蘋果 (AAPL) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Apple Q3 fiscal year 2025 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, Kevan Parekh. After that, we'll open the call to questions from analysts.

下午好，歡迎參加蘋果2025財年第三季財報電話會議。我叫 Suhasini Chandramouli，是投資者關係總監。今天的通話正在錄音。今天首先發言的是蘋果執行長蒂姆庫克 (Tim Cook)，隨後是財務長凱文帕雷克 (Kevan Parekh)。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.

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。

These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast, including risks related to the potential impact to the company's business and results of operations from macroeconomic conditions, tariffs, and other measures and legal and regulatory proceedings.

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，包括與宏觀經濟條件、關稅和其他措施以及法律和監管程序對公司業務和經營績效的潛在影響相關的風險。

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.

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。

Additional information will also be in our report on Form 10-Q for the quarter ended June 28, 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. I'd now like to turn the call over to Tim for introductory remarks.

更多資訊也將包含在我們明天提交的截至 2025 年 6 月 28 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。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 proud to report a June quarter revenue record of $94 billion, up 10% from a year ago, which was better than we expected. EPS set a June quarter record of $1.57, up 12% year over year. We saw an acceleration of growth around the world in the vast majority of markets we track, including Greater China and many emerging markets.

謝謝你，蘇哈西尼。大家下午好，感謝大家參加電話會議。今天，我們很自豪地報告 6 月份季度收入達到創紀錄的 940 億美元，比去年同期增長 10%，這比我們預期的要好。每股盈餘創下 6 月季度紀錄，達到 1.57 美元，年增 12%。我們發現，我們所追蹤的絕大多數市場，包括大中華區和許多新興市場，全球成長都在加速。

And we had June quarter revenue records in more than two dozen countries and regions, including the US, Canada, Latin America, Western Europe, the Middle East, India, and South Asia.

我們的六月季度收入記錄涵蓋了二十多個國家和地區，包括美國、加拿大、拉丁美洲、西歐、中東、印度和南亞。

These results were driven by double-digit growth across iPhone, Mac, and services. We set a June quarter record for iPhone, which grew a strong 13% year over year. We saw iPhone growth in every geographic segment and double-digit growth in emerging markets, including India, the Middle East, South Asia, and Brazil.

這些業績得益於 iPhone、Mac 和服務的兩位數成長。我們創下了 iPhone 6 月季度銷售紀錄，其銷量年增 13%。我們看到 iPhone 在每個地區都有所成長，並且在印度、中東、南亞和巴西等新興市場實現了兩位數的成長。

Mac continued to see excellent results with revenue up 15% year over year. And we set another all-time revenue record in services, which grew 13% with double-digit growth in both developed and emerging markets.

Mac 持續取得優異成績，營收年增 15%。我們在服務領域的營收再創歷史新高，成長了 13%，已開發市場和新興市場都實現了兩位數的成長。

Last month, we hosted WWDC, an incredible event for our developer community with millions joining us online and more than 1,000 developers here in person at the Apple Park. We shared some truly exciting updates, including a stunning new design crafted from a material we call Liquid Glass, it's both beautiful and expressive. And for the first time ever, this design extends across all of our platforms. We can't wait for users everywhere to experience it this fall. And we were excited to share some updates across our AI work. We announced even more capabilities coming later this year, including live translation and workout Buddy.

上個月，我們舉辦了 WWDC，這對我們的開發者社群來說是一場精彩的盛會，數百萬人在線上參與，超過 1,000 名開發者親自到 Apple Park。我們分享了一些真正令人興奮的更新，包括一種由我們稱為液態玻璃的材料製作的令人驚嘆的新設計，它既美觀又富有表現力。並且這是第一次，這種設計擴展到我們所有的平台。我們迫不及待地希望世界各地的用戶在今年秋天體驗它。我們很高興與大家分享我們人工智慧工作的一些最新進展。我們宣布今年稍後將推出更多功能，包括即時翻譯和鍛鍊夥伴。

In addition to those new features, we announced new support for a number of languages, and we opened up access to the on-device foundation models at the core of Apple Intelligence, enabling developers to build a whole new experience for our users.

除了這些新功能之外，我們還宣布了對多種語言的新支持，並開放了對 Apple Intelligence 核心的設備基礎模型的訪問權限，使開發人員能夠為我們的用戶構建全新的體驗。

It's wonderful to see great momentum building for our platforms. iOS 26, macOS 26, and iPadOS 26 are by far the most popular developer betas we've had. Taking a step back, we see AI as one of the most profound technologies of our lifetime. We are embedding it across our devices and platforms and across the company.

很高興看到我們的平台發展勢頭強勁。 iOS 26、macOS 26 和 iPadOS 26 是我們迄今為止最受歡迎的開發者測試版。退一步來看，我們認為人工智慧是我們一生中最深刻的技術之一。我們正在將其嵌入到我們的設備、平台和整個公司中。

We are also significantly growing our investments. Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone. And that's at the heart of our AI strategy.

我們的投資也在大幅增加。蘋果一直致力於採用最先進的技術，並使每個人都能輕鬆使用和使用它們。這就是我們的人工智慧策略的核心。

With Apple Intelligence, we're integrating AI features across our platforms in a way that is deeply personal, private, and seamless, right where users need them. We've already released more than 20 Apple Intelligence features, including visual intelligence, cleanup, and powerful writing tools.

透過 Apple Intelligence，我們可以在各個平台上以高度個人化、私密和無縫的方式整合 AI 功能，滿足用戶的各種需求。我們已經發布了 20 多項 Apple Intelligence 功能，包括視覺智慧、清理和強大的寫作工具。

We're making good progress on a more personalized Siri. And as we've said before, we expect to release these features next year. Apple Silicon is at the heart of all of these experiences, enabling powerful Apple intelligence features to run directly on device. For more advanced tasks, our servers also powered by Apple Silicon deliver even greater capabilities, while preserving user privacy through our private cloud compute architecture.

我們在打造更個人化的 Siri 方面取得了良好的進展。正如我們之前所說，我們預計明年發布這些功能。Apple Silicon 是所有這些體驗的核心，使強大的 Apple 智慧功能能夠直接在裝置上運作。對於更高級的任務，我們的伺服器也由 Apple Silicon 提供支持，可提供更強大的功能，同時透過我們的私有雲運算架構保護用戶隱私。

We believe our platforms offer the best way for users to experience the full potential of generative AI. Thanks to the exceptional performance of our systems, our users are able to run generative AI models right on their Mac, iPad, and iPhone. We're excited about the work we're doing in this space, and it's incredibly rewarding to see the strong momentum building.

我們相信我們的平台為用戶體驗生成式人工智慧的全部潛力提供了最佳方式。由於我們系統的卓越性能，我們的用戶能夠直接在 Mac、iPad 和 iPhone 上運行生成式 AI 模型。我們對在這個領域所做的工作感到非常興奮，看到強勁的發展勢頭也讓我們感到非常欣慰。

Now let me turn to more details about our results for the quarter, starting with iPhone. iPhone revenue was $44.6 billion, up 13% from a year ago, and we set a June quarter record for upgraders. This strong broad-based performance was driven by the incredible popularity of the iPhone 16 family, which was up strong double digits year over year as compared to the 15 family. We also recently marked a significant milestone. We shipped the 3 billionth iPhone since its launch in 2007.

現在，讓我來詳細介紹一下我們本季的業績，首先是iPhone。 iPhone營收為446億美元，年增13%，並創下了6月季度用戶升級率的新高。這種強勁的全面表現得益於 iPhone 16 系列的巨大人氣，與 15 系列相比，其銷量同比增長了兩位數。我們最近也迎來了一個重要的里程碑。自 2007 年推出以來，我們已經售出了 30 億部 iPhone。

From the Pro models with the Powerhouse A18 Pro and innovative Pro camera features to the iPhone 16E with breakthrough battery life and a 2-in-1 camera system, users are finding so many reasons to love the best iPhone lineup we've ever created.

從配備 Powerhouse A18 Pro 和創新 Pro 相機功能的 Pro 機型，到具有突破性電池壽命和二合一相機系統的 iPhone 16E，用戶找到了許多理由來喜愛我們打造的最佳 iPhone 系列。

And iOS 26 will take that experience even further. In addition to the beautiful new design and powerful Apple Intelligence features, it introduces a range of meaningful updates like real-time call screening and hold assist in the phone app, smarter messaging tools, and new live translation features. It all adds up to a smarter, more personal iPhone experience that we can't wait for users everywhere to enjoy this fall.

iOS 26 將進一步提升這種體驗。除了漂亮的新設計和強大的 Apple Intelligence 功能外，它還引入了一系列有意義的更新，例如電話應用程式中的即時通話篩選和保持協助、更智慧的訊息工具以及新的即時翻譯功能。所有這些都為 iPhone 帶來了更聰明、更個人化的體驗，我們迫不及待地希望世界各地的用戶都能在今年秋天享受它。

In Mac, we had another strong quarter with revenue of $8 billion, up 15% year over year, largely driven by the strength of the M4 MacBook Air. We set a June quarter record for upgraders on Mac, and we saw great performance in emerging markets with strong double-digit growth on revenue as well as strong double-digit growth on both upgraders and customers new to Mac.

在 Mac 方面，我們又度過了一個強勁的季度，營收達到 80 億美元，年增 15%，這主要得益於 M4 MacBook Air 的強勁表現。我們創造了 6 月季度 Mac 升級用戶數量的記錄，並且我們在新興市場也表現出色，收入實現了強勁的兩位數增長，Mac 升級用戶和新客戶數量也都實現了強勁的兩位數增長。

MacBook Air, the world's most popular laptop, unlocks a whole new level of performance with the power of M4. MacBook Pro customers meanwhile continue to be drawn to its incredible power and the longest battery life we've ever had on a Mac. Customers are also loving the newest Mac Studio, which is the most powerful Mac we've ever made with next-level capabilities to tackle even the most demanding AI workflows.

MacBook Air 是全球最受歡迎的筆記型電腦，借助 M4 的強大功能，其效能提升到了一個全新的水平。與此同時，MacBook Pro 用戶繼續被其強大的性能和 Mac 史上最長的電池壽命所吸引。客戶也喜歡最新的 Mac Studio，這是我們迄今為止製造的功能最強大的 Mac，具有更高級別的功能，可以處理最苛刻的 AI 工作流程。

At the same time, Mac Mini continues to win over customers by packing so much performance into an ultracompact design. And with fantastic new updates in macOS Tahoe 26 from the phone app to live activities to our biggest ever update to Spotlight, Mac users across our entire lineup are going to find delightful new ways to stay connected and productive.

同時，Mac Mini 憑藉其超緊湊的設計以及強大的性能繼續贏得客戶的青睞。而且，隨著 macOS Tahoe 26 中從電話應用程式到即時活動以及我們對 Spotlight 的最大更新的精彩新更新，我們整個產品線的 Mac 用戶都將找到令人愉悅的新方式來保持聯繫和提高工作效率。

For iPad, June quarter revenue was $6.6 billion. Our incredibly versatile iPad lineup brings together power and portability like never before. And users are already excited for our biggest iPad software update ever with the upcoming release of iPadOS 26.

iPad 第二季的營收為 66 億美元。我們的 iPad 系列功能極為豐富，將強大功能與便攜性完美結合。隨著即將發布的 iPadOS 26，用戶已經對我們迄今為止最大的 iPad 軟體更新感到興奮。

It starts with a new windowing system that's remarkably intuitive, giving users more control than ever of their iPad experience. An enhanced files app makes it easier than ever to stay organized. And that's all on top of a beautiful new software design that brings these updates to life.

它採用非常直覺的新視窗系統，讓用戶比以往更好地控制他們的 iPad 體驗。增強的文件應用程式使保持井然有序變得比以往更加容易。這一切都建立在一個美麗的新軟體設計之上，它使這些更新變得生動有趣。

Turning to Wearables, Home, and Accessories. Revenue was $7.4 billion, and we saw a June quarter record for upgraders to Apple Watch. During the quarter, we marked the 10-year anniversary of Apple Watch, celebrating a decade of helping users navigate their health and fitness journeys. And with watchOS 26, Apple Watch will be more intelligent than ever with smart updates to the workout app and smart stack, along with a fresh new design that feels both dynamic and personal.

轉向穿戴式裝置、家居和配件。營收為 74 億美元，我們看到 6 月當季 Apple Watch 升級數量創下紀錄。本季度，我們慶祝了 Apple Watch 誕生 10 週年，慶祝其十年來致力於幫助用戶規劃他們的健康和健身之旅。透過 watchOS 26，Apple Watch 將比以往更加智能，包括對健身應用程式和智慧堆疊的智慧更新，以及充滿活力和個性化的全新設計。

We're also thrilled about what's coming to Apple Vision Pro with VisionOS26, introducing spatial widgets that let users customize their digital space, more life-like personas and new enterprise APIs that empower companies to build their own spatial experiences.

我們也對 VisionOS26 為 Apple Vision Pro 帶來的新功能感到興奮，它引入了空間小部件，讓用戶自訂他們的數位空間、更逼真的角色以及新的企業 API，使公司能夠建立自己的空間體驗。

And this fall, new features for our latest AirPods lineup will unlock even more possibilities. from studio quality audio recording to using AirPods as a camera remote, giving users powerful new ways to capture content and stay connected.

今年秋天，我們最新 AirPods 系列的新功能將釋放更多可能性。從錄音室品質的音訊錄製到使用 AirPods 作為相機遙控器，為使用者提供捕捉內容和保持連接的強大新方式。

As we're innovating across our lineup, we're especially proud of the work we're doing to help our users live healthier lives. Since we first launched our hearing health features for AirPods Pro 2, I've received notes from people who are delighted to be able to connect more deeply with loved ones.

隨著我們產品線的不斷創新，我們為幫助用戶過上更健康的生活所做的工作感到特別自豪。自從我們首次推出 AirPods Pro 2 的聽力健康功能以來，我收到了人們的來信，他們很高興能夠與親人建立更深的聯繫。

Whether it's with AirPods Pro 2 or Apple Watch or iPhone, it's amazing to see the power of our health and safety features from hearing tests to fall detection alerts to irregular rhythm notifications having such a profound impact.

無論是使用 AirPods Pro 2 還是 Apple Watch 或 iPhone，從聽力測試到跌倒偵測警報再到心律不整通知，我們的健康和安全功能強大到產生如此深遠的影響，真是令人驚嘆。

Turning to services. Revenue for the June quarter was $27.4 billion, up 13% from a year ago and an all-time record. Apple TV+ scored 81 nominations, a record for the platform across nearly every eligible category for this year's Emmy Awards. Severance leads all Immy nominees with 27 nominations and the studio follows close behind with 23 nominations, more than any other freshman comedy series ever. It's amazing to see how these and other Apple TV shows have captured the popular imagination.

轉向服務。6 月當季營收為 274 億美元，較去年同期成長 13%，創歷史新高。Apple TV+ 獲得了 81 項提名，創下了該平台在今年艾美獎幾乎所有提名類別中的紀錄。《遣散》以 27 項提名領跑所有艾美獎提名作品，而該工作室則以 23 項提名緊隨其後，比有史以來任何其他新喜劇系列提名都多。看到這些以及其他 Apple TV 節目如此吸引大眾的想像力真是令人驚嘆。

To date, Apple TV+ has earned more than 2,700 award nominations and 585 wins on the strength of the highest-rated original content of Immy streaming network. And we continue to see very positive trends in the June quarter with TV+ viewership up strong double digits year over year.

迄今為止，Apple TV+ 憑藉艾美獎串流網絡收視率最高的原創內容，已獲得超過 2700 項獎項提名，並獲得 585 項大獎。我們繼續看到 6 月季度的非常積極的趨勢，TV+ 收視率同比增長了兩位數。

In June, we were also thrilled to release F1 in theaters around the world, one of the summer's most unforgettable blockbusters. During the quarter, we celebrated a big anniversary with 10 years of Apple Music. To mark the occasion, we launched an all-new studio space in Los Angeles for artists to create content and connect with fans.

6 月份，我們也非常高興地在世界各地的影院上映了《F1》，這是今年夏天最令人難忘的大片之一。本季度，我們慶祝了 Apple Music 十週年。為了紀念這一刻，我們在洛杉磯推出了一個全新的工作室空間，供藝術家創作內容並與粉絲聯繫。

And later this year, we're bringing Apple Music users even more to love from an enhanced listening experience with Automix, which mixes songs like a DJ to Lyric translation and more. The App Store meanwhile continues to be the very best place to discover the latest apps from developers around the world in a safe and trusted way and App Store revenue grew double digits year over year, setting a June quarter record.

今年晚些時候，我們將透過 Automix 為 Apple Music 用戶帶來更多喜愛的增強聆聽體驗，Automix 可以像 DJ 一樣將歌曲混合到歌詞翻譯等。同時，App Store 繼續成為以安全可靠的方式發現來自全球開發者的最新應用程式的最佳場所，App Store 營收年增兩位數，創下 6 月季度紀錄。

In retail, we continue to find opportunities in emerging markets to connect with even more customers. We recently launched the Apple Store online in Saudi Arabia, and we couldn't be more excited to open new stores in the UAE and India later this year.

在零售業，我們繼續在新興市場尋找機會與更多的客戶建立聯繫。我們最近在沙烏地阿拉伯推出了線上 Apple Store，我們非常高興今年稍後將在阿聯酋和印度開設新店。

We were also delighted to welcome customers in Japan to a new location in the heart of Osaka. Across everything we do at Apple, we show up by leading with our values. We feel strongly that the benefits of technology should be shared by everyone.

我們也很高興歡迎日本客戶來到大阪市中心的新店。在 Apple，我們所做的每一件事都體現了我們的價值觀。我們強烈感覺到，科技帶來的好處應該由每個人共享。

That's why we make technology for everyone. In May, to mark Global Accessibility Awareness Day, we announced updates to help users learn, connect, and interact with their worlds, including Magnifier for Mac, a new brail experience and accessibility reader, a new system-wide reading mode to make it easier to understand content.

這就是我們為每個人創造技術的原因。五月，為了紀念全球無障礙宣傳日，我們宣布了一些更新，以幫助用戶學習、連接和與世界互動，其中包括 Mac 放大鏡、新的點字體驗和無障礙閱讀器、新的系統範圍閱讀模式，使用戶更容易理解內容。

And we're proud to introduce accessibility nutrition labels, giving users an understanding of accessibility features before they download an app, while helping developers educate people on features their app support.

我們很自豪地推出無障礙營養標籤，讓用戶在下載應用程式之前了解無障礙功能，同時幫助開發人員向人們介紹其應用程式支援的功能。

This month, we also announced a $0.5 billion commitment with MP Materials to strengthen the supply of vital recycled rare earth materials in the US and support American industry. And in August, we're opening our all-new Apple Manufacturing Academy in Detroit to train and support American manufacturers. These investments are part of Apple's largest ever spend commitment, which we announced earlier this year.

本月，我們也宣布與MP Materials達成5億美元投資協議，以加強美國重要再生稀土材料的供應並支持美國工業。8 月份，我們將在底特律開設全新的蘋果製造學院，為美國製造商提供培訓和支援。這些投資是我們今年稍早宣布的蘋果有史以來最大支出承諾的一部分。

Over the next four years, Apple is investing $500 billion in the US, driving innovation and creating jobs in cutting-edge fields like advanced manufacturing, silicon engineering, and artificial intelligence. We're proud of this work and all that we're doing to tap into American innovation and bring the best technology experiences to users across the globe. And we continue to look for further opportunities to do even more.

未來四年，蘋果將在美國投資 5,000 億美元，推動先進製造、矽工程和人工智慧等尖端領域的創新並創造就業機會。我們為這項工作以及我們為利用美國創新並為全球用戶帶來最佳技術體驗所做的一切感到自豪。我們將繼續尋找更多機會做更多的事情。

Finally, the situation around tariffs is evolving, so let me provide some color there. For the June quarter, we incurred approximately $800 million of tariff-related costs. For the September quarter, 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 about $1.1 billion to our costs.

最後，關稅情況正在發生變化，因此讓我提供一些資訊。6 月季度，我們發生了約 8 億美元的關稅相關成本。對於 9 月季度，假設當前全球關稅稅率、政策和應用程式在本季剩餘時間內保持不變，且不增加新的關稅，我們估計其影響將使我們的成本增加約 11 億美元。

This estimate should not be used to make projections for future quarters as there are many factors that could change, including tariff rates. We're really proud of our results for the June quarter, and I want to thank our teams and our customers.

該估計值不應用於預測未來幾個季度，因為有許多因素可能會發生變化，包括關稅稅率。我們對六月季度的業績感到非常自豪，我要感謝我們的團隊和客戶。

In everything we do, we're driven by transformative innovation, delivering the most exceptional products and services we've ever created, and we're especially excited about what's ahead. With that, I'll turn it over to Kevan.

我們所做的每一件事都以變革性創新為動力，提供我們迄今為止創造的最卓越的產品和服務，我們對未來尤其感到興奮。說完這些，我就把麥克風交給凱文 (Kevan)。

Thanks, Tim, and good afternoon, everyone. Our revenue of $94 billion was up 10% year over year and is a new June quarter record. We grew in every geographic segment and in the vast majority of the markets we track. Products revenue was $66.6 billion, up 8% year over year, driven by growth across iPhone and Mac. And thanks to our high levels of customer satisfaction and strong loyalty, our installed base of active devices reached another all-time high across all product categories and geographic segments.

謝謝，提姆，大家下午好。我們的營收為 940 億美元，年增 10%，創下了 6 月季度的新紀錄。我們在每個地理區域以及所追蹤的絕大多數市場都實現了成長。產品收入為 666 億美元，年增 8%，這得益於 iPhone 和 Mac 的成長。由於我們高水準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再創歷史新高。

Services revenue was $27.4 billion, up 13% year over year and an all-time record. We saw strength across the world with double-digit growth in the majority of our markets. Company gross margin was 46.5% at the high end of our guidance range and down 60 basis points sequentially, primarily driven by approximately $800 million in tariff-related costs Tim mentioned earlier.

服務收入為274億美元，年增13%，創歷史新高。我們看到了全球範圍內的強勁成長，大多數市場都實現了兩位數的成長。公司毛利率為 46.5%，處於我們指引範圍的高位，比上一季下降 60 個基點，主要原因是提姆之前提到的約 8 億美元的關稅相關成本。

Products gross margin was 34.5%, down 140 basis points sequentially, driven by mix and tariff-related costs, partly offset by cost savings. Services gross margin was 75.6%, down 10 basis points sequentially.

產品毛利率為 34.5%，較上一季下降 140 個基點，主要受產品組合和關稅相關成本的影響，但部分被成本節約所抵銷。服務毛利率為75.6%，季減10個基點。

Operating expenses landed at $15.5 billion, up 8% year over year. This strong business performance led to June quarter records for both net income at $23.4 billion and diluted earnings per share of $1.57, which was up 12% year over year. Operating cash flow was also strong at $27.9 billion.

營運支出達到 155 億美元，年增 8%。強勁的業務表現使得 6 月季度淨收入和每股攤薄收益均創下新高，分別為 234 億美元和 1.57 美元，年增 12%。經營現金流也表現強勁，達到 279 億美元。

Now I'm going to provide some more details for each of our revenue categories. iPhone revenue was $44.6 billion, up 13% year over year, driven by the iPhone 16 family. As Tim noted, we saw iPhone growth in every geographic segment and double-digit growth in many emerging markets.

現在，我將提供每個收入類別的更多細節。 iPhone 營收為 446 億美元，年增 13%，這得益於 iPhone 16 系列的推動。正如蒂姆所指出的，我們看到 iPhone 在每個地理區域都實現了成長，並且在許多新興市場都實現了兩位數的成長。

The iPhone active installed base grew to an all-time high in total and in every geographic segment, and we reached a June quarter record for upgraders. According to a recent survey from Worldpanel, formerly of Kantar, iPhone was a top-selling model in the US, Urban China, the UK, Australia, and Japan during the June quarter. And we continue to see very high levels of customer satisfaction in the US at 98% as measured by 451 Research.

iPhone 活躍安裝基數在整體和各個地理區域均創下歷史新高，我們的升級用戶數量也創下了 6 月季度的新高。根據 Worldpanel（前身為 Kantar）最近的一項調查，iPhone 是第二季度美國、中國城市、英國、澳洲和日本最暢銷的機型。根據 451 Research 的測量，我們繼續看到美國客戶滿意度達到 98% 的高水準。

Mac revenue was $8 billion, up 15% year over year, driven by continued strength across the portfolio, including MacBook Air, Mac Mini and MacBook Pro. We grew in every geographic segment and saw double-digit growth in Europe, Greater China and the rest of Asia Pacific. The Mac installed base reached an all-time high, and we hit a June quarter record for upgraders. In the US, customer satisfaction was recently measured at 97%.

Mac 營收為 80 億美元，較去年同期成長 15%，這得益於 MacBook Air、Mac Mini 和 MacBook Pro 等產品組合的持續強勁成長。我們在每個地理區域都實現了成長，並在歐洲、大中華區和亞太其他地區實現了兩位數的成長。Mac 安裝基數達到了歷史最高水平，並且我們創下了 6 月季度升級用戶數量的最高紀錄。在美國，客戶滿意度最近被測量為 97%。

iPad revenue was $6.6 billion, down 8% year over year, which was expected given the difficult compare against the launch of the iPad Air and iPad Pro in the year ago quarter. At the same time, the iPad installed base reached another all-time high and over half of the customers who purchased an iPad during the quarter were new to the product.

iPad 營收為 66 億美元，年減 8%，這是意料之中的，因為與去年同期推出的 iPad Air 和 iPad Pro 相比，這一數字難以比較。同時，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。

And based on the latest reports from 451 Research, customer satisfaction was 98% in the US Wearables, Home and Accessories revenue was $7.4 billion, down 9% year over year. This was driven by a difficult compare on accessories due to the prior year's iPad launches that I just referred to.

根據 451 Research 的最新報告，美國客戶滿意度為 98%，穿戴式裝置、家居和配件收入為 74 億美元，年減 9%。這是因為我剛才提到，由於前一年 iPad 的發布，配件的比較變得困難。

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. We also set a quarterly record for upgraders on Apple Watch and the latest customer satisfaction for Watch in the US was reported at 97%. Our services revenue reached an all-time high of $27.4 billion, up 13% year over year. The performance in the June quarter was broad-based.

Apple Watch 的安裝基數達到了歷史新高，本季購買 Apple Watch 的顧客中超過一半都是新用戶。我們也創下了 Apple Watch 升級者的季度記錄，最新的美國 Watch 客戶滿意度報告為 97%。我們的服務收入達到歷史最高水平，達到 274 億美元，年增 13%。六月當季的表現普遍良好。

We saw a sequential acceleration across the majority of the categories, including cloud services, where we reached an all-time revenue record, driven by the year-over-year growth of iCloud paying accounts.

我們看到大多數類別的收入都出現了連續加速，其中包括雲端服務，在 iCloud 付費帳戶同比增長的推動下，我們的雲端服務收入創下了歷史新高。

We saw strong momentum during the June quarter and the growth of our installed base of active devices gives us great opportunities for the future. Customer engagement across our services offerings also continued 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.

我們在六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。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。

We continue to improve the quality and breadth of our service offerings from the new Apple Games app to a continued expansion of tap to pay and wallet.

我們不斷提高服務品質和廣度，從新的 Apple 遊戲應用程式到持續擴展的點擊支付和錢包。

Turning to enterprise. Organizations are continuing to invest in Apple products to drive employee innovation and productivity. With companies like PayPal and Roche deploying more Mac for their workforce, we had the best June quarter ever for Mac and Enterprise.

轉向企業。各組織持續投資 Apple 產品，以推動員工創新和生產力。隨著 PayPal 和 Roche 等公司為其員工部署更多 Mac，我們迎來了 Mac 和企業版有史以來最好的二月季度。

In Thailand, Siam Commercial Bank, one of the largest high banks has deployed thousands of iPads across their branches to enhance the quality and efficiency of their banking operations from loan services to wealth management.

在泰國，最大的高端銀行之一泰國商業銀行已在其各分行部署了數千台 iPad，以提高從貸款服務到財富管理的銀行業務品質和效率。

CAE, a leader in pilot training and simulation technology is using Apple Vision Pro to enable pilots to become more familiar with aircraft procedures, leading to more productive in-person flight simulator training outcomes.

作為飛行員訓練和模擬技術的領導者，CAE 正在使用 Apple Vision Pro 來幫助飛行員更加熟悉飛機程序，從而實現更有效率的現場飛行模擬器訓練成果。

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 $5.7 billion of debt maturities and issued $4.5 billion of new debt and increased commercial paper by $4 billion, resulting in $102 billion in total debt. Therefore, at the end of the quarter, net cash was $31 billion.

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 57 億美元的債務到期，發行了 45 億美元的新債務，並增加了 40 億美元的商業票據，導致總債務達到 1,020 億美元。因此，本季末的淨現金為 310 億美元。

During the quarter, we returned over $27 billion to shareholders. This included $3.9 billion in dividends and equivalents and $21 billion through open market repurchases of 104 million Apple shares.

本季度，我們向股東返還了超過 270 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 1.04 億股蘋果股票的 210 億美元。

As we move into the September 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 the global tariff rates, policies, and application remain in effect as of this call, the global macroeconomic outlook does not worsen from today and the current revenue share agreement with Google continues.

隨著我們進入九月季度，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中仍然有效，全球宏觀經濟前景從今天開始不會惡化，並且與谷歌的當前收入分成協議繼續有效。

We expect our September quarter total company revenue to grow mid- to high single digits year-over-year. We expect services revenue to grow at a year-over-year rate similar to what we reported in the June quarter.

我們預計 9 月季度公司總營收將年增中高個位數。我們預計服務收入的年成長率將與六月季度報告的成長率相似。

We expect gross margin to be between 46% and 47%, which includes the estimated impact of the $1.1 billion tariff-related costs that Tim referred to earlier. We expect operating expenses to be between $15.6 billion and $15.8 billion. We expect OI&E to be around negative $25 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 17%.

我們預計毛利率在 46% 至 47% 之間，其中包括 Tim 先前提到的 11 億美元關稅相關成本的估計影響。我們預計營運費用將在 156 億美元至 158 億美元之間。我們預計 OI&E 約為負 2500 萬美元，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 17%。

Finally, today, our Board of Directors has declared a cash dividend of $0.26 per share of common stock payable on August 14, 2025, to shareholders of record as of August 11, 2025. With that let's open the call to questions.

最後，今天，我們的董事會宣布向截至 2025 年 8 月 11 日登記在冊的股東派發每股普通股 0.26 美元的現金股息，派發日期為 2025 年 8 月 14 日。讓我們開始提問吧。

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

謝謝你，凱文。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？

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just have one on upgrade rates and 1 First, on the upgrade rates, is it encouraging to see the records on iPhone, Mac, and watch I was wondering if you're seeing strength in the upgrade rates? Or is the records more a function of the growing installed base? What is your research showing that made upgrades particularly compelling this year? For example, is it product features, tariff pull forward, perhaps Apple Intelligence? And then I'll give my follow-up on CapEx.

我只想問一個關於升級率的問題，首先，關於升級率，看看 iPhone、Mac 和手錶的記錄是否令人鼓舞？我想知道您是否看到升級率的強勁成長？或者這些記錄更多的是不斷增長的安裝基礎的功能？您的研究顯示了什麼使得今年的升級特別引人注目？例如，是產品功能、關稅上調，還是 Apple Intelligence？然後我將對資本支出進行跟進。

Let's do CapEx first.

我們先來做資本支出。

Yeah, let's do CapEx first.

是的，我們先做資本支出。

Just on the CapEx it's up notably year to date. Could you just comment on your capital spending plans this year and next and provide some qualitative color in terms of what's driving that growth? Is it AI-related or supply chain diversification, for instance?

僅就資本支出而言，今年迄今已顯著上升。您能否評論一下今年和明年的資本支出計劃，並提供一些定性信息，說明推動這一增長的因素？例如，它與人工智慧或供應鏈多樣化相關嗎？

Yeah, Mike, it's a combination of factors. I would say, a pretty significant driver as Tim talked about, is the fact we are increasing our investment significantly in AI. So that is certainly a component of it. As you know, we've been investing in private cloud compute, which is also in our first-party data centers. The other piece, as you know, is we do have a hybrid strategy where in cases we do use third parties to make capital investments, and we also invest in our own.

是的，麥克，這是多種因素共同作用的結果。我想說，正如蒂姆所說，一個非常重要的驅動因素是我們正在大幅增加對人工智慧的投資。所以這肯定是其中的一個組成部分。如您所知，我們一直在投資私有雲運算，這也是我們的第一方資料中心。另一點，如你所知，我們確實有一個混合策略，在某些情況下，我們確實使用第三方進行資本投資，我們也會進行自己的投資。

So you are going to see an increase in CapEx. We also, from time to time, have other investments in facilities in tooling, but I would say a significant portion of the driver of growth that you're seeing now is really driven by some of our AI-related investments.

因此你會看到資本支出的增加。我們還不時對工具設施進行其他投資，但我想說，您現在看到的成長動力很大一部分實際上是由我們的一些與人工智慧相關的投資所推動的。

On the upgrades, Michael if you look at iPhone, the 16 family grew double digit as opposed to the 15 family from the year ago quarter. And so we did set an upgrade record. I think it directly is because of the strength of the product. MAC also set records on upgrade -- and I think we continue to see a move to Apple silicon and the performance of Apple Silicon is playing a very key role. And so it was an incredible quarter.

關於升級，邁克爾，如果你看一下 iPhone，你會發現與去年同期的 15 系列相比，16 系列實現了兩位數的成長。因此我們確實創下了升級記錄。我認為直接原因是產品實力的緣故。MAC 也創下了升級記錄——我認為我們將繼續看到向 Apple Silicon 的轉變，而 Apple Silicon 的性能發揮著非常關鍵的作用。這是一個令人難以置信的季度。

In terms of -- if you're wondering about pull forward, we would estimate the pull forward of demand into April, specifically to be about 1 point of the 10 points in terms of people buying because of discussions about tariffs.

就——如果您對提前量感到好奇，我們估計 4 月份的需求提前量約為 10 個百分點中的 1 個百分點，因為有關關稅的討論，人們會進行購買。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

I have to do as well. Maybe starting with you, shortly after March quarter earnings, there were some reports about searches on Safari declining in April for the first time, I think, in over two decades. Judging by your 13% services growth this quarter, it doesn't seem to indicate that April trends necessarily played out through the remainder of the June quarter. And so I'm really just looking for a little bit more color on really how the rest of the quarter played out.

我也必須這麼做。也許從您開始，在三月季度收益公佈後不久，就有報導稱 Safari 的搜尋量在四月份出現了下降，我認為這是二十多年來的首次下降。從本季 13% 的服務業成長率來看，這似乎並不表示 4 月的趨勢一定會延續到 6 月當季的剩餘時間。因此，我只是想更詳細地了解本季剩餘時間的實際情況。

And if you believe Apple products as kind of search access points are losing their strategic value as AI platforms become more valuable or popular or increasing in strategic value? And then I have a follow-up.

您是否認為，隨著人工智慧平台變得更有價值、更受歡迎或戰略價值不斷增加，蘋果產品作為一種搜尋存取點正在失去其戰略價值？然後我有一個後續問題。

I think they continue to be very valuable. I think that consumers' behaviors are evolving, and we're monitoring it very closely.

我認為它們仍然非常有價值。我認為消費者的行為正在發生變化，我們正在密切關注。

Okay. I appreciate that color. And then maybe second to that, I'd love if you could maybe elaborate a bit on what you're seeing in China. I think in an interview earlier this afternoon, you alluded to some of the promotions being tailwinds. But just bigger picture if we take a step back in China, how would you characterize demand interest in the iPhone 16 and some of your other products? Is that shifting or maybe were some of the trends in the June quarter, maybe a bit more onetime and unique in nature?

好的。我很欣賞那個顏色。其次，如果您能詳細說明您在中國看到的情況，我將非常高興。我想在今天下午早些時候的一次採訪中，您提到了一些促銷活動是順風。但如果我們回顧中國的情況，您如何描述對 iPhone 16 和其他一些產品的需求興趣？這種趨勢是否正在發生變化，或者六月季度的一些趨勢可能更具一次性性和獨特性？

Yeah. We did grow in Greater China by 4% during the quarter versus the previous quarter, it was driven by an acceleration by iPhone, although we also had substantial growth on the Mac year over year. As you know, the government has placed certain subsidies that affects some of our products, not all of them, but there are some of them. And I think that had some effect. It was the first full quarter of the subsidy playing out that cut in during a portion of the previous quarter.

是的。與上一季相比，本季度我們在大中華區的銷售額增長了 4%，這主要得益於 iPhone 銷量的增長，儘管 Mac 銷量同比也實現了大幅增長。如您所知，政府已經實施了某些補貼，這會影響我們的部分產品，雖然不是全部，但確實有一些。我認為這是有一定效果的。這是補貼實施的第一個完整季度，補貼金額與上一季的部分金額重疊。

The other things I would say are that the installed base hit a record high in Greater China and we set an all-time record for the iPhone installed base. The iPhone upgraders in Mainland China set a record for the June quarter.

我想說的其他事情是，大中華區的安裝基數創下了歷史新高，並且我們創下了 iPhone 安裝基數的歷史最高紀錄。中國大陸的 iPhone 升級用戶數量創下了 6 月季度的最高紀錄。

And according to Worldpanel, which was formerly known as Kantar, iPhone had the top three models in Urban China, which is extraordinary. Also if you look at the other products, Mac, iPad, and watch, the majority of customers that are buying in China Mainland were new to the product.

根據 Worldpanel（原名 Kantar）的數據顯示，iPhone 在中國城市市場佔據了銷售前三名，這很不尋常。另外，如果你看看其他產品，Mac、iPad 和手錶，你會發現在中國大陸購買的大多數客戶都是第一次購買這些產品。

So lots of good things there. And the other thing I would point out, which is an interesting point, The MacBook Air was the top-selling laptop model in all of China, and the Mac Mini was the top-selling desktop model in all of China. So overall, a positive -- very positive quarter.

那裡有很多好東西。我想指出的另一點很有趣，MacBook Air 是全中國最暢銷的筆記型電腦型號，而 Mac Mini 是全中國最暢銷的桌上型電腦型號。總體而言，這是一個積極的、非常積極的季度。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

I really appreciate it. I wanted to ask about Siri, Tim, and just overall AI investment. There's a perception that Siri is going to help drive other new products potentially that maybe where voice is quite needed. And just wondering how's your confidence towards launching that next year? Is there anything that's been done internally to increase that confidence? Is it tied to the investment I just think folks would love to know a little bit more about your confidence in how that's going? And then I have a follow-up.

我真的很感激。我想問一下關於 Siri、Tim 以及整體人工智慧投資的問題。人們認為 Siri 可能會幫助推動其他非常需要語音的新產品。我想知道您對明年推出產品有何信心？內部是否採取了什麼措施來增強這種信心？這是否與投資有關？我只是認為人們很想知道您對投資進度的信心嗎？然後我有一個後續問題。

Yeah. Thanks for the question. We're making good progress on a more personalized Siri, and we do expect to release the features next year, as we had said earlier, our focus from an AI point of view is on putting AI features across the platform that are deeply personal, private and seamlessly integrated.

是的。謝謝你的提問。我們在更個人化的 Siri 方面取得了良好的進展，我們確實希望在明年發布這些功能，正如我們之前所說，從人工智慧的角度來看，我們的重點是將深度個性化、私密性和無縫整合的人工智慧功能應用於整個平台。

And of course, we've done that with more than Apple Intelligence features so far from visual intelligence to cleanup to writing tools and all the rest. We are significantly growing our investment we did during the June quarter, we will again in the September quarter.

當然，到目前為止，我們已經實現了 Apple Intelligence 的多項功能，從視覺智慧到清理、到寫作工具等等。我們在六月季度大幅增加了投資，九月季度我們將繼續增加投資。

I'm not putting specific numbers behind that at this point, but you can probably tell them the guidance that things are moving up. We are also reallocating a fair number of people to focus on AI features within the company that are -- we have a great team, and we're putting all of our energy behind it. In terms of other products, I don't want to really comment on specific other products. But we have an exciting road map ahead and I could not be more excited about it.

我現在還沒有給出具體的數字，但你可以告訴他們情況正在好轉。我們也重新分配了相當數量的人員來專注於公司內部的人工智慧功能——我們擁有一支優秀的團隊，我們將所有的精力都投入其中。至於其他產品，我並不想真正評論具體的其他產品。但我們面前有一張令人興奮的路線圖，我對此感到無比興奮。

That's great, Tim. Just with regard to my second question, it's about the overall revenue guide. And I appreciate that you guide the best you can see it. But I just wanted to challenge it from a different way is, why would it decelerate if services is staying the same at 13, is there a conservatism there?

太好了，提姆。關於我的第二個問題，是關於整體收入指南。我很感激您能盡其所能地指導。但我只是想從不同的角度來看待這個問題，如果服務業保持在 13 不變，為什麼會減速，是否存在保守主義？

I would think even currency is just as favorable, if not more favorable. So why would it decelerate to the higher single digits from where you were in the quarter? Or is it just being conservative? And if there's something decelerating or comp, do you mind just pointing that out?

我認為貨幣也同樣有利，甚至更有利。那麼，為什麼它會從本季的水平減速到較高的個位數呢？或者只是保守而已？如果出現減速或壓縮的情況，您介意指出來嗎？

Yeah, Ben, this is Kevan. Thanks for the question. I think when you look at the growth from Q3, we just reported to the mid- to high single-digit guide. I think you have to kind of keep in mind two components. The first is the effect of the tariff-related pull ahead and demand that Tim referenced earlier, which we estimated to be about 1 point of the 10 points that we ended up doing in Q3.

是的，本，這是凱文。謝謝你的提問。我認為，當您查看第三季的成長情況時，我們剛剛報告了中高個位數的成長預期。我認為你必須記住兩個要素。首先是提姆之前提到的與關稅相關的提前量和需求的影響，我們估計這大約是第三季最終實現的 10 個百分點中的 1 個百分點。

And then the other factor that I think give to take into consideration is the fact that in September quarter a year ago, we had the full quarter impact of the iPad launches, which also leads to a difficult compare this year. So those two components are things you have to take into consideration as you think about the move from Q3 to Q4, I would say foreign exchange is a very minor tailwind going from Q3 to Q4, so not really a major factor.

然後，我認為需要考慮的另一個因素是，去年 9 月季度，iPad 的發布對我們整個季度產生了影響，這也導致今年的比較很困難。因此，當你考慮從第三季到第四季的轉變時，你必須考慮這兩個因素，我想說外匯從第三季到第四季是一個非常小的順風，所以不是一個真正的主要因素。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Tim, I know you said similar growth in services, and that's predicated with Google payments continuing. Is there any way for us to dimensionalize sort of -- or maybe just conceptually talk about maybe options if the counter were to happen, if the payments were not allowed in some way, what are some of the things that Apple could do given that it is a significant chunk of profitability? And I have a follow-up.

提姆，我知道你說過服務業也會有類似的成長，而且這是以Google支付的持續成長為前提的。我們是否有辦法將其維度化——或者可能只是從概念上討論一下如果發生反向交易、如果以某種方式不允許付款，蘋果可以採取哪些措施來應對這種情況，因為這將帶來很大的盈利空間？我還有一個後續問題。

Yeah, Wamsi, I don't really want to speculate on the court ruling and how they would rule and what we would do as a consequence of it.

是的，瓦姆西，我真的不想猜測法院的裁決、他們將如何裁決以及我們會採取什麼行動。

Okay. I guess we'll wait for that ruling to come out. I guess, separately, Tim, at a high level, when you look at some of what is perceived fears of new form factors and ways to interact with devices, there was some worry that given some of the developments in AI that there could be a world where dependence on screen-based devices significantly diminishes.

好的。我想我們會等待裁決結果出來。我想，蒂姆，另外，從高層次來看，當你看到人們對新形式因素和與設備交互的方式的一些擔憂時，有人擔心，鑑於人工智能的一些發展，可能會出現一個對基於屏幕的設備的依賴大大減少的世界。

And I'm kind of curious to get your thoughts on if do you think that would happen and rate and pace in which? And how do you think Apple is preparing in that case?

我很好奇，您認為這種情況是否會發生，以及發生的頻率和速度如何？您認為蘋果針對這種情況做了哪些準備？

When you think about all the things an iPhone can do from connecting people to bringing app and game experiences to life to taking photos and videos to helping users explore the world and conduct their financial lives and pay for things and so much more. It's difficult to see a world where iPhone is not living in it. And that doesn't mean that we are not thinking about other things as well. But I think that the devices are likely to be complementary devices, not substitution.

當你想到 iPhone 可以做的所有事情時，從連接人們到為應用程式和遊戲體驗注入活力，從拍攝照片和影片到幫助用戶探索世界、管理他們的財務生活和支付等等。很難想像一個沒有 iPhone 的世界。但這並不意味著我們沒有考慮其他事情。但我認為這些設備可能是互補設備，而不是替代設備。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I guess just to start with Tim, the tariff assumption of $1.1 billion in the September quarter, kind of I understand the uptick you folks are talking about. But can you just talk about assuming tariffs remain at these levels or even they evolve under Section 232, how do you eventually think about offsetting this headwind to your P&L? And when do you decide to execute on the levers to offset this headwind versus just flowing into your bottom line?

我想先從提姆開始，9 月季度的關稅假設為 11 億美元，我有點理解你們談論的上漲。但是，您能否假設關稅保持在這些水平，或者甚至根據第 232 條的規定發生變化，您最終會如何考慮抵消這一不利因素對您的損益的影響？您何時決定採取行動來抵消這種不利因素，而不是僅僅影響您的底線？

Right now, we're just estimating the cost of it, and it's up quarter over quarter, because our volume is up quarter over quarter. And there was some build ahead in the previous quarter. And so that's the primary reason that it's up. In terms of what we do to mitigate, we obviously try to optimize our supply chain and ultimately, we will do more in the United States.

目前，我們只是在估算其成本，而且成本較上季上升，因為我們的銷售量較上季上升。上一季也出現了一些進展。這就是其上漲的主要原因。就我們為緩解影響所採取的措施而言，我們顯然會嘗試優化我們的供應鏈，最終，我們將在美國採取更多措施。

We've committed $500 billion investment in the US over the next four years. And we're already building chips in Arizona. And in fact, we're building semiconductors across 12 states and 24 factories, and have a lot of other things in the work. She probably saw the investment in MP Materials last week. And so we continue to explore these things and look for more that we can do, which I think ultimately is the objective.

我們承諾未來四年向美國投資 5,000 億美元。我們已經在亞利桑那州生產晶片。事實上，我們正在 12 個州和 24 家工廠生產半導體，而且還有很多其他工作正在進行中。她可能上週看到了對 MP Materials 的投資。因此，我們將繼續探索這些事情並尋找更多我們可以做的事情，我認為這最終是我們的目標。

Got it. Super helpful. And then your services growth, I think, was extremely impressive at 13%, especially given all the fears folks had. Can you just touch on, did you see any impact that was notable from the Epic case and the steering dynamics that came after that? And maybe just touch on what does that appeal process looks like to me as you go forward?

知道了。超有幫助。我認為，你們的服務成長率非常令人印象深刻，達到了 13%，尤其是考慮到人們的所有擔憂。您能否簡單談談，您是否看到了 Epic 案以及隨後出現的轉向動力學的顯著影響？也許您能簡單談談接下來的上訴流程對我來說是什麼樣的嗎？

Yeah, this is Kevan. Let me take that one. In general, I think just reminding, I think you just said, we had a very strong services quarter. We had an all-time record, $27.4 billion, up 13%. The one thing I would also say is our services performance was broad-based. So we also saw strength in developed and emerging markets, both parts of the world had double-digit growth.

是的，這是凱文。讓我來拿那個。總的來說，我想提醒一下，我想你剛才說過，我們的服務季度非常強勁。我們創下了歷史新高，達到 274 億美元，成長 13%。我還想說的是，我們的服務表現是廣泛的。因此，我們也看到了已開發市場和新興市場的強勁表現，全球兩個地區都實現了兩位數的成長。

We also saw a sequential acceleration across the majority of our categories, including cloud services, where I mentioned in the prepared remarks that we had an all-time revenue record.

我們也看到包括雲端服務在內的大多數類別都出現了連續加速的成長，我在準備好的發言中提到，我們的收入創下了歷史新高。

As it relates to the EPIC decision, we -- keep in mind, we only just introduced the change required by the court in the June quarter. And as you know, we don't provide the level of detail. But in general, I would say it was a very, very -- in the US, we had a double-digit growth on the US App Store. And we had an all-time record.

就 EPIC 裁決而言，請記住，我們只是在 6 月季度引入了法院要求的變更。如您所知，我們沒有提供如此詳細的資訊。但總的來說，我想說這是一個非常非常——在美國，我們在美國 App Store 實現了兩位數的成長。我們創造了歷史最高紀錄。

And so we'll continue to monitor the effects on our business, but we continue to innovate and ensure that the App Store delivers the best experience for users and remains a great business opportunity for developers.

因此，我們將繼續監控對我們業務的影響，但我們將繼續創新並確保 App Store 為用戶提供最佳體驗，並繼續為開發者提供龐大的商機。

David Vogt, UBS.

瑞銀的戴維·沃格特。

And I have two questions as well. Maybe Tim, just on the supply chain strategy. I know last quarter, you talked about focusing production or assembly to India. And I just want to get an update on how you're thinking about the strategy holistically, given sort of the tariff rates, I think, in India potentially are higher than I think anyone had expected. So I know you mentioned US investments would love to kind of get your thoughts on how you're thinking about China versus the rest of Southeast Asia and India going forward?

我也有兩個問題。也許是提姆，只是關於供應鏈策略。我知道上個季度您談到將生產或組裝重點放在印度。我只是想了解您對整個策略的看法，因為我認為印度的關稅稅率可能比任何人預期的都要高。所以我知道您提到了美國投資，我很想聽聽您對中國與東南亞其他國家和印度未來發展的看法？

And then I'll give you my second question also. So Kevan, I'm just trying to understand a little bit more about the demand drivers of iPhone in the quarter because obviously, the 16 has been in the market for some time. I know there was some promotional activity.

然後我還會問你第二個問題。所以 Kevan，我只是想更多地了解本季 iPhone 的需求驅動因素，因為顯然 16 已經上市一段時間了。我知道有一些促銷活動。

But seasonally, you generally don't see this kind of strength in the June quarter. Maybe you can help us understand outside of maybe the promotional activity, what else were some of the drivers that led to what looks like a pretty significant above seasonal strength in the June quarter?

但從季節性來看，六月季度通常不會出現這種強勁表現。或許您可以幫助我們了解，除了促銷活動之外，還有哪些因素導致 6 月季度的業績表現明顯高於季節性？

Yeah. In terms of the tariff situation in country of origin and so forth, one thing I would say, just to remind everyone is keep in mind that the vast majority of our products are covered under the Section 232 investigation. And so today or I should say, last quarter, the bulk of the tariffs that we paid were the EEPA tariffs that hit early in the year related to China. And so that's just a reminder of where things are and what we assumed as we calculated the projection of $1.1 billion that's in our outlook color.

是的。關於原產國的關稅情況等等，我想提醒大家的是，我們的絕大多數產品都屬於第 232 條調查的範圍。所以今天，或者我應該說，上個季度，我們支付的大部分關稅是今年年初與中國相關的 EEPA 關稅。這只是提醒我們事情的現狀以及我們在計算 11 億美元預測時的假設，這是我們的展望顏色。

In terms of the country of origin, it's the same as I referenced last quarter. There hasn't been a change to that, which is the vast majority of the iPhones sold in the US or the majority, I should say, have a country of origin of India and the vast majority of the products, other products, the Mac, and the iPad, and the watch have a country of origin of Vietnam that are sold in the United States. Still, the products for other international countries, the vast majority of them are coming from China. And so that hopefully gives you a flavor of where things are.

就原產國而言，與我上個季度提到的相同。這一點沒有改變，在美國銷售的絕大多數 iPhone，或者應該說，大多數，其原產國都是印度，而在美國銷售的絕大多數產品、其他產品、Mac、iPad 和手錶的原產國都是越南。不過，出口到其他國家的產品，絕大多數都來自中國。希望這能讓您了解事情的現況。

But I would stress again that we do a lot in this country in the United States. And we've committed $500 billion, and we're always looking to do more. And you could kind of see that in the most recent announcements, whether it's MP Materials or our manufacturing academy that we're standing up in Detroit in a couple of weeks or so.

但我想再次強調，我們在美國這個國家做了很多事。我們已經承諾投入 5000 億美元，並且我們始終希望投入更多。您可以從最近的公告中看到這一點，無論是 MP Materials 還是我們的製造學院，我們都將在幾週後在底特律成立。

And so we're going to be doing -- we're doing more in this country, and that's on top of having roughly 19 billion chips coming out of the US now, and we will do more, and of course, glass from iPhone in the face ID module. And so there's loads of different things that are done in the United States.

因此，我們將繼續——我們將在這個國家做更多的事情，這是在美國目前大約生產 190 億個晶片的基礎上，我們還將做更多的事情，當然，還將在面容 ID 模組中使用 iPhone 的玻璃。因此，美國做了很多不同的事情。

And then on the iPhone activity.

然後是 iPhone 活動。

Yeah, so as I was going to mention the iPhone activity, you asked that there's any kind of unique characteristics this quarter. I would just say, as Tim outlined, we really believe that the strong upgrade performance, which was a June quarter record was really driven by the strength of the product lineup. The iPhone 16 family has done incredibly well compared to the iPhone 15 family. And we also, as you recall, recently introduced the 16E as well, which also continued to impact the success of the overall iPhone 6 lineup.

是的，正如我之前提到的 iPhone 活動，你問到本季有什麼獨特的特點。我只想說，正如蒂姆所概述的，我們真的相信強勁的升級表現（創下六月季度紀錄）確實是由產品陣容的實力推動的。與 iPhone 15 系列相比，iPhone 16 系列的表現非常出色。而且，正如您所記得的，我們最近還推出了 16E，這也繼續影響著整個 iPhone 6 系列的成功。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

The first one for Kevan, just on the previous question, do you think there was any pull-in of poles in the June quarter that led to some of the upside? And how to think about channel inventory in June quarter? And how it looks in September relative to seasonal trends? And then I had a longer-term follow-up for Tim.

第一個問題是凱文 (Kevan)，就像上一個問題一樣，您是否認為 6 月份季度有任何桿子的引入導致了一些上漲？以及如何看待六月季度的通路庫存？相對於季節性趨勢，九月的情況如何？然後我對蒂姆進行了長期跟踪。

Let me see if I can answer the channel inventory question or what I think is the channel inventory question. If you look at iPhone channel inventory from the beginning of the quarter to the end of the quarter, we reduced it, and it ended toward the low end of our targeted range. And so that's the answer on the inventory piece of it.

讓我看看我是否可以回答渠道庫存問題或我認為的渠道庫存問題。如果你看一下從本季初到本季末的 iPhone 通路庫存，你會發現我們已經減少了庫存，並且庫存最終處於我們目標範圍的低端。這就是關於庫存部分的答案。

And then I think you also asked about the pull-ahead impact. I think we referenced that earlier. Just to be clear on what we believe we saw in the June quarter, we did see some obvious signs of Bullhead really in the April time frame around the tariff-related discussions that were out in the marketplace. And so we felt that, that was from what we saw about a 1 point impact of the 10 points at a total company level of growth. And so that was the limited impact that we believe we saw for the quarter.

然後我想您也詢問了提前的影響。我想我們之前提到過這一點。為了更清楚地了解我們認為在 6 月季度看到的情況，我們確實在 4 月期間圍繞市場上與關稅相關的討論看到了一些明顯的牛頭跡象。因此，我們認為，這就是我們看到的 10 個點對整個公司成長水準的影響。因此，我們認為本季的影響有限。

Got it. Very helpful. And then I just had a long-term follow-up for Tim. Tim, I was curious about your thoughts on AI for edge devices. There's like some people who think that LLM could be a commodity in the future.

知道了。非常有幫助。然後我對蒂姆進行了長期跟踪。提姆，我很好奇你對邊緣設備人工智慧的看法。有些人認為法學碩士學位將來可能會成為一種商品。

Do you see a scenario where the LLM become a third part of your iOS or is the SLM the way to go and how to think about evolution of edge devices in a futuristic AI world and is smartphone going to be the choice of device? Just curious your thoughts on it, broadly speaking.

您是否認為 LLM 會成為 iOS 的第三部分，或者 SLM 是未來的發展方向，如何看待未來 AI 世界中邊緣設備的演變，智慧型手機是否會成為設備的選擇？只是好奇你對此的看法，整體來說。

The way that we look at AI is that it's one of the most profound technologies of our lifetime. And I think it will affect all devices in a significant way what pieces of the chain are commoditized and not commoditized, I wouldn't want to really talk about today. because that gives away some things on our strategy. But I think it's a good question.

我們看待人工智慧的方式是，它是我們一生中最深刻的技術之一。我認為它將對所有設備產生重大影響，至於鏈條中的哪些部分已經商品化，哪些部分還沒有商品化，我今天真的不想談論這個，因為這會洩露我們戰略的一些信息。但我認為這是個好問題。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Tim, maybe if I can start with your remarks about the pull ahead being about a 1 percentage point benefit here. Anything to share in terms of what's underlying that estimate in terms of what you're seeing for -- is it a pull ahead largely on iPhones? Or is it across the board? And is it primarily in the US or again, sort of across multiple regions? Any color there would be helpful in terms of how you're sort of getting to that assumption there? And I have a follow-up.

提姆，也許我可以從你關於提前帶來約 1 個百分點好處的評論開始。就您所看到的這項估計而言，有什麼可以分享的嗎——這主要歸功於 iPhone 嗎？還是全面的？它主要在美國還是跨越多個地區？就您如何得出這個假設而言，任何顏色都會有幫助嗎？我還有一個後續問題。

It was principally on iPhone and Mac. And it was pretty -- it was obvious evidence of it. It was an unusual buying pattern there and that largely occurred in April towards the beginning of the quarter. And it was really -- we believe it was largely the United States.

它主要在 iPhone 和 Mac 上使用。而且它很漂亮——這是明顯的證據。這是一種不尋常的購買模式，主要發生在四月本季初。我們認為這主要是美國造成的。

Okay. Got it. And maybe on the tariff front, when you gave the estimate of $900 million last quarter, which came in at $800 million, you did highlight it was there were some unique factors in the quarter. When I take the $1.1 billion that you're now sort of expecting for the September quarter and as we start to think about December, is there anything unique in the December quarter in terms of sourcing from regions, et cetera, that would uniquely impact December, just given sort of that you had highlighted that quarter to quarter, so there would be unique things. Just curious if December looks very different from September because of any unique factors.

好的。知道了。也許在關稅方面，當您給出上個季度 9 億美元的估計值時，實際數字為 8 億美元，您確實強調了本季度存在一些獨特因素。當我拿到您現在預計的 9 月份季度的 11 億美元時，當我們開始考慮 12 月份時，12 月份季度在地區採購等方面是否存在一些獨特之處，會對 12 月份產生獨特的影響，鑑於您已經強調了季度與季度之間的差異，因此會有一些獨特的事情。只是好奇，由於某些獨特因素，十二月是否與九月有很大不同。

I would be careful about projecting based on the numbers from Q2 and Q3 because, one, we're uncertain of what the rates will be. And so the rates may change. Two, in -- particularly in last quarter, we had some build ahead inventory that we had within the company and within our supplier -- within our supply chain. And so those two are a little unique. Also, as you know, from following us for so long, Q1 is generally a higher volume quarter. And the tariffs are currently are pretty linear with volume.

我會謹慎地根據第二季和第三季的數據進行預測，因為首先，我們不確定利率是多少。因此利率可能會改變。第二，特別是在上個季度，我們在公司內部、供應商內部以及供應鏈中累積了一些庫存。所以這兩個有點獨特。此外，正如您所知，透過長期關注我們，第一季通常是交易量較高的季度。目前，關稅與貿易量呈現線性關係。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I've got two as well, and I'll just ask them together. I guess the first one is just more housekeeping. Kevan, when we think about currency impact, how much of a benefit was currency this quarter and I guess across the business and in particular, maybe on the services segment? And on a year-on-year basis, how much currency benefit should we be thinking about embedded in the guidance into the September quarter?

我也有兩個，我會一起問。我想第一個只是更多的家務事。凱文，當我們考慮貨幣影響時，本季貨幣帶來多大的好處？我想對整個業務，特別是服務部門來說，貨幣帶來多大的好處？與去年同期相比，我們應該考慮在 9 月季度的業績指引中包含多少貨幣收益？

And then the second quick question is, CapEx is clearly moving higher. I know you guys don't guide specifically to that number. But just kind of qualitatively, should we as you lean in more on AI, should we really start to see that CapEx, which is running close to about $4 billion annualized today, really start to move appreciably higher? Any color on that would be helpful.

第二個快速問題是，資本支出顯然正在上升。我知道你們並沒有具體指導那個數字。但從品質上講，隨著我們更傾向於人工智慧，我們是否應該真的開始看到資本支出（目前每年接近 40 億美元）真的開始大幅上升？任何顏色都會有幫助。

Great, Aaron. Thanks for the question. Let me answer the first one first around foreign exchange. For Q3, we really had no impact from a foreign exchange standpoint on the year-on-year results. And so when we look at both the revenue growth as well as the gross margin, there was virtually no impact from foreign exchange.

太好了，亞倫。謝謝你的提問。讓我先回答第一個有關外匯的問題。對於第三季度，從外匯角度來看，我們的年比業績確實沒有受到任何影響。因此，當我們同時查看收入成長和毛利率時，外匯幾乎沒有產生影響。

As we look at going from Q3 to June quarter to the September quarter, again, very, very, as I mentioned earlier, a very small tailwind going from Q3 to Q4 from a foreign exchange standpoint on both revenue as well as gross margin.

當我們回顧從第三季度到六月季度再到九月季度時，正如我之前提到的，從外匯角度來看，從第三季度到第四季度，無論是收入還是毛利率，都出現了非常小的順風。

And then on the second question, sure, on the CapEx side, I think we talked about the fact that we are, and Tim mentioned the fact that we are increasing our investment significantly I you are going to continue to see our CapEx grow. It's not going to be exponential growth, but it is going to grow substantially.

然後關於第二個問題，當然，在資本支出方面，我想我們談到了我們正在大幅增加投資的事實，你將繼續看到我們的資本支出成長。它不會呈指數級增長，但會大幅增長。

And a lot of that's a function of the investments we're making in AI. As we mentioned, we also have other items that fall under that category, facilities and some of our retail store investments. But I would say a lot of the growth is really being driven by AI. I would remind you that we do have a hybrid model though, where we also leverage third-party infrastructure in addition to investing in our own first-party infrastructure.

這在很大程度上取決於我們在人工智慧領域的投資。正如我們所提到的，我們還有其他屬於該類別的項目，包括設施和一些零售店投資。但我想說，很多成長其實是由人工智慧推動的。我要提醒您，我們確實有一個混合模型，除了投資我們自己的第一方基礎設施之外，我們還利用第三方基礎設施。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Tim, at WWDC earlier in the quarter, you showed impressive updates on Vision Pro with the use of widget, spatial scenes, persona, and new ways to create content appears like Meta and Xiaomi are seeing strong momentum on their AI glasses. So is the focus still around enterprises on Vision Pro? Or are you thinking of broadening the use cases and maybe tying it to more of your devices? Any thoughts on Vision Pro as they did not get enough airtime in the prepared remarks.

提姆，在本季早些時候的 WWDC 上，你展示了 Vision Pro 的令人印象深刻的更新，包括使用小部件、空間場景、角色和創建內容的新方法，看起來 Meta 和小米的 AI 眼鏡發展勢頭強勁。那麼 Vision Pro 的重點仍圍繞著企業嗎？或者您正在考慮擴大使用案例並將其與更多設備聯繫起來？對 Vision Pro 有什麼看法嗎？因為他們在準備好的發言中沒有得到足夠的發言時間。

Yeah. Thanks for bringing it up. I was thrilled with the release from the team on visionOS 26. It includes many things in it like special widgets to enable users to customize their digital space. The personas took a huge increase with they're much more lifelike. And of course, there's new enterprise APIs for companies as well.

是的。謝謝你提出這個問題。我對團隊發布的 visionOS 26 感到非常興奮。它包含許多東西，例如特殊的小部件，使用戶能夠自訂他們的數位空間。人物形象得到了極大的提升，變得更加逼真。當然，還有針對公司的新企業 API。

And we're seeing, as Kevan talked about in his opening remarks, we're seeing those things resonate out with CAE and other customers. And so we continue to be very focused on it. And I don't want to get into the road map on it, but this is an area that we really believe in.

正如凱文在開場白中提到的那樣，我們看到這些事情引起了 CAE 和其他客戶的共鳴。因此我們將繼續高度關注此事。我不想談論這方面的路線圖，但這是我們真正相信的領域。

Great. And Kevan, historically, you guys have not done much big M&A. Do you feel like you need to accelerate your AI road map or just keep the organic focus?

偉大的。凱文，從歷史上看，你們並沒有進行過太多大型併購。您是否覺得需要加速您的 AI 路線圖，還是只是保持有機關注？

Let me take that one as well. We've acquired around seven companies this year. And that's companies from all walks of life, not all AI oriented. And so we're doing one, think of it as one every several weeks. We're very open to M&A that accelerates our road map.

讓我也拿那個吧。我們今年收購了大約七家公司。這些公司來自各行各業，但並非所有公司都以人工智慧為導向。因此我們每隔幾週就會進行一次。我們非常願意接受能夠加速我們發展路線圖的併購。

We are not stuck on a certain size company, although the ones that we have acquired thus far this year are small in nature. But we basically ask ourselves whether a company can help us accelerate a road map if they do, then we're interested, but we don't have anything to share specifically today.

我們不會侷限於某一特定規模的公司，儘管今年迄今我們收購的公司規模都比較小。但我們基本上會問自己，一家公司是否可以幫助我們加速制定路線圖，如果可以，那麼我們很感興趣，但今天我們沒有什麼可以具體分享的。

All right. Thank you, Atif. A replay of today's call will be available for two weeks on 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 628-7473 followed by the pound sign.

好的。謝謝你，阿蒂夫。今天的電話會議重播將在 Apple 播客上以網路廣播的形式在 apple.com/investor 和電話中播放兩週。電話重播的號碼是（866）583-1035。請輸入確認碼 628-7473，然後輸入井號。

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. Thanks 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。如有其他問題，金融分析師可以聯絡我 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。