蘋果 (AAPL) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Apple Q2 fiscal year 2025 earnings conference call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.

下午好，歡迎參加蘋果2025財年第二季財報電話會議。我叫 Suhasini Chandramouli，是投資者關係總監。今天的通話正在錄音。

Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Kevan Parekh. After that, we'll open the call to questions from analysts.

今天首先發言的是蘋果執行長庫克；隨後是財務長凱文帕雷克。之後，我們將開始回答分析師的提問。

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

請注意，您在我們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、營業費用、其他收入和支出、稅收、資本配置和未來業務前景的陳述，包括關稅和其他貿易措施以及宏觀經濟條件對公司業務和經營業績的潛在影響。這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。

For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Additional information will also be in our report on Form 10-Q for the quarter ended March 29, 2025, to be filed tomorrow and in other reports and filings we make with the SEC. Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

欲了解更多信息，請參閱蘋果公司今天向美國證券交易委員會提交的最新 10-Q 表、10-K 表和 8-K 表中討論的風險因素以及相關新聞稿。更多資訊也將包含在我們明天提交的截至 2025 年 3 月 29 日的季度 10-Q 表報告中，以及我們向美國證券交易委員會提交的其他報告和文件中。Apple 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其發布之日的觀點。

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

現在我想將電話轉給提姆作介紹性發言。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, we are reporting $95.4 billion in revenue, up 5% from a year ago and at the high end of the range we provided last quarter. Diluted EPS was $1.65, up 8% year over year and a March quarter record. Services achieved an all-time revenue record, growing 12% compared to the prior year.

謝謝你，蘇哈西尼。大家下午好，感謝大家參加電話會議。今天，我們報告的收入為 954 億美元，比去年同期增長 5%，並且處於上個季度提供的範圍的高端。稀釋每股收益為 1.65 美元，年增 8%，創下 3 月季度最高紀錄。服務業務收入創歷史新高，較上年成長 12%。

We also set a number of quarterly records in countries and regions across the world, including the UK, Spain, Finland, Brazil, Chile, Turkey, Poland, India, and the Philippines. We are as dedicated as ever to the innovation and ingenuity that will enrich our customers' lives and help us leave the world better than we found it. And we are proud to increase our impact around the world, including here in the United States, where we recently announced plans to spend $500 billion over the next four years.

我們也在英國、西班牙、芬蘭、巴西、智利、土耳其、波蘭、印度、菲律賓等全球多個國家和地區創下了多項季度記錄。我們一如既往地致力於創新和獨創，以豐富客戶的生活並幫助我們讓世界變得比原來更加美好。我們很自豪能夠擴大我們在世界各地的影響力，包括在美國，我們最近宣布了未來四年投資 5000 億美元的計劃。

We're going to be expanding our teams in our facilities in several states, including Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington. And we're going to be opening a new factory for advanced server manufacturing in Texas.

我們將在多個州的設施中擴大我們的團隊，包括密西根州、德克薩斯州、加利福尼亞州、亞利桑那州、內華達州、愛荷華州、俄勒岡州、北卡羅來納州和華盛頓州。我們將在德州開設一家生產先進伺服器的新工廠。

During calendar year 2025, we expect to source more than 19 billion chips from a dozen states, including tens of millions of advanced chips being made in Arizona this year. We also source glass used in iPhone from an American company. All told, we have more than 9,000 suppliers in the US across all 50 states.

在 2025 年，我們預計將從十幾個州採購超過 190 億個晶片，其中包括今年在亞利桑那州生產的數千萬個先進晶片。我們也從一家美國公司採購 iPhone 使用的玻璃。總而言之，我們在美國 50 個州擁有超過 9,000 家供應商。

Now I'll turn to products, starting with iPhone. iPhone revenue was $46.8 billion, up 2% from a year ago. During the quarter, we introduced iPhone 16e, a great new entry-level addition to our iPhone 16 lineup. It's powered by our latest-generation A18 chip and includes the all-new Apple-designed C1 modem, the most energy-efficient modem ever in an iPhone, allowing iPhone 16e to have the longest battery life of any 6.1-inch iPhone.

現在我來談談產品，首先是iPhone。 iPhone營收為468億美元，年增2%。在本季度，我們推出了 iPhone 16e，這是我們 iPhone 16 系列的一款出色的入門級新產品。它由我們最新一代的 A18 晶片驅動，並包含全新 Apple 設計的 C1 調製解調器，這是 iPhone 有史以來最節能的調製解調器，使 iPhone 16e 擁有所有 6.1 吋 iPhone 中最長的電池續航時間。

Meanwhile, iPhone 16 and iPhone 16 Plus users are exploring how they can use camera control, whether capturing stunning images or exploring the world with visual intelligence. And our iPhone 16 Pro models continue to be a hit with our users. They are turbocharged by the remarkable capabilities and efficiency of A18 Pro and feature larger displays, an advanced camera system, and a beautiful design.

同時，iPhone 16 和 iPhone 16 Plus 用戶正在探索如何使用相機控制，無論是捕捉令人驚嘆的影像還是利用視覺智慧探索世界。我們的 iPhone 16 Pro 機型持續受到用戶的歡迎。它們由 A18 Pro 的卓越功能和效率驅動，並具有更大的顯示器、先進的攝影系統和漂亮的設計。

Mac revenue was $7.9 billion, 7% higher year over year, another great quarter for Mac. During the quarter, we introduced significant new updates to our lineup. The world's most popular laptop just got even better. The M4-powered MacBook Air features a 12-megapixel Center Stage camera and delivers a massive boost in performance. And now it comes in a beautiful new sky blue color.

Mac 營收為 79 億美元，年成長 7%，對於 Mac 來說，這又是一個出色的季度。在本季度，我們對我們的產品線進行了重大更新。世界上最受歡迎的筆記型電腦現在變得更加出色了。搭載 M4 的 MacBook Air 配備 1,200 萬像素中央鏡頭，效能大幅提升。現在它有了美麗的全新天藍色。

The new Mac Studio is the most powerful Mac we've ever shipped, equipped with M4 Max and our new M3 Ultra chip. It's a true AI powerhouse capable of running large language models with over 600 billion parameters entirely in memory. Apple Intelligence brings great capabilities to the Mac with features like writing tools and notification summaries that help users stay focused and get more done.

新款 Mac Studio 是我們迄今為止推出的功能最強大的 Mac，配備了 M4 Max 和我們的新款 M3 Ultra 晶片。它是一個真正的人工智慧強大引擎，能夠完全在記憶體中運行具有超過 6000 億個參數的大型語言模型。Apple Intelligence 為 Mac 帶來了強大的功能，包括寫作工具和通知摘要等功能，可協助使用者保持專注並完成更多工作。

Turning to iPad. Revenue for the quarter was $6.4 billion, up 15% from a year ago, another strong quarter of double-digit growth. Our iPad lineup continues to help users learn, work, play, and go wherever their imaginations take them. The new iPad Air with M3 combines powerful performance and exceptional portability, whether you're taking it across the street or around the world. And Apple Intelligence and Apple Pencil Pro are a perfect match, with features like the Clean Up Tool in photos to remove distractions and Image Wand in the Notes app to elevate simple sketches into polished illustrations.

轉向 iPad。本季營收為 64 億美元，較去年同期成長 15%，再次實現兩位數的強勁成長。我們的 iPad 系列將繼續幫助用戶學習、工作、娛樂以及去任何他們想像的地方。搭載 M3 的全新 iPad Air 兼具強大的性能和卓越的便攜性，無論您是帶著它穿過街道還是環遊世界。Apple Intelligence 和 Apple Pencil Pro 是完美的搭配，其照片中的清理工具等功能可以消除乾擾，而 Notes 應用中的圖像魔杖可以將簡單的草圖提升為精美的插圖。

Across Wearables, Home and Accessories, revenue was $7.5 billion, down 5% from a year ago. From walking trails to bike paths, Apple Watch Series 10 is an essential part wherever you are on the health and fitness journey. And AirPods 4 with active noise cancellation delivers an extraordinary experience in an open-ear design.

穿戴式裝置、家居和配件業務的收入為 75 億美元，比去年同期下降 5%。從步道到自行車道，無論您在健康和健身之旅中的哪個地方，Apple Watch Series 10 都是不可或缺的一部分。具有主動降噪功能的 AirPods 4 採用開放式耳機設計，帶來非凡的體驗。

Customers continue to tell me how important our Hearing Health features for AirPods Pro 2 are to them, and we've been expanding their availability to reach even more users around the world. Millions have already taken hearing tests, and the stories we received about the new hearing aid feature are deeply moving, showing how these innovations are making a real difference in people's daily lives. It's a powerful reminder of the impact technology can have when it's designed with care.

客戶不斷告訴我 AirPods Pro 2 的聽力健康功能對他們來說有多重要，我們一直在擴大其可用性，以覆蓋全球更多用戶。數百萬人已經接受了聽力測試，我們收到的有關新助聽器功能的故事令人深受感動，展示了這些創新如何真正改變人們的日常生活。它有力地提醒我們，精心設計的技術可以產生巨大的影響。

Meanwhile, Apple Vision Pro takes the concert experience to a whole new level with Metallica, our latest Apple immersive video, which you have to see to believe. And visionOS 2.4 unlocks the first set of Apple Intelligence features for Vision Pro users while inviting them to explore a curated and regularly updated collection of spatial experiences with the Spatial Gallery app.

同時，Apple Vision Pro 透過我們最新的 Apple 沉浸式影片 Metallica 將音樂會體驗提升到一個全新的水平，您必須親眼看到才會相信。visionOS 2.4 為 Vision Pro 用戶解鎖了第一組 Apple Intelligence 功能，同時邀請他們使用 Spatial Gallery 應用程式探索精心策劃且定期更新的空間體驗集合。

In retail, in addition to the two stores we opened during the quarter, we're also looking forward to a new retail store in the UAE, the arrival of the online store in Saudi Arabia, and new retail stores in India starting later this year.

在零售方面，除了本季開設的兩家門市外，我們還期待在今年稍晚在阿聯酋開設一家新的零售店、在沙烏地阿拉伯開設一家線上商店以及在印度開設新的零售店。

Let's now turn to Services where we achieved an all-time revenue record of $26.6 billion, up 12% from a year ago, with strong performance across all of our categories. From starting their morning with their podcast of choice to buying a coffee with Apple Pay to spending an afternoon reading the latest bestseller on Apple Books to using their favorite app from the App Store or an evening workout with Fitness+, Apple's Services are enriching our users' lives all throughout their day.

現在讓我們來看看服務業務，我們的營收創歷史新高，達到 266 億美元，比去年同期成長 12%，所有類別均表現強勁。從早上收聽自己選擇的播客，到用 Apple Pay 購買咖啡，再到下午在 Apple Books 上閱讀最新的暢銷書，再到使用 App Store 中自己喜歡的應用程序，或者晚上使用 Fitness+ 鍛煉，Apple 的服務正在豐富我們用戶一整天的生活。

With incredible shows like The Studio, Your Friends & Neighbors, and the culture-shaping Severance, Apple TV+ has become a must-see destination with record viewership during the quarter. And we're excited for our upcoming movie F1 starring Brad Pitt, which will hit theaters this summer and gives an incredible inside look at one of the most intense sports on Earth.

憑藉《The Studio》、《Your Friends & Neighbors》和塑造文化的《Severance》等精彩節目，Apple TV+ 已成為本季收視率創紀錄的必看節目。我們非常期待即將上映的由布萊德彼特主演的電影《F1》，將於今年夏天上映，讓我們深入了解地球上最激烈的運動之一。

And there is so much more to come this year. It's no wonder Apple TV+ has earned more than 2,500 award nominations and 560 wins.

今年還會有更多事情發生。難怪 Apple TV+ 獲得了超過 2,500 項獎項提名並獲得了 560 項獲獎。

We're also reaching sports fans in more ways than ever, from watching their favorite teams go to bat on Friday Night Baseball to cheering on their local team with MLS Season Pass to following the results of every Grand Prix with Formula 1 now on the Apple Sports app.

我們也以比以往更多的方式接觸體育迷，從觀看他們最喜歡的球隊在周五晚間棒球比賽中擊球，到使用 MLS 季票為他們當地的球隊加油，再到在 Apple Sports 應用上關註一級方程式賽車每場大獎賽的結果。

Turning to software. We just released iOS 18.4, which brought Apple Intelligence to more languages, including French, German, Italian, Portuguese, Spanish, Japanese, Korean, and simplified Chinese as well as localized English to Singapore and India. AI and machine learning are core to so many profound features we've rolled out over the years to help our users live a better day. It's why we designed Apple Silicon with a neural engine that powers so many AI features across our products and third-party apps. It's also what makes Apple products the best devices for generative AI.

轉向軟體。我們剛剛發布了 iOS 18.4，它將 Apple Intelligence 擴展到更多語言，包括法語、德語、義大利語、葡萄牙語、西班牙語、日語、韓語和簡體中文，以及新加坡和印度的在地化英語。人工智慧和機器學習是我們多年來推出的眾多深刻功能的核心，旨在幫助我們的用戶過上更美好的生活。這就是為什麼我們在設計 Apple Silicon 時會配備神經引擎，為我們的產品和第三方應用程式中的眾多 AI 功能提供支援。這也是蘋果產品成為生成人工智慧最佳設備的原因。

At WWDC 24, we announced Apple Intelligence and shared our vision for integrating generative AI across our ecosystem into the apps and features our users rely on every day. To achieve this goal, we built our own highly capable foundation models that are specialized for everyday tasks. We designed helpful features that are right where our users need them and are easy to use. And we went to great lengths to build a system that protects user privacy, whether requests are processed on-device or in the cloud with Private Cloud Compute, an extraordinary step forward for privacy and AI.

在 WWDC 24 上，我們宣布了 Apple Intelligence，並分享了我們的願景，將整個生態系統中的生成式人工智慧整合到用戶每天依賴的應用程式和功能中。為了實現這一目標，我們建立了自己的高效能基礎模型，專門用於日常任務。我們設計了一些有用的功能，這些功能正好滿足用戶的需求並且易於使用。我們竭盡全力建立了一個保護用戶隱私的系統，無論請求是在設備上處理還是透過私有雲運算在雲端處理，這都是隱私和人工智慧向前邁出的非凡一步。

Since we launched iOS 18, we've released a number of Apple Intelligence features from helpful Writing Tools to Genmoji, Image Playground, Image Wand, Clean Up, Visual Intelligence, and a seamless connection to ChatGPT. We made it possible for users to create movies of their memories with a simple prompt and added AI-powered photo search, smart replies, priority notifications, summaries for mail, messages, and more. We've also expanded these capabilities to more languages and regions.

自從推出 iOS 18 以來，我們發布了許多 Apple Intelligence 功能，從有用的寫作工具到 Genmoji、Image Playground、Image Wand、Clean Up、Visual Intelligence 以及與 ChatGPT 的無縫連接。我們讓用戶能夠透過簡單的提示創建他們記憶的電影，並添加了人工智慧照片搜尋、智慧回應、優先通知、郵件摘要、訊息等。我們也將這些功能擴展到更多語言和地區。

With regard to the more personal Siri features we announced, we need more time to complete our work on these features so they meet our high-quality bar. We are making progress and we look forward to getting these features into customers' hands.

關於我們宣布的更個人化的 Siri 功能，我們需要更多時間來完成這些功能的工作，以使其符合我們的高品質標準。我們正在取得進展，並期待將這些功能交到客戶手中。

Turning to sustainability. We just celebrated Earth Day, and we were proud to announce that we've cut our emissions by 60% from our 2015 levels. Today, we're using more clean energy across our operations and more recycled materials in our products than ever. We have worked with suppliers to bring 17.8 gigawatts of renewable electricity online. We're also saving billions of gallons of freshwater and redirecting millions of metric tons of waste from landfills. All of this will help us make important progress towards our goal of carbon neutrality across our supply chain and the life cycle of our products by 2030.

轉向可持續性。我們剛剛慶祝了世界地球日，並自豪地宣布，我們的排放量已比 2015 年的水平減少了 60%。今天，我們在運作過程中使用比以往更多的清潔能源，在產品中使用比以往更多的再生材料。我們與供應商合作，將 17.8 千兆瓦的再生電力投入上網。我們還節省了數十億加侖的淡水，並將數百萬公噸的垃圾從垃圾掩埋場轉移出去。所有這些都將幫助我們在2030年實現整個供應鏈和產品生命週期的碳中和目標方面取得重要進展。

Now let me walk you through the impacts of tariffs in the March quarter and give you some color on what we expect for the June quarter. For the March quarter, we had a limited impact from tariffs as we were able to optimize our supply chain and inventory. For the June quarter, currently, we are not able to precisely estimate the impact of tariffs as we are uncertain of potential future actions prior to the end of the quarter.

現在，讓我向您介紹一下 3 月份季度關稅的影響，並向您介紹 6 月份季度的預期。對於三月季度，由於我們能夠優化供應鏈和庫存，關稅對我們的影響有限。對於 6 月季度，目前我們無法準確估計關稅的影響，因為我們不確定本季結束前可能採取的行動。

However, for some color, assuming the current global tariff rates, policies, and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our costs. This estimate should not be used to make projections for future quarters as there are certain unique factors that benefit the June quarter. For our part, we will manage the company the way we always have, with thoughtful and deliberate decisions, with a focus on investing for the long term, and with dedication to innovation and the possibilities it creates.

然而，對於某些顏色，假設當前的全球關稅稅率、政策和應用程式在本季度餘額中保持不變，並且不增加新的關稅，我們估計其影響將使我們的成本增加 9 億美元。此估計值不應用於對未來季度進行預測，因為存在一些有利於六月季度的獨特因素。就我們而言，我們將按照一貫的方式管理公司，做出深思熟慮的決定，專注於長期投資，並致力於創新及其創造的可能性。

As we look ahead, we remain confident, confident that we will continue to build the world's best products and services, confident in our ability to innovate and enrich our users' lives, and confident that we can continue to run our business in a way that has always set Apple apart. Next month, we can't wait to welcome our developer community for the Worldwide Developers Conference, and we look forward to revealing some exciting announcements.

展望未來，我們仍然充滿信心，相信我們將繼續打造世界上最好的產品和服務，相信我們有能力創新並豐富用戶的生活，相信我們能夠繼續以蘋果一貫與眾不同的方式經營我們的業務。下個月，我們迫不及待地歡迎我們的開發者社群參加全球開發者大會，我們期待著宣布一些令人興奮的公告。

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

說完這些，我就把麥克風交給凱文 (Kevan)。

Thanks, Tim, and good afternoon, everyone. Our March quarter revenue of $95.4 billion, was up 5% year over year despite a headwind of almost 2.5 percentage points from foreign exchange.

謝謝，提姆，大家下午好。我們 3 月季度的營收為 954 億美元，儘管外匯匯率下跌了近 2.5 個百分點，但仍年增 5%。

We also grew in the majority of the markets we track. Products revenue was $68.7 billion, up 3% year over year, driven by growth in iPhone, iPad, and Mac. And thanks to our high levels of customer satisfaction and strong loyalty, our installed base of active devices reached an all-time high across all product categories and geographic segments.

我們在追蹤的大多數市場也實現了成長。產品收入為 687 億美元，年增 3%，這得益於 iPhone、iPad 和 Mac 的成長。由於我們擁有較高的客戶滿意度和強大的忠誠度，我們在所有產品類別和地理區域的活躍設備安裝基數都達到了歷史最高水準。

Services revenue was $26.6 billion, up 12% year over year despite over 2 percentage points of foreign exchange headwinds. And as Tim mentioned, this was an all-time revenue record. We also grew in every geographic segment and saw double-digit growth in both developed and emerging markets.

服務收入達到 266 億美元，儘管面臨超過 2 個百分點的外匯逆風，但仍年增 12%。正如蒂姆所說，這是歷史最高收入記錄。我們也在每個地理區域都實現了成長，在已開發市場和新興市場都實現了兩位數的成長。

Company gross margin was 47.1%, in the middle of our guidance range, and up 20 basis points sequentially, primarily driven by favorable mix. Products gross margin was 35.9%, down 340 basis points sequentially, driven by mix, foreign exchange, and a seasonal loss of leverage.

公司毛利率為 47.1%，處於我們指引範圍的中間，較上季成長 20 個基點，主要由有利的產品組合推動。產品毛利率為 35.9%，較上一季下降 340 個基點，受產品組合、外匯和季節性槓桿損失的影響。

Services gross margin was 75.7%, up 70 basis points sequentially, primarily driven by a different mix, partly offset by foreign exchange. Operating expenses landed at $15.3 billion, up 6% year over year. Net income was $24.8 billion, and diluted earnings per share was $1.65, up 8% year over year and a March quarter record. Operating cash flow was also strong at $24 billion.

服務毛利率為 75.7%，比上一季上升 70 個基點，主要受不同產品組合推動，但部分被外匯所抵銷。營運支出達到 153 億美元，年增 6%。淨收入為 248 億美元，每股攤薄收益為 1.65 美元，年增 8%，創下 3 月季度的最高紀錄。營運現金流也十分強勁，達到 240 億美元。

Now I'm going to provide some more details for each of our revenue categories. iPhone revenue was $46.8 billion, up 2% year over year, driven by the iPhone 16 family. The iPhone active installed base grew to an all-time high in total and in every geographic segment, and iPhone upgraders grew double digits year over year.

現在，我將提供每個收入類別的更多細節。 iPhone 營收為 468 億美元，年增 2%，這主要得益於 iPhone 16 系列的推動。iPhone 活躍安裝基數在整體和各個地理區域均創下歷史新高，iPhone 升級用戶數量較去年同期成長兩位數。

According to a recent survey from Kantar, during the March quarter, iPhone was a top-selling model in the US, urban China, the UK, Germany, Australia, and Japan. And we continue to see high levels of customer satisfaction in the US at 97% as measured by 451 Research.

根據 Kantar 最近的一項調查，在 3 月季度，iPhone 是美國、中國城市、英國、德國、澳洲和日本最暢銷的機型。根據 451 Research 的調查，我們持續看到美國客戶滿意度高達 97%。

Mac revenue was $7.9 billion, up 7% year over year, driven by the latest MacBook Air, MacBook Pro, and Mac mini models. This performance was broad-based with every geographic segment growing year over year. The Mac installed base reached an all-time high and we saw strong growth for both upgraders and customers new to the Mac. Customer satisfaction was reported at 95% in the US.

Mac 營收為 79 億美元，年增 7%，這得益於最新款 MacBook Air、MacBook Pro 和 Mac mini 機型的推動。此業績表現廣泛，各個地理區域均逐年成長。Mac 安裝基數達到了歷史最高水平，我們看到 Mac 升級用戶和新用戶的數量均實現了強勁增長。據報道，美國的客戶滿意度高達 95%。

iPad revenue was $6.4 billion, up 15% year over year, driven by the new M3-powered iPad Air. The iPad installed base reached another all-time high, and over half the customers who purchased an iPad during the quarter were new to the product. Based on the latest reports from 451 Research, customer satisfaction was 97% in the US.

iPad 營收為 64 億美元，年增 15%，這得益於搭載 M3 處理器的新款 iPad Air。iPad 的安裝基數再創歷史新高，本季購買 iPad 的客戶中有一半以上都是新用戶。根據 451 Research 的最新報告，美國的客戶滿意度為 97%。

Wearables, Home, and Accessories revenue was $7.5 billion, down 5% year over year. Keep in mind, we did face a more difficult compare against the launch of the Apple Vision Pro in the year-ago quarter as well as the Watch Ultra 2 launched last year. At the same time, the Apple Watch installed base reached a new all-time high with over half of customers purchasing an Apple Watch during the quarter being new to the product. And customer satisfaction for Watch in the US was recently measured at 95%.

穿戴式裝置、家居和配件收入為 75 億美元，年減 5%。請記住，與去年同期推出的 Apple Vision Pro 以及去年推出的 Watch Ultra 2 相比，我們確實面臨更困難的比較。同時，Apple Watch 的安裝基數創下了歷史新高，本季購買 Apple Watch 的客戶中超過一半都是新用戶。美國市場對 Watch 的顧客滿意度最近被測量為 95%。

Our Services revenue reached an all-time high of $26.6 billion, up 12% year over year. This growth rate was comparable to the December quarter year-over-year growth rate when we removed the negative impact from foreign exchange. We saw strong momentum in the March quarter and the growth of our installed base of active devices gives us great opportunities for the future.

我們的服務收入達到歷史最高水平，達到 266 億美元，年增 12%。當我們消除外匯的負面影響後，這一增長率與 12 月季度的同比增長率相當。我們在三月季度看到了強勁的發展勢頭，活躍設備安裝基數的成長為我們的未來帶來了巨大的機會。

Customer engagement across our Services offerings also continue to grow. Both transacting and paid accounts reached new all-time highs, with paid accounts growing double digits year over year. Paid subscriptions also grew double digits. We have well over 1 billion paid subscriptions across the services on our platform. We continue to improve the quality and breadth of our service offerings from additional features in News+ to new games available on Arcade.

我們服務產品的客戶參與度也持續成長。交易帳戶和付費帳戶均創下歷史新高，付費帳戶較去年同期成長兩位數。付費訂閱量也實現了兩位數的成長。我們平台上的服務付費訂閱用戶已超過 10 億。我們不斷提高服務品質和廣度，從 News+ 的附加功能到 Arcade 上提供的新遊戲。

Apple Pay continues to help our customers with an easy, secure, and private payment solution, and we were pleased to see that our active users in Apple Pay reached an all-time record, up double digits year over year.

Apple Pay 繼續為我們的客戶提供簡單、安全且私密的支付解決方案，我們很高興看到 Apple Pay 的活躍用戶數量創下了歷史新高，同比增長了兩位數。

Turning to enterprise. Organizations are investing more on Apple products and services to drive productivity and employee engagement. For example, KPMG recently rolled out iPhone 16 for all US employees, reflecting their confidence in Apple's security and privacy features.

轉向企業。各組織正在加大對 Apple 產品和服務的投資，以提高生產力和員工參與。例如，畢馬威最近為所有美國員工推出了 iPhone 16，反映出他們對蘋果安全和隱私功能的信心。

We also continue to see strong Mac performance in enterprise. New Bank, the largest digital bank in Latin America, has selected MacBook Air as a standard computer for their thousands of employees. With Vision Pro, companies are continuing to find new and innovative ways to leverage this technology. Dassault Systèmes, a leading provider for engineering and 3D design software, has natively integrated Apple Vision Pro into their next-generation platform, bringing a powerful and immersive spatial experience to thousands of enterprise customers.

我們也持續看到 Mac 在企業領域的強勁表現。拉丁美洲最大的數位銀行 New Bank 已選擇 MacBook Air 作為數千名員工的標準電腦。借助 Vision Pro，公司正在不斷尋找新的創新方法來利用這項技術。達梭系統是一家領先的工程和 3D 設計軟體供應商，它已將 Apple Vision Pro 原生整合到其下一代平台中，為數千家企業客戶帶來強大而身臨其境的空間體驗。

Now let's turn to our cash position and capital return program. We ended the quarter with $133 billion in cash and marketable securities. We had $3 billion in debt maturities and increased commercial paper by $4 billion, resulting in $98 billion in total debt. Therefore, at the end of the quarter, net cash was $35 billion.

現在讓我們來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 1,330 億美元的現金和有價證券。我們有 30 億美元的債務到期，商業票據增加了 40 億美元，導致總債務達到 980 億美元。因此，本季末的淨現金為 350 億美元。

During the quarter, we returned $29 billion to shareholders. This included $3.8 billion in dividends and equivalents and $25 billion through open-market repurchases of 108 million Apple shares.

本季度，我們向股東返還了 290 億美元。其中包括 38 億美元的股息和等價物，以及透過公開市場回購 1.08 億股蘋果股票的 250 億美元。

Given the continued confidence we have in our business now and into the future, today, our Board authorized an additional $100 billion for share repurchases as we maintain our goal of getting to net cash neutral. We're also raising our dividend by 4% to $0.26 per share of common stock, and we continue to plan for annual increases in the dividend going forward as we have done for the last 13 years. This cash dividend will be payable on May 15, 2025, to shareholders of record as of May 12, 2025.

鑑於我們對現在和未來的業務持續充滿信心，今天，我們的董事會批准額外 1000 億美元用於股票回購，因為我們保持實現淨現金中立的目標。我們還將股息提高 4% 至每股普通股 0.26 美元，我們將繼續計劃在未來每年增加股息，就像過去 13 年所做的那樣。該現金股利將於 2025 年 5 月 15 日支付給截至 2025 年 5 月 12 日登記在冊的股東。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. Importantly, the color we're providing assumes that global tariff rates, policies, and application remain in effect as of this call, and the global macroeconomic outlook doesn't worsen from today for the current quarter.

隨著我們進入六月季度，我想回顧一下我們的展望，其中包括蘇哈西尼提到的前瞻性資訊。重要的是，我們提供的顏色假設全球關稅稅率、政策和應用在本次電話會議時仍然有效，並且本季全球宏觀經濟前景從今天起不會惡化。

Despite the overall uncertain environment, we will still be providing color at the total company level subject to these assumptions and the risk factors that we referred to at the beginning of the call. We expect our June quarter total company revenue to grow low to mid-single digits year over year. We expect gross margin to be between 45.5% and 46.5%, which includes the estimated impact of the $900 million of tariff-related costs that Tim referred to earlier.

儘管整體環境不確定，我們仍將根據這些假設以及我們在電話會議開始時提到的風險因素，在整個公司層面提供色彩。我們預計，6 月份季度公司總收入將年增低至個位數至中位數。我們預計毛利率在 45.5% 至 46.5% 之間，其中包括 Tim 先前提到的 9 億美元關稅相關成本的估計影響。

We expect operating expenses to be between $15.3 billion and $15.5 billion. We expect OI&E to be around negative $300 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%.

我們預計營運費用將在 153 億美元至 155 億美元之間。我們預計 OI&E 約為負 3 億美元，不包括少數股權投資的市價調整帶來的潛在影響，我們的稅率約為 16%。

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

現在，讓我們開始提問。

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

我們要求您只問兩個問題。接線員，我們可以問第一個問題嗎？

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Tim, I'd love to maybe touch on the tariff point first. There were comments from you earlier on CNBC talking about 50% of iPhones for the US currently coming from India. Where do you expect the mix of India-sourced iPhones for the US to be by the end of your fiscal year?

提姆，我想先談關稅問題。您之前在 CNBC 上發表評論說，目前美國 50% 的 iPhone 來自印度。您預計到本財年末，美國從印度進口的 iPhone 的比例將達到何種程度？

And is it the goal to source 100% of your US-bound iPhones from India? Can you just help us understand kind of how we should expect that to trend as we look beyond just the June quarter? And then I have a follow-up.

您的目標是 100% 從印度購買銷往美國的 iPhone 嗎？您能否幫助我們了解一下，當我們展望 6 月季度之後時，我們應該如何預期這一趨勢？然後我有一個後續問題。

Erik, it's Tim. The existing tariffs that apply to Apple today are based on the product's country of origin as you alluded to. For the June quarter, we do expect the majority of iPhones sold in the US will have India as their country of origin and Vietnam to be the country of origin for almost all iPad, Mac, Apple Watch, and AirPods products sold in the -- also sold in the US.

埃里克，我是提姆。正如您所提到的，目前適用於蘋果的現行關稅是基於產品的原產國。對於 6 月季度，我們確實預計在美國銷售的大多數 iPhone 的原產國都是印度，而幾乎所有在美國銷售的 iPad、Mac、Apple Watch 和 AirPods 產品的原產國都是越南。

China would continue to be the country of origin for the vast majority of total product sales outside the US. And so if you look at the categories of tariffs that are applicable to us today, for the June quarter, most of our tariff exposure relates to the February IEEPA-related tariff at the rate of 20%, which applies to imports to the US for products that have China as their country of origin.

中國仍將是美國境外絕大部分產品銷售的原產國。因此，如果你看一下今天適用於我們的關稅類別，就 6 月季度而言，我們的大部分關稅風險都與 2 月的 IEEPA 相關關稅有關，稅率為 20%，該關稅適用於原產於中國並進口到美國的產品。

In addition, for China, there was an additional 125% tariff for imports of certain categories of products announced in April. And for us, that's some of our US AppleCare and Accessories businesses and brings the total rate in China for these products to at least 145%.

此外，中國4月也宣布對部分類別的進口產品加徵125%的關稅。對我們來說，這是我們在美國的部分 AppleCare 和配件業務，使得這些產品在中國的總稅率至少達到 145%。

Also for transparency and clarity, the vast majority of our products, including iPhone, Mac, iPad, Apple Watch, and Vision Pro, are currently not subject to the global reciprocal tariffs that were announced in April as the Commerce Department has initiated a Section 232 investigation into imports of semiconductors, semiconductor manufacturing equipment and downstream products that contain semiconductors.

同樣為了透明度和清晰度，我們的絕大多數產品，包括 iPhone、Mac、iPad、Apple Watch 和 Vision Pro，目前不受 4 月份宣布的全球互惠關稅的約束，因為美國商務部已啟動第 232 條調查，針對半導體、半導體製造設備以及含有半導體的下游產品的進口。

And so if you -- for the June quarter, as I talked about in my opening comments, we estimate the impact, assuming that the current global tariff, rates, policies, and applications don't change for the balance of the quarter, to be $900 million to our costs. I wouldn't want to predict the mix of production in the future, but I wanted to give you clarity for the June quarter of where the country of origins are so you can use that for your modeling.

因此，對於 6 月季度，正如我在開場白中提到的那樣，我們估計其影響（假設當前的全球關稅、費率、政策和應用程式在本季度剩餘時間內不會發生變化）將對我們的成本造成 9 億美元的損失。我不想預測未來的生產組合，但我想讓您清楚地了解 6 月季度的原產國，以便您可以將其用於建模。

I appreciate that color. And then maybe my follow-up is there were a number of reports during the quarter that Apple had pulled forward sell-in into the channel to get ahead of tariffs. So can you just help us better kind of understand or clarify if sell-in and sell-through were aligned in the March quarter? If you're assuming that they would be aligned in the June quarter guide? And ultimately, do you believe that consumers are accelerating hardware purchases to get ahead of any potential pricing increases or was behavior normal?

我很欣賞那個顏色。然後，也許我的後續問題是，本季有許多報導稱，蘋果已提前將銷售轉移到通路中，以趕在關稅之前。那麼，您能否幫助我們更能理解或澄清 3 月份季度的銷售量和銷售率是否一致？您是否假設它們會在六月季度指南中保持一致？最後，您是否認為消費者加速購買硬體是為了避免任何潛在的價格上漲，還是這種行為是正常的？

Yes. Thanks, Erik, for the question. There are several questions there. One, in terms of the pull forward in demand, if you look at the March quarter, we don't believe that we saw obvious evidence of a significant pull forward in demand in the March quarter due to tariffs. If you look at our channel inventory, from the beginning of the quarter to the end of the quarter, the unit channel inventory was similar, not only for iPhone but for the balance of our products.

是的。謝謝埃里克提出這個問題。這裡有幾個問題。首先，就需求提前而言，如果你看一下 3 月份季度，我們認為，沒有看到 3 月份季度因關稅而出現需求大幅提前的明顯證據。如果你看一下我們的通路庫存，從本季初到本季末，單位通路庫存都是相似的，不僅適用於 iPhone，也適用於我們其他產品。

Again, for transparency, you will see that we did build ahead inventory, and that's reflected in our manufacturing purchase obligations that you'll see on the quarterly filing when it comes out. So I hope that answers all your questions.

再次，為了透明度，您會看到我們確實提前建立了庫存，這反映在我們的製造採購義務中，您會在季度報告發佈時看到它。我希望這能解答你們所有的問題。

Ben Reitzes, Melius.

本·雷澤斯（Ben Reitzes），梅利厄斯（Melius）。

Tim, if you had told me that on April 2 that your hit from tariffs was only a $0.05-ish a quarter at $900 million, that would have been a pretty good outcome, given the panic that ensued. I'm surprised that it's that low. But then you did make a comment about after the June quarter, and sorry to push you on that, but could it be a multiple of that figure or is it just completely unknown?

提姆，如果你在 4 月 2 日告訴我，關稅對你造成的損失僅為每季 0.05 美元左右，總額為 9 億美元，考慮到隨後引發的恐慌，這將是一個相當不錯的結果。我很驚訝它這麼低。但是，您確實對 6 月季度之後的情況發表了評論，很抱歉向您追問，但它可能是該數字的倍數，還是完全未知？

We're all just trying to figure out what happens after June. And if there's just any guidance you guys can possibly give that it's bigger, smaller or what? And hoping you can just give us a little color on that.

我們都想知道六月之後會發生什麼事。你們能給一些指導嗎？它是更大、更小還是其他？希望您能給我們一些相關資訊。

Yes, Ben. Thanks for the question. I tried to give you some information in the previous question about the country of origin, which currently is the key factor in determining the tariffs that we're paying. I don't want to predict the future because I'm not sure what will happen with the tariffs, and there is the Section 232 investigation going on. And so it's very difficult to predict beyond June. And June has the assumptions in it that I had mentioned earlier.

是的，本。謝謝你的提問。在上一個問題中，我嘗試向您提供一些有關原產國的信息，這是目前決定我們支付關稅的關鍵因素。我不想預測未來，因為我不確定關稅會發生什麼，而且第 232 條調查正在進行中。因此，很難預測六月以後的情況。六月包含了我之前提到的假設。

All right. And then just with regard to China down 2%, I mean, you intuitively would have thought there would have been an increased nationalism there and perhaps it would have been worse than that. And the trajectory there improving even with subsidies because subsidies benefited your competitors, too. Just wondering if I could get a little more color there. Can it keep improving?

好的。然後就中國下降 2% 而言，我的意思是，你直覺上會認為那裡的民族主義情緒會增強，也許情況會比這更糟。即使有補貼，發展軌跡也會改善，因為補貼也使競爭對手受益。我只是想知道我是否可以在那裡獲得更多的顏色。還能繼續進步嗎？

What are you thinking with regard to that trajectory in China, given all the geopolitical tensions?

考慮到當前的地緣政治緊張局勢，您對中國的發展軌跡有何看法？

Yes, we were down 2%, as you point out, for the March quarter. And to provide a little more transparency around that, we were roughly flat when you remove the headwinds from foreign exchange. And so we did see quite a bit of sequential improvement from the December quarter, which was down 11%. And again, for going out of the way for transparency, the channel inventory at the end of March, the unit channel inventory was similar to where we started the quarter. So there wasn't a build of channel inventory in there.

是的，正如您所指出的，3 月季度我們的銷售額下降了 2%。為了提供更多的透明度，當消除外匯不利因素時，我們的業績基本上持平。因此，我們確實看到了與 12 月季度相比的顯著改善，該季度下降了 11%。再次強調，為了維持透明度，3 月底的通路庫存、單位通路庫存與本季初的庫存相似。因此那裡沒有建立渠道庫存。

I do believe that the subsidies played a favorable impact on the results. It's difficult to estimate with precision as to exactly how much, but I think it was positive. Some of our products are included. Some of them are not.

我確實相信補貼對業績產生了正面影響。很難準確估計具體數額，但我認為是積極的。其中包括我們的一些產品。有些則不然。

Generally, on iPhone, if something is priced above RMB6,000, it is not eligible for the subsidy and the other products have different rules. But I do think it helped. And I think it's helping others as well, I'm sure. iPhone was the key driver of the improvement sequentially. And so hopefully, that provides you some color.

一般來說，iPhone售價超過6000元人民幣不符合補貼條件，其他產品則有不同的規定。但我確實認為它有幫助。我相信它也會幫助其他人。 iPhone 是推動業績季增的關鍵因素。希望這能給你一些資訊。

The other thing I would say is that the Mac, the iPad, and the Watch are attracting a majority of customers new to that product. And so that continues to look quite good in China. And iPhone was the top two models in urban China, and iPad was the top two tablets in urban China. So there's some positive nuggets there.

我想說的另一件事是，Mac、iPad 和 Watch 正在吸引大多數新購買這些產品的客戶。因此，中國的情況仍然相當良好。其中iPhone為中國城市購買量排名前兩位的機型，iPad為中國城市購買量排名前兩位的平板電腦。因此，這其中還是有一些正面的東西。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I was just wondering if you could talk a little bit about your responses on some of this trade policy uncertainty. I appreciated the transparency around building ahead with inventory. Will you continue to do that in this interim period until we get some clarity on Section 232 investigation? And could you talk a little bit about your philosophy on pricing, elevated costs to the extent that comes through, whether that be to resellers or end consumers and other efficiency efforts that you might be able to pursue?

我只是想知道您是否可以談談您對一些貿易政策不確定性的反應。我很欣賞庫存建造方面的透明度。在我們弄清楚第 232 條調查情況之前，您會在此過渡期內繼續這樣做嗎？您能否談談您的定價理念、成本提升的程度（無論是針對經銷商還是最終消費者）以及您可能採取的其他效率措施？

Yes. Obviously, we're very engaged on the tariff discussions. We believe in engagement and we'll continue to engage. On the pricing piece, we have nothing to announce today. And I'll just say that the operational team has done an incredible job around optimizing the supply chain and the inventory. And we'll obviously continue to do those things to the degree that we can.

是的。顯然，我們非常積極地參與關稅討論。我們相信參與，我們將繼續參與。關於定價方面，我們今天還沒有什麼可以宣布的。我只想說，營運團隊在優化供應鏈和庫存方面做得非常出色。顯然，我們會繼續盡我們所能做這些事情。

Great. And just as a quick follow-up for Kevan, on product gross margins, I was just wondering if you could provide a little bit more color on some of the factors that may have impacted product gross margins in the quarter. Obviously, down sequentially on seasonal factors but there was a year-over-year decline as well. So any additional color would be helpful.

偉大的。作為對 Kevan 的快速跟進，關於產品毛利率，我只是想知道您是否可以提供一些可能影響本季產品毛利率的因素的詳細資訊。顯然，由於季節性因素，環比下降，但同比也出現下降。因此任何額外的顏色都會有幫助。

Yes, Michael, thanks. This is Kevan. So on the sequential, as we mentioned in the prepared remarks, we had a decrease in the product gross margin of 340 basis points sequentially. That was primarily driven by mix, seasonal loss of leverage, foreign exchange, and that was partly offset by cost savings.

是的，邁克爾，謝謝。這是凱文。因此，正如我們在準備好的評論中提到的那樣，我們的產品毛利率環比下降了 340 個基點。這主要是由產品組合、季節性槓桿損失、外匯等因素造成的，但部分被成本節約所抵銷。

And when we look at the year-on-year performance, we were down 70 basis points on a year-on-year basis. And that was driven by a different mix and foreign exchange.

當我們查看同比表現時，我們發現同比下降了 70 個基點。這是由不同的組合和外匯推動的。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I guess I'll have to start with a tariff question as well. Tim, I think when you talked about the $900 million impact to your cost of goods sold, you sort of had a statement that there are certain unique factors that benefit you in the June quarter related to that number. Can you just talk about what are these unique factors that are benefiting you in the June quarter? And what would the impact be without those benefits essentially?

我想我也必須從關稅問題開始。提姆，我想，當你談到 9 億美元對銷售成本的影響時，你曾說過，與這個數字相關的某些獨特因素對 6 月季度有利。您能否談談哪些獨特因素對你們在六月季度有利？那麼，如果沒有這些好處，會產生什麼影響呢？

I wouldn't want to go through all of them. But as an example, the build ahead that I mentioned earlier that's in the manufacturing purchase obligations were helpful.

我不想經歷這一切。但作為一個例子，我之前提到的製造購買義務的提前建造是有幫助的。

Got it. And then as I think about the June quarter guide of low to mid-single-digit revenue growth, I was wondering, do you folks expect Services growth to remain in the double-digit range as you go into the back half of the year? I imagine FX is a bit of a benefit as you go to the back half. I would love to just understand, within that framework, how do you think Services stacks up as you go through the June quarter?

知道了。然後，當我想到 6 月季度指南中低至中等個位數的收入增長時，我想知道，你們是否預計服務增長在進入下半年時會保持在兩位數的範圍內？我想當你進入後半部分時 FX 會帶來一些好處。我很想了解，在該框架內，您認為服務業在 6 月季度的表現如何？

Yes, Amit, it's Kevan. So I think when we talked about the overall June quarter, we talked about the low to mid-single digits year over year. We do expect foreign exchange in the June quarter to improve sequentially. However, we are expecting it to be a slight headwind to revenue on a year-on-year basis.

是的，阿米特，我是凱文。因此，我認為，當我們談論整個六月季度時，我們談論的是同比低至中等個位數的增長。我們確實預計 6 月季度的外匯狀況將較上季改善。然而，我們預計這將對收入產生同比輕微的阻力。

With respect to Services, given the uncertainty we see from several factors, we aren't providing the category level of color today.

對於服務，鑑於我們看到的幾個因素的不確定性，我們今天不提供類別級別的顏色。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Tim or Kevan, how should investors think about the gross margin trajectory as you source more from the US in particular or other supply chain changes that you are making, including in India? How should those kind of into the cost structure? And how should we think about that gross margin trajectory? And I have a follow-up.

提姆或凱文，當你們從美國採購更多產品或進行其他供應鏈變革（包括在印度）時，投資人該如何看待毛利率走勢？這些應該如何納入成本結構？我們該如何看待毛利率走勢？我還有一個後續問題。

We're excited about bringing more production to the US. As you know, we've been very key in the TSMC project in Arizona and are the largest and first customer getting product out of that. And that's the SoC that's coming out of there. We also have glass coming out of the US and the Face ID module and loads of chips.

我們很高興能將更多的產品帶到美國。如您所知，我們在台積電亞利桑那州專案中發揮了關鍵作用，並且是該專案最大和第一個獲得產品的客戶。這就是從那裡誕生的 SoC。我們還有來自美國的玻璃、Face ID 模組和大量晶片。

In fact, there's 19 billion chips coming out across 12 states. This is down to the resistor and capacitor level, obviously. And so there's some that is already built into the margins that Kevan has quoted. And we don't really forecast beyond the current quarter as you know.

事實上，12 個州已經生產了 190 億塊晶片。顯然，這取決於電阻器和電容器的水平。因此，有些內容已經融入了 Kevan 所引用的邊距。如您所知，我們實際上並沒有對本季之後的情況進行預測。

Yes, maybe I'll add a couple of more points as we think about just the margin going forward. A couple of observations I'd mention is every product cycle is different, and over the years, we have managed gross margin well. We've made good decisions on balancing units' revenue margins. When we launch new products, they tend to have a higher cost structure than the products they replace as we introduce new features and technologies. We do have a good track record of reducing those costs and structures over the life of the product.

是的，當我們考慮未來的利潤時，也許我會再補充幾點。我想提到的幾點觀察是每個產品週期都是不同的，多年來，我們一直很好地管理毛利率。我們在平衡單位收入利潤率方面做出了正確的決定。當我們推出新產品時，由於我們引入了新功能和新技術，它們的成本結構往往比它們所取代的產品更高。在產品的整個生命週期內，我們確實在降低這些成本和結構方面有著良好的記錄。

And our products and services all have different levels of profitability, and their relative success in the marketplace has an impact on the overall gross margin. So I hope that's helpful color and context for you.

我們的產品和服務都有不同的獲利水平，它們在市場上的相對成功對整體毛利率有影響。所以我希望這對您有幫助。

Yes. No, that's super helpful. I guess you just noted that you weren't going to give Services maybe a growth forecast here in light of some of the uncertain news. But maybe, Tim, could you share any color around what you have seen in developer behavior in areas like Europe where there has now been emergence of alternate app stores for a little more time? What have you seen anecdotally or within your data in terms of maybe developing behavior, whether it's large or small? Any color you can share on what has like actually happened?

是的。不，這非常有幫助。我想您剛才提到，鑑於一些不確定的消息，您可能不會對服務業做出成長預測。但是，蒂姆，也許你能否分享一下你在歐洲等地區看到的開發者行為的情況？這些地區現在已經出現了替代應用商店？就行為發展而言，無論其規模大小，您從軼事或數據中看到了什麼？能分享一下實際發生的情況嗎？

It's embedded in our results that Kevan talked about earlier and embedded in the overall company color that was provided. But as you know, the Digital Markets Act went into effect in, I believe it was March of last year. And so the Digital Markets Act has been enacted for a bit over a year, and there's been alternate app stores for some period of time of that.

它嵌入在 Kevan 之前談到的我們的成果中，也嵌入在所提供的整體公司色彩中。但如你所知，《數位市場法案》於去年三月生效。《數位市場法案》已經頒布一年多了，在此期間，替代應用商店也已經出現了一段時間。

And so at this point, in Europe, there are some embedded in the actuals. There may be more to come and so forth. I don't want to predict beyond the current quarter.

因此，目前，在歐洲，實際情況中已經存在一些問題。可能還會有更多這樣的事情發生。我不想預測本季之後的情況。

David Vogt, UBS.

瑞銀的戴維·沃格特。

So I've got two as well, and Tim, this is more of a big picture supply chain philosophical question. So can you maybe update us on your thoughts on how you're thinking about your sort of resiliency and redundancy, following the change that you guys talked about earlier on the call? I guess what I'm trying to understand is how do we think about where your supply chain is two to three years from now? And is there any risk, at least in the near term, of maybe some export control issues in your outlook for the balance of this year?

所以我也有兩個問題，提姆，這更像是一個宏觀的供應鏈哲學問題。那麼，根據你們在電話中早些時候談到的變化，您能否向我們介紹一下您對彈性和冗餘的看法？我想了解的是，我們如何看待兩到三年後您的供應鏈會發展到什麼程度？您對今年餘下時間的展望中是否存在至少在短期內可能出現一些出口管制問題的風險？

And I'll give you my second one at the same time. You quantified a $900 million hit from tariffs. Or Kevan, is there any impact in how you're thinking about the demand backdrop in your outlook for the June quarter on the revenue line holistically?

我也會同時給你我的第二個。您量化了關稅造成的 9 億美元損失。或者凱文，您對 6 月季度展望中的需求背景的看法對整體收入有何影響？

In terms of the resiliency and risk, et cetera, we have a complex supply chain. There's always risk in the supply chain. And so I wouldn't tell you anything different than that. What we learned some time ago was that having everything in one location had too much risk with it. And so we have, over time, with certain parts of the supply chain, not the whole thing, but certain parts of it opened up new sources of supply. And you could see that kind of thing continuing in the future.

就彈性和風險等方面而言，我們的供應鏈很複雜。供應鏈中總是存在風險。所以我不會告訴你任何不同的事情。我們之前了解到，將所有東西都放在一個地方的風險太大了。因此，隨著時間的推移，我們在供應鏈的某些部分（不是整個供應鏈，而是其中的某些部分）開闢了新的供應來源。而你可以看到這種事情在未來還會繼續發生。

I'll let Kevan answer the other question.

我請凱文 (Kevan) 回答另一個問題。

David, on the other question, I would say that our best thinking is captured in the outlook that we provided. However, I did want to reemphasize the point that the assumptions we made on the outlook do assume that the global tariff rates, the policies and application remain the same as they are today as of this call and that the global macroeconomic outlook doesn't worsen from today.

大衛，關於另一個問題，我想說，我們最好的想法體現在我們提供的觀點中。然而，我確實想再次強調這一點，我們對前景所做的假設是，全球關稅稅率、政策和應用與本次電話會議時保持不變，並且全球宏觀經濟前景不會從今天開始惡化。

Okay. But no quantifiable impact on demand to date, at least from where we are over the last month? Is there a way to kind of think about that from early April to early May?

好的。但迄今為止，對需求沒有可量化的影響，至少從上個月的情況來看是如此？有沒有辦法在四月初到五月初考慮這個問題？

I would say our best thinking is reflected in the range that we provided.

我想說我們的最佳想法體現在我們提供的範圍中。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess, Tim, you made a comment on the last earnings call about Apple Intelligence making a visible impact on iPhone sales in the countries where it was available. I'm just curious if you continue to see that play out similarly in sort of the more broader number of countries you've rolled that out. Or the delays that you talked about related to Siri, personalized Siri features, has that had an impact in terms of consumer willingness to upgrade? And I have a follow-up.

提姆，我想你在上次財報電話會議上評論說 Apple Intelligence 對 iPhone 在其銷售國家/地區的銷售產生了明顯影響。我只是好奇，隨著這項計劃在更多國家推行，您是否會繼續看到類似的情況發生。或者您談到的與 Siri、個人化 Siri 功能相關的延遲是否對消費者升級意願產生了影響？我還有一個後續問題。

Yes, thank you for the question. During the March quarter, we saw that in markets where we had rolled out Apple Intelligence, that the year-over-year performance on the iPhone 16 family was stronger than those where Apple Intelligence was not available. A lot of the languages that I think you're referring to rolled out in April and so they actually rolled out in Q3.

是的，謝謝你的提問。在 3 月季度中，我們發現在已推出 Apple Intelligence 的市場中，iPhone 16 系列的年比表現強於未推出 Apple Intelligence 的市場。我認為您所指的許多語言都是在四月推出的，所以它們實際上是在第三季推出的。

Okay, got it. Then maybe for my follow-up, I mean, you have a lot of insights now in terms of what consumers or how consumers are reacting to the overall macro. And I know you sort of prefaced all your guidance with macro remaining consistent. But what are you seeing in terms of the US consumer? And what's the reaction there in terms of the tariff impact?

好的，明白了。那麼也許對於我的後續問題，我的意思是，您現在對消費者或消費者對整體宏觀的反應有很多見解。我知道您在所有指導中都強調了宏觀保持一致。但就美國消費者而言，您看到了什麼？就關稅影響而言，那裡的反應如何？

We saw US GDP also shrink here in 1Q. When you look -- you look at velocity at the stores or trade down within the sort of iPhone portfolio mix, what are you seeing in terms of how the consumer is reacting to the macro at this point?

我們看到美國第一季的 GDP 也出現萎縮。當您觀察商店的銷售速度或 iPhone 產品組合中的降價交易時，您看到消費者此時對宏觀經濟有何反應？

I'm not an economist and so I'd start by saying that. In terms of the -- as you can see from a total company point of view, our results accelerated sequentially to the 5% level. And the US is obviously the vast majority of the Americas segment, and you can see how the Americas performed during the quarter. And so that's all I want to say about that.

我不是經濟學家，所以我首先要說的是這一點。從整個公司的角度來看，我們的業績連續加速至 5% 的水平。美國顯然佔據了美洲市場的絕大部分，你可以看到美洲在本季的表現。關於這一點，我想說的就這些。

I don't want to try to predict what happens in the months from now. The past, I'm quite pleased with the results from Q2.

我不想預測幾個月後會發生什麼事。過去，我對第二季的結果非常滿意。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I have two of them, too. Tim, thanks for that information on the $500 billion US investment. I'm kind of curious how to think about the composition of that? How much is CapEx versus R&D?

我也有兩個。蒂姆，感謝您提供有關 5000 億美元美國投資的資訊。我有點好奇該如何思考它的組成？資本支出與研發支出相比是多少？

How much is going into like the Texas server? How much is going into maybe TSMC Arizona? Any kind of color you can give on that $500 billion investment would be helpful. And then I had a follow-up.

進入德克薩斯伺服器需要多少錢？台積電亞利桑那州的投入大概有多少？您對於這筆 5000 億美元投資的任何解釋都將很有幫助。然後我進行了後續跟進。

Well, there's lots of all of it is what I would say. We're not giving out the exact split, but as we expand facilities in the different states from Michigan to Texas to California and Arizona and Nevada and Iowa and Oregon and North Carolina and Washington, there will be CapEx involved in that and OpEx involved in it.

嗯，我想說的是，有很多。我們不會透露確切的比例，但隨著我們在密西根州、德克薩斯州、加利福尼亞州、亞利桑那州、內華達州、愛荷華州、俄勒岡州、北卡羅來納州和華盛頓州等不同州擴建設施，其中將涉及資本支出和營運支出。

And standing up a server -- advanced server manufacturing in Texas, we did that through a partner. We do our manufacturing through a partner, but we'll be putting a fair amount in cost of goods sold to do that and some OpEx as well, and I'm sure some CapEx as well. And so it's a bit of all of it.

我們透過合作夥伴在德克薩斯州建立了伺服器——先進的伺服器製造基地。我們透過合作夥伴進行製造，但我們會投入相當多的銷售成本和一些營運支出，我相信還會投入一些資本支出。所以這就是全部了。

Got it, got it. And then kind of had like a long term, more like a philosophical question. When you look in the past, you've spoken about AI on the edge. Obviously, it's very topical to hear from both the iPhone angle and the Mac angle.

明白了，明白了。然後有點像是長期的、更像一個哲學問題。回顧過去，您曾談論過邊緣人工智慧。顯然，從 iPhone 和 Mac 的角度來聽聽這些觀點都是非常現實的。

But I'm just kind of curious, when you look at AI on edge, are the current smartphone specs or improved hardware and silicon specs good enough to meet future LLM for inference? Or do you think you need somewhat of a whole new different kind of device? Just kind of curious how to think about the evolution of the edge devices from here.

但我只是有點好奇，當你看到邊緣人工智慧時，目前的智慧型手機規格或改進的硬體和矽規格是否足以滿足未來 LLM 的推理需求？或者您認為您需要一種全新的不同類型的設備？只是有點好奇從這裡如何看待邊緣設備的演變。

Yes. As you know, we're shipping an LLM on the iPhone 16 today. And there are -- some of the queries that are being used by our customers are on-device, and then others go to the private cloud where we've essentially mimicked the security and privacy of the device into the cloud. And then others, for world knowledge, are with the integration with ChatGPT.

是的。如您所知，我們今天將在 iPhone 16 上推出 LLM。並且，我們的客戶使用的某些查詢是在裝置上的，而其他查詢則進入私有雲，我們基本上將裝置的安全性和隱私性模擬到雲端。然後其他人為了獲得世界知識，正在與 ChatGPT 進行整合。

And so we continue to be very excited about the opportunities here. We are very excited about the road map, and we are pleased with the progress that we're making.

因此，我們繼續對這裡的機會感到非常興奮。我們對路線圖感到非常興奮，我們對所取得的進展感到滿意。

Richard Kramer, Arete Research.

Arete Research 的 Richard Kramer。

Wanted to ask about tariffs. Tim, given your recognition that a new Siri system is taking longer than you thought to deliver, I'd like to go back to my question from the last call and ask about what some of the learnings you had from those delays and whether you attribute them to organizational factors, to your legacy software stack? Or is it a matter of R&D spending? And what are some of the key gating factors investors should look for either at WWDC or beyond to have a sense that Apple can deliver on some of the promises of the announcements of the prior WWDC?

想詢問關稅。提姆，鑑於您認識到新的 Siri 系統的交付時間比您預想的要長，我想回到上次通話中的問題，並詢問您從這些延遲中學到了什麼，以及您是否將它們歸因於組織因素或您的遺留軟體堆疊？還是這是研發支出的問題？那麼，投資者應該在 WWDC 或之後尋找哪些關鍵的限制因素，以了解蘋果能否兌現先前 WWDC 上發布的一些承諾？

Yes. If you sort of step back from what we said at WWDC, we talked about a number of different features that would launch with iOS 18. And we've released a slew of those from Writing Tools to seamlessly connecting to ChatGPT to Genmoji to Image Playground to Image Wand to Clean Up and Visual Intelligence, making movies or movies of your memories with a simple prompt, AI-powered photo search, smart replies, priority notifications, the list goes on.

是的。如果您回顧一下我們在 WWDC 上所說的內容，我們討論了 iOS 18 中將推出的許多不同功能。我們發布了一系列功能，從寫作工具到無縫連接到 ChatGPT、Genmoji、Image Playground、Image Wand、Clean Up 和 Visual Intelligence，使用簡單的提示製作電影或記憶電影、人工智慧照片搜尋、智慧回應、優先通知，不勝枚舉。

And so we've delivered a lot, and we've just recently, just a few weeks ago, expanded it into several different languages, including French, German, Italian, Portuguese, Spanish, Japanese, Korean, simplified Chinese as well as localized English for both Singapore and India. So we've delivered a lot.

因此，我們已經交付了很多內容，就在幾週前，我們將其擴展為幾種不同的語言，包括法語、德語、義大利語、葡萄牙語、西班牙語、日語、韓語、簡體中文以及針對新加坡和印度的在地化英語。因此，我們已經交付了很多。

However, with regard to the more personal Siri, as you mentioned, we just need more time to complete the work so they meet our high-quality bar. And there's not a lot of other reason for it. It's just taking a bit longer than we thought. But we are making progress, and we're extremely excited to get the more personal Siri features out there.

然而，對於更個性化的 Siri，正如您所說，我們只是需要更多時間來完成工作，以便它們滿足我們的高品質標準。除此之外，沒有太多其他原因。只是比我們想像的要花更長的時間。但我們正在取得進展，我們非常高興能夠推出更個人化的 Siri 功能。

And Richard, I'll just add that on your question about investment that we don't underinvest in our business. We make significant investments in R&D. That continues to grow. We're continuing to grow our R&D investment. And so we definitely are making all the investments we think we need to enable our roadmap.

理查德，關於你關於投資的問題，我只想補充一點，我們對我們的業務並沒有投資不足。我們在研發方面投入了大量資金。這一數字還在持續成長。我們正在持續增加研發投資。因此，我們肯定會進行我們認為需要的所有投資，以實現我們的路線圖。

And Kevan, one for you. I mean, it's hard to ignore some of the ongoing very high-profile legal cases that touch on Apple, be it yesterday's Epic case injunction or the Google antitrust trial touching on default search. And investors are clearly concerned that these might have material impacts on your Services business.

還有凱文 (Kevan)，給你一杯。我的意思是，很難忽視一些涉及蘋果的正在進行的備受矚目的法律案件，無論是昨天的 Epic 案禁令，還是涉及默認搜索的谷歌反壟斷審判。投資者顯然擔心這些可能會對您的服務業務產生重大影響。

Do you feel now that you have ample ways in which you might be able to mitigate some of the potential negative impacts on Apple Services business that might come about from what's been proposed or might come about in legal rather than commercial pressures that the business faces?

您是否認為現在有足夠的方法來減輕對 Apple 服務業務可能產生的一些負面影響，這些影響可能來自已提出的建議，或者可能來自業務面臨的法律壓力而非商業壓力？

Let me make a couple of comments on that before Kevan. The case yesterday, we strongly disagree with. We've complied with the court's order and we're going to appeal. In the DOJ case that you referenced with Google, that case is ongoing and I don't really have anything to add beyond that. And so we're monitoring these closely. But as you point out, there's risk associated with them and the outcome is unclear.

讓我在 Kevan 之前就此發表幾點評論。對於昨天的案件，我們堅決不同意。我們遵守了法院的命令並將提出上訴。在您提到的與Google有關的司法部案件中，該案件仍在審理中，除此之外我真的沒有什麼可補充的。因此我們正在密切監視這些情況。但正如您所指出的，它們存在風險，而且結果尚不明確。

Yes, I think Tim answered it really well. I don't have anything to add to that.

是的，我認為蒂姆回答得很好。對此我沒有什麼可補充的。

Operator, we will take our last question, please.

接線員，請回答我們的最後一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I want to go back to the AI strategy a little bit. I know, Tim, in your prepared comments, you had mentioned building some of your own foundational models. And I'm curious of how important you think it is for Apple to have their own foundational models.

我想稍微回顧一下人工智慧戰略。我知道，提姆，在你準備好的評論中，你提到了建立一些你自己的基礎模型。我很好奇，您認為蘋果擁有自己的基礎模型有多重要。

And kind of dovetailed with that is that how do you think about your data center footprint when we look at Apple spending, call it, $3 billion a quarter relative to some of these other companies spending multiples of that. How does the strategy play out in your opinion?

與此相吻合的是，當我們看到蘋果每季的支出為 30 億美元，而其他一些公司的支出卻是這個數字的數倍時，您如何看待自己的資料中心足跡？您認為該策略的效果如何？

Well, on the data center side, we have a hybrid strategy. And so we utilize third parties in addition to the data center investments that we're making. And as I've mentioned in the $500 billion, there's a number of states that we're expanding in. Some of those are data center investments. And so we do plan on making investments in that area and we're not gating it.

嗯，在資料中心方面，我們有一個混合策略。因此，除了我們正在進行的資料中心投資之外，我們還利用第三方。正如我在 5000 億美元中提到的那樣，我們正在許多州進行擴張。其中一些是數據中心投資。因此，我們確實計劃在該領域進行投資，而且我們不會限制它。

We invest in the business first, as Kevan talked about, is our most important thing to do. In terms of the foundation models, we want to have certain models and we'll partner as well. And so I don't view it as all of one or all of the other. We've been working on foundation models for quite some time and are shipping some today, obviously, with what's on-device and what's in the Private Cloud Compute.

正如凱文所說，我們首先投資業務，這是我們最重要的事情。就基礎模型而言，我們希望擁有某些模型並且我們也會合作。所以我不認為這是其中任何一個或全部。我們已經在基礎模型上工作了相當長一段時間，今天我們正在發布一些模型，顯然，這些模型包括設備上的模型和私有雲運算中的模型。

Yes. And then as a follow-up, I'm curious with the iPhone 16e launching this quarter, internalizing your C1 modem, I'm curious of how you see kind of the modem strategy playing out or maybe just the continual deepening of that internal silicon opportunity for Apple.

是的。然後作為後續問題，我很好奇本季推出的 iPhone 16e 是否會內建您的 C1 調變解調器，我很好奇您如何看待調變解調器策略的實施，或者可能只是蘋果內部矽片機會的不斷深化。

We're super excited to ship the first one and get it out there and it's gone well. We love that we can produce better products from a point of view of really focusing on battery life and other things that customers want. And so we have started on a journey is the way I would put it.

我們非常高興能夠推出第一款產品，一切都很順利。我們很高興能夠從真正專注於電池壽命和客戶想要的其他東西的角度來生產出更好的產品。所以我想說，我們已經開始了一段旅程。

Thank you, Aaron. A replay of today's call will be available for two 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 3729688 followed by the pound sign.

謝謝你，亞倫。今天的電話會議重播將在 Apple Podcasts 上以網路廣播的形式在 apple.com/investor 和電話上播放兩週。電話重播的號碼是 (866) 583-1035。請輸入確認碼 3729688，後面接著井號。

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.

這些重播將於今天太平洋時間下午 5 點左右提供。如有其他問題，媒體人士可致電 (408) 862-1142 聯絡 Josh Rosenstock。金融分析師如有其他問題，可以聯絡我 Suhasini Chandramouli，電話：(408) 974-3123。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了。我們非常感謝您的參與。