好。然後——當然，這個數字一直在變大，因此，與中國的數字相比，差距正在縮小。希望這種軌跡能夠持續很長一段時間。

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，作為後續行動，我的意思是，對於你們中的任何一個人來說，距離非常受歡迎的 iPhone 12 週期已經過去 4 年了。考慮到您正在努力減少您的淨現金頭寸，並且您的利潤率接近高位，您是否找到了更多部署資本來刺激已安裝基礎的替代需求的方法，或者以更大的成本設備融資、更多行銷投資、更多促銷活動？我的意思是，你覺得你需要產生這樣的利潤嗎？還是透過更新換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.

我認為創新會刺激升級週期，當然，其中也有經濟因素以及我們的營運商合作夥伴提供什麼樣的產品等等。所以這裡面有很多變數。但我們致力於所有這些工作，並根據我們所提供的價值來定價我們的產品。這就是我們的看法。

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?

如果我可以補充蒂姆的評論，理查德，當你縱觀漫長的時間弧線時，你可能沒有完全理解的一件事是，我們已經經歷了很長一段非常強勢的美元。這意味著，鑑於我們公司超過 60% 的收入來自美國境外，這些市場對我們產品的需求比我們報告的結果更強，因為這些當地貨幣換算成美元，正確的？

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.

因此，當您查看我們的結果時，請記住這一點，對吧？因此，我們正在進行所有需要的投資，蒂姆談到了創新。顯然，我們在融資解決方案、交易計劃等方面取得了巨大進展，我們將繼續進行所有這些投資。

Our next question is from Atif Malik with Citi.

我們的下一個問題來自花旗銀行的 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 2 個問題。首先，對於 Tim，特別是對於企業而言，您最興奮的 Vision Pro 前 2 或 3 個用例是什麼？然後我有盧卡的後續行動。

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，最棒的是我聽到了很多這樣的事。我不會說現在已經成為頂尖人物。最令人印象深刻的是，就像人們使用 Mac 的方式一樣，你可以用它來做任何事情。人們在企業中將其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情，例如為醫生進行術前手術或高級成像做準備。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，這是大量不同的垂直領域。我們的重點是——發展這個生態系統，讓更多的應用程式和越來越多的企業參與其中。對於我們最近舉辦的活動，我無法誇大房間裡的熱情。這是非凡的。因此，我認為，我們在企業方面有了一個好的開始。

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，我相信您提到了三月份季度的大宗商品定價環境是有利的。您能否談談您對六月季度甚至全年內存等商品定價的假設？

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，因此我將向您介紹該指導。我們再次指導毛利率達到非常高的水平，45.5% 至 46.5%。在此指導下，我們預期記憶體將是一個輕微的逆風，不是很大，而是輕微的逆風。外匯也是如此。外匯匯率將季比產生約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.

今天的電話會議將在兩週內透過 Apple Podcasts、apple.com/investor 上的網路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 0467138，後面接著井號。這些重播將於下午 5 點左右提供。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.

媒體如有其他問題，請致電 (408) 862-1142 聯絡 Josh Rosenstock，金融分析師可致電 (408) 974-3123 聯絡我 Suhasini Chandramouli，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。