蘋果 (AAPL) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Apple Q1 fiscal year 2026 earnings conference call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. Speaking first today is Apple 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 2026 財年第一季財報電話會議。我是投資者關係總監蘇哈西尼·錢德拉穆利。今天的通話將會被錄音。今天首先發言的是蘋果執行長提姆庫克，接著是財務長凱文帕雷克。之後，我們將開放電話會議，接受分析師的提問。

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，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述。

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，包括與宏觀經濟狀況、關稅和其他措施以及法律和監管程序可能對公司業務和經營業績產生的影響相關的風險。

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.

有關更多信息，請參閱蘋果公司最近向美國證券交易委員會提交的 10-Q 表格、10-K 表格和 8-K 表格報告中討論的風險因素，以及美聯社的新聞稿。

Additional information will also be in our report on Form 10-Q for the quarter ended December 27, 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.

更多資訊也將在我們將於明天提交的截至 2025 年 12 月 27 日的季度報告（表格 10-Q）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披露。蘋果公司不承擔更新任何前瞻性聲明的義務，這些聲明僅代表其發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. I am proud to say that we just had a quarter for the record books. We are reporting our best ever quarter with $143.8 billion in revenue, up 16% from a year ago and exceeding our expectations. The demand for iPhone was simply staggering with revenue growing 23% year-over-year and all-time records across every geographic segment.

謝謝你，蘇哈西尼。各位下午好，感謝各位參加本次電話會議。我很自豪地說，我們剛剛創造了一項足以載入史冊的紀錄。我們公佈了有史以來最好的一個季度業績，收入達 1,438 億美元，比去年同期成長 16%，超出了我們的預期。iPhone 的需求量簡直驚人，營收年增 23%，並且在各個地區都創下了歷史新高。

Services set an all-time revenue record as well, up 14% from a year ago and EPS reached an all-time record of $2.84 growing a robust 19% year-over-year. We set all-time revenue records in the Americas, Europe, Japan, and rest of Asia Pacific and grew in the vast majority of markets we track. We continue to gain momentum in emerging markets, which includes India, where we saw strong double-digit revenue growth.

服務業務的收入也創下歷史新高，比去年同期成長了 14%，每股收益達到歷史新高 2.84 美元，年成長 19%。我們在美洲、歐洲、日本和亞太其他地區創下了歷史營收紀錄，並在我們追蹤的絕大多數市場中實現了成長。我們在新興市場持續保持成長勢頭，其中包括印度，我們在印度實現了強勁的兩位數收入成長。

Greater China also grew 38% year-over-year, driven by iPhone which had record upgraders and double-digit growth on switchers. Apple's December quarter results underscore our relentless commitment to innovation, to our customers and to our mission to build the best products and services in the world.

大中華區也較去年同期成長了 38%，這主要得益於 iPhone 的銷量成長，iPhone 的升級用戶數量創下紀錄，而 iPhone 的換機用戶數量也實現了兩位數的成長。蘋果公司 12 月季度的業績凸顯了我們對創新、對客戶以及對我們使命的堅定承諾，即打造世界上最好的產品和服務。

Now I'd like to take a closer look at results from across our lineup, beginning with iPhone. As I mentioned earlier, it was a fantastic quarter for iPhone with an all-time revenue record of $85.3 billion up 23% year-over-year. This is the strongest iPhone lineup we've ever had and by far the most popular.

現在我想仔細看看我們全線產品的測試結果，首先從 iPhone 開始。正如我之前提到的，iPhone 在本季表現出色，營收創歷史新高，達到 853 億美元，年成長 23%。這是我們迄今為止最強大的 iPhone 產品線，也是最受歡迎的。

Throughout the quarter, customer enthusiasm for iPhone was simply extraordinary. Users were incredibly excited about everything it enables them to do. IPhone 17 Pro and 17 Pro Max deliver the ultimate iPhone experience.

整個季度，消費者對 iPhone 的熱情都非常高漲。用戶對它所能提供的所有功能都感到無比興奮。iPhone 17 Pro 和 17 Pro Max 帶來極致的 iPhone 體驗。

They feature the best ever performance and battery life on an iPhone, the most advanced camera system, and a striking design. IPhone Air, our slimmest and lightest smartphone yet, packs powerful capabilities into an ultra slim and sleek design. An iPhone 17 is a truly fantastic upgrade and an incredible value.

它們擁有 iPhone 有史以來最好的性能和電池續航時間、最先進的相機系統和引人注目的設計。iPhone Air 是我們迄今為止最纖薄、最輕巧的智慧型手機，它將強大的功能融入超薄時尚的設計中。iPhone 17 是一款非常棒的升級產品，而且性價比極高。

Turning to Mac. Revenue was $8.4 billion for the December quarter. We were pleased to see the Mac install base reach another all-time high with nearly half of customers who purchased the Mac being new to the product.

轉投Mac陣營。12月季度營收為84億美元。我們很高興看到 Mac 的安裝量再創新高，近一半購買 Mac 的客戶都是首次使用該產品。

The M5 powered 14-inch MacBook Pro takes a huge leap in AI performance. Thanks to the next generation GPU architecture and a faster neural engine. From the world's most popular laptop for consumers and businesses in MacBook Air to the small and spectacular Mac Mini, every Mac in our lineup has something special to offer users.

搭載 M5 處理器的 14 吋 MacBook Pro 在 AI 效能方面實現了巨大飛躍。得益於新一代GPU架構和更快的神經網路引擎。從全球最受消費者和企業歡迎的筆記型電腦 MacBook Air 到小巧而出色的 Mac Mini，我們產品線中的每一款 Mac 都為用戶提供了獨特的功能。

And with the recently released Apple Creator Studio available across Mac, iPad, and iPhone. Creators have more tools at their fingertips to make incredible music or turn their devices into a video production studio. Meanwhile, iPad saw December quarter revenue of $8.6 billion, up 6% from a year ago, with an all-time record for upgraders.

而且最近發布的 Apple Creator Studio 也可在 Mac、iPad 和 iPhone 上使用。創作者現在擁有更多工具，可以創作出令人驚嘆的音樂，或將他們的設備變成影片製作工作室。同時，iPad 12 月季度營收達 86 億美元，比去年同期成長 6%，升級用戶數量創歷史新高。

We are proud to have our strongest lineup ever, from iPad powered by A16, which is proving to be incredibly popular to iPad Air with its amazing versatility to the unbelievably powerful M5 iPad Pro with its remarkably thin and light design. It's no wonder that iPad continued to be the most popular tablet in the world.

我們很自豪地擁有有史以來最強大的產品陣容，從搭載 A16 處理器的 iPad（事實證明它非常受歡迎），到功能強大的 iPad Air（它擁有驚人的多功能性），再到性能強大、設計極其輕薄的 M5 iPad Pro。難怪iPad一直是世界上最受歡迎的平板電腦。

Across wearables, home and accessories, revenue was $11.5 billion. With Apple Watch Ultra 3 and Apple Watch Series 11, users are tapping into a comprehensive set of health and wellness features to help them meet their health goals.

穿戴式裝置、家居用品和配件的總收入為 115 億美元。透過 Apple Watch Ultra 3 和 Apple Watch Series 11，使用者可以利用一系列全面的健康和保健功能來幫助他們實現健康目標。

In a recent survey, we see an increasing number of users telling us they're wearing their watch to sleep, which allows them to check their sleep scores each morning and find ways to improve their sleep quality. And Apple Watch alerts are enabling important conversations between users and their doctors regarding potential signs of hypertension. These are just some of the many ways that watch is helping people live healthier lives.

在最近的一項調查中，我們發現越來越多的用戶告訴我們，他們會戴著手錶睡覺，這樣他們每天早上就可以查看自己的睡眠分數，並找到改善睡眠品質的方法。Apple Watch 的提醒功能讓使用者和醫生之間能夠就高血壓的潛在症狀進行重要的對話。以上只是手錶幫助人們過更健康生活的眾多方式中的幾種。

The response to AirPods Pro 3 has been amazing. Customers are raving about the rich immersive sound quality, the unmatched level of active noise cancellation and the noticeably improved comfort that makes them effortless to wear.

AirPods Pro 3 的市場反應非常熱烈。顧客們對耳機豐富的沉浸式音質、無與倫比的主動降噪效果以及顯著提升的舒適度贊不絕口，佩戴起來毫不費力。

Features like live translation are also changing the way people can communicate by helping users connect across languages in real time and making everyday conversations feel more natural and accessible. Together these innovations create an experience that feels both powerful and personal and the enthusiasm we are seeing reflects just how strongly AirPods Pro 3 are resonating with customers.

即時翻譯等功能也正在改變人們的溝通方式，幫助使用者即時跨語言交流，讓日常對話感覺更自然、更易於理解。這些創新共同創造了一種既強大又個性化的體驗，而我們所看到的這種熱情也反映了 AirPods Pro 3 在消費者中引起了多麼強烈的共鳴。

Across our product categories, we are seeing very high levels of customer satisfaction and we are proud to report that we have a new record for our installed base with more than 2.5 billion active devices. During the quarter, we were excited to see that the majority of users on enabled iPhones are actively leveraging the power of Apple Intelligence. Since the launch of Apple Intelligence, we've introduced dozens of features including writing tools and cleanup and made it available in 15 languages.

在我們所有產品類別中，客戶滿意度都非常高，我們很自豪地宣布，我們的安裝基數創下了新紀錄，活躍設備超過 25 億台。本季度，我們很高興地看到，大多數使用已啟用 Apple Intelligence 的 iPhone 用戶都在積極利用 Apple Intelligence 的強大功能。自 Apple Intelligence 發布以來，我們推出了數十項功能，包括寫作工具和清理功能，並使其支援 15 種語言。

These AI experiences are personal, private, integrated across our platforms and relevant to what our users do every day. We are bringing intelligence to more of what people already love about our products, so we can make every experience even more capable and effortless.

這些人工智慧體驗是個人化的、私密的，整合到我們的各個平台中，並且與我們用戶的日常活動息息相關。我們將智慧科技融入人們已經喜愛的產品功能中，讓每一次體驗都更加強大、更輕鬆。

One of our most popular features is visual intelligence, which helps users learn and do more than ever with the content on their iPhone screen, making it faster to search, take action, and answer questions across their apps.

我們最受歡迎的功能之一是視覺智能，它可以幫助用戶比以往更多地學習和使用 iPhone 螢幕上的內容，從而更快地在應用程式中進行搜尋、採取行動和回答問題。

And as I touched on earlier, we are hearing powerful stories of people using live translation to communicate seamlessly across languages. And these are just some of the many powerful AI features that are enabling our users to do remarkable things with our products, which are far and away the best platforms in the world for AI.

正如我之前提到的，我們聽到了很多關於人們使用即時翻譯進行跨語言無縫溝通的精彩故事。而這些只是我們眾多強大的 AI 功能的一部分，這些功能使我們的用戶能夠利用我們的產品做出非凡的事情，我們的產品是迄今為止世界上最好的 AI 平台。

That's in no small part because of the extraordinary power and performance of Apple silicon. Building on our efforts in the AI space, we are also collaborating with Google to develop the next generation of Apple Foundation models. This will help power future Apple intelligence features, including a more personalized Siri coming this year. We're incredibly excited for what's to come with so many new experiences to unlock.

這在很大程度上要歸功於蘋果晶片卓越的性能和強大的功能。在我們在人工智慧領域所做努力的基礎上，我們也與Google合作開發下一代蘋果基金會模型。這將有助於推動蘋果未來的智慧功能，包括今年即將推出的更個人化的 Siri。我們對即將發生的一切感到無比興奮，因為有太多全新的體驗等著我們去解鎖。

Turning to services, we achieved an all-time revenue record of $30 billion, 14% higher from a year ago. Services also set all-time revenue records in both developed and emerging markets. Apple TV has seen fantastic momentum, with December seeing a 36% increase in viewership over the previous year.

服務業務方面，我們實現了創紀錄的 300 億美元收入，比去年同期成長了 14%。服務業在已開發市場和新興市場均創下了歷史收入紀錄。Apple TV 的發展勢頭強勁，12 月的收視率比去年同期成長了 36%。

It's no wonder with shows like Pluribus, which are creating landmark cultural moments that audiences are loving. Anticipation is building for upcoming new productions like Cape Fear from Steven Spielberg and Martin Scorsese. And we are thrilled to announce that Ted Lasso will be returning for a fourth season this summer.

難怪像《Pluribus》這樣的節目會如此受歡迎，它創造了具有里程碑意義的文化時刻，深受觀眾喜愛。人們對史蒂芬史匹柏和馬丁史柯西斯即將推出的新作品，如《恐怖角》等，越來越充滿期待。我們很高興地宣布，《泰德拉索》將於今年夏天回歸，播出第四季。

Six years since launch, we're excited by the growing enthusiasm viewers have for Apple TV and we are grateful for the accolades that have followed, most recently at the Critics Choice and Golden Globe Awards. To date, Apple TV productions have earned more than 650 wins and more than 3,200 nominations, including a recently announced Oscar nomination for Best Picture for F1, the Movie.

Apple TV 上線六年以來，觀眾對它的熱情日益高漲，我們為此感到興奮，並對隨之而來的讚譽表示感謝，尤其是最近在評論家選擇獎和金球獎上的獲獎。迄今為止，Apple TV 出品的劇集已獲得超過 650 項獎項和超過 3200 項提名，其中包括最近宣布的《F1 電影版》獲得奧斯卡最佳影片提名。

And speaking of F1, we're also approaching the start of a new Formula One season. And for F1 fans in the US, Apple TV will be the place to watch every practice, qualifying, sprint, and Grand Prix. MLS fans will also be able to watch every regular and postseason game with their Apple TV subscription this year and we're looking forward to kickoff in the coming weeks.

說到F1，我們也即將迎來新的F1賽季。對於美國的F1車迷來說，Apple TV將是觀賞每一場練習賽、排位賽、短程賽和大獎賽的最佳平台。今年，MLS球迷還可以透過Apple TV訂閱觀看所有常規賽和季後賽，我們期待未來幾週的比賽開始。

Looking back, 2025 was a fantastic year for services as we rolled out amazing new features and broke records. Apple Music climbed to all-time highs in both listenership and new subscriber growth. Apple Pay eliminated more than $1 billion in fraud for our partners last year and we've made it available in more markets than ever before.

回顧過去，2025 年對我們的服務來說是精彩的一年，我們推出了令人驚嘆的新功能並打破了多項紀錄。Apple Music 的聽眾人數和新增用戶數均創歷史新高。去年，Apple Pay 為我們的合作夥伴減少了超過 10 億美元的詐騙損失，而且我們已將其推廣到比以往更多的市場。

And last year, we welcomed more than 850 million users every week on average to the App Store, the world's safest and most innovative app marketplace. Developers have now earned more than $550 billion on our platform since 2008.

去年，App Store 平均每周迎來超過 8.5 億用戶，它是世界上最安全、最具創新性的應用程式市場。自 2008 年以來，開發者透過我們的平台已賺取超過 5500 億美元。

In retail, we continue to bring a magical experience to our customers all around the world and we were thrilled to have our best ever results in retail during the quarter. We were excited to open our fifth store in India in December and had plans to open another store in Mumbai soon.

在零售方面，我們繼續為世界各地的顧客帶來神奇的體驗，並且我們很高興在本季度取得了零售方面有史以來最好的業績。12 月，我們很高興在印度開設了第五家門市，並計劃很快在孟買再開設一家門市。

Wherever we are, we see ourselves as part of a larger whole. That's why we show up with our values in everything we do. That means working with partners in places like Vietnam to bring more clean water to rural areas. It means celebrating graduations of new classes of innovators from our developer academies in places such as Brazil, Indonesia and South Korea.

無論身處何處，我們都將自己視為更大整體的一部分。這就是為什麼我們在所做的每一件事中都堅持我們的價值觀。這意味著要與越南等地的合作夥伴共同努力，為農村地區帶來更多清潔用水。這意味著要慶祝我們位於巴西、印尼和韓國等地的開發者學院新一批創新者畢業。

It means 3D printing titanium cases for Apple Watch using recycled materials so that they're better for the planet without compromising quality. And so much more. We're especially proud of the work we're doing to support American innovation.

這意味著使用回收材料 3D 列印鈦金屬 Apple Watch 錶殼，這樣既能保護地球，又不影響品質。還有更多。我們尤其為我們為支持美國創新所做的工作感到自豪。

Last year, we committed to invest $600 billion over four years in vital industries like advanced manufacturing, sillicon engineering and artificial intelligence. As we're building on our long-standing investments in America, we're supporting nearly 0.5 million jobs with thousands of suppliers across all 50 states.

去年，我們承諾在四年內投資 6,000 億美元用於先進製造業、矽工程和人工智慧等關鍵產業。隨著我們繼續加大對美國的長期投資，我們透過遍布全美 50 個州的數千家供應商，為近 50 萬個就業機會提供支援。

In the year since we made our initial commitment, we're making great progress. Today we're shipping servers to power Apple Intelligence from our new manufacturing facility in Houston. Through our advanced manufacturing program, we're working with Corning in Kentucky to make 100% of cover glass for iPhone and Apple Watch.

自從我們做出最初承諾以來的一年裡，我們取得了巨大進展。今天，我們將從位於休士頓的新工廠發貨，為 Apple Intelligence 提供支援。透過我們的先進製造計劃，我們正在與肯塔基州的康寧公司合作，為 iPhone 和 Apple Watch 生產 100% 的蓋板玻璃。

We're working with Micron, which broke ground on a new advanced chip packaging and test facility and we continue to advance the development of an end to end silicon supply chain across the country, sourcing 20 billion US chips in 2025.

我們正在與美光公司合作，該公司已破土動工建設新的先進晶片封裝和測試設施，我們將繼續推進全國端到端矽供應鏈的發展，目標是在 2025 年採購 200 億美國晶片。

Through our Apple Manufacturing Academy in Detroit, we're already training American businesses and innovators on the latest smart manufacturing and artificial intelligence techniques. Six months since opening, the Academy is already making an enormously positive impact for businesses working alongside Apple engineers to drive productivity, efficiency and quality in their supply chains.

透過我們在底特律的蘋果製造學院，我們已經在為美國企業和創新者提供最新的智慧製造和人工智慧技術方面的培訓。自成立六個月以來，該學院已經對與蘋果工程師合作的企業產生了巨大的正面影響，並提高了供應鏈的生產力、效率和品質。

As I said at the beginning of my remarks, this was in so many ways a remarkable quarter for Apple. And we're excited for all the opportunities we'll have in the year ahead to deliver innovations that have never been seen before and enrich the lives of users every step of the way. With so much to look forward to in the weeks and months ahead, I have every confidence that our best work is yet to come.

正如我在發言開始時所說，從很多方面來看，這對蘋果來說都是一個非凡的季度。我們對未來一年將擁有的所有機會感到興奮，我們將推出前所未有的創新產品，並在每一步中豐富用戶的生活。未來幾週和幾個月有很多值得期待的事情，我完全相信我們最好的作品尚未到來。

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

接下來，我將把麥克風交給凱文。

Thanks, Tim, and good afternoon, everyone. Our revenue of $143.8 billion, was up 16% year-over-year, our best quarter ever. Across the world, we set all-time revenue records in both developed and emerging markets. And we saw double-digit growth year-over-year across the majority of the markets we track, including the US, Latin America, Western Europe, Greater China, India and South Asia.

謝謝你，提姆，大家下午好。我們的營收達到 1,438 億美元，年成長 16%，是我們有史以來業績最好的一個季度。在全球範圍內，無論是在已開發市場還是新興市場，我們都創下了歷史營收紀錄。在我們追蹤的大多數市場中，包括美國、拉丁美洲、西歐、大中華區、印度和南亞，我們都看到了兩位數的同比增長。

Products revenue was $113.7 billion, up 16% year-over-year, driven by double-digit growth in iPhone, setting a new all-time record. And as Tim mentioned, thanks to our strong levels of customer loyalty and satisfaction, our installed base of active devices has now surpassed 2.5 billion, reaching another all-time high across all product categories and geographic segments.

產品營收達 1,137 億美元，年增 16%，主要得益於 iPhone 的兩位數成長，創下歷史新高。正如蒂姆所提到的，由於我們擁有極高的客戶忠誠度和滿意度，我們的活躍設備安裝量現已超過 25 億台，在所有產品類別和地理區域均創下歷史新高。

Services revenue was $30 billion, up 14% year-over-year. This performance continues to be broad-based with double-digit growth in almost every market we track. We also reached all-time revenue records for advertising, cloud services, music and payment services with December quarter records on the App Store and video.

服務收入達 300 億美元，年增 14%。這一業績表現依然強勁，在我們追蹤的幾乎所有市場都實現了兩位數的成長。我們在廣告、雲端服務、音樂和支付服務方面也創下了歷史收入紀錄，其中 App Store 和影片在 12 月的季度收入也創下了紀錄。

Company gross margin was at 48.2%, above the high end of our guidance range and up 100 basis points sequentially, driven by favorable mix and leverage. Products gross margin was 40.7%, up 450 basis points sequentially driven by favorable mix and leverage.

公司毛利率為 48.2%，高於我們預期範圍的上限，季增 100 個基點，主要得益於有利的產品組合和槓桿率。產品毛利率為 40.7%，季增 450 個基點，主要得益於有利的產品組合和槓桿效應。

Services gross margin was 76.5%, up 120 basis points sequentially, driven by mix. Operating expenses landed at $18.4 billion, up 19% year-over-year. This was within the range we provided and driven by increased investment in R&D.

服務業毛利率為 76.5%，季增 120 個基點，主要得益於產品組合的最佳化。營運支出達 184 億美元，年增 19%。這在我們提供的範圍內，並且是由研發投入的增加所驅動的。

Net income was $42.1 billion and diluted earnings per share was $2.84. up 19% year-over-year. Both net income and diluted EPS were all-time records and these incredibly strong business results drove an all-time record for operating cash flow, coming in at $53.9 billion.

淨利潤為 421 億美元，稀釋後每股收益為 2.84 美元，年增 19%。淨利潤和稀釋後每股收益均創歷史新高，這些強勁的業績推動了經營現金流創歷史新高，達到 539 億美元。

Now, I'm going to provide some more details for each of our revenue categories. IPhone revenue was $85.3 billion, up 23% year-over-year, driven by the iPhone 17 family. IPhone saw strength around the world, reaching all-time revenue records in many of the markets we track, including the US, Greater China, Latin America, Western Europe, the Middle East, Australia and South Asia, as well as the December quarter record in India.

現在，我將詳細介紹我們各項收入類別。iPhone 營收達 853 億美元，年增 23%，主要得益於 iPhone 17 系列的強勁表現。iPhone 在全球表現強勁，在我們追蹤的許多市場都創下了歷史收入紀錄，包括美國、大中華區、拉丁美洲、西歐、中東、澳洲和南亞，並在印度創下了 12 月季度的收入紀錄。

The iPhone active install base grew to an all-time high and set a new all-time record for upgraders in aggregate and across many countries, including the US, China mainland, Japan and India. According to a recent survey from World Panel, iPhone was a top selling model in the US, urban China, the UK, Australia, and Japan.

iPhone 的活躍用戶數量達到了歷史新高，並且在包括美國、中國大陸、日本和印度在內的許多國家/地區，升級用戶總數都創下了新的歷史紀錄。根據 World Panel 最近的一項調查，iPhone 在美國、中國城市地區、英國、澳洲和日本都是最暢銷的機型。

Customers are loving the latest iPhone lineup. The latest customer satisfaction for the iPhone 17 family in the US was measured at 99% by 451 Research. Mac revenue was $8.4 billion, down 7% year-over-year. As we described in the last call, we faced a very difficult compare against the M4 MacBook Pro, Mac Mini and iMac launches in the year ago quarter.

顧客們對最新的iPhone系列讚不絕口。根據 451 Research 的最新調查，iPhone 17 系列在美國的顧客滿意度為 99%。Mac 營收為 84 億美元，年減 7%。正如我們在上次電話會議中所描述的那樣，我們面臨著與去年同期推出的 M4 MacBook Pro、Mac Mini 和 iMac 相比非常艱難的局面。

Despite this difficult compare, we continue to see growth in several emerging markets including Brazil, India, Malaysia, Vietnam and more. And as Tim mentioned earlier, the Mac install base reached another all-time high with nearly 50% of the customers who purchased a Mac being new to the product.

儘管面臨如此嚴峻的局勢，我們仍然看到包括巴西、印度、馬來西亞、越南等在內的幾個新興市場持續成長。正如蒂姆之前提到的那樣，Mac 的安裝量再次創下歷史新高，近 50% 的 Mac 用戶都是首次使用該產品。

And in the US, customer satisfaction for Mac was measured at 97%. IPad revenue was $8.6 billion, up 6% year-over-year, driven by the M5 powered iPad Pro and the A16 powered iPad. We continue to add new users to the iPad. In fact, over half the customers who purchased the iPad during the quarter were new to the product. This helped the iPad install base to reach an all-time high, and we also reached an all-time high for upgraders.

在美國，Mac 的使用者滿意度為 97%。iPad 營收達 86 億美元，年增 6%，主要得益於搭載 M5 晶片的 iPad Pro 和搭載 A16 晶片的 iPad。我們持續為 iPad 新增用戶。事實上，本季購買 iPad 的顧客中，超過一半都是首次購買該產品。這使得 iPad 的安裝量達到了歷史新高，升級用戶數量也達到了歷史新高。

Based on the latest reports from 451 research, customer satisfaction was 98% in the US. Wearables home and accessories revenue was $11.5 billion, down 2% year-over-year. During the quarter, we experienced constraints on the AirPods Pro 3, and we believe the overall category would have grown had it not been for these constraints.

根據 451 研究的最新報告，美國客戶滿意度為 98%。穿戴式裝置、家居用品和配件的收入為 115 億美元，年減 2%。本季度，AirPods Pro 3 的銷售受到了限制，我們相信，如果沒有這些限制，整個品類的銷量將會成長。

The wearables install 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 in the US, customer satisfaction was recently reported at 96%.

穿戴式裝置安裝量創歷史新高，本季購買 Apple Watch 的客戶中超過一半是該產品的新用戶。據報道，美國顧客滿意度最近達到了 96%。

Our services revenue reached an all-time high of $30 billion, up 14% year-over-year. As we said earlier, we had all-time revenue records on advertising, music, payment services and cloud services, where we saw a double-digit growth on paid subscribers.

我們的服務收入達到歷史新高 300 億美元，年增 14%。正如我們之前所說，我們在廣告、音樂、支付服務和雲端服務方面都創下了歷史收入紀錄，其中付費用戶數量實現了兩位數的成長。

We continue to be optimistic about the future of our services business. With our install base of over 2.5 billion active devices, we have an incredibly strong foundation for new growth opportunities. We saw increased customer engagement across our service offerings with both transacting and paid accounts reaching all-time highs in the quarter.

我們對服務業務的未來依然保持樂觀。我們擁有超過 25 億台活躍設備的裝置量，這為我們提供了非常強大的新成長機會基礎。我們看到客戶對我們各項服務的參與度有所提高，交易帳戶和付費帳戶在本季度均達到歷史新高。

And we continue to improve the quality and expand the breadth of our services offerings. From new wallet features like digital ID, which provides a way for users to create an ID and wallet using information from their US passport, to additional ads coming to search in the App Store, which provides advertisers more ways to drive downloads from search.

我們將繼續提高服務質量，並擴大服務範圍。從數位身分等新的錢包功能（用戶可以使用美國護照上的信息創建身份和錢包），到 App Store 搜尋中新增的廣告（為廣告商提供了更多透過搜尋推動下載量的方式），App Store 正在不斷改進。

Turning now to enterprise, organizations are continuing to expand their fleet of Apple devices to drive productivity while remaining secure. Snowflake has deployed over 9,000 Mac devices companywide, establishing Mac as a primary laptop across all business units, resulting in increased performance and a reduction in support tickets.

現在來看企業用戶，各組織正在不斷擴大其蘋果設備的數量，以提高生產力並保持安全。Snowflake 已在全公司範圍內部署了超過 9,000 台 Mac 設備，將 Mac 確立為所有業務部門的主要筆記型電腦，從而提高了性能並減少了支援工單。

AstraZeneca is rolling out over 5,000 M5 powered iPad Pros to its pharmaceutical sales team to take advantage of AI capabilities, including Apple Intelligence while meeting with clinicians daily. And in Mexico, Coppel, the country's largest domestic retailer, recently added MacBook Air in addition to a growing fleet of over 10,000 iPad devices.

阿斯特捷利康正在向其製藥銷售團隊推出 5,000 多台搭載 M5 處理器的 iPad Pro，以便在與臨床醫生日常會面時利用人工智慧功能，包括 Apple Intelligence。在墨西哥，該國最大的本土零售商 Coppel 最近在其不斷增長的超過 10,000 台 iPad 設備中增加了 MacBook Air。

Let's turn to our cash position and capital return program. We ended the quarter with $145 billion in cash to marketable securities. We had $2.2 billion of debt maturities and decreased commercial paper by $6 billion resulting in $91 billion in total debt. Therefore, at the end of the quarter, net cash was $54 billion.

讓我們來看看我們的現金狀況和資本回報計劃。本季末，我們持有的現金及有價證券總額為1,450億美元。我們有 22 億美元的債務到期，商業票據減少了 60 億美元，導致總債務為 910 億美元。因此，截至該季末，淨現金為 540 億美元。

During the quarter, we returned nearly $32 billion to shareholders. This included $3.9 billion in dividends and equivalents and $25 billion through open market repurchases of $93 million Apple shares. As we move ahead into the March quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to.

本季度，我們向股東返還了近320億美元。其中包括 39 億美元的股息及等價物，以及透過公開市場回購 9,300 萬股蘋果股票而獲得的 250 億美元。隨著我們進入三月的季度，我想回顧一下我們的展望，其中包括蘇哈西尼提到的那些前瞻性資訊。

Importantly, the color we're providing assumes that global tariff rates, policies and their application remain in effect as of this call and the global macroeconomic outlook does not worsen from today. We expect our March quarter total company revenue to grow by 13% to 16% year-over-year, which comprehends our best estimates of constrained iPhone supply during the quarter.

重要的是，我們提供的顏色假設全球關稅稅率、政策及其應用在本次電話會議時仍然有效，並且全球宏觀經濟前景不會比今天惡化。我們預計 3 月季度公司總營收將年增 13% 至 16%，這包含了我們對該季度 iPhone 供應受限的最佳估計。

We expect services revenue to grow at a year-over-year rate similar to what we reported in the December quarter. We expect gross margin to be between 48% and 49%. We expect operating expenses to be between $18.4 billion and $18.7 billion, which is at a similar level to what we reported in the December quarter and driven by higher R&D on a year-over-year basis.

我們預計服務收入將以與去年12月季度報告的類似的速度同比增長。我們預計毛利率將在 48% 至 49% 之間。我們預計營運支出將在 184 億美元至 187 億美元之間，與我們去年 12 月季度報告的水平相似，主要原因是研發支出同比增加。

We expect OI&E to be around $100 million excluding any potential impact from the mark to market of minority investments and our tax rate to be around 17.5%. Finally, today our Board of Directors has declared a cash dividend of $0.26 per share of common stock payable on February 12, 2026, to shareholders of record as of February 9, 2026.

我們預計營業收入和支出約為 1 億美元，不包括少數股權投資以市值計價可能產生的任何影響，我們的稅率約為 17.5%。最後，今天我們的董事會宣布派發每股普通股0.26美元的現金股息，將於2026年2月12日支付給截至2026年2月9日登記在冊的股東。

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

接下來，我們開始接受提問。

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

謝謝你，凱文。請您盡量只提兩個問題。接線生，請問第一個問題可以嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Yes. I have two. Maybe to start with, there's a lot of focus on the impact of memory to hosted companies, and I'd love to kind of get your perspective on you folks are guiding gross margins up into the March quarter. Just talk about A, your comfort in securing the bits that you need for shipment, and B, how do we think about memory inflation flowing through Apple's model over time.

是的。我有兩個。首先，大家可能非常關注記憶體對託管公司的影響，我很想聽聽你們對3月季度毛利率的預測。請談談A，即您在確保發貨所需資料安全方面的信心，以及B，我們如何看待隨著時間的推移，記憶體膨脹如何影響蘋果的模式。

Yeah, Amit. Hi, it's, Tim. Let me back up a bit and talk about the constraints that Kevin referred to in his remarks and memory, and try to get both of these out at once. First of all, we were thrilled with the customer response on the latest iPhone lineup. It exceeded our expectations, to say the least. And, iPhone grew 23%.

是的，阿米特。嗨，我是提姆。讓我先回顧凱文在他的演講和記憶中提到的限制，並嘗試一次把這兩點都解釋清楚。首先，我們對消費者對最新 iPhone 系列的反應感到非常興奮。說它超出我們的預期，一點也不為過。iPhone 銷量成長了 23%。

What the result of that was that we exited the December quarter with very lean channel inventory due to that staggering level of demand. And based on that, we're in a supply chase mode to meet the very high levels of customer demand. We're currently constrained and at this point, it's difficult to predict when supply and demand will balance.

結果是，由於需求量龐大，我們在 12 月季度末的通路庫存非常緊張。基於此，我們正處於供應追逐模式，以滿足極高的客戶需求。我們目前面臨資源短缺的問題，現階段很難預測供需何時能達到平衡。

The constraints that we have are driven by the availability of the advanced nodes that our SOCs are produced on. And at this time, we're seeing less flexibility in supply chain than normal, partly because of our increased demand that I just spoke about.

我們面臨的限制是由生產我們SoC所依賴的先進節點的可用性決定的。目前，我們看到供應鏈的靈活性比平常低，部分原因是由於我剛才提到的需求增加。

From a memory point of view, to answer your question, memory had a minimal impact on the Q1, so the December quarter gross margin. We do expect it to be a bit more of an impact to the Q2 gross margin. And that was comprehended in the outlook of 48% to 49% that Kevin gave earlier.

從記憶體的角度來看，回答你的問題，記憶體對第一季以及 12 月季度的毛利率影響甚微。我們預計這將對第二季毛利率產生更大的影響。而凱文之前給出的 48% 到 49% 的預測也反映了這一點。

Beyond Q2, we don't obviously provide outlooks beyond the current quarter. But we do continue to see market pricing for memory increasing significantly. As always, we'll look at a range of options to deal with that. So hopefully that gives you the full view.

顯然，除了第二季度之外，我們不會提供本季之後的展望。但我們確實看到記憶體的市場價格持續大幅上漲。像往常一樣，我們會考慮一系列方案來應對這種情況。希望這能讓你全面了解狀況。

Yeah, no, thank you. I appreciate all the clarity on that, Tim. Maybe the other second question I have for you is, maybe just touch on the China strength you folks had. I think this is very close to all-time high revenues we've had in China. What's driving the strength over here and just sort of the durability of the growth rate we saw in the December quarter would be helpful to understand. Thank you.

不，謝謝。提姆，非常感謝你如此清晰地解釋這一切。我可能還有第二個問題想問您，能否簡單談談你們曾經擁有的中國實力？我認為這非常接近我們在中國取得的歷史最高營收。了解推動這方面強勁成長的因素，以及我們在去年12月季度看到的成長率的持續性，將很有幫助。謝謝。

Sure. Greater China was up 38% year on year. It was driven by iPhone, where we set up an all-time revenue record. So it's the -- it was the best iPhone quarter in history in Greater China. It's driven by the customer enthusiasm for the iPhone 17 lineup.

當然。大中華區較去年同期成長38%。這主要得益於 iPhone 的銷售，我們在 iPhone 上創下了歷史營收紀錄。所以，這是－－這是大中華區史上iPhone銷量最好的一個季度。這是由消費者對 iPhone 17 系列的熱情所驅動的。

And I would tell you that during the quarter, traffic in our stores in China grew by strong double-digits year-over-year. It was a terrific quarter. Our installed base reached an all-time high in both the Greater China and mainland China.

我可以告訴大家，本季我們在中國門市的客流量年增了兩位數。這是一個非常棒的季度。我們在大中華區和中國大陸的裝機量都達到了歷史新高。

And we set an all-time record for the upgraders and we saw strong double-digit growth on switch gears. And according to a survey from World Panel, iPhones were the top 3 smartphones in urban China during the quarter. So it was -- and it's really driven primarily by the product strength and the customer response to the product strength.

我們創下了升級改造業務的歷史新高，開關設備業務也實現了強勁的兩位數成長。根據 World Panel 的一項調查，iPhone 在本季成為中國城市地區排名前三的智慧型手機。確實如此——這主要取決於產品實力和顧客對產品實力的反應。

We do see on non-iPhone products. That the majority of customers that are buying a Mac, an iPad, a watch are still new to that product. So that's a very good sign for us. And if you look at iPad, on that same survey, iPad was the top tablet model in urban China. And according to Counterpoint, The MacBook Air was the top selling laptop model and Mac Mini was the top selling desktop model in the December quarter. So overall, great quarter in China, we could not be more happy with it.

我們在非 iPhone 產品上也看到了這種情況。購買Mac、iPad、智慧手錶的顧客中，絕大多數都是對產品不太熟悉的人。這對我們來說是個非常好的跡象。同一項調查顯示，iPad 是中國城市地區最受歡迎的平板電腦型號。根據 Counterpoint 的數據，MacBook Air 是 12 月最暢銷的筆記型電腦型號，Mac Mini 是最暢銷的桌上型電腦型號。總的來說，中國市場本季表現出色，我們對此非常滿意。

Awesome. Thank you, Amit. Operator, can we get the next question, please?

驚人的。謝謝你，阿米特。接線生，請問下一個問題可以嗎？

Eric Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great, guys. Thank you for taking my questions. Tim, congrats on announcing the partnership with Google and we're all excited to see what you bring to market later this year. When I think about your AI initiatives, it's clear there are added costs associated with that. We're obviously seeing that flow through an OpEx. Can you help us understand maybe what the revenue upside potential that exists with AI?

太棒了，夥計們。謝謝您回答我的問題。提姆，恭喜你宣布與Google建立合作關係，我們都非常期待看到你今年稍後會推出什麼產品。當我想到你們的人工智慧計畫時，很明顯，這會帶來額外的成本。我們顯然在營運支出中看到了這種流動。您能否幫助我們了解人工智慧在營收成長方面的潛在潛力？

I -- many of your competitors have already integrated AI into their devices, and it's just not clear yet what incremental monetization they're seeing because of AI, but you're always disciplined with investing. You obviously have a differentiated product. So how do you monetize AI and what's the timeline to realizing that ROI? Then a quick follow-up. Thank you.

我個人認為，你們的許多競爭對手已經將人工智慧整合到他們的設備中，只是目前還不清楚他們透過人工智慧獲得了多少額外的盈利，但你們在投資方面始終保持著嚴謹的態度。顯然，你們的產品具有差異化優勢。那麼，如何將人工智慧貨幣化？實現投資回報需要多長時間？然後是快速跟進。謝謝。

Well, let me just say that we're bringing intelligence to more of what people love and we're integrating it across the operating system in a personal and private way. And I think that by doing so, it creates great value and that opens up a range of opportunities across our products and services. And we are --

嗯，我只想說，我們正在將智慧技術融入到更多人們喜愛的事物中，並且我們正在以個性化和私密的方式將其整合到作業系統中。我認為這樣做可以創造巨大的價值，並為我們的產品和服務帶來一系列機會。我們是--

Super helpful --

非常有用--

And we're very happy with the collaboration with Google as well, I should add.

另外，我們也對與Google的合作非常滿意。

Okay, thank you, Tim, and then maybe just a follow-up now that you have kind of more time and data to evaluate this cycle. Can you maybe help us understand what the primary factors are driving strength in the iPhone? I'm sure there's a number of factors but if you had to point to one or two, just what would they be and how sustainable do you think those are?

好的，謝謝你，提姆。現在你有更多的時間和數據來評估這個週期，也許可以跟進。您能否幫助我們了解影響 iPhone 效能的主要因素是什麼？我相信有很多因素，但如果讓你指出其中一兩個因素，你會選擇哪一兩個？你認為這些因素的可持續性如何？

I think it's different for different cohorts of where people are coming from in the device that they have. But it's a combination of things that make the product sing. It's the display, it's the camera, it's the performance. It's the new selfie camera.

我認為，不同群體的人由於使用的設備不同，情況也會有所不同。但正是多種因素的結合才使這款產品脫穎而出。是顯示屏，是攝像頭，是性能。這是新型自拍相機。

It's the design. The design is beloved. And so it's all of these things that come together at once and have -- are producing a very strong product cycle as witnessed by our December quarter results.

是設計的問題。這款設計深受喜愛。因此，所有這些因素同時匯聚在一起，產生了非常強勁的產品週期，正如我們 12 月季度的業績所證明的那樣。

Great, thank you, Tim. Best of luck.

太好了，謝謝你，提姆。祝你好運。

Yeah, thank you.

是啊，謝謝。

Awesome. Thank you, Eric. Operator, could we get the next question, please?

驚人的。謝謝你，埃里克。接線員，請問可以問下一個問題嗎？

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Wonderful. Good afternoon. Thank you for the questions. I have two as well, if I could. First, it was encouraging to hear about the revenue growth outlook of 13% to 16% for the March quarter. I was just wondering if you could talk about any comps that we should be particularly aware of as we kind of think about each of the product categories.

精彩的。午安.謝謝大家的提問。如果可以的話，我也想要兩個。首先，令人鼓舞的是，3 月季度的營收成長預期為 13% 至 16%。我只是想問，在考慮每個產品類別時，我們是否應該特別注意哪些同類產品？

I know last year you guys had, MacBook Air with M4, the iPhone 16e, the iPad A16 and the iPad Air with M3. So just wanted to ask if those things would create tough comps or is it just less of an issue just given the new product outlook? Thank you.

我知道去年你們有搭載 M4 處理器的 MacBook Air、iPhone 16e、iPad A16 和搭載 M3 處理器的 iPad Air。所以我想問一下，這些因素會造成激烈的競爭，還是說考慮到新產品的前景，這些問題就沒那麼嚴重了？謝謝。

Yeah, Mike, it's Kevan. How are you? Thanks for the question. Yeah, I wouldn't say there's any particular, comp issue that we'd note. As you recall, last quarter, we talked about the difficult comparison we had a Mac, but there's nothing that rises to that kind of color that we'd outlined in the outlook. And so I think it's just, continuation of the strong cycle we're seeing subject to the constraints that I had mentioned in the prepared remarks that Tim alluded to a little earlier as well.

是的，麥克，我是凱文。你好嗎？謝謝你的提問。是的，我不會說有任何需要特別注意的競爭問題。您可能還記得，上個季度我們討論過與 Mac 的艱難對比，但目前還沒有任何產品能達到我們在展望中概述的那種水平。所以我認為這只是我們正在看到的強勁週期的延續，但受到我在準備好的演講稿中提到的限制，蒂姆之前也略有提及。

Great, wonderful. And then, just on services, advertising, strong in the quarter, I wanted to ask about some of the new growth opportunities in advertising. I know you guys are doing the new ad slots in the app store, maybe you could just talk a little bit about that. And then any plans to do more in advertising across other products like maps or TV. Thank you.

太好了，棒極了。然後，就服務業而言，廣告業在本季度表現強勁，我想詢問廣告業的一些新的成長機會。我知道你們正在開發應用程式商店裡的新廣告位，也許可以稍微談談這方面的情況。然後，是否有計劃在地圖或電視等其他產品上加大廣告投入？謝謝。

Yeah, sure. Like what I would say just if I step back in general, I think as we outlined we saw a really good broad-based performance in our crossword services business. So ranging from all-time records and advertising, music payment services and cloud services. So I think we see really good opportunities across a lot of our service categories and we continue to add new service offerings.

當然可以。總的來說，正如我們所概述的，我們的填字遊戲服務業務取得了非常好的整體表現。涵蓋範圍從歷史紀錄和廣告、音樂支付服務到雲端服務。所以我認為我們在許多服務類別中都看到了非常好的機會，我們也將繼續增加新的服務產品。

We talked about what we added to the wallet like digital ID and then you referenced the additional -- and kind of additional ads coming in the search in the App Store, which we are excited about. It provides advertisers with more ways to be discovered and so I think we'll continue to look for ways to expand, opportunities to add value to users and also create opportunities for Apple. I think as we talked about we created across a really significant milestone of 2.5 billion active devices. So we really feel excited about the opportunity that provides for our services business as well.

我們討論了錢包中添加的功能，例如數位 ID，然後您提到了 App Store 搜尋中即將出現的額外廣告，我們對此感到非常興奮。它為廣告商提供了更多被發現的途徑，所以我認為我們將繼續尋找拓展業務的方法，為用戶增加價值，同時也為蘋果創造機會。我認為正如我們討論的那樣，我們創造了一個非常重要的里程碑，活躍設備數量達到了 25 億。因此，我們也對這為我們的服務業務帶來的機會感到非常興奮。

Wonderful. Thanks for the thoughts, Kevan.

精彩的。謝謝你的想法，凱文。

Sure thing.

當然可以。

Thank you, Mike. Operator, could we get the next question, please?

謝謝你，麥克。接線員，請問可以問下一個問題嗎？

Ben Reitzes, Melius.

本‧雷茨斯，梅利烏斯。

Yeah, hey guys, how are you?

嗨，大家好，你們好嗎？

Hi, Ben.

嗨，本。

Hey, Tim. First question is on Google partnership again. I wanted to understand how you came to that decision with regard to the AI and Siri in particular and if there's an opportunity for you guys to share in revenue too with that partnership like you do in search. Thanks.

嘿，提姆。第一個問題仍然是關於與Google的合作關係。我想了解你們在人工智慧和 Siri 方面是如何做出這個決定的，以及你們是否有機會像在搜尋領域那樣，透過這種合作關係分享收入。謝謝。

Yeah. We basically determined that Google's AI technology would provide the most capable foundation for AFM or -- I'm sorry, Apple Foundation Models. And we believe that we can unlock a lot of experiences and innovate in a key way due to the collaboration.

是的。我們基本上認定，谷歌的 AI 技術將為 AFM 或——抱歉，是蘋果基礎模型提供最強大的基礎。我們相信，透過合作，我們可以解鎖許多新的體驗，並在關鍵領域進行創新。

We'll continue to run on the device and run in private cloud compute and maintain our industry leading privacy standards in doing so. In terms of the arrangement with Google, we're not releasing the details of that.

我們將繼續在設備上運行，並在私有雲運算環境中運行，並在此過程中保持我們行業領先的隱私標準。至於與Google的合作安排，我們不會透露細節。

Bummer. Okay, well I tried. So yeah, you knew it would be me. So the -- the next question is on gross margin. I'm pretty shocked. I got to hand it to you, Tim. I'm -- that you're able to do 48% to 49%. What's really going on there? How are you doing that with this memory, the Nan prices. Is it due to mix that there's a good, less hardware and more services and services margins are going up? How are you doing it to go -- to keep it at 48% to 49%.

真可惜。好吧，我盡力了。所以，沒錯，你早就知道會是我。那麼——下一個問題是關於毛利率的。我感到非常震驚。提姆，我得承認你真厲害。我覺得──你能做到 48% 到 49%。那裡到底發生了什麼事？你是如何利用這種內存，也就是Nan的價格來實現這一點的？是因為產品組合的最佳化，硬體佔比降低，服務佔比提高，導致服務利潤率上升嗎？你是如何做到維持 48% 到 49% 的？

Yeah, Ben. This is Kevan. How are you doing? Let me start maybe by just reflecting on the Q1 gross margin. I think we talked about the fact that we landed at 48.2%. So just above the high end of the range that we provided in the last call. And I think if you look at that performance, we were up 100 basis points sequentially.

是的，本。這是凱文。你好嗎？讓我先回顧一下第一季的毛利率。我想我們討論過我們最終得票率為 48.2% 的事實。所以略高於我們上次給出的價格範圍的上限。我認為，如果你看一下那次業績，我們環比成長了100個基點。

We talked about the fact that we had a favorable mix. I mean, as you know when we have a good product cycle, strong price cycle, we're seeing for iPhone that does lend itself to a bit more favorable opportunity on the mix and leverage side. So we're having a strong iPhone cycle as Tim outlined and so that also translates itself.

我們討論了我們擁有有利的組合這一事實。我的意思是，正如你所知，當產品週期良好、價格週期強勁時（就像我們現在看到的 iPhone 一樣），這確實會給我們帶來一些更有利的產品組合和槓桿效應的機會。正如蒂姆所概述的那樣，我們正處於 iPhone 的強勁銷售週期，這也體現在其他方面。

We talked about products sequentially went up by 450 basis points. So I think in general, I think we're just seeing favorable mix dynamics as well. Services continue to contribute as well that business is growing double-digits. So that also is a contribution.

我們討論的產品價格依序上漲了 450 個基點。所以總的來說，我認為我們也看到了有利的混合動態。服務業也持續為公司實現兩位數成長做出貢獻。所以這也是一種貢獻。

And I think that, if you looked at our guidance, we're providing a similar range to where we reported in December and there's going to be a few puts and takes. We do expect to see favorable mix in the surfaces, as when we moved from Q1 to Q2. That tends to be the case and that's partly offset by a seasonal loss of leverage. So there'll be puts and takes, but, again, we feel pretty good about the guide of 48% to 49%, which is similar to the range we reported in December.

我認為，如果你看一下我們的業績指引，你會發現我們提供的指引範圍與 12 月公佈的範圍類似，市場可能會有一些波動。我們預計表面成分將出現有利的混合，就像我們從第一季過渡到第二季一樣。這種情況往往存在，但季節性槓桿損失可以部分抵消這種影響。所以市場會有波動，但是，我們再次對 48% 到 49% 的指引感到相當滿意，這與我們 12 月報告的範圍相似。

Wow, okay, great. Thank you.

哇，好的，太好了。謝謝。

Alright. Thanks, Ben.

好吧。謝謝你，本。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

David Vogt, UBS.

David Vogt，瑞銀集團。

Great. Thanks guys for taking my question. Maybe Tim or Kevan, if we could pull out a little bit, can you help us understand how you're thinking about the overall kind of smartphone market demand, particularly given where memory prices are headed. And we've heard some conversations with some other OEMs as well as component providers that are worried about either the availability of components, potential market weakness in terms of demand destruction and some of the actions to offset our higher prices.

偉大的。謝謝各位回答我的問題。提姆或凱文，如果我們能抽出一點時間，你們能否幫我們了解一下你們對智慧型手機市場整體需求的看法，特別是考慮到內存價格的走勢。我們也聽到了一些其他原始設備製造商以及零件供應商的談話，他們擔心零件的供應、需求萎縮可能導致的市場疲軟以及一些抵消我們更高價格的措施。

I know you don't give out looks for the full year but how are you thinking about all of those different vectors and what that might mean for the overall smartphone market and then ultimately what that might mean for demand for iPhones as we move through the rest of this calendar year?

我知道你們不會公佈全年的預測，但是你們是如何看待所有這些不同因素的，以及這些因素對整個智慧型手機市場可能意味著什麼，最終又會對今年剩餘時間裡iPhone的需求產生什麼影響？

Yeah, on the supply side, I had made comments earlier about the constraint that we are seeing in Q2. We -- and that's reflected in the revenue guidance that Kevan gave earlier. The constraint, as I've mentioned is due to the advanced node capacity. And It's really a result of growing so well in Q1 with the 23% and having less flexibility, partly due to that in the process to increase it as much as we would like to increase it.

是的，在供應方面，我之前已經評論過我們在第二季度看到的供應限制問題。我們——這也反映在凱文先前給出的收入預期中。正如我之前提到的，這種限制是由於高階節點容量造成的。這實際上是由於第一季成長了 23%，導致靈活性降低，部分原因是我們在過程中無法像我們希望的那樣大幅提高成長率。

Beyond Q2, I don't really want to comment on supply. It's -- supply is a function of a lot of things in the industry that move around a lot. So I would want to comment on that. And I commented before on the, on memory pricing. And so I -- hopefully that answers your question.

第二季之後，我不太想對供應發表評論。供應情況受業界許多因素影響，而這些因素的變動幅度很大。所以我想就此發表一下看法。我之前也評論過內存定價問題。所以，我希望這能回答你的問題。

In terms of smartphone demand, we believe that based on the information that we've got is we gained share in the December quarter. Obviously, the market wasn't growing at 23%. So we feel good about doing that. And -- but I don't -- I wouldn't want to predict how the market reacts in the future. It's very difficult to do that.

就智慧型手機需求而言，根據我們掌握的信息，我們認為我們在12月季度獲得了市場份額。顯然，市場成長率並沒有達到 23%。所以我們對這樣做感到很滿意。而且——但我並不想——我不想預測市場未來的反應。這很難做到。

Got it. At the risk of not getting this answered, I'm going to follow-up with. Can you maybe help us understand, you mentioned there's a range of options that you're looking at. How do -- how should we think about kind of like LTAs in the marketplace? I mean, is that an option as we move through the year or is it more spot-based from a point of perspective, particularly around memory? Just trying to get a better sense for how we should think about kind of the dynamics in the marketplace.

知道了。冒著得不到解答的風險，我還是要追問。您能否幫我們理解一下，您提到您正在考慮一系列方案。我們應該如何看待市場上的長期協議（LTA）？我的意思是，隨著時間的推移，這是否是一個可行的選擇，還是說從某個角度來看，尤其是在記憶方面，這更多是基於具體情況的？我只是想更了解我們應該如何看待市場動態。

It's a range. And so I don't want to get more specific than that. I mean, there are different, levers that we can push and who knows how successful they'll be but there's just a range of options.

這是一個範圍。所以我不想說得更具體一點。我的意思是，我們可以採取不同的措施，誰也不知道這些措施會有多成功，但選擇確實有很多。

Great, thanks guys.

太好了，謝謝各位。

Yeah.

是的。

Great. Thank you, David.

偉大的。謝謝你，大衛。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

That's fine. Thank you. Tim, on services, you grew a pretty impressive 14%, and I know you said that the App Store was the record for the December quarter, but third-party data is showing a notable deceleration in App Store growth, maybe 7% in the December quarter relative to your 14% growth.

沒關係。謝謝。Tim，在服務方面，你們實現了相當可觀的 14% 的增長，我知道你說過 App Store 在 12 月季度創下了紀錄，但第三方數據顯示 App Store 的增長明顯放緩，12 月季度可能只有 7% 的增長，而你們的增長率為 14%。

I was hoping if you could maybe confirm that and secondarily if it's correct. What might be some of the drivers of that and what could be things that you could do to reverse that in future quarters and have a follow-up.

我希望您能幫忙確認一下，其次，看看它是否正確。造成這種情況的一些驅動因素可能是什麼？在接下來的幾個季度裡，您可以採取哪些措施來扭轉這種局面？請進行後續跟進。

Hey, Wamsi, it's Kevin here. Look, I think we want to reiterate the fact that during the summer quarter, we had a quarterly record on the app store as we don't provide, specific color on how the individual services categories have done.

嘿，Wamsi，我是Kevin。我們想重申一下，在夏季季度，我們在應用程式商店的季度業績創下了紀錄，因為我們沒有提供各個服務類別的具體表現數據。

But again, if we step back, I think we saw, again, broad-based growth across all the different categories also across various geographies. We had all-time records in both developed and emerging markets as well. So -- and double-digit growth in both of those too. And so I think in general, we don't provide the color at the detailed services level.

但是，如果我們回顧一下，我認為我們再次看到了各個不同類別以及各個地區的廣泛增長。我們在已開發市場和新興市場都創下了歷史新高。所以——而且這兩項指標也都實現了兩位數的成長。所以我覺得，總的來說，我們在細節服務層面不提供顏色資訊。

Okay. Thanks, Kevin. I guess back to the memory prize. I appreciate you have a range of options to address that. Historically, Apple's not used a pricing lever unless FX markets got maybe very dislocated to prevent arbitrage or issues like that, but, given some of these unprecedented moves in memory, would pricing be a lever that you would be willing to pull or push and outside of every other thing that -- outside of everything else that you can do?

好的。謝謝你，凱文。我想我們還是得回到記憶獎上來。我很欣賞你們有許多方法來解決這個問題。從歷史上看，除非外匯市場出現嚴重混亂以防止套利或類似問題，否則蘋果不會使用定價槓桿。但是，鑑於這些前所未有的舉措，定價是否會成為你願意使用的槓桿，並且排除其他所有你能做的事情？

Yeah, I wouldn't want to speculate on that one.

是的，我不想對此妄加猜測。

Okay. Thanks, Tim.

好的。謝謝你，提姆。

Thanks, Wamsi.

謝謝你，Wamsi。

Operator, could we have the next question, please?

接線生，請問我們可以問下一個問題嗎？

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Yeah, hi, thanks for taking my questions. Maybe for the first one, I'm just looking at your capital investment in the first quarter which did moderate from the last one and wondering if the partnership with Google on Gemini and sort of help collaboration to develop the next generation of Apple Foundational models.

你好，謝謝你回答我的問題。或許對於第一個問題，我只是在關注你第一季的資本投資，雖然比上一季有所放緩，但我想知道與Google在 Gemini 上的合作是否有助於開發下一代 Apple Foundational 模型。

It does that have any near term sort of impact on your intent to use Apple private cloud? I know you emphasize sort of the role Apple Private cloud plays in the long-term, but are there any changes on that front through this collaboration? Any thoughts around that and have a quick follow-up. Thank you.

這是否會對您近期使用蘋果私有雲的計畫產生任何影響？我知道您強調了 Apple 私有雲在長期發展中的作用，但透過這次合作，這方面會有什麼變化嗎？關於這一點，您有什麼想法？請盡快跟進。謝謝。

Yeah, sure. I think this is Kevin here. I think in general, as Tim outlined, we weren't going to provide any details on our arrangement and collaboration with Google. Just speaking of CapEx in general, as we have a hybrid model for CapEx. And so I think that, what happens is our CapEx can be volatile, independent of kind of the volume and the performance of our business.

當然可以。我想這位是凱文。我認為，正如蒂姆所概述的那樣，我們不會普遍透露與Google的合作安排和細節。就資本支出而言，我們採用的是混合資本支出模式。所以我認為，我們的資本支出可能會波動，而與我們業務的規模和績效無關。

And as our CapEx is made of, several different line items that include tooling, our facilities, retail investments -- investments in our retail store, data centers, and on tooling and data centers, we leverage this hybrid model that I mentioned before which we leverage a combination of first and third party capacity.

我們的資本支出由幾個不同的項目組成，包括工具、我們的設施、零售投資——對我們零售店的投資、資料中心以及工具和資料中心的投資，我們利用了我之前提到的這種混合模式，即結合第一方和第三方產能。

So in general it's hard to read into the CapEx and draw any conclusions. And so I think I would just say there's going to be some ebbs and flows in CapEx. Last year, remember we did build out our private cloud compute environment and so we did have CapEx spending related to that in our results in December.

因此，總的來說，很難從資本支出中解讀出任何結論。所以我認為，資本支出肯定會有一些波動。去年，我們確實建構了自己的私有雲運算環境，因此我們在 12 月的業績中確實有與此相關的資本支出。

Got it. And my follow-up probably is for you, again, you did mention product gross margin and the sort of drivers there for the product gross margin improvement. Did -- when you sort of highlighted mix as a driver, can you just sort of talk through what are the big differences and mix you're seeing for iPhone 17 versus 16, and tariffs and tariffs coming in more favorable play a role at all and what you're expecting for tariffs for the next quarter?

知道了。我的後續問題可能是問你的，你確實提到了產品毛利率以及推動產品毛利率增加的因素。——當你強調產品組合是驅動因素時，你能否具體談談你認為 iPhone 17 與 16 的主要差異和產品組合是什麼？關稅以及更有利的關稅政策是否會產生影響？你對下一季度的關稅有何預期？

Yeah. So there's a few things to unpack there. So on the overall margin on product side, I think I mentioned that we had favorable mix of products and leverage. I think given the strong iPhone cycle we're seeing that was -- I would say probably a higher favorability than you might have seen in maybe other cycles.

是的。所以，這裡面有幾點要解釋。所以就產品方面的整體利潤率而言，我想我已經提到過，我們擁有有利的產品組合和槓桿優勢。我認為，鑑於我們目前看到的 iPhone 強勁銷售週期，這可能比你在其他銷售週期中看到的要高。

And as well, as in Q1, typically we do see the impact of the cost structure of our new products that we launch. And in this case, we're seeing a more favorable offset from mix of products and leverage versus historical, sequential changes from Q4 to Q1. On the tariff piece, we had outlined a amount of $1.4 billion for the December quarter and we landed roughly in that range, and -- at that level.

此外，與第一季一樣，我們通常也會看到我們推出的新產品的成本結構的影響。在這種情況下，我們看到產品組合和槓桿作用帶來的抵銷作用比從第四季到第一季的歷史連續變化更為有利。關於關稅方面，我們為 12 月季度製定了 14 億美元的預算，最終實際金額大致在這個範圍內，並且達到了這個水平。

Thank you.

謝謝。

Awesome. Thank you, Samik.

驚人的。謝謝你，薩米克。

Operator. Could we have the next question, please?

操作員。請問下一個問題可以嗎？

Krish Sankar, TD Kawan.

Krish Sankar，TD Kawan。

Yeah, hi, thanks for taking my question. The first one I have for us for Tim, I think you touched upon this earlier on the Gemini integration and Apple Foundation Model. How to think about kind of like the difference between Apple Foundation Model functionality and third-party models? Like -- does the Apple Foundation model evolve to a different layer in the AI software stack? How to think about it as you partner with third-party frontier models? I had a follow-up.

你好，謝謝你回答我的問題。我首先要問的是 Tim，我想你之前在 Gemini 整合和 Apple 基金會模型方面已經提到過這一點。如何理解蘋果基礎模型的功能與第三方模型的差異？例如——蘋果基金會的模型是否會演變為人工智慧軟體堆疊中的不同層級？與第三方前沿模型合作時，應該如何考慮這個問題？我還有後續問題。

Yeah, Chris, you should think of it as a collaboration. Not -- and we'll obviously independently continue to do, some of our own stuff, but you should think of what is going to power the personalized version of Siri is the collaboration with Google.

是的，克里斯，你應該把它看作是一次合作。不——我們當然會繼續獨立地做一些我們自己的事情，但你應該想想，Siri 個人化版本的動力來自於與 Google 的合作。

Got it. Awesome. And then a quick follow-up for maybe Kevan or Tim, just, a lot of discussion on memory pricing, given that the memory constraint or commodity scarcity is impacting both the smartphone and the PC markets and Apple arguably having more purchasing power. Do you think this is a chance for you to increase your market share both in iPhone and Mac at the expense of competition who might have more constraints in getting access to memory.

知道了。驚人的。然後，或許可以給 Kevan 或 Tim 提個醒，關於內存定價有很多討論，因為內存限製或商品短缺正在影響智慧型手機和 PC 市場，而蘋果的購買力可能更強。你認為這是一個讓你在 iPhone 和 Mac 市場中增加市場份額的機會嗎？而你的競爭對手可能在獲取記憶體方面受到更多限制。

Yeah, I only want to talk about kind of what has happened and we do believe, as I had shared that iPhone gained share in the December quarter. And if you look at Mac for the full year of a full calendar year 25, we also believe we gain share. And so we feel very good about our position.

是的，我只想談談已經發生的事情，正如我之前所說，我們相信 iPhone 在 12 月季度獲得了市場份額。如果以完整的25個自然年來看，我們認為Mac的市佔率也會成長。因此，我們對自己的處境感到非常滿意。

Thanks, Tim.

謝謝你，提姆。

Yeah.

是的。

Thank you, Chris. Operator, could we have the next question, please?

謝謝你，克里斯。接線生，請問我們可以問下一個問題嗎？

Atif Malik from City.

來自 City 的 Atif Malik。

Hi, thank you for taking my question. The first one for Tim, some of the industry pundits are comparing the iPhone 17 upgrade cycle to the 2020, 2021 years, as some of the iPhone 12, 130 users upgrade. Curious if you agree with that view, and also if you can layer on the impact from Apple Intelligence to the refresh rate.

您好，感謝您回答我的問題。對 Tim 來說，首先，一些業內專家將 iPhone 17 的升級週期與 2020 年、2021 年的升級週期進行了比較，因為一些 iPhone 12、130 用戶也進行了升級。我很想知道你是否同意這種觀點，以及你是否能將 Apple Intelligence 對更新率的影響也考慮進去。

I think each iPhone cycle has its own unique characteristics. And so I wouldn't compare it to a specific one. I think, iPhone 17, the family of 17 is a unique product that brings several very compelling features in one product and it has done extremely well. And so we feel quite good about it.

我認為每一代iPhone都有其獨特的特點。所以我不會把它和某個具體的案例做比較。我認為，iPhone 17 系列是一款獨特的產品，它將幾個非常吸引人的功能整合在一個產品中，而且銷量非常好。所以，我們對此感覺相當不錯。

If -- I'll just add to Tim's comment that we talked about the fact we have a large and diverse install base of customers. And so this product has really resonated with multiple cohorts, whether you're on older devices or newer iPhones as well. So we've seen really strong reaction to the product lineup.

如果——我只想補充一下 Tim 的評論，我們討論過我們擁有龐大且多元化的客戶安裝基礎這一事實。因此，這款產品確實引起了多個群體的共鳴，無論你使用的是舊設備還是較新的 iPhone。所以我們看到了消費者對產品線的強烈迴響。

Great. As my follow-up, there was a lot of discussion supply constraints, and I'm surprised that you guys are constrained on advanced packaging as you generally get your share at the big foundry. How long will these, supply impact your ability to ship to through demand?

偉大的。作為後續問題，我們討論了很多關於供應限制的問題，我很驚訝你們在先進封裝方面也受到限制，因為你們通常可以從大型代工廠獲得應有的份額。這些供應問題會對您滿足需求的供貨能力造成多久的影響？

It's difficult to estimate demand when you haven't met the demand. And so we've obviously, we have internal estimates on that, but I don't want to share those. But it's very difficult. And just to be clear, It's the advanced nodes that we -- that, like 3 nanometer to be specific, where our SSCs are the latest SOCs are produced on as to what is gating the Q2 supply.

在需求尚未滿足的情況下，很難預測需求。所以，我們顯然對此有內部估算，但我不想透露這些估算。但這非常困難。需要明確的是，正是我們先進的節點——具體來說，例如 3 奈米節點，我們最新的 SoC 就是採用這種節點生產的 SSC，而這正是第二季度供應受限的原因。

And it's a -- the, it's a direct result of the 23% growth and that far outstripping what we had internally estimated and having more limited flexibility in the supply chain for some period of time. But I don't want to estimate when supply and demand will balance at this point.

這是——這是 23% 的成長的直接結果，遠遠超過了我們內部的估計，而且在一段時間內供應鏈的靈活性也受到了限制。但我現在不想預測供需何時達到平衡。

Very helpful. Thank you.

很有幫助。謝謝。

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

謝謝你，阿提夫。接線生，請問我們可以問下一個問題嗎？

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks for taking the question. I have two as well, and I'll try and stay away from the memory question. I'm curious, and, obviously a lot of focus on the China demand, but I'm curious, you also called out India, and so can you maybe unpack some of the things that you're seeing in the Indian market as far as iPhone traction, any kind of color on what is a very large install base in India that seems to be a good growth opportunity for Apple still.

好的，謝謝你回答這個問題。我也有兩個，我會盡量避免談論記憶體問題。我很好奇，雖然很明顯大家都很關注中國市場的需求，但你也提到了印度，所以你能否談談你在印度市場觀察到的一些情況，比如iPhone的銷量，以及印度龐大的用戶基數，這對於蘋果來說似乎仍然是一個不錯的增長機會。

Yeah, thanks for the question. We did set a quarterly revenue record during the December quarter, and to go a little further down, we set quarterly revenue records on iPhone and Mac and iPad and an all-time revenue record on services. So it was a terrific quarter in India. We really like what we see there. It's the second largest smartphone market in the world, and the fourth largest PC market.

謝謝你的提問。我們在 12 月季度創下了季度收入紀錄，更進一步說，我們在 iPhone、Mac 和 iPad 上創下了季度收入紀錄，在服務方面創下了歷史收入紀錄。所以，印度市場在這個季度表現非常出色。我們非常喜歡那裡看到的東西。它是全球第二大智慧型手機市場，也是全球第四大個人電腦市場。

So -- and we still have, despite, very nice growth history. We have modest share there. And so we think there's a huge opportunity for us there. And we could not be more excited about If you look at the -- the other thing that I would point out is that the majority of customers that are buying iPhone and Mac and iPad and watch are all new to that product. And so it speaks very well to opportunity there.

所以——儘管如此，我們仍然擁有非常好的成長歷史。我們在那裡擁有少量股份。所以我們認為那裡對我們來說蘊藏著巨大的機會。我們對此感到無比興奮。如果你看看——我還想指出的是，購買 iPhone、Mac、iPad 和 Apple Watch 的大多數客戶都是這些產品的新用戶。所以這充分說明那裡蘊藏著巨大的機會。

Yeah, and Aaron, and as you mentioned the install base, we're seeing strong double-digit growth in the install base in India as well, which is really encouraging.

是的，Aaron，正如你提到的安裝基數，我們在印度的安裝基數也實現了強勁的兩位數增長，這真的很令人鼓舞。

Yeah, and then as a quick follow-up, kind of tied to memory, maybe not so much but part of this current generation, iPhone cycle is you clearly deepen some of your own internal silicon capabilities on the device. I'm curious if that if we should think about that as a lever and maybe a supportive factor to gross margin that might be underappreciated and any thoughts on where we go from here as far as continual opportunities of internalizing your own silicon, thank you.

是的，然後快速補充一點，這與內存有點關係，也許關係不大，但這一代 iPhone 週期的一部分顯然是你們在設備內部晶片方面進行了一些深化。我很好奇我們是否應該將其視為一種槓桿，或許可以作為提高毛利率的一個支撐因素，而這可能被低估了。對於我們接下來如何繼續獲得內部化自有晶片的機會，您有什麼想法嗎？謝謝。

Yeah, I'll let Kevan talk about the gross margin, but in terms of the product, which is at the heart of what we think about in the user, Apple Silicon has just been an incredible game changer for us, starting with iPhone and then on iPad, and of course, the Mac as of a few years ago. And so we believe it's a game changer and a major competitive advantage.

是的，關於毛利率，我會讓凱文來談談，但就產品而言，也就是我們思考用戶問題的核心，蘋果晶片對我們來說簡直是顛覆性的變革，從 iPhone 開始，然後是 iPad，當然還有幾年前的 Mac。因此，我們認為它將改變遊戲規則，並帶來巨大的競爭優勢。

And as far as impact on gross margin, we have been as investing in core technologies like our own silicon, our own modem and certainly while those do provide opportunities for cost savings and can be flexed the margins, they also importantly provide the differentiation that's really important for our products as well and give us more control over our roadmap. So I think there's a lot of strategic value to it, but also we are seeing, investments in our core technologies impacting gross margins in a positive way.

至於對毛利率的影響，我們一直在投資核心技術，例如我們自己的晶片、我們自己的數據機。當然，雖然這些技術確實提供了節省成本的機會，並且可以提高利潤率，但更重要的是，它們也為我們的產品提供了差異化優勢，這對我們非常重要，也讓我們能夠更好地掌控我們的產品路線圖。所以我認為這具有很大的戰略價值，而且我們也看到，對核心技術的投資對毛利率產生了正面的影響。

Yeah, thank you.

是啊，謝謝。

Awesome. Thank you, Aaron.

驚人的。謝謝你，亞倫。

Operator, could we have our last question, please?

接線員，我們可以問最後一個問題嗎？

Richard Kramer, Arete Research.

Richard Kramer，Arete Research。

Thanks very much. I have two questions. Tim, when you think about how Apple might manage AI, do you see that evolving towards more edge AI or on-device services versus cloud-based AI? And are you confident you've reserved sufficient data center capacity to support the widespread Siri adoption, especially given that you're not following the other hyper scalers and sharply increasing CapEx?

非常感謝。我有兩個問題。提姆，當你思考蘋果公司將如何管理人工智慧時，你認為它會朝著邊緣人工智慧或設備端服務的方向發展，而不是從基於雲端的人工智慧發展嗎？鑑於您沒有像其他超大規模資料中心營運商那樣大幅增加資本支出，您是否確信您已預留了足夠的資料中心容量來支援 Siri 的廣泛應用？

The answer is that we see both being important, the on-device and the private cloud compute. And so we don't see it as an either or we see it as a both. And we believe it's a differentiator because of our privacy approach.

答案是，我們認為設備端運算和私有雲運算都很重要。因此，我們不認為這是非此即彼的選擇，而是認為兩者兼具。我們相信，我們的隱私保護措施使我們脫穎而出。

In terms of do we have enough capacity. It's hard to estimate with precision what the demand will be. But we've done the sort of the best job that we can do and I've -- and either have or are putting capacity in for it.

就我們是否有足夠的產能而言。很難精確估計需求量。但我們已經盡了我們所能做到的最好程度，而且我已經——或者正在為此投入資源。

Okay, and you also -- you mentioned the 2.5 billion active device number, but Apple intelligence features have only been available since the 15 Pro. So can you speak at all to roughly what portion of your iPhone or overall active device install base is now AI capable? And has this been a factor in maybe a more gradual pace of launching wider AI services?

好的，你也提到了 25 億活躍裝置數量，但蘋果智慧功能是從 15 Pro 開始才推出的。那麼，您能否大致說明一下，目前您的 iPhone 或所有活躍設備安裝用戶中，有多少比例的用戶具備人工智慧功能？這是否是導致人工智慧服務推廣速度放緩的因素？

Hey, Richard, this is Kevan. We don't provide that specific number but it is a growing number as you can imagine, in our install base and so we're encouraged by the amount of devices now that are capable but we're not going to provide a specific figure on that today.

嘿，理查德，我是凱文。我們不提供具體數字，但正如您所想，我們的安裝基數正在不斷增長，因此我們對現在具備此功能的設備數量感到鼓舞，但我們今天不會提供具體數字。

Okay. Well, I had to try. Thank you.

好的。好吧，我得試試。謝謝。

Alright. Thank you, Richard. 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 8902968 followed by the pound sign. These replays will be available by approximately 5:00 PM Pacific Time tonight.

好吧。謝謝你，理查。今天的電話會議錄音將在 Apple Podcasts 上提供兩週的回放，也可以透過 Apple.com/investor 上的網路直播和電話收聽。電話重播號碼是（866）583-1035。請輸入確認碼 8902968，然後輸入井號 (#)。這些比賽重播將於今晚太平洋時間下午 5 點左右上線。

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.

媒體會員如有其他疑問，可致電 (408) 862-1142 聯絡 Josh Rosenstock；金融分析師如有其他疑問，可致電 (408) 974-3123 聯絡我，Suhasini Chandramouli。再次感謝您今天收看我們的節目。

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

今天的會議到此結束。我們非常感謝您的參與。