蘋果 (AAPL) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Apple Q3 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，歡迎參加蘋果 2024 財年第三季財報電話會議。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提姆·庫克，接著是財務長盧卡·梅斯特里。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 macro-economic conditions on the company's business and results of operations.

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及經營績效的潛在影響。

These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release.

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。

Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. I'd now like to turn the call over to Tim for introductory remarks.

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。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 a new June quarter revenue record of $85.8 billion, up 5% from a year ago and better than we had expected. EPS grew double digits to $1.40 and achieved a record for the June quarter.

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 6 月季度營收新紀錄，達到 858 億美元，比去年同期成長 5%，好於我們的預期。每股盈餘成長兩位數至 1.40 美元，創下 6 月季度的紀錄。

We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines and Thailand and we set an all-time revenue record in services, which grew 14%.

我們也在加拿大、墨西哥、法國、德國、英國、印度、印尼、菲律賓、泰國等二十多個國家和地區創造了季度收入記錄，服務收入創歷史新高，成長了14% %。

At our Worldwide Developers Conference, we were thrilled to unveil game-changing updates across our platforms, including Apple Intelligence. Apple intelligence built on years of innovation and investment in AI and machine learning. It will transform how users interact with technology from writing tools to help you express yourself to image playground which gives you the ability to create fun images and communicate in new ways, to powerful tools for summarizing and prioritizing notifications.

在我們的全球開發者大會上，我們很高興地在我們的平台上發布了改變遊戲規則的更新，包括 Apple Intelligence。 Apple 智慧建立在多年來對人工智慧和機器學習的創新和投資之上。它將改變用戶與技術互動的方式，從幫助您表達自己的書寫工具，到使您能夠創建有趣的圖像並以新方式進行交流的圖像遊樂場，再到用於總結和優先處理通知的強大工具。

Siri also becomes more natural, more useful and more personal than ever. Apple Intelligence is built on a foundation of privacy, both through on-device processing that does not collect users' data and through private cloud compute, a groundbreaking new approach to using the cloud while protecting users' information powered by Apple silicon.

Siri 也變得比以往更自然、更有用、更個人化。 Apple Intelligence 建立在隱私的基礎上，既透過不收集用戶資料的裝置上處理，也透過私有雲運算，這是一種使用雲端的突破性新方法，同時保護由 Apple 晶片提供支援的用戶資訊。

We are also integrating Chad GPT into experiences within iPhone, Mac and iPad, enabling users to draw on a broad base of world knowledge. We are very excited about Apple Intelligence, and we remain incredibly optimistic about the extraordinary possibilities of AI and its ability to enrich customers' lives. We will continue to make significant investments in this technology and dedicate ourselves to the innovation that will unlock its full potential.

我們還將 Chad GPT 整合到 iPhone、Mac 和 iPad 的體驗中，使用戶能夠利用廣泛的世界知識。我們對 Apple Intelligence 感到非常興奮，並且對 AI 的非凡可能性及其豐富客戶生活的能力仍然非常樂觀。我們將繼續對這項技術進行大量投資，並致力於創新，以釋放其全部潛力。

Recently, we've also been excited to bring Apple Vision Pro to more countries, giving customers the chance to discover the remarkable capabilities of this magical device. Vision Pro users are customizing their own workspaces, watching movies on 100-foot screens and exploring entire world with just a pinch of their fingertips.

最近，我們也很高興將 Apple Vision Pro 帶到更多國家/地區，讓客戶有機會發現這款神奇裝置的卓越功能。 Vision Pro 用戶可以自訂自己的工作空間，在 100 英尺的螢幕上觀看電影，只需輕輕一捏指尖即可探索整個世界。

With more than 2500 native spatial apps and 1.5 million compatible apps for Vision OS, the developer community continues to pioneer stunning spatial experiences that are only possible with Vision Pro. Last month, we announced that we're bringing some amazing new immersive content to Vision Pro, including new series, concerts, films and more, and we've seen great interest for Vision Pro in the enterprise where it can empower companies large and small to pursue their best ideas like never before.

開發者社群擁有超過 2500 個原生空間應用程式和 150 萬個適用於 Vision OS 的兼容應用程序，不斷開創只有 Vision Pro 才能實現的令人驚嘆的空間體驗。上個月，我們宣布將為Vision Pro 帶來一些令人驚嘆的新沉浸式內容，包括新系列、音樂會、電影等，我們看到企業對Vision Pro 表現出極大的興趣，它可以為大大小小的公司提供支持以前所未有的方式追求他們最好的想法。

With each innovation, we're unlocking new ways of working, new ways of learning and new ways of tapping into the unlimited promise of human potential. We're doing that across every product and every service.

透過每一項創新，我們都在開啟新的工作方式、新的學習方式以及挖掘人類無限潛力的新方式。我們在每一種產品和每一項服務中都這樣做。

Now let me share more detail in our June quarter results, beginning with iPhone. iPhone revenue was $39.3 billion, down 1% year over year. On a constant currency basis, we grew compared to last year. Customers continue to praise the iPhone 15 lineup for its incredible battery life, exceptional cameras and unmatched power and performance.

現在讓我分享 6 月季度業績的更多細節，首先是 iPhone。 iPhone 營收為 393 億美元，年減 1%。以固定匯率計算，我們與去年相比有所成長。 iPhone 15 系列因其令人難以置信的電池續航時間、出色的相機以及無與倫比的功耗和性能而受到客戶的持續好評。

And we are excited to bring incredible new features to the iPhone with iOS 18, making it more personal, capable and intelligent than ever before. This update includes the biggest redesign of the photo's app, new customization options for the home screen, messages over satellite and the introduction of Apple Intelligence. Apple Intelligence utilizes the power of our most advanced iPhones, the iPhone 15 Pro and Pro Max offering a transformative set of capabilities.

我們很高興能夠透過 iOS 18 為 iPhone 帶來令人難以置信的新功能，使其比以往任何時候都更加個人化、強大和智慧。此更新包括對照片應用程式的最大程度的重新設計、主螢幕的新自訂選項、衛星訊息以及 Apple Intelligence 的引入。 Apple Intelligence 利用我們最先進的 iPhone、iPhone 15 Pro 和 Pro Max 的強大功能，提供了一系列變革性的功能。

Mac revenue was $7 billion, up 2% from a year ago. Customers are loving the latest M3 Power 13- and 15-inch MacBook Air. With back-to-school season upon us, MacBook Air is the perfect companion for students on campus, and small business owners, developers and creatives of all kinds depend on Mac to do more than they ever could before.

Mac 營收為 70 億美元，比去年同期成長 2%。顧客喜愛最新的 M3 Power 13 和 15 吋 MacBook Air。隨著返校季的到來，MacBook Air 是校園學生的完美伴侶，小企業主、開發人員和各類創意人員依靠 Mac 完成比以往更多的工作。

Powered by Apple's silicon with its Neural Engine and privacy built in at the chip level, Macs are simply the best personal computers for AI, and every Mac we've shipped with Apple silicon since 2020 is capable of taking advantage of Apple Intelligence with macOS Sequoia. We also know the importance of security for our users and enterprises, so we continue to advance protections across our products.

Mac 由Apple 晶片提供支持，並在晶片級內建了神經引擎和隱私功能，堪稱人工智能的最佳個人電腦，自2020 年以來我們發貨的每台配備Apple 晶片的Mac 都能夠透過macOS Sequoia 充分利用Apple Intelligence 。我們也知道安全對於使用者和企業的重要性，因此我們不斷加強對產品的保護。

Turning to iPad, revenue was $7.2 billion, 24% higher year over year. During the quarter, we had an incredible launch where we unveiled the all-new 11- and 13-inch iPad Air, the perfect device for education, entertainment and so much more. And with the new iPad Pro, we push the boundaries, a power-efficient performance with the remarkable in four chip, the engine behind this incredibly thin device.

至於 iPad，營收為 72 億美元，年增 24%。在本季度，我們推出了令人難以置信的新品 11 吋和 13 吋 iPad Air，這是教育、娛樂等領域的完美設備。借助新款 iPad Pro，我們突破了界限，透過卓越的四晶片（這款超薄設備背後的引擎）實現了高能源效率。

By leveraging the latest in Apple silicon, video editors and musicians can take advantage of the cutting-edge AI features in Final Cut Pro and Logic Pro. And we're very excited that iPad Pro and iPro Air models powered by the M series of Apple's silicon will be able to utilize the powerful capabilities of Apple intelligence.

透過利用最新的 Apple 晶片，影片編輯器和音樂家可以利用 Final Cut Pro 和 Logic Pro 中的尖端 AI 功能。我們非常高興搭載 M 系列 Apple 晶片的 iPad Pro 和 iPro Air 型號將能夠利用 Apple 智慧的強大功能。

In Wearables, Home and Accessories, revenue was $8.1 billion, down 2% from a year ago. Apple Watch is empowering users to live a healthier day with a range of tools to take charge of their wellness journeys. At the core of Apple watch, our powerful AI features that are helping users get help when they need it most from a regular heart rhythm notifications, to walking steadiness, to crash detection and fall detection.

在穿戴式裝置、家居和配件領域，營收為 81 億美元，比去年同期下降 2%。 Apple Watch 透過一系列工具來掌控他們的健康之旅，讓使用者過著更健康的一天。作為 Apple Watch 的核心，我們強大的人工智慧功能可協助使用者在最需要時獲得協助，從定期心律通知到行走穩定性，再到碰撞偵測和跌倒偵測。

I've heard time and again how meaningful these features are for users and their loved ones, and their stories motivate us to keep pushing forward on this vital work.

我一次又一次地聽說這些功能對使用者及其親人來說有多有意義，他們的故事激勵我們繼續推進這項重要工作。

As I mentioned earlier, in services, we set an all-time revenue record of $24.2 billion with paid subscriptions climbing to an all-time high. We achieved revenue records in the majority of the services categories with all-time revenue records in Advertising, Cloud and Payment Services.

正如我之前提到的，在服務領域，我們創下了 242 億美元的歷史收入記錄，付費訂閱量攀升至歷史新高。我們在大多數服務類別中都實現了收入記錄，在廣告、雲端和支付服務方面創下了歷史收入記錄。

Apple TV+ productions are delighting audiences on screens, large and small. We're showing powerful works of imagination with series and movies like Presumed Innocent, the upcoming Disclaimer and the Instigator starring Matt Damon, and we can't wait for returning fan favorites when new seasons of The Morning Show, Slow Horses and Severance.

Apple TV+ 製作的作品讓大大小小的螢幕上的觀眾感到愉悅。我們將透過連續劇和電影展示強大的想像作品，例如《假定無辜》、即將上映的《免責聲明》和由馬特達蒙主演的《煽動者》，我們迫不及待地想要回歸粉絲最愛的《早晨秀》、《慢馬》和《遣散》的新季。

Apple TV+ productions also continue to earn accolades with nearly 2300 nominations and 500 wins today. That includes 72 Emmy Award nominations across 16 programs, our best ever showing for the upcoming awards event. During the quarter, we also expanded tap-to-pay on iPhone to more markets, including Japan, Canada, Italy and Germany, enabling more businesses to use the power of iPhone to accept contactless payments.

Apple TV+ 製作的作品今天也繼續贏得讚譽，獲得近 2300 項提名和 500 項獲獎。其中包括 16 個節目的 72 項艾美獎提名，這是我們在即將舉行的頒獎活動中表現最好的一次。本季度，我們也將 iPhone 上的觸碰支付功能擴展到了更多市場，包括日本、加拿大、義大利和德國，使更多企業能夠利用 iPhone 的強大功能來接受非接觸式支付。

And we announced new updates to our services coming this fall, including US National Park hikes and custom walk roots and Apple Maps, the ability to Pay with Rewards using Apple Pay, collaborative listing with Apple Music and a redesigned Apple Fitness+ experience to help users make the most of our library of workouts and meditation.

我們還宣布將於今年秋天對我們的服務進行新的更新，包括美國國家公園遠足和定制步行根以及Apple 地圖、使用Apple Pay 進行獎勵支付的功能、與Apple Music 的協作列表以及重新設計的Apple Fitness+體驗，以幫助用戶我們的大部分鍛鍊和冥想庫。

Turning to retail, we continue to expand in emerging markets with our first ever location in Malaysia. Customers from all over the country came together with our team members to celebrate this special moment. Elsewhere in the world, our teams have been sharing the magic of Apple Vision Pro in demos that delight, inspire and deeply move customers exploring the wonders of special computing for the first time.

談到零售業，我們繼續在新興市場擴張，並在馬來西亞開設了第一家分店。來自全國各地的客戶與我們的團隊成員齊聚一堂，慶祝這一特殊時刻。在世界其他地方，我們的團隊一直在演示中分享 Apple Vision Pro 的魔力，讓首次探索特殊計算奇蹟的客戶感到高興、受到啟發並深受感動。

At the heart of all of our innovations are the values that guide everything we do. We believe fundamentally that the best technology is technology that works for everyone, and in honor of Global Accessibility Awareness Day, we introduced all new capabilities to give users more ways to take advantage of all our products can do.

我們所有創新的核心是指導我們所做一切的價值。我們從根本上相信，最好的技術是適合所有人的技術，為了紀念全球無障礙意識日，我們推出了所有新功能，為用戶提供更多方式來利用我們所有產品的功能。

These include eye-tracking for users to control iPhone or iPad visually, music haptics to give those who are deaf or hard of hearing a tangible way to experience music and vocal shortcuts that tie test to a user's boys. And we are committed as ever to shipping products that offer the highest standards of privacy for our users, with everything we do, whether it's offering a browser like Safari that prevents third parties from tracking you across the Internet or providing new features like the ability to lock and hide apps, we are determined to keep our users in control of their own data.

其中包括讓用戶透過眼動追蹤以視覺方式控制 iPhone 或 iPad，透過音樂觸覺為失聰或聽力困難的人提供一種體驗音樂的切實方式，以及將測試與用戶的男孩聯繫起來的聲音快捷方式。我們一如既往地致力於提供為用戶提供最高隱私標準的產品，我們所做的一切，無論是提供像 Safari 這樣的瀏覽器來阻止第三方透過網路追蹤您，還是提供新功能，例如能夠鎖定和隱藏應用程序，我們決心讓使用者控制自己的資料。

And we are just as dedicated to ensuring the security of our users' data. That's why we work to minimize the amount of data we collect and work to maximize how much is processed directly on people's devices, a foundational principle that is at the core of all we build, including Apple Intelligence.

我們同樣致力於確保用戶資料的安全。這就是為什麼我們努力最大限度地減少收集的資料量，並努力最大限度地增加直接在人們的裝置上處理的資料量，這是我們建立的所有資料（包括 Apple Intelligence）的核心基本原則。

And we continue to make significant progress on the environment. We are proud to say that all of our data centers, including those that will run private cloud compute, operate on 100% renewable energy, At Apple, we're constantly accelerating our pace of innovation. We are a company in relentless pursuit of big ideas.

我們繼續在環境方面取得重大進展。我們很自豪地說，我們所有的資料中心，包括那些將運行私有雲運算的資料中心，都使用 100% 再生能源運作。我們是一家不懈追求偉大創意的公司。

Time and again, we've seen how a spark of creativity can reach breakthrough velocity, reach across previously unexplored dimensions and ultimately take flight in ways that can change the world. It's while we're going to keep investing in the meaningful innovation that enriches the lives of all of our customers. We have a busy time ahead of us, and I couldn't be more excited for all the amazing things yet to come.

我們一次又一次地看到創造力的火花如何達到突破性的速度，跨越以前未探索過的維度，並最終以改變世界的方式飛翔。我們將繼續投資有意義的創新，以豐富我們所有客戶的生活。我們接下來的日子很忙碌，我對即將發生的所有令人驚奇的事情感到非常興奮。

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. We're very pleased to report a new June quarter revenue record of $85.8 billion, up 5% year over year despite 230 basis points of negative foreign exchange impact. We achieved growth in the vast majority of our markets with June quarter revenue records in the Americas, Europe and rest of Asia Pacific.

謝謝蒂姆，大家下午好。我們非常高興地報告 6 月季度營收創下新紀錄，達到 858 億美元，儘管受到 230 個基點的外匯負面影響，但同比增長 5%。我們在絕大多數市場實現了成長，美洲、歐洲和亞太其他地區的 6 月季度收入創紀錄。

Products revenue was $61.6 billion, up 2% year over year, driven by the launch of the new iPad Pro and iPad Air. Our installed base of active devices reached an all-time high across all products and geographic segments, thanks to our unmatched levels of customer satisfaction and loyalty and a large number of customers who are new to our products.

受新款 iPad Pro 和 iPad Air 推出的推動，產品收入為 616 億美元，年增 2%。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，我們的所有產品和地理細分市場的有源設備安裝量都達到了歷史最高水平。

Services revenue reached an all-time record of $24.2 billion, up 14% year over year with an all-time record in developed markets and a June quarter record in emerging markets. Company gross margin was 46.3% near the high end of our guidance range and down 30 basis points sequentially, driven by a different mix within products, which was partially offset by a favorable mix shift towards services and cost savings.

服務收入創歷史新高，達 242 億美元，年增 14%，已開發市場創歷史新高，新興市場 6 月季度創歷史新高。公司毛利率為 46.3%，接近我們指導範圍的上限，比上一季下降 30 個基點，這是由於產品內部不同組合的推動，但部分被向服務和成本節約的有利組合轉變所抵消。

Products gross margin was 35.3%, down 130 basis points sequentially, primarily driven by mix, partially offset by favorable cost. Services gross margin was 74%, down 60 basis points from last quarter. Operating expenses of $14.3 billion were at the low end of the guidance range we provided and up 7% year over year.

產品毛利率為 35.3%，比上一季下降 130 個基點，主要由產品組合推動，但部分被有利的成本所抵銷。服務毛利率為74%，較上季下降60個基點。 143 億美元的營運費用處於我們提供的指導範圍的低端，年增 7%。

Net income was $21.4 billion. Diluted EPS of $1.40 was up 11% year over year and set a June quarter record, and operating cash flow was very strong at $28.9 billion, also a June quarter record.

淨利潤為 214 億美元。稀釋後每股收益為 1.40 美元，年成長 11%，創下 6 月季度的記錄，營運現金流非常強勁，達到 289 億美元，也創下 6 月季度的記錄。

Let me get into more detail for each of our revenue categories. iPhone revenue was$ 39.3 billion, down 1% year over year, but grew on a constant currency basis. We said June quarter records across several countries, including the UK, Spain, Poland, Mexico, Indonesia and the Philippines. And the iPhone active installed base grew to a new all-time high in total and in every geographic segment.

讓我更詳細地介紹我們每個收入類別。 iPhone 營收為 393 億美元，年減 1%，但以固定匯率計算成長。我們表示，多個國家的 6 月季度業績均創歷史新高，包括英國、西班牙、波蘭、墨西哥、印尼和菲律賓。 iPhone 的活躍安裝基數在各地理區域的總安裝量均創歷史新高。

During the June quarter, many iPhone models were among the top-selling smartphones around the world. In fact, according to a survey from Kantar, iPhone was the top-selling model in the US, Burbank, China, the UK, Germany, Australia and Japan. Customer satisfaction on the iPhone 15 family continues to be extremely high, with 451 Research measuring it at 98% in the US in their latest reports.

在第二季度，許多 iPhone 機型躋身全球最暢銷智慧型手機之列。事實上，根據 Kantar 的一項調查，iPhone 是美國、伯班克、中國、英國、德國、澳洲和日本最暢銷的型號。 iPhone 15 系列的客戶滿意度仍然非常高，451 Research 在其最新報告中計算，美國客戶滿意度為 98%。

Mac generated $7 billion in revenue, up 2% year over year, driven by the MacBook Air powered by the M3 chip. We saw particularly strong performance in our emerging markets with June quarter records for MAC in Latin America, India and South Asia. The Mac installed base reached an all-time high with half of MacBook Air customers in the quarter being new to Mac, and customer satisfaction for Mac was recently reported at 96% in the US.

在搭載 M3 晶片的 MacBook Air 的推動下，Mac 的營收達到 70 億美元，年增 2%。我們看到新興市場的表現尤其強勁，MAC 在拉丁美洲、印度和南亞的 6 月季度記錄。 Mac 的安裝基數達到了歷史最高水平，本季有一半的 MacBook Air 客戶是 Mac 的新用戶，最近據報道，美國 Mac 的客戶滿意度為 96%。

iPad revenue was $7.2 billion, up 24% year over year, driven by the launch of the new iPad Pro and iPod Air. Customers are loving the latest iPod lineup for its new design and display, unparalleled performance, AI capabilities and much more. The iPad installed base has continued to grow and is an all-time high as half of the customers who purchase iPads during the quarter were new to the product.

受新款 iPad Pro 和 iPod Air 推出的推動，iPad 營收為 72 億美元，年增 24%。客戶因其全新的設計和顯示器、無與倫比的性能、人工智慧功能等而喜愛最新的 iPod 系列。 iPad 的安裝量持續成長，並創下歷史新高，因為本季購買 iPad 的客戶中有一半是該產品的新用戶。

Also, customer satisfaction was recently measured at 97% in the US. Wearables, Home and Accessories revenue was $8.1 billion, down 2% year-over-year, a sequential acceleration from the March quarter. Watch and Air Pods continued to face a difficult compare against prior year launches of the Air Pods Pro second-generation, the Watch SE and the first Watch Ultra.

此外，最近美國的客戶滿意度為 97%。穿戴式裝置、家居及配件收入為 81 億美元，年減 2%，較 3 月季度季增。與去年推出的第二代 Air Pods Pro、Watch SE 和第一代 Watch Ultra 相比，Watch 和 Air Pods 繼續面臨困難。

Apple Watch continues to attract new customers with almost two-thirds of customers purchasing an Apple Watch during the quarter being new to the product, sending the Apple Watch install base to a new all-time high, and the latest reports from 451 Research indicates customer satisfaction of 97% for watch in the US.

Apple Watch 繼續吸引新客戶，本季購買 Apple Watch 的客戶中有近三分之二是該產品的新客戶，這使得 Apple Watch 安裝基數達到歷史新高，451 Research 的最新報告表明客戶美國手錶滿意度高達97%。

In services, total revenue reached an all-time record of $24.2 billion, growing 14% year-over-year. We continue to have great momentum in services as the growth of our installed base of active devices sets a strong foundation for the future expansion of our ecosystem, and we see increased customer engagement with our services offerings, both transacting accounts and paid accounts reaching a new all-time high with paid accounts growing double digits year over year.

服務業總收入達 242 億美元，創歷史新高，較去年同期成長 14%。我們的服務繼續保持強勁勢頭，因為我們的活躍設備安裝基數的成長為我們生態系統的未來擴展奠定了堅實的基礎，而且我們看到客戶對我們服務產品的參與度不斷增加，交易帳戶和付費帳戶都達到了新的水平付費帳戶同比增長兩位數，創下歷史新高。

Also, 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 four years ago. And we are constantly focused on improving the breadth and quality of our services. From critically acclaimed new content on Apple TV+, to new games on Apple Arcade and the remaining latest features we previewed during WWDC for iCloud, Apple Pay, Apple Cash, Apple Music and more.

此外，付費訂閱也呈現兩位數的強勁成長。我們平台上各項服務的付費訂閱量遠超過 10 億美元，是四年前的兩倍多。我們不斷致力於提高服務的廣度和品質。從 Apple TV+ 上廣受好評的新內容，到 Apple Arcade 上的新遊戲，以及我們在 WWDC 期間預覽的 iCloud、Apple Pay、Apple Cash、Apple Music 等其他最新功能。

Turning to enterprise, we continue to see businesses, leveraging our entire suite of products to drive productivity and creativity for their teams and customers. USAA, a leading insurance and financial services company who recently expanded beyond their existing iPhone and iPad deployments to provide their employees with the latest MacBook Air.

談到企業，我們繼續看到企業利用我們的整套產品來提高其團隊和客戶的生產力和創造力。 USAA 是一家領先的保險和金融服務公司，最近超出了現有的 iPhone 和 iPad 部署範圍，為員工提供了最新的 MacBook Air。

An American Express has continued to add to their fleet of over 10,000 Macs to enhance their employees' productivity, security and collaboration. We're also excited to see leading organizations such as Boston Children's Hospital and Lufthansa using Apple Vision Pro to build innovative spatial computing experiences to transform the training of their workforces.

美國運通公司不斷增加其 10,000 多台 Mac 機群，以提高員工的工作效率、安全性和協作能力。我們也很高興看到波士頓兒童醫院和漢莎航空等領先組織使用 Apple Vision Pro 建立創新的空間運算體驗，以改變員工的培訓。

Let me now turn to our cash position and capital return program. We ended the quarter with $153 billion in cash and marketable securities. We repaid $4.3 billion in maturing debt and increased commercial paper by $1 billion, leaving us with total debt of $101 billion. As a result, net cash was $52 billion at the end of the quarter.

現在讓我談談我們的現金狀況和資本回報計劃。本季結束時，我們擁有 1,530 億美元的現金和有價證券。我們償還了 43 億美元的到期債務，並增加了 10 億美元的商業票據，使我們的債務總額達到 1,010 億美元。因此，截至本季末，淨現金為 520 億美元。

During the quarter, we returned over $32 billion to shareholders, including $3.9 billion in dividends and equivalents and $26 billion through open market repurchases of $139 million Apple shares.

本季度，我們向股東返還了超過 320 億美元，其中包括 39 億美元的股息和等價物，以及透過公開市場回購 1.39 億美元的蘋果股票獲得的 260 億美元。

As we move ahead into the September 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.

隨著我們進入九月季度，我想回顧一下我們的前景，其中包括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。

We expect foreign exchange to continue to be a headwind. It will have a negative impact on revenue of about 1.5 percentage points on a year-over-year basis. We expect our September quarter total company revenue to grow year over year at a rate similar to the June quarter. We expect services revenue to grow double digits at a rate similar to what we reported in the first three quarters of this fiscal year.

我們預計外匯將繼續成為不利因素。這將對收入較去年同期產生約1.5個百分點的負面影響。我們預計 9 月季度的公司總收入將以與 6 月季度類似的速度年增。我們預計服務收入將以兩位數的速度成長，與我們在本財年前三個季度報告的速度類似。

We expect gross margin to be between 45.5% and 46.5%. We expect OpEx to be between $14.2 billion and $14.4 billion. We expect OI&E to be around negative $50 million, excluding any potential impact from the mark-to-market or minority investments and our tax rate to be around 16.5%.

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 142 億美元至 144 億美元之間。我們預計 OI&E 約為負 5000 萬美元，不包括按市值計價或少數股權投資的任何潛在影響，我們的稅率約為 16.5%。

Finally, today, our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on August 15, 2024, to shareholders of record as of August 12, 2024.

最後，今天，我們的董事會宣佈於 2024 年 8 月 15 日向截至 2024 年 8 月 12 日登記在冊的股東派發每股普通股 0.25 美元的現金股利。

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

接下來，讓我們開始提問。

Thank you, Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please?

謝謝你，盧卡。我們要求您只回答兩個問題。接線員，我們可以問第一個問題嗎？

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great. Thank you very much for taking my question. Maybe, Tim, if we start with you, I thought some of the color you provided before the call about iPhone 15 performing better than the iPhone 14 was interesting. So just with that context, can you maybe help us understand where you see iPhone replacement cycles today? Where you think the size of the base of iPhones that are aged and likely to upgrade are? And what that translates to in potential pent-up demand as we enter new iPhone cycle? And I have a follow-up. Thank you.

偉大的。非常感謝您回答我的問題。提姆，如果我們從你開始，我認為你在電話會議之前提供的有關 iPhone 15 性能優於 iPhone 14 的一些顏色很有趣。那麼，在這樣的背景下，您能否幫助我們了解目前 iPhone 的更換週期？您認為老化且可能升級的 iPhone 底座尺寸在哪裡？當我們進入新的 iPhone 週期時，這意味著潛在的被壓抑的需求是什麼？我有一個後續行動。謝謝。

Yes, Hi, Erik. The installed base hit an all-time high during the quarter. And so we were very happy about that. iPhone in general grew in constant currency and 15, as you point out -- if you look at that same number of weeks of the 15 from launch and compare that to the 14, the 15 is doing better than the 14. And so that's kind of a state of where we currently are.

是的，嗨，埃里克。本季安裝量創下歷史新高。所以我們對此感到非常高興。 iPhone 總體上以固定匯率和15 計算增長，正如您所指出的- 如果您查看15 自發布以來的相同周數並將其與14 進行比較，就會發現15 的表現比14 更好。 所以這很好我們目前所處的狀態。

In terms of upgrade rates, it's very difficult, mid cycle to call upgrade rates. I would just say that with Apple Intelligence, we are very excited and about the level of value that we're going to provide to users, we believe that that presents another reason for a compelling upgrade.

就升級率而言，在周期中期呼叫升級率非常困難。我只想說，對於 Apple Intelligence，我們感到非常興奮，對於我​​們將為用戶提供的價值水平，我們相信這是令人信服的升級的另一個原因。

Okay. That's very helpful. Thanks, Tim. And then secondly, can you maybe dig into the China dynamics a bit. Sales down 6% this quarter, 3% in constant currency, an improvement from last quarter on a tougher compare that came on the back of some iPhone discounting.

好的。這非常有幫助。謝謝，蒂姆。其次，您能否深入了解中國的動態。本季銷售額下降 6%，以固定匯率計算下降 3%，與上季相比有所改善，但由於 iPhone 的一些折扣導致銷量更加嚴峻。

So can you maybe just share color on the China market as a whole? How much you believe promotions helped in the quarter? How sustainable this improvement is? And if this performance really changes any of your approach to the China market as we look forward? Thanks so much.

那麼您能否分享一下整個中國市場的情況？您認為促銷對本季有多大幫助？這種改善的可持續性如何？正如我們所期待的那樣，這種表現是否真的改變了你們對中國市場的態度？非常感謝。

Yes, Eric, as you point out, we decreased by 6.5% year over year for the whole of Greater China. And if you looked at it on a constant currency basis, we declined by less than 3%. So over 50% of the decline year over year is currency related. That is an improvement from the first half of the fiscal year. And so, we're happy to see the acceleration. If you look at iPhone, in particular for Greater China, the installed base set a record.

是的，Eric，正如您所指出的，整個大中華區的銷售額比去年同期下降了 6.5%。如果以固定匯率計算，我們的下降幅度不到 3%。因此，超過 50% 的同比下降與貨幣有關。這比本財年上半年有所改善。因此，我們很高興看到這種加速。如果你看看 iPhone，尤其是大中華區的 iPhone，安裝量創下了紀錄。

We also in Mainland China set a June quarter record for upgraders and so that's a very strong signal. And in fact, the survey from Kantar this quarter showed that iPhones were the top three models in urban China. Also, if you look at -- one of the things we look at is the 15-family compared to the 14-family for the same number of weeks from launch. So this goes all the way back to the September of '23.

我們也在中國大陸創下了六月季度升級者的記錄，因此這是一個非常強烈的訊號。事實上，Kantar 本季的調查顯示，iPhone 是中國城市中排名前三的機型。另外，如果你看一下——我們關注的事情之一就是在發布後相同週數內將 15 個系列與 14 個系列進行比較。這可以追溯到 23 年 9 月。

If you if you look at that, the 15 is outperforming the 14. And so those are some of the some of the color I would provide. I In addition, one of the things that we're very focused on is the level of new customers buying our products. And so if you look at this on the Mac and iPad, in Mainland China, the majority of customers buying or buying for the first time -- buying that product for the first time, and the watch, the vast, vast majority of people are buying the product for the first time.

如果你看一下，你會發現 15 的性能優於 14。此外，我們非常關注的事情之一是新客戶購買我們產品的水平。所以如果你在Mac和iPad上看這個，在中國大陸，大多數顧客是第一次購買或第一次購買——第一次購買該產品，還有手錶，絕大多數人是第一次購買。

And during the quarter, I should say also that iPad returned to growth in Greater China as it did around the world. And so we continue to be confident in the long-term opportunity in China. I don't know how every chapter of the book reads, but we're very confident in the long term.

我還應該說，在本季度，iPad 在大中華區恢復了成長，就像在全球各地一樣。因此，我們仍然對中國的長期機會充滿信心。我不知道這本書的每一章讀起來怎麼樣，但從長遠來看我們非常有信心。

Great. Thanks so much.

偉大的。非常感謝。

Yeah.

是的。

Thank you, Eric. Operator, may we have the next question, please?

謝謝你，埃里克。接線員，請問我們有下一個問題嗎？

Ben Reitzes, Melius.

本‧雷茨，梅利厄斯。

Hey, thanks a lot. I appreciate it. Hey, Tim. You know, now that you've launched or announced Apple Intelligence, do you have any ideas on how it may impact services? Would it -- you feel like it will accelerate your services business augmented and maybe you folks will need to buy more storage and some other things. How are you thinking about it as a catalyst for services into next year? And I have a follow-up. Thanks.

嘿，非常感謝。我很感激。嘿，提姆。您知道，既然您已經推出或宣布了 Apple Intelligence，您對它可能如何影響服務有什麼想法嗎？你會覺得它會加速你的服務業務的擴展嗎？您如何看待它作為明年服務業的催化劑？我有一個後續行動。謝謝。

We started the rollout of Apple Intelligence this week with developers. So some of the features are out there as of Monday, and we couldn't be more excited about getting them out there. Obviously that this will enable developers to take their apps to the next level. And so we're taking this first step in getting the beta out there. And we can't wait to see what kind of amazing things they do with it.

本週我們開始與開發者一起推出 Apple Intelligence。因此，一些功能從週一開始就已經推出，我們對它們的推出感到無比興奮。顯然，這將使開發人員能夠將他們的應用程式提升到一個新的水平。因此，我們正在踏出推出測試版的第一步。我們迫不及待地想看看他們用它做了什麼樣的令人驚奇的事情。

Okay, thanks. And then, Luca, with regard to gross margin, it's been -- you know there's been some component price inflation and mix. Do you mind just giving us a little more color on how you're managing that sequentially and how you feel about the current component environment as an impact on margins? Thanks.

好的謝謝。然後，盧卡，就毛利率而言，你知道存在一些零件價格上漲和混合。您是否介意向我們提供更多關於您如何按順序進行管理以及您對當前組件環境對利潤率影響的看法？謝謝。

Sure, Ben. I think I'll give you a bit of the walk for the June quarter and then get into the outlook that we provided for the September quarter. The total company level, we've reported 46.3%. It is down 30 basis points sequentially. And it was really driven by a different mix within products. Of course, you know, we launched a very important product like the iPad during the course of the quarter, but we had an offset from a shift in mix towards services and we got some good cost savings.

當然，本。我想我將向您介紹 6 月份季度的一些情況，然後介紹我們為 9 月份季度提供的前景。我們報告的公司總水準為 46.3%。季減 30 個基點。它實際上是由產品內部的不同組合所驅動的。當然，你知道，我們在本季度推出了 iPad 等非常重要的產品，但我們從組合到服務的轉變中得到了抵消，並且我們節省了一些很好的成本。

And so when you look at it on year over year basis, we are up significantly on the margin front. And keep in mind that foreign exchange continues to be a bit of a headwind for us. As we go into the September quarter, we are guiding [45.5% to 46.5%] which is kind of within the guidance that we provided last quarter. Again, similar dynamics, we expect a slightly different mix.

因此，當你逐年查看時，我們的利潤率顯著上升。請記住，外匯對我們來說仍然是一個阻力。當我們進入 9 月季度時，我們的指導是 [45.5% 至 46.5%]，這在我們上個季度提供的指導範圍內。同樣，類似的動態，我們預期會有稍微不同的組合。

We expect foreign exchange to have a minimal impact sequentially, although a more significant impact on a year-over-year basis. On the commodity side, I think that's what you're referring to, yes, we've seen some increases on the memory front, but the rest of the commodities, we see a continuous decline. So in general, we feel we are well positioned. And as you know, well, these are very high levels of gross margin for us, and we're pleased where we are.

我們預期外匯對季比的影響很小，但年比影響較大。在大宗商品方面，我認為這就是您所指的，是的，我們看到內存方面有一些增長，但其他商品我們看到持續下降。所以總的來說，我們覺得我們處於有利位置。如您所知，對我們來說，這些毛利率水準非常高，我們對目前的狀況感到滿意。

Hey, thanks a lot.

嘿，非常感謝。

Thank you, Ben. Operator, may we have the next question, please?

謝謝你，本。接線員，請問我們有下一個問題嗎？

Mike Ng, Goldman Sachs.

麥克吳，高盛。

Hi, good afternoon. I just have two questions. First, I was wondering if you could talk about whether or not you've seen a shift in demand for and iPhone 15 Pro, Pro Max model since WWDC that could potentially foreshadow consumer demand for Apple Intelligence enabled phones?

嗨，下午好。我只有兩個問題。首先，我想知道您是否可以談談自 WWDC 以來，您是否看到了 iPhone 15 Pro、Pro Max 機型的需求發生了變化，這可能預示著消費者對支援 Apple Intelligence 的手機的需求？

We just announced the sort of the requirements at the system and the silicon level in June. And so we had very limited time during the quarter. So it's really too early to tell.

我們剛剛在 6 月宣布了系統和晶片級別的要求。因此，我們在本季度的時間非常有限。所以現在說還太早。

That's fair. And then with the focus on upgrader potential over the next several years, I was just wondering if you could talk about what you're expecting from the US promotional environment from your channel partners, whether that's US wireless carriers, given the importance of device sales for those partners during an upgrade cycle or any retail support on what could be a very strong smartphone upgrade period? Thank you.

這還算公平。然後，隨著未來幾年升級潛力的關注，我只是想知道您是否可以談談您對通路合作夥伴（無論是美國無線營運商）在美國促銷環境中的期望，考慮到設備銷售的重要性對於那些在升級週期期間的合作夥伴或任何零售支持，什麼可能是一個非常強大的智慧型手機升級週期？謝謝。

We are very excited about Apple Intelligence and what it brings, and it's another compelling reason for an upgrade. I'd leave the promotional question for the sort of the carriers themselves to answer, but I believe it will be a very key time for an compelling upgrade cycle.

我們對 Apple Intelligence 及其帶來的功能感到非常興奮，這是升級的另一個令人信服的原因。我會把促銷問題留給運營商自己來回答，但我相信這將是一個引人注目的升級週期的非常關鍵的時刻。

Great. Thank you, Tim.

偉大的。謝謝你，提姆。

Yeah.

是的。

Thanks, Mike. Operator, can we have the next question, please.

謝謝，麥克。接線員，我們可以問下一個問題嗎？

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good afternoon, everyone, and off to as well. I guess maybe back to the Apple Intelligence dynamic, there's clearly a lot of excitement from consumers around what Apple Intelligence could mean to them. Can you just touch on your -- do you think the intent is to launch all the Apple Intelligence features at the same time to consumers or do you think they end of getting staggered a bit. And if they are staggered, do you think it impacts how consumers come out and buy the next generation iPhone?

大家下午好，我們也出發了。我想也許回到蘋果智慧的動態，消費者顯然對蘋果智慧對他們的意義感到非常興奮。你能談談你的——你認為我們的目的是同時向消費者推出所有蘋果智慧功能，還是你認為他們最終會變得有點錯愕。如果他們錯開，你認為這會影響消費者購買下一代 iPhone 的方式嗎？

The rollout, as we mentioned in June, we've actually started with developers this week. We started with some features of Apple Intelligence, not the complete suite. There are other features like languages beyond US English that will happen over the course of the year. And there are other features that will happen over the course of the year. And chat GPT is integrated by the end of the calendar year. And so yes, it is a staggered launch.

正如我們在 6 月提到的，我們實際上已在本週與開發人員一起開始了這項部署。我們從 Apple Intelligence 的一些功能開始，而不是完整的套件。還有其他功能，例如美國英語以外的語言，將在這一年中推出。今年還將出現其他一些功能。聊天 GPT 將於今年年底整合。是的，這是交錯發布。

Got it. And then your services growth rates have been extremely impressive for several quarters and seems like it's accelerated recently. Can you just touch and talk about it. When you look at the double-digit growth, how much of that do you think is coming from the installed base growth versus, you know, better [RPU] or better monetization of the installed base? And how do you kind of see that mix changing as you go forward?

知道了。然後，您的服務成長率在幾個季度中都非常令人印象深刻，並且最近似乎有所加速。你能觸摸一下並談論它嗎？當您看到兩位數的成長時，您認為其中有多少來自安裝基礎的成長，而不是更好的 [RPU] 或安裝基礎更好的貨幣化？隨著您的前進，您如何看待這種組合的變化？

Yes, Amit, it's Luca. It's a combination of a number of factors. The installed base growth is very important, of course, because we have a larger pool of customers that uses the ecosystem and uses our services. We are seeing and we've seen this consistently for many, many quarters now. We see continued growth in the level of engagement that our customers have with our ecosystem.

是的，阿米特，我是盧卡。這是多種因素的結合。當然，安裝量的成長非常重要，因為我們有更多的客戶使用生態系統並使用我們的服務。我們正在看到，而且我們已經在很多很多季度裡一直看到這種情況。我們看到客戶對我們生態系統的參與程度持續成長。

We have more transacting accounts every quarter. So more people using the ecosystem, both the free elements of the ecosystem and the paid elements. We see paid accounts growing double digits, and we've seen that for many, many quarters now. We look at our paid subscriptions on our platform and they're growing strong double digits as well.

每季我們都有更多的交易帳戶。所以更多的人使用生態系統，包括生態系統的免費元素和付費元素。我們看到付費帳戶以兩位數的速度成長，而且我們已經看到這種情況已經持續了很多季度了。讓我們來看看我們平台上的付費訂閱，它們也以兩位數的速度強勁成長。

So obviously, the growing level of engagement helps us both from an RPU standpoint and just a volume standpoint. Obviously, as you've seen over the last several years, we launched new services over time, and we've launched many new services fairly recently. Obviously, our payments business is relatively new, Apple TV+, Apple Arcade, Fitness+, so many other services we've added. And so we are providing more and more opportunities for our customers to interact with the ecosystem.

顯然，無論是從 RPU 角度還是從數量角度來看，參與度的不斷提高都對我們有所幫助。顯然，正如您在過去幾年中看到的那樣，我們隨著時間的推移推出了新服務，最近我們還推出了許多新服務。顯然，我們的支付業務是比較新的，Apple TV+、Apple Arcade、Fitness+，我們也增加了許多其他服務。因此，我們為客戶提供越來越多與生態系統互動的機會。

And we believe we're doing also very good job at improving the quality of the services and improving the amount of content that we may make available. We continue to make significant investments on TV+, on Apple Arcade. We are launching new shows new games all the time, and I think you will continue to see that as we go forward.

我們相信，我們在提高服務品質和增加可用內容數量方面也做得非常好。我們繼續在 TV+ 和 Apple Arcade 上進行大量投資。我們一直在推出新節目、新遊戲，我想隨著我們的前進，您會繼續看到這一點。

We're very, very happy with the 14% growth that we had this quarter because particularly if you look at the performance that we had in services a year ago, the compares for us tend to get a bit more challenging in the second half of our fiscal year. But in spite of that, we delivered a level of growth that was better than we were expecting at the beginning of the quarter.

我們對本季 14% 的成長感到非常非常滿意，因為特別是如果你看看我們一年前在服務方面的表現，我們在下半年的比較往往會更具挑戰性。但儘管如此，我們的成長水準還是比我們在本季初的預期好。

Thanks, Amit. And operator, we'll take the next question, please.

謝謝，阿米特。接線員，我們將回答下一個問題。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes, thank you. So much. Tim, you announced Apple intelligence, but you also announced partnerships with OpenAI and presumably more coming down the road. How should investors think about the monetization models around these partnerships where the CapEx investments are clearly being made by these potential partners, but you're obviously there leveraging your distribution to your very attractive installed base. So in the long-term, do you see the Apple intelligence part, the services growth from Apple intelligence being the larger contributor over time? Or do you see these partnerships becoming a larger contributor over time? And I will follow up.

是的，謝謝。非常。蒂姆，您宣布了 Apple 智能，但您也宣布了與 OpenAI 的合作夥伴關係，並且可能會有更多合作夥伴。投資者應該如何考慮圍繞這些合作夥伴關係的貨幣化模型，其中資本支出投資顯然是由這些潛在合作夥伴進行的，但您顯然正在利用您的分銷來吸引非常有吸引力的安裝基礎。因此，從長遠來看，您是否認為蘋果智慧部分（即蘋果智慧的服務成長）隨著時間的推移將做出更大的貢獻？或者您認為這些合作關係隨著時間的推移會成為更大的貢獻者？我會跟進。

I think you know, the way that I look at it is that Apple Intelligence is the on-device processing and the Private Cloud Compute. And a lot of that will be things with a personal contact and then for world knowledge, we are integrating with ChatGPT initially, and that will be focused on world knowledge. As I said, and so the monetization model, I don't want to get into the terms of the commercial agreements because they're confidential between the parties. But I see both aspects as being very important, people want both.

我想你知道，我的看法是 Apple Intelligence 是裝置上的處理和私有雲運算。其中許多將是個人接觸的事情，然後對於世界知識，我們最初正在與 ChatGPT 集成，這將專注於世界知識。正如我所說，對於貨幣化模式，我不想討論商業協議的條款，因為它們在雙方之間是保密的。但我認為這兩方面都非常重要，人們兩者都想要。

Thanks, Tim. As a follow-up, maybe for Luca. Just stepping back to the gross margin discussion again, if I look at calendar '23, you had on average 150 basis points increase in product gross margins on a year-on-year basis. In 2024 so far would be more flat year-on-year. When we think about that, is the incremental headwinds? I mean there was FX headwinds throughout the last several years. So ex FX, are there other incremental headwinds that are either temporary or structural in nature that are perhaps limiting further upside to what are obviously very strong gross margins? Thank you.

謝謝，蒂姆。作為後續行動，也許是針對盧卡的。再次回到毛利率討論，如果我看一下 23 年曆，產品毛利率比去年同期平均增加了 150 個基點。 2024 年到目前為止，年比將更加持平。當我們思考這個問題時，是否會遇到越來越多的阻力？我的意思是，過去幾年一直存在外匯逆風。那麼，除了外匯之外，是否還有其他暫時性或結構性的增量阻力可能會限制明顯非常強勁的毛利率的進一步上漲？謝謝。

Yeah. Of course, as you said, the foreign exchange continues to be, and this is incremental on a year-over-year basis. And it's one of those things that is outside of our control. We tried to hedge our exposures, but it is what it is. We know that when the dollar is strong, our gross margins are affected. Are the other element that I think it's always important to keep in mind is that within the products business, our products have different margins profiles. And depending on their relative success in the marketplace, our products gross margin tends to move.

是的。當然，正如你所說，外匯仍然是，而且是逐年增量的。這是我們無法控制的事情之一。我們試圖對沖我們的風險，但事實就是如此。我們知道，當美元走強時，我們的毛利率會受到影響。我認為始終要牢記的另一個重要因素是，在產品業務中，我們的產品具有不同的利潤狀況。根據他們在市場上的相對成功，我們的產品毛利率往往會改變。

And so the mix of our products has an impact on gross margins, right? And so we need to pay attention to that. Of course, you know, we just launched an iPad and that is one of the factors. But we want all our products will be very successful in the marketplace. And that's why we always look at gross margin dollars as a first order of priority and gross margin percentage tends to follow from that.

那麼我們的產品組合會對毛利率產生影響，對嗎？所以我們需要注意這一點。當然，你知道，我們剛剛推出了 iPad，這是因素之一。但我們希望我們所有的產品都能在市場上取得非常成功。這就是為什麼我們總是將毛利率美元視為第一要務，而毛利率百分比往往隨之而來。

The other factor that obviously has an impact the significant impact is the state of the commodity markets, and they tend to go in cycles. And so we'll see how that plays out over time. But in general, we feel good about the level of gross margins that we have for our products business and we think we are in a good position there.

另一個明顯產生重大影響的因素是大宗商品市場的狀況，它們往往呈現週期性變化。因此，我們將看看隨著時間的推移，情況會如何發展。但總的來說，我們對產品業務的毛利率水準感到滿意，並且我們認為我們在這方面處於有利地位。

Thanks, Luca.

謝謝，盧卡。

Thanks, Wasmi. Operator, can we have the next question, please?

謝謝，瓦斯米。接線員，我們可以問下一個問題嗎？

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yeah, hi. Thanks for taking my question and congrats on the strong results. The first one for Luca, Tim, we keep hearing about is increasing silicon content for AI edge devices? And also, I think, Luca, you spoke about increasing commodity costs. So I'm curious how to think about margins for this new AI devices. And Tim, do any of these Apple Intelligence features need more hardware upgrades than what we have today.

是的，嗨。感謝您提出我的問題，並祝賀取得了優異的成績。我們不斷聽說盧卡、提姆的第一個目標是增加人工智慧邊緣設備的矽含量？而且，我認為，盧卡，您談到了商品成本的增加。所以我很好奇如何考慮這種新人工智慧設備的利潤。提姆，這些 Apple Intelligence 功能中的任何一個都需要比我們今天擁有的更多的硬體升級嗎？

And then I had a quick follow-up.

然後我進行了快速跟進。

Maybe I'll take the first -- the second first and then pass it over to Luca. In terms of the requirements to run Apple Intelligence there are system requirements and there are silicon requirements. And so from an iPhone point of view, be the iPhone 15 Pro and Pro Max will run Apple Intelligence and the successor products obviously.

也許我會先拿第一個——第二個，然後把它交給盧卡。就運行 Apple Intelligence 的要求而言，有系統需求和晶片需求。因此，從 iPhone 的角度來看，iPhone 15 Pro 和 Pro Max 顯然將運行 Apple Intelligence 和後續產品。

If you look at the Mac, it starts with the M series of silicon that started in 2020. And the iPad is the same. And so it starts with the M series of silicon. And so there are system requirements and silicon requirements that go with each of those.

如果你看 Mac，它是從 2020 年開始的 M 系列晶片開始的。所以它從 M 系列矽開始。因此，每一個都有相應的系統要求和晶片要求。

And from a gross margin standpoint, as you know, we don't provide any color past the current quarter, and we just provided guidance for the fourth quarter of 45.5% to 46.5%. It is essentially broadly in line with what we reported for the June quarter. So we take it quarter-by-quarter, and we will report as the time goes by.

從毛利率的角度來看，如您所知，我們沒有提供任何過去季度的數據，我們只是提供了第四季度 45.5% 至 46.5% 的指導。這與我們報告的六月季度的情況基本一致。所以我們按季度進行，隨著時間的推移我們會進行報告。

Got it. Very helpful. And then a quick follow-up with Tim. Thanks for the color on China. You also seen many other consumer discretionary and luxury brands talk about in China? And I think, Tim, you said half the details was FX related. I'm curious the other half of the weakness, was that more China macro related? Or do you think it is kind of like specific to Apple with domestic competitors? Any other color you could give would be very helpful. Thank you very much.

知道了。很有幫助。然後與蒂姆進行快速跟進。謝謝你帶給中國的色彩。您還看到許多其他非必需消費品和奢侈品牌在中國談論嗎？我想，提姆，你說過一半的細節與外匯有關。我很好奇另一半的疲軟是否與中國宏觀經濟有關？還是你認為這有點像蘋果特有的國內競爭對手？您可以提供的任何其他顏色都會非常有幫助。非常感謝。

Certainly the competitive environment, there is the most competitive in the world. I've said that before, and that remains to be the case. The macro economic factors have been in the press, too, and I'm not an expert on those. I can only tell you what we're seeing and we were pleased that the business showed improvement from the first half of the year.

當然競爭環境是世界上最有競爭力的。我以前已經說過了，現在仍然如此。宏觀經濟因素也已見諸媒體，但我不是這方面的專家。我只能告訴你我們所看到的情況，我們很高興看到業務較上半年有所改善。

Thank you, Krish. Operator, can we have the next question, please?

謝謝你，克里什。接線員，我們可以問下一個問題嗎？

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Two, if I may also, Tim, first one for you. I know it's early days and you talked about the developers just getting their hands on Apple Intelligence. But when you think about the categories that are currently in the App Store and kind of what you think app developers could do with this new technology, what's your instincts, say in terms of are these going to be additive applications to currently available applications? Is there any sort of category that you think is lends itself more naturally to Apple Intelligence? Is it games? Is it more creative? I'm just trying to get a sense for how you're thinking about it. And then I have a follow-up for Luca.

偉大的。兩個，如果可以的話，提姆，第一個給你。我知道現在還為時過早，您談到開發人員剛剛接觸 Apple Intelligence。但是，當您考慮應用程式商店中當前的類別以及您認為應用程式開發人員可以使用這項新技術做什麼時，您的直覺是什麼，例如這些應用程式是否會成為當前可用應用程式的附加應用程式?您認為是否有任何類別更適合 Apple Intelligence？是遊戲嗎？是不是更有創意呢？我只是想了解你的想法。然後我有盧卡的後續行動。

Thanks.

謝謝。

If you look at how we've deployed Apple Intelligence or deploying Apple Intelligence, we really thought about it at pretty much all of the apps that you use every day. And so we've thought about it from notes to mail to messages and all the rest. And so there's been a deep level of thinking about how it affects those apps. And that's going to surface Apple Intelligence in a way that is natural to the user in a way that will, I think get them very excited about it and get usage.

如果你看看我們如何部署 Apple Intelligence 或部署 Apple Intelligence，你會發現我們確實在你每天使用的幾乎所有應用程式中都考慮過這一點。因此，我們已經考慮了從筆記到郵件到訊息以及所有其他內容。因此，人們對它如何影響這些應用程式進行了深入的思考。這將以一種對用戶來說很自然的方式呈現Apple Intelligence，我認為這會讓他們對此感到非常興奮並被使用。

Similarly, I think the developers will do that on a broad basis with their apps as well. And so I think it's profound and you know we'll see what the developers do, but we're very excited to get the initial seed out there this week and see what they do. I think it will be amazing. Yeah.

同樣，我認為開發人員也會在他們的應用程式中廣泛地這樣做。所以我認為這是意義深遠的，你知道我們會看到開發人員會做什麼，但我們非常高興本週能推出最初的種子並看看他們會做什麼。我認為這將會是驚人的。是的。

Yes. No, that's helpful. I appreciate it. And Luca, just maybeI know you didn't give a full rundown of product categories in your prepared remarks. But if I kind of take your comments at face value, I guess what I'm trying to think about is for the next quarter. It sounds like with services being relatively strong and FX easing a little bit. You are effectively saying that product revenue in the September quarter is going to basically be flat with the September quarter last year, ahead of a product launch. And so I'm just trying to get a sense for, what are the puts and takes in that sort of outlook particularly as you have Apple Intelligence hopefully stoking the fire for demand going forward? Thanks.

是的。不，這很有幫助。我很感激。盧卡，也許我知道您在準備好的演講中沒有給出產品類別的完整概述。但如果我從表面上理解你的評論，我想我要考慮的是下個季度的情況。聽起來服務相對強勁，外匯寬鬆一些。您實際上是在說，在產品發布之前，九月份季度的產品收入基本上將與去年九月份季度持平。所以我只是想了解一下，在這種前景中，看跌期權和看跌期權是什麼，特別是當你有蘋果情報希望點燃未來的需求之火時？謝謝。

Well, we have provided, let me repeat what we provided. We think that we are going to be growing total company revenue at a rate that is similar to what we reported, so the plus 5%, right? In spite of the fact that we are going to have some foreign exchange headwinds, we said about 150 basis points in the December quarter. And we said that we will grow services double digits at a rate that is similar to what we've reported for the first three quarters of the fiscal year.

好吧，我們已經提供了，讓我重複我們提供的內容。我們認為公司總收入將以與我們報告的速度相似的速度成長，所以增加 5%，對嗎？儘管我們將面臨一些外匯阻力，但我們表示 12 月季度的匯率將上漲約 150 個基點。我們表示，我們的服務將以兩位數的速度成長，與我們在本財年前三個季度報告的速度類似。

We are not going into the other categories. I think there is a lot of good math that you can do from what we've given you here. Keep in mind on the Mac that we will have a challenging compare from a year ago, given the fact that we launched and we had the full quarter impact of the launch of the MacBook Air 15-inch a year ago. And also on the iPad, we reported 24% growth in the June quarter. Clearly we had the benefit from the launch in the June quarter of the new products, the iPad Air and the iPad Pro. So important to keep that in mind on a sequential basis.

我們不會討論其他類別。我認為根據我們在這裡提供的內容，您可以做很多很好的數學計算。請記住，在 Mac 上，我們將與一年前進行比較，因為我們一年前推出了 MacBook Air 15 英寸，並且對整個季度產生了影響。同樣在 iPad 上，我們報告第二季度成長了 24%。顯然，我們從 6 月季度推出的新產品 iPad Air 和 iPad Pro 中受益。按順序牢記這一點非常重要。

Great. Thank you very much.

偉大的。非常感謝。

Thank you, David. And Operator, may we have the next question, please?

謝謝你，大衛。接線員，我們可以問下一個問題嗎？

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Hi. Thank you for taking my questions. The first one is for Tim. I know it's early days. The feedback on Apple Intelligent software features like notifications summary and reduced reduced interruption focus from the developers who have tried the iOS 18.1 beta version this week is very positive.

你好。感謝您回答我的問題。第一個是給提姆的。我知道現在還為時過早。本週嘗試 iOS 18.1 Beta 版本的開發者對通知摘要和減少干擾焦點等蘋果智慧軟體功能的回饋非常正面。

My question is response to an earlier question, you talked about a staggered launch on some of these software features. So are you expecting most of the features that you announced at WWDC to be part of iOS 18? Or we should be thinking that some of these features could potentially part of iOS 19 next year?

我的問題是對先前問題的回答，您談到了其中一些軟體功能的交錯發布。那麼您是否期望在 WWDC 上宣布的大部分功能都成為 iOS 18 的一部分？或者我們應該認為其中一些功能可能會成為明年 iOS 19 的一部分？

Our objective that we said in June is to rollout US English starting in the fall, and that's to users and then proceed with more functionality, more features, if you will, and more languages and regions coverage as we proceed across the next year. And so we sort of gave a timeframe that and we're tracking to that.

我們在 6 月說過的目標是從秋季開始向用戶推出美式英語，然後在明年繼續提供更多功能、更多功能（如果您願意的話）以及更多語言和地區覆蓋。因此，我們給出了一個時間表，我們正在追蹤該時間表。

Understand. The next one for Luca. Luca the services growth momentum seems very strong. Are you seeing any impact from changes made to comply with the DMA rules?

理解。下一篇是給盧卡的。盧卡服務業的成長勢頭似乎非常強勁。您是否發現為遵守 DMA 規則而進行的變更會產生任何影響？

Well, as you know we have introduced some changes to the way we run the App Store in Europe already in March. And we are seeing a good level of adoption from developers on those changes. We are on an ongoing basis, discussing with the European Commission how to ensure full compliance with the DMA. It is obviously early stage, but in general, our results for the services business and for the App Store have been pretty good until now. Again to just provide you a frame of reference, the percentage of revenue that we generate from the European Union on the App Store is about 7% of the total.

嗯，如您所知，我們已經在三月對歐洲 App Store 的運作方式進行了一些更改。我們看到開發人員對這些變更的採用程度很高。我們正在與歐盟委員會持續討論如何確保完全遵守 DMA。這顯然還處於早期階段，但總的來說，到目前為止，我們的服務業務和應用程式商店的表現都相當不錯。再次為您提供一個參考框架，我們在 App Store 上從歐盟產生的收入百分比約為總收入的 7%。

Very helpful. Thank you.

很有幫助。謝謝。

Thank you, Atif. Operator, may we have the next question, please.

謝謝你，阿提夫。接線員，請問我們有下一個問題嗎？

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Yeah, hi. Thanks for taking my question. I guess, Tim, if I can just come ask you about Apple Intelligence as well on the regulatory aspect as well in certain geographies, you mentioned the staggered launch that you are aiming for and the time lines you're thinking. How you're thinking about the complexity of the regulatory process in particular like you EU and maube China? And does in terms of your time lines of the rollout? Are you sort of embedding in the regulatory aspect here? How should we think about timing then including that? And I have a follow-up. Thank you.

是的，嗨。感謝您提出我的問題。我想，蒂姆，如果我能來詢問您有關 Apple Intelligence 以及監管方面以及某些地區的情況，您提到了您的目標是分期發布以及您正在考慮的時間表。您如何看待監管程序的複雜性，特別是像歐盟和中國這樣的機構？就您的推出時間而言，情況如何？您是否參與了監理方面的工作？那我們該如何考慮時間安排呢？我有一個後續行動。謝謝。

We are engaged as you would guess, with both regulatory bodies that you mentioned. And our objective is to move as fast as we can, obviously because our objective is always to get features out there for everyone. We have to understand the regulatory requirements before we can commit to doing that and commit a schedule to doing that. But we're very constructively engaged with both.

正如您所猜測的那樣，我們與您提到的兩個監管機構都有合作。我們的目標是盡可能快速地行動，顯然是因為我們的目標始終是為每個人提供功能。我們必須先了解監管要求，然後才能承諾這樣做並製定時間表。但我們對兩者都進行了非常建設性的參與。

Okay, got it. And a quick one on the Wearables category, Luca. I know you mentioned the acceleration there on a sequential basis. Maybe you can just sort of parse that out in terms of which categories drove the acceleration because that's been a category that has been lagging a bit in terms of revenue trends for the past couple of quarters. So just curious what is starting to sort of drive it to accelerate on a sequential basis? Thank you.

好，知道了。盧卡（Luca）是關於穿戴式裝置類別的快速介紹。我知道你提到了連續的加速。也許您可以根據哪些類別推動了加速來解析這一點，因為在過去幾季中，該類別在收入趨勢方面一直有點落後。所以只是好奇是什麼開始推動它連續加速？謝謝。

Yeah, I'll take that one. And I think the important thing to remember when you look at the wearables home and accessory categories is that we have a difficult launch compare and we've been running that for a few quarters. And we still have that because last year had the continued benefit from the AirPods Pro second generation, the Watch SE and the very first Watch Ultra. And so it's important to keep that in mind if you sort of take a step back, however, and look at the business across the trailing 12-months, it's grown -- the wearables, home and accessory business has grown to almost $40 billion, which is double what it was five years ago.

是的，我會接受那個。我認為，當您查看穿戴式裝置家居和配件類別時，要記住的重要一點是，我們的發布比較困難，而且我們已經運行了幾個季度。我們仍然擁有這一點，因為去年我們繼續受益於第二代 AirPods Pro、Watch SE 和首款 Watch Ultra。因此，重要的是要記住這一點，如果您退後一步，看看過去 12 個月的業務，您會發現它正在增長——可穿戴設備、家居和配件業務已增長至近 400 億美元，這是五年前的兩倍。

Thank you.

謝謝。

Thank you, Samik. Operator, may we have the last question, please?

謝謝你，薩米克。接線員，請問最後一個問題可以嗎？

Richard Kramer, Arete Research.

理查德·克萊默，Arete 研究中心。

Thanks very much, Tim you referenced the investment in innovation and your R&D sales ratio reached what I think was a June quarter record even before launching Apple Intelligence. Do you see the rollout of these features requiring further increases in R&D or increases in OpEx or CapEx for cloud compute capacity? And is it even possible to forecast the services usage as they roll out given that they're so new for consumers?

非常感謝，提姆，你提到了對創新的投資，你的研發銷售比率甚至在推出 Apple Intelligence 之前就達到了我認為的 6 月季度記錄。您是否認為這些功能的推出需要進一步增加研發或增加雲端運算容量的營運支出或資本支出？鑑於這些服務對消費者來說還很新鮮，是否有可能在服務推出時預測它們的使用情況？

Thanks.

謝謝。

I Clearly, we have increased R&D over time. We've been investing in AI and ML for years and in addition to investing more and we've also redeployed certain skills onto AI and ML. And so the growth is sort of embedded in our numbers that we've shared here. It's increasing year-over-year. On the CapEx part, it's important to remember that we employ a hybrid kind of approach where we do things internally. And we have certain partners that we do business with externally where the CapEx would appear in their respective businesses. But yes, I mean, you can expect that there's -- we will continue to invest and increase it year-on-year.

顯然，隨著時間的推移，我們加強了研發力道。多年來，我們一直在人工智慧和機器學習方面進行投資，除了增加投資之外，我們還將某些技能重新部署到人工智慧和機器學習上。因此，這種成長在某種程度上體現在我們在這裡分享的數據中。它逐年增加。在資本支出部分，重要的是要記住，我們採用混合方法在內部做事。我們有某些與外部開展業務的合作夥伴，資本支出將出現在他們各自的業務中。但是，是的，我的意思是，你可以預期我們將繼續投資並逐年增加。

Okay. And maybe a quick follow-up for Luca. When we look at the free cash flow margins for the first nine months, they're up materially. And given this year's product mix, can you describe to us what exactly in the services mix or cost controls is driving what seems to be structurally higher free cash flow margins across the business.

好的。也許是盧卡的快速跟進。當我們查看前九個月的自由現金流利潤率時，它們大幅上升。鑑於今年的產品組合，您能否向我們描述一下服務組合或成本控制中到底是什麼推動了整個業務結構性更高的自由現金流利潤率。

Yeah. I'm glad you noticed that we are pretty pleased with that fact. And I think you probably also noticed that we have increased our return of capital to shareholders this quarter this one was a record quarter for us. Well, it's a combination of a number of things. Of course, an improvement in the top-line helps the margin expansion that we've had over the last several years and several quarters obviously has helped. And so that is driving better operating cash flow. On the CapEx front as Tim said, we employ a hybrid model. Some of the investments show up -- on our balance sheet and some other investments show up somewhere else and we pay, as we go. But in general, we try to run the company efficiently. We continue to think that capital efficiency is a good thing. And therefore, we are pleased with the fact that our free cash flow is doing well this year.

是的。我很高興您注意到我們對此非常滿意。我想您可能也注意到，本季我們增加了對股東的資本回報，這對我們來說是創紀錄的季度。嗯，這是很多事情的結合。當然，收入的改善有助於我們過去幾年和幾季的利潤率擴張，這顯然有所幫助。因此，這推動了更好的營運現金流。正如提姆所說，在資本支出方面，我們採用混合模型。有些投資出現在我們的資產負債表上，而其他一些投資則出現在其他地方，我們邊走邊付款。但總的來說，我們努力有效率地經營公司。我們仍然認為資本效率是件好事。因此，我們對今年自由現金流表現良好感到高興。

Okay, thanks.

好的謝謝。

Thank you, Richard. A replay of today's call will be available for two weeks on up Apple Podcast as a webcast on apple.com/investor and via telephone. The number for the telephone replay is (866)-583-1035. Please enter confirmation code 1969407 followed by the pound sign. These replays will be available by approximately 5:00 PM Pacific Time today. 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 today.

謝謝你，理查。今天的電話會議將在兩週內透過 Apple Podcast 以網路廣播形式在 apple.com/investor 上以及透過電話重播。電話重播號碼為 (866)-583-1035。請輸入確認碼 1969407，後面接著井號。這些重播將於太平洋時間今天下午 5 點左右提供。如有其他問題，請聯絡喬許‧羅森斯托克 (Josh Rosenstock)，電話 (408)-862-1142。如果有其他問題，財務分析師可以透過 (408)-974-3123 聯繫我 Suhasini Chandramouli。再次感謝您今天加入我們。

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。