蘋果 (AAPL) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the Apple Q3 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, followed by CFO Kevan Parekh. Also joining us on today’s call is incoming CEO John Ternus. After the prepared remarks, we’ll open the call to questions from analysts.

下午好，歡迎參加 Apple 2026 會計年度第三季財報電話會議。我是 Suhasini Chandramouli，投資人關係總監。今天的電話會議將進行錄音。今天首先發言的是 Apple 執行長 Tim Cook，接著是財務長 Kevan Parekh。同時加入今天電話會議的還有即將上任的執行長 John Ternus。在準備好的發言結束後，我們將開放分析師提問。

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

請注意，您今天在我們討論中聽到的部分資訊將構成前瞻性陳述，包括但不限於有關營收、毛利率、營業費用、其他收入與費用、稅負以及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.

這些陳述涉及風險與不確定性，可能導致實際結果或趨勢與我們的預測出現重大差異，包括與總體經濟狀況、關稅及其他措施，以及法律與監管程序可能對公司業務與營運結果造成影響相關的風險。

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.

如需更多資訊，請參閱 Apple 最近提交的 Form 10-Q 與 Form 10-K 報告中所討論的風險因素，以及我們今日向 SEC 提交的 Form 8-K（連同相關新聞稿）。

Additional information will also be in our report on Form 10-Q for the quarter ended June 27, 2026, 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.

其他資訊亦將載於我們截至 2026 年 6 月 27 日季度的 Form 10-Q 報告（將於明日提交），以及我們向 SEC 提交的其他報告與文件中。Apple 不承擔更新任何前瞻性陳述之義務；該等陳述僅截至其作成之日有效。

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

現在我想把電話會議交給 Tim，請他做開場致詞。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is pleased to report $109.4 billion in revenue, up 16% from a year ago and a June quarter record. We were able to achieve this despite supply constraints and sequential foreign exchange headwinds.

謝謝你，Suhasini。各位下午好，感謝加入本次電話會議。今天，Apple 很高興報告營收達 1,094 億美元，較去年同期成長 16%，並創下 6 月季度新高紀錄。即使面臨供應限制以及外匯不利因素（按季）影響，我們仍能達成這項成果。

We continue to see enormous customer enthusiasm for our most popular lineup ever, with iPhone revenue growing 22% from a year ago to reach a June quarter record. We saw so much excitement around the best Mac lineup we’ve ever had, growing a strong 29% to achieve a June quarter revenue record.

我們持續看到客戶對我們史上最受歡迎的產品陣容展現極大熱情，iPhone 營收較去年同期成長 22%，並創下 6 月季度新高紀錄。我們也看到市場對我們有史以來最強的 Mac 產品線充滿期待，營收強勁成長 29%，同樣創下 6 月季度營收新高。

Services also set a June quarter record with $30.7 billion in revenue. We achieved June quarter revenue records in every geographic segment. We were pleased to see strength across the board with June quarter records in the US, Latin America, Western Europe, India, China Mainland, Japan, and Southeast Asia.

服務業務營收亦創下 6 月季度新高，達 307 億美元。我們在所有地理區隔皆創下 6 月季度營收新高。我們很高興看到各地區全面走強，美國、拉丁美洲、西歐、印度、中國大陸、日本與東南亞皆創下 6 月季度新高。

We also achieved June quarter revenue records in both developed and emerging markets and saw double-digit growth in most emerging markets. This year’s WWDC was a wonderful showcase of our latest innovations. We were tremendously excited to unveil the all-new Siri AI, a completely reimagined version of Siri that is profoundly capable, deeply personal, and integrated seamlessly across our platforms. And we’ve been absolutely thrilled by the response from people who’ve been using Siri AI in the developer and public betas.

我們也在已開發市場與新興市場雙雙創下 6 月季度營收新高，且多數新興市場呈現雙位數成長。今年的 WWDC 精彩呈現了我們最新的創新成果。我們非常興奮地發表全新 Siri AI——這是徹底重新構想的 Siri 版本，能力強大、深度個人化，並可在我們各平台間無縫整合。而對於在開發者與公開測試版中使用 Siri AI 的人們所給予的回饋，我們也感到無比振奮。

The reviews from early users have been phenomenal, it’s been so wonderful to hear from people who are excited about the capabilities we’ve built. And it underscores our philosophy that building AI that is private and based on personal context can change how users find information and get things done with our products in a way that truly enriches their lives.

早期使用者的評價非常出色，能聽到大家對我們打造的能力感到興奮，令人十分欣慰。這也再次印證我們的理念：打造兼顧隱私、並以個人情境為基礎的 AI，能改變使用者透過我們產品尋找資訊與完成任務的方式，真正豐富他們的生活。

We really couldn’t be more excited about it, and we are feeling incredibly enthusiastic about the impact it’s going to have. At WWDC, we also announced new tools to help parents keep kids safe online, and we were pleased by the overwhelmingly positive reaction.

我們對此感到無比興奮，也對它將帶來的影響充滿熱情。在 WWDC 上，我們也宣布了新工具，協助家長讓孩子在網路上更安全，我們很高興看到壓倒性正面的反應。

New child safety features like Ask to Browse and Time Allowances will help parents encourage kids to develop healthy digital habits. These new tools integrate guidance from leading clinical and child development research, including the American Academy of Pediatrics.

像是「請求瀏覽」（Ask to Browse）與「時間額度」（Time Allowances）等新的兒童安全功能，將協助家長鼓勵孩子建立健康的數位使用習慣。這些新工具整合了領先的臨床與兒童發展研究指引，包括美國兒科學會（American Academy of Pediatrics）。

Our goal is to make it easier for parents to manage what their children see, who they interact with, and how and when they can use their devices. We’re looking forward to bringing these new capabilities to users this fall, in addition to amazing new updates across our operating systems. Now let me turn to the results for the quarter, beginning with iPhone.

我們的目標是讓家長更容易管理孩子看到的內容、互動對象，以及他們如何與何時使用裝置。除了我們各作業系統令人驚豔的新更新之外，我們也期待在今年秋季把這些新功能帶給使用者。接下來讓我說明本季業績，先從 iPhone 開始。

iPhone revenue for the June quarter was $54.3 billion, up 22% from a year ago. We achieved June quarter records in every geographic segment and set a June quarter record for upgraders. According to IDC, we gained share globally during the quarter. As I’ve said before, this is the most powerful and most popular iPhone lineup we’ve ever had.

6 月季度 iPhone 營收為 543 億美元，較去年同期成長 22%。我們在所有地理區隔皆創下 6 月季度新高，並在升級用戶方面創下 6 月季度新高紀錄。根據 IDC，我們在本季於全球市占率有所提升。如我先前所說，這是我們有史以來最強大、也最受歡迎的 iPhone 產品陣容。

More people are relying on iPhone every day for AI, powered by the outstanding performance of A19 and A19 Pro. Across the lineup, iPhone continues to deliver the performance, battery life, durability, and camera capabilities that people count on every day. Whether it’s the extraordinary camera system of iPhone 17 Pro and Pro Max, the remarkably thin design of iPhone Air, the balanced performance and durability of iPhone 17, or the exceptional value of iPhone 17e, there’s an iPhone for every customer.

在 A19 與 A19 Pro 的卓越效能驅動下，越來越多人每天仰賴 iPhone 來使用 AI。在整個產品線上，iPhone 持續提供人們每天所倚賴的效能、電池續航、耐用性與相機能力。無論是 iPhone 17 Pro 與 Pro Max 的非凡相機系統、iPhone Air 極致纖薄的設計、iPhone 17 兼具均衡效能與耐用性，或是 iPhone 17e 的超高性價比，每位客戶都能找到適合自己的 iPhone。

Mac delivered its best June quarter yet with $10.4 billion in revenue, growing an impressive 29% from a year ago despite significant supply constraints. This revenue growth was driven by the incredible strength of our latest lineup with MacBook Pro and the all-new MacBook Neo.

Mac 交出歷來最佳的 6 月季度表現，營收達 104 億美元，儘管面臨顯著供應限制，仍較去年同期大幅成長 29%。這項營收成長來自我們最新產品線的強勁動能，包括 MacBook Pro 與全新 MacBook Neo。

According to IDC, we gained share globally. We also set a June quarter revenue record in developed markets and an all-time record in emerging markets with particular strength in Greater China, where we had an all-time revenue record.

根據 IDC，我們在全球市占率有所提升。我們也在已開發市場創下 6 月季度營收新高，並在新興市場創下歷史新高；其中大中華區表現尤為突出，創下歷史營收新高。

In addition, we achieved all-time records for upgraders and customers new to Mac. With the power of Apple silicon, the Mac lineup delivers outstanding power-efficient performance, massive memory bandwidth, and next-level AI capabilities. Mac continues to be the ultimate AI powerhouse, excelling at high throughput, on-device inference, and creation across a broad range of AI workloads.

此外，我們在升級用戶與首次購買 Mac 的新客戶方面也創下歷史新高。憑藉 Apple silicon 的強大能力，Mac 產品線提供出色的高能效效能、巨大的記憶體頻寬，以及更上一層樓的 AI 能力。Mac 持續是終極 AI 強力平台，在高吞吐量、裝置端推論，以及涵蓋廣泛 AI 工作負載的創作方面表現卓越。

And we’re seeing customers increasingly put those capabilities to work, from using Mac mini as a powerful platform for agentic AI to deploying clusters of Mac Studio systems to run frontier class models locally. Across the lineup, customers continue to embrace the Mac family.

我們也看到客戶愈來愈多地將這些能力投入實際應用，從把 Mac mini 作為代理式 AI（agentic AI）的強大平台，到部署由多台 Mac Studio 系統組成的叢集，在本地端運行前沿等級模型。在整個產品線上，客戶持續擁抱 Mac 家族。

MacBook Neo has been especially popular with its distinctive design and excellent value resonating with customers around the world, and we’re continuing to work hard to meet demand. MacBook Air, the world’s most popular laptop, continues to deliver the portability and performance customers love with M5. And MacBook Pro, powered by M5 Pro and M5 Max, remains a go-to choice for professionals tackling the most demanding AI development and creative workflows.

MacBook Neo 尤其受到歡迎，其獨特設計與優異價值主張在全球客戶間引發共鳴，我們也持續努力以滿足需求。MacBook Air——全球最受歡迎的筆記型電腦——搭載 M5，持續提供客戶喜愛的便攜性與效能。而搭載 M5 Pro 與 M5 Max 的 MacBook Pro，仍是專業人士在面對最嚴苛的 AI 開發與創意工作流程時的首選之一。

In iPad, revenue was $6.2 billion for the June quarter. iPad continues to be the ultimate go-anywhere, do anything device for students, entrepreneurs, and creators of all kinds, thanks to its incredible power, portability, and versatility.

iPad 方面，6 月季度營收為 62 億美元。憑藉其驚人的效能、便攜性與多功能性，iPad 持續是學生、創業者與各類創作者的終極隨行、全能裝置。

The addition of M4 to iPad Air has made it even more capable, delivering a significant performance boost for everything from personal productivity and immersive learning to advanced creative workflows. Together with the remarkable performance of iPad Pro, the amazing value and versatility of iPad, and the ultra-portable iPad mini, we’re offering customers our strongest iPad lineup ever.

將 M4 加入 iPad Air 之後，使其能力更上一層樓，為從個人生產力與沉浸式學習到進階創意工作流程等各種使用情境帶來顯著的效能提升。再加上 iPad Pro 的卓越效能、iPad 的超高性價比與多功能性，以及超便攜的 iPad mini，我們為客戶提供了史上最強的 iPad 產品陣容。

Revenue for wearables, home, and accessories was $7.9 billion, up 6% from a year ago. We grew in every geographic segment and achieved a June quarter record for upgraders for Apple Watch. Our Apple Watch lineup brings together the most comprehensive set of health and fitness features we’ve ever had.

穿戴裝置、家居與配件的營收為 79 億美元，較去年同期成長 6%。我們在所有地理區域皆實現成長，並創下 Apple Watch 6 月季度升級用戶數的紀錄。我們的 Apple Watch 產品線整合了我們歷來最完整的健康與健身功能組合。

We’re delivering useful features backed by research to enable users to better understand their health and well-being. It’s gratifying to receive almost daily reminders of the meaningful impact Apple’s health innovations are having for users all over the world, changing, even saving lives.

我們提供以研究為基礎、實用的功能，協助使用者更好地了解自身健康與福祉。幾乎每天都能收到提醒，看到 Apple 的健康創新正在為全球使用者帶來深具意義的影響，改變甚至拯救生命，令人倍感欣慰。

Meanwhile, we continue raising the bar across our AirPods lineup, whether it’s the immersive listening experience of AirPods Pro 3 or the premium listening experience and exceptional active noise cancellation of AirPods Max 2.

同時，我們持續在 AirPods 產品線上提高標準，無論是 AirPods Pro 3 的沉浸式聆聽體驗，或是 AirPods Max 2 的高階聆聽體驗與卓越的主動式降噪。

And with live translation powered by Apple Intelligence, people are crossing language barriers and connecting like never before. As I mentioned earlier, we’re excited about the work we’re doing on the next generation of Apple Intelligence, including Siri AI and the AI features we’re developing across our platforms.

而在 Apple Intelligence 驅動的即時翻譯加持下，人們正以前所未有的方式跨越語言障礙並建立連結。如我先前提到的，我們對下一代 Apple Intelligence 的工作感到振奮，其中包括 Siri AI，以及我們在各平台上開發的 AI 功能。

These experiences are intuitive and useful, while also deeply integrated in a way that’s personal and private with the latest models running on-device and on servers using private cloud compute. We began laying the groundwork for users to have the best possible experience with AI when we introduced the Neural Engine in 2017. Ever since then, we’ve innovated and invested deliberately in silicon, systems, and scalable unified memory architecture designed with AI at their core.

這些體驗直覺且實用，同時也以高度整合的方式實現個人化與隱私保護：最新機型可在裝置端運行，並在使用私有雲端運算的伺服器上運行。自 2017 年我們推出 Neural Engine 起，就開始為使用者打造最佳 AI 體驗奠定基礎。自那時起，我們在以 AI 為核心設計的晶片、系統與可擴展的統一記憶體架構上，持續有計畫地創新與投資。

What sets Apple apart is the unique combination of massive unified memory bandwidth, industry-leading power-efficient performance, and deep on-device intelligence, all built around the customer experience from the ground up.

Apple 的與眾不同之處在於其獨特組合：龐大的統一記憶體頻寬、業界領先的高能效效能，以及深度的裝置端智慧，並且從零開始圍繞客戶體驗打造。

The result is that Apple has created the world’s best hardware to experience AI, whether using Apple Intelligence, including Siri AI, or third-party offerings. That’s why developers and researchers are increasingly using Apple devices to build ever more advanced tools and models.

其結果是，Apple 打造了全球體驗 AI 的最佳硬體，不論是使用 Apple Intelligence（包括 Siri AI）或第三方方案。這也是為什麼開發者與研究人員愈來愈多地使用 Apple 裝置來建構更先進的工具與模型。

Turning to services, revenue was $30.7 billion, a June quarter revenue record and up 12% from a year ago, despite significant sequential foreign exchange headwinds. We also set an all-time revenue record in developed markets and a June quarter record in emerging markets.

談到服務業務，營收為 307 億美元，創下 6 月季度營收新高，較去年同期成長 12%，儘管外匯因素對季比表現造成顯著逆風。我們也在已開發市場創下歷史營收新高，並在新興市場創下 6 月季度紀錄。

Apple TV continues to leave audiences spellbound with new releases like Widow’s Bay and Cape Fear, alongside returning favorites like Silo and Sugar. And next week, we’re excited that Ted Lasso is back for its fourth season. It was wonderful to see Apple TV earn the industry’s top honors, adding Tony Awards this year to its Emmy, Grammy, and Oscar wins. We reached that milestone faster than any streamer in history.

Apple TV 持續以《Widow’s Bay》和《Cape Fear》等新作讓觀眾著迷，同時也有《Silo》和《Sugar》等回歸的熱門作品。而在下週，我們也很興奮《Ted Lasso》將回歸推出第四季。看到 Apple TV 獲得業界最高榮譽令人欣喜，今年在既有的艾美獎、葛萊美獎與奧斯卡獲獎之外，又再添東尼獎。我們達成這項里程碑的速度比歷史上任何串流平台都更快。

We’re also looking forward to this year’s Emmy Awards, where Apple has landed a record 89 nominations, leading all networks in both the major drama and comedy series categories, with three Outstanding Drama Series nominations and three Outstanding Comedy Series nominations.

我們也期待今年的艾美獎，Apple 以創紀錄的 89 項提名入圍，在主要劇情類與喜劇類影集兩大類別中領先所有電視網，並獲得三項「最佳劇情類影集」提名與三項「最佳喜劇類影集」提名。

Widow’s Bay also stands out as the year’s most nominated new program, earning 19 Emmy nominations. In the 6.5 years since launch, Apple TV has earned more than 850 wins and nearly 3,800 nominations. In time for the World Cup, we expanded Apple Sports to include more than 170 countries and regions worldwide and made it easier than ever for fans to follow every moment of the tournament, from the opening game to the final whistle. At the same time, we’re halfway through an unforgettable year of F1, and Apple TV subscribers have been tuning in all season to follow their favorite drivers and teams.

《Widow’s Bay》同時也是今年獲提名最多的新節目，共獲得 19 項艾美獎提名。自上線以來的 6.5 年間，Apple TV 已獲得超過 850 項獎項並取得近 3,800 項提名。為迎接世界盃，我們將 Apple Sports 擴展至全球超過 170 個國家與地區，並讓球迷比以往更容易追蹤賽事的每一刻，從開幕戰到終場哨聲。同時，我們也正走過令人難忘的 F1 賽季上半段，Apple TV 訂閱者整季持續收看，追隨他們最喜愛的車手與車隊。

In retail, we were pleased to announce Apple Upgrade this week for customers in the US. Apple Upgrade is a new hardware leasing program launched in partnership with Klarna and makes it even easier for customers to get their hands on Apple’s latest products with a plan that’s right for them.

在零售方面，我們很高興本週在美國向客戶宣布推出 Apple Upgrade。Apple Upgrade 是與 Klarna 合作推出的全新硬體租賃方案，讓客戶能以最適合自己的計畫，更輕鬆入手 Apple 最新產品。

In all of our work, we’re thoughtful and intentional in how we show up for our users and across our communities. That means innovating to protect user privacy with the next generation of Apple Intelligence, or helping parents keep kids safe, as I mentioned earlier.

在我們所有工作中，我們都審慎且有意識地思考如何為使用者與各個社群帶來正向影響。這意味著透過下一代 Apple Intelligence 創新以保護使用者隱私，或如我先前提到的，協助家長守護孩子安全。

In honor of Global Accessibility Awareness Day, we unveiled new features to help users get more out of the products they use every day. New intelligent capabilities are coming to VoiceOver, Magnifier, Voice Control, and Accessibility Reader to make them more useful and intuitive.

為紀念「全球無障礙認知日」，我們發布了新功能，協助使用者更充分運用他們每天使用的產品。VoiceOver、放大鏡、語音控制與無障礙閱讀器將加入新的智慧功能，使其更實用、更直覺。

We’re also using on-device speech recognition to generate subtitles for video content without captions. Apple Vision Pro is adding a feature for power wheelchair users to control drive systems using just their eyes. All of these features were born out of Apple’s long-standing commitment to ensuring that the benefits of technology are shared with everyone.

我們也運用裝置端語音辨識，為沒有字幕的影片內容生成字幕。Apple Vision Pro 也將新增功能，讓電動輪椅使用者僅用眼睛即可控制驅動系統。所有這些功能都源自 Apple 長期以來的承諾：確保科技帶來的益處能與每個人共享。

As we continue to develop new capabilities for users around the world, we’re also doing our part to invest in innovation close to home. Last year, we made a $600 billion commitment to the US over four years, and now, as we said before, we plan to reinvest the tariff refunds we’ve received into the US.

在我們持續為全球使用者開發新能力的同時，我們也盡一己之力，在本土投資創新。去年，我們承諾在四年內於美國投入 6,000 億美元；而現在，如同先前所說，我們計畫將已收到的關稅退還款再投資於美國。

We’re pleased with the progress we’ve already made advancing the American supply chain. Earlier this month, Apple announced a new agreement with Broadcom to design and produce custom silicon components and cutting-edge wireless connectivity technologies.

我們對推進美國供應鏈所取得的進展感到滿意。本月稍早，Apple 宣布與 Broadcom 達成新協議，共同設計並生產客製化矽晶元件與最先進的無線連線技術。

The new multi-year agreement with Broadcom, which is part of Apple’s American Manufacturing Program, is expected to exceed $30 billion. This marks our largest-ever American manufacturing program commitment. It’s also an important step forward in our work to build an end-to-end silicon supply chain here in the US.

與 Broadcom 的這項多年期新協議屬於 Apple 的「美國製造計畫」的一部分，預計金額將超過 300 億美元。這也標誌著我們歷來規模最大的美國製造計畫承諾。同時，這也是我們在美國建立端到端矽晶供應鏈工作上的重要進展。

We’re excited for the upcoming opening of the Apple Advanced Manufacturing Center in Houston. The center is located in a facility where we currently assemble advanced AI servers. Later this year, we’ll make Mac mini there, too.

我們對即將在休士頓開幕的 Apple 先進製造中心感到振奮。該中心位於一處我們目前用來組裝先進 AI 伺服器的設施內。今年稍晚，我們也將在那裡生產 Mac mini。

The center will teach students, supplier employees, and business of all sizes the same innovative processes we use to make our products. The goal is to empower American manufacturers to take their work to the next level and strengthen the entire advanced manufacturing ecosystem. We have an exciting fall ahead and an incredible future beyond.

該中心將向學生、供應商員工以及各種規模的企業，傳授我們用來製造產品的同樣創新流程。目標是賦能美國製造商將其工作提升到新層次，並強化整個先進製造生態系。我們即將迎來令人振奮的秋季，以及更長遠、非凡的未來。

Our roadmap is phenomenal, and we are so excited about the way Siri AI will enrich our users’ lives. Throughout all of it, we will remain guided by our North Star: building the best products and services to enable people to do magical things. It’s a special privilege to be part of people’s lives in lasting and meaningful ways, helping them to create, connect, and experience the world around them. I couldn’t be more excited to watch our phenomenal story of innovation continue to unfold, and I’ve never been more confident that the best is yet to come.

我們的產品藍圖非常出色，我們也對 Siri AI 將如何豐富使用者生活感到無比興奮。在這一切之中，我們將始終以北極星為指引：打造最好的產品與服務，讓人們能做出如魔法般的事情。能以長久且有意義的方式成為人們生活的一部分，是一份特別的榮幸，協助他們創作、連結，並體驗周遭世界。我對我們精彩的創新故事持續展開感到無比期待，也從未像現在這樣堅信：最好的尚未到來。

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

那麼，我把時間交給 Kevan。

Thanks, Tim, good afternoon, everyone. Here’s a quick rundown of our key financial metrics. Our revenue of $109.4 billion was up 16% year-over-year, a June quarter revenue record. We saw strong performance around the world, with double-digit growth in every geographic segment despite supply constraints.

謝謝你，Tim，各位下午好。以下快速概述我們的關鍵財務指標。我們的營收為 1,094 億美元，年增 16%，創下 6 月季度營收新高。儘管供應受限，我們在全球各地表現強勁，每個地理區隔皆達到雙位數成長。

Products revenue was $78.7 billion, up 18% year-over-year, driven by double-digit growth on iPhone and Mac, both of which set new June quarter records. Our installed base of over 2.5 billion active devices has reached another all-time high across all major product categories and geographic segments.

產品營收為 787 億美元，年增 18%，主要由 iPhone 與 Mac 的雙位數成長帶動，兩者皆創下新的 6 月季度紀錄。我們超過 25 億台的活躍裝置安裝基數，在所有主要產品類別與地理區隔再度達到歷史新高。

Services revenue was $30.7 billion, up 12% year-over-year. We set revenue records in every services category, including all-time records in cloud services and payment services. Company gross margin was 50.1%, up 80 basis points sequentially.

服務營收為 307 億美元，年增 12%。我們在每一個服務類別都創下營收紀錄，包括雲端服務與支付服務的歷史新高。公司整體毛利率為 50.1%，較上一季提升 80 個基點。

This included a benefit from tariff refunds, which had a favorable impact of approximately 2 percentage points. When you remove this favorable impact, we would have been at the midpoint of the guidance range we provided last quarter.

其中包含關稅退稅帶來的利益，約有 2 個百分點的正面影響。若排除這項正面影響，我們將落在上一季所提供指引區間的中點。

Products gross margin was 40.1%, up 140 basis points sequentially. This also included a benefit from the tariff refunds I just mentioned, which had a favorable impact of over 2.5 percentage points. Services gross margin was 75.6%, down 110 basis points sequentially, driven by a different mix.

產品毛利率為 40.1%，較上一季提升 140 個基點。其中也包含我剛提到的關稅退稅利益，帶來超過 2.5 個百分點的正面影響。服務毛利率為 75.6%，較上一季下降 110 個基點，主要受不同產品組合影響。

Operating expenses came in at $19.1 billion, up 23% year-over-year, driven by investments in R&D. Net income was $29.8 billion. Diluted earnings per share was $2.02, up 29% year-over-year, and included $0.11 of favorable impact from tariff refunds. Operating cash flow was very strong at $34.4 billion.

營業費用為 191 億美元，年增 23%，主要由研發投資帶動。淨利為 298 億美元。稀釋後每股盈餘為 2.02 美元，年增 29%，其中包含關稅退稅帶來的 0.11 美元正面影響。營運現金流非常強勁，達 344 億美元。

All three of these metrics set June quarter records, even when excluding the tariff refund benefit. Now I’m going to provide some more details for each of our revenue categories. iPhone revenue was $54.3 billion, up 22% year-over-year, driven by the iPhone 17 family. We grew double digits in the vast majority of markets we track and reached June quarter revenue records across both developed and emerging markets.

即使排除關稅退稅利益，這三項指標也都創下 6 月季度紀錄。接下來我將針對各項營收類別提供更多細節。iPhone 營收為 543 億美元，年增 22%，由 iPhone 17 系列帶動。在我們追蹤的大多數市場皆達到雙位數成長，並在成熟市場與新興市場都創下 6 月季度營收紀錄。

The iPhone active install base grew to an all-time high and set a June quarter record for upgraders. According to a recent survey from Worldpanel, iPhone was the top-selling model in the US, urban China, the UK, France, Australia, and Japan. We were thrilled with the response to the iPhone 17 family. Customer satisfaction in the US was recently measured at 99% by 451 Research.

iPhone 的活躍安裝基數成長至歷史新高，升級用戶數也創下 6 月季度紀錄。根據 Worldpanel 最近的調查，iPhone 是美國、中國城市地區、英國、法國、澳洲與日本最暢銷的機型。我們對 iPhone 17 系列的市場反應感到非常振奮。451 Research 最近衡量美國的客戶滿意度為 99%。

Mac revenue was $10.4 billion, up 29% year-over-year, a new June quarter record, driven by the strength of MacBook Neo and MacBook Pro. We grew in both developed and emerging markets, with strong double-digit growth in markets like Latin America, India, and Southeast Asia. The customer reception to MacBook Neo has been incredible.

Mac 營收為 104 億美元，年增 29%，創下新的 6 月季度紀錄，主要由 MacBook Neo 與 MacBook Pro 的強勁表現帶動。我們在成熟市場與新興市場皆成長，在拉丁美洲、印度與東南亞等市場更有強勁的雙位數成長。客戶對 MacBook Neo 的反應非常熱烈。

We continue to attract new customers to the product around the world. As Tim mentioned, Mac had its best quarter ever for customers new to the Mac and for upgraders worldwide, including in the US, China Mainland, and India. And in the US, customer satisfaction for Mac was recently measured at 95%. iPad revenue was $6.2 billion, down 6% year-over-year, driven by the continued difficult compare against the launch of the A16-powered iPad in the prior year.

我們持續在全球吸引新客戶使用該產品。如 Tim 所提到，Mac 在全球「首次購買 Mac 的新客戶」與「升級用戶」方面都創下史上最佳季度表現，包括美國、中國大陸與印度。此外，在美國，Mac 的客戶滿意度最近測得為 95%。iPad 營收為 62 億美元，年減 6%，主要因去年推出搭載 A16 的 iPad 所形成的較高比較基期仍然艱難。

At the same time, the iPad install base reached a new all-time high, and over half of the customers who purchased an iPad were new to the product. And 451 Research recently measured customer satisfaction at 98% in the US.

同時，iPad 的安裝基數達到新的歷史新高，且購買 iPad 的客戶中有超過一半是首次購買該產品。451 Research 最近也測得美國的客戶滿意度為 98%。

Wearables, home, and accessories revenue was $7.9 billion, up 6% year-over-year, driven by strength in wearables and accessories, and we saw growth in both developed and emerging markets. The wearables install base reached a new all-time high. We set a June quarter record for upgraders on Apple Watch, and over half the customers purchasing an Apple Watch during the quarter were new to the product. And in the US, customer satisfaction on Apple Watch was reported at 95%.

穿戴裝置、家居與配件營收為 79 億美元，年增 6%，由穿戴裝置與配件的強勁表現帶動，且我們在成熟市場與新興市場皆見成長。穿戴裝置的安裝基數達到新的歷史新高。Apple Watch 的升級用戶數創下 6 月季度紀錄，且本季度購買 Apple Watch 的客戶中有超過一半是首次購買該產品。此外，在美國，Apple Watch 的客戶滿意度回報為 95%。

Our services revenue reached a June quarter record of $30.7 billion, up 12% year-over-year, despite significant sequential FX headwinds. For the total services business, we saw double-digit growth in the vast majority of markets we track. We set records in every category, with June quarter records in advertising, App Store, AppleCare, Music, and Video as well as all-time records in cloud services and payment services.

我們的服務營收達到 6 月季度紀錄 307 億美元，年增 12%，儘管面臨顯著的匯率（FX）逆風。就整體服務業務而言，我們在所追蹤的大多數市場皆達到雙位數成長。我們在每個類別都創下紀錄，其中廣告、App Store、AppleCare、音樂與影片皆創下 6 月季度紀錄，雲端服務與支付服務則創下歷史新高。

We are optimistic about the long-term future of our services business. With our large install base of over 2.5 billion active devices, we have an incredibly strong foundation for growth opportunities. Our services continue to attract more customers, and we have now surpassed 1.5 billion in paid subscriptions. Both transacting and paid accounts reached new all-time highs in the quarter, with double-digit growth for both in emerging markets.

我們對服務業務的長期前景保持樂觀。憑藉超過 25 億台活躍裝置的龐大安裝基數，我們擁有極其強大的基礎來把握成長機會。我們的服務持續吸引更多客戶，目前付費訂閱數已超過 15 億。本季度交易帳戶與付費帳戶皆創下歷史新高，且在新興市場兩者皆達到雙位數成長。

And we continue to improve and expand our services offerings, from powerful updates to Creator Studio to exciting new features we’re bringing to services later this year, like splitting bills with Apple Cash using visual intelligence.

我們也持續改善並擴展服務內容，從對 Creator Studio 的強大更新，到今年稍晚將導入服務的令人振奮新功能，例如透過視覺智慧使用 Apple Cash 分攤帳單。

Turning now to enterprise and education. Organizations are using the Apple platform to drive AI innovation and empower the next generation of students. Starting with enterprise, Morgan Stanley has deployed over 20,000 iPhone 17 devices globally as part of a shift from employee-owned to corporate-owned devices for liability and security.

接著談企業與教育領域。各組織正使用 Apple 平台推動 AI 創新，並賦能下一代學生。先從企業端開始，Morgan Stanley 已在全球部署超過 20,000 台 iPhone 17 裝置，作為從員工自有裝置轉向公司配發裝置的一部分，以因應責任與安全需求。

More companies are choosing Mac for on-device AI advantages, including lower costs, better performance, and enhanced privacy and security. At Disney, creative teams are increasingly turning to Mac for on-device AI workflows that reduce overall cloud token costs and keep their IP secure.

更多公司因裝置端 AI 的優勢而選擇 Mac，包括更低成本、更佳效能，以及更強的隱私與安全性。在 Disney，創意團隊愈來愈多轉向使用 Mac 進行裝置端 AI 工作流程，以降低整體雲端 token 成本並確保其 IP 安全。

Crédit Agricole, France’s leading retail bank, is using on-device AI on MacBook Pro to streamline regulatory workflows, reducing manual processing time by over 80%. Our newest addition to the Mac lineup, MacBook Neo, is reaching new enterprise users in many environments from bank branches to retail storefronts.

法國最大的零售銀行 Crédit Agricole 正在 MacBook Pro 上使用裝置端 AI 來精簡法規遵循工作流程，將人工處理時間降低超過 80%。我們 Mac 產品線的最新成員 MacBook Neo，正於多種環境中觸及新的企業用戶，從銀行分行到零售門市皆是如此。

In education, MacBook Neo continued to accelerate adoption of Apple products, with many districts leveraging Apple Financial Services to deploy at scale. Pinellas County Schools, one of the largest districts in Florida, is transitioning 25,000 students from Windows devices to MacBook Neo across its 18 high schools.

在教育領域，MacBook Neo 持續加速 Apple 產品的採用，許多學區運用 Apple Financial Services 進行大規模部署。佛羅里達州規模最大的學區之一 Pinellas County Schools，正將 25,000 名學生從 Windows 裝置轉換為 MacBook Neo，涵蓋其 18 所高中。

In Washington, Peninsula School District 401 moved over 8,000 students from Chromebooks to MacBook Neo. And in Oklahoma, Midwest City-Del City School District purchased over 6,000 MacBook Neos to become an all-Apple district for students. In fact, in the last quarter, about half of the MacBook Neo large purchases by US education institutions displaced Windows and Chromebook devices.

在華盛頓州，Peninsula School District 401 已將超過 8,000 名學生從 Chromebook 轉換為 MacBook Neo。在奧克拉荷馬州，Midwest City-Del City School District 購買了超過 6,000 台 MacBook Neo，使其成為學生端全面採用 Apple 的學區。事實上，在上一季度，美國教育機構的大型 MacBook Neo 採購中，約有一半取代了 Windows 與 Chromebook 裝置。

Let’s turn to our cash position and capital return program. We ended the quarter with $147 billion in cash and marketable securities and $84 billion in total debt. During the quarter, we returned $33 billion to shareholders. This included $4 billion in dividends and equivalents and $25.8 billion in share repurchases.

讓我們轉到我們的現金部位與資本回饋計畫。本季結束時，我們持有 1,470 億美元的現金與有價證券，總負債為 840 億美元。本季我們向股東回饋了 330 億美元。其中包括 40 億美元的股利及等同項目，以及 258 億美元的股票回購。

As we move ahead into the September quarter, I’d like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. 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 also expect our September quarter total company revenue to be impacted by two main factors.

展望接下來的 9 月季度，我想回顧我們的展望，其中包含 Suhasini 所提到的各類前瞻性資訊。重要的是，我們所提供的補充說明是假設全球關稅稅率、政策及其適用方式維持在本次電話會議時的狀態，且全球總體經濟展望不會較今日惡化。我們也預期 9 月季度全公司總營收將受到兩個主要因素影響。

First, we expect foreign exchange to be a sequential headwind of about 2.5 percentage points to the year-over-year total company growth rate from the June quarter to the September quarter. Second, we expect the impact from supply constraints to increase significantly sequentially.

第一，我們預期外匯將成為序列性的逆風，從 6 月季度到 9 月季度，對全公司年增率約造成 2.5 個百分點的影響。第二，我們預期供應限制的影響將在序列上顯著增加。

The projected supply constraints in the September quarter affect iPhone, Mac, and iPad. As a result, we expect our September quarter total company revenue to grow between 9% and 11% year-over-year. On iPhone, we expect to continue to see high levels of demand. However, we do expect iPhone revenue to be impacted by these foreign exchange headwinds and supply constraints. Therefore, we expect the September quarter reported growth rate for iPhone to be mid-teens year-over-year.

9 月季度預期的供應限制將影響 iPhone、Mac 與 iPad。因此，我們預期 9 月季度全公司總營收年增介於 9% 到 11%。在 iPhone 方面，我們預期將持續看到高水準的需求。然而，我們確實預期 iPhone 營收將受到外匯逆風與供應限制的影響。因此，我們預期 9 月季度 iPhone 的公告年增率將落在十幾個百分點的中段。

For services, we expect the September quarter year-over-year reported growth rate to be largely similar to what we reported in the June quarter after removing the negative sequential impact of about 2.5 percentage points from foreign exchange that we just described.

在服務方面，我們預期 9 月季度的公告年增率，在剔除我們剛才所描述的外匯約 2.5 個百分點的負面序列影響後，將大致與我們在 6 月季度所報告的相近。

We expect gross margin to be between 47% and 48%. This includes an expected benefit of approximately 1 percentage point related to tariff refunds. We expect operating expenses to be between $19.1 billion and $19.4 billion. We expect OIE to be around $350 million, excluding any potential impact from the mark to market of minority investments, and our tax rate to be around 16.5%. Finally, today, our Board of Directors has declared a cash dividend of $0.27 per share of common stock payable on August 13, 2026, to shareholders of record as of August 10, 2026.

我們預期毛利率介於 47% 到 48%。其中包含與關稅退稅相關、約 1 個百分點的預期助益。我們預期營業費用介於 191 億美元到 194 億美元。我們預期其他收入與費用（OIE）約為 3.5 億美元，不含少數股權投資按市價評價的任何潛在影響，稅率約為 16.5%。最後，今日我們董事會已宣告每股普通股 0.27 美元的現金股利，將於 2026 年 8 月 13 日支付給截至 2026 年 8 月 10 日登記在冊的股東。

Before we take questions, let me turn it back over to Tim.

在我們開始提問之前，讓我把時間交還給 Tim。

Thanks, Kevan. Before we get into questions, I just wanted to take a moment to say thank you to all of you, from our shareholders, particularly our long-term shareholders, who have put their trust in us for so many years, to the analysts who have followed our company so closely.

謝謝你，Kevan。在進入提問之前，我想花一點時間向各位致謝——從我們的股東，特別是多年來一直信任我們的長期股東，到長期密切追蹤我們公司的分析師們。

As you know, this will be my final earnings call, and John will lead these calls going forward. The transition is going seamlessly, and I am beyond excited for John to step into his new role and lead Apple into its next era. He is truly one of a kind, and there is no better person to take the helm of the company.

如各位所知，這將是我最後一次財報電話會議，未來將由 John 來主持這些電話會議。交接進行得非常順利，而我也非常期待 John 走上新職務，帶領 Apple 邁入下一個時代。他確實是獨一無二的人選，沒有比他更適合掌舵公司的人。

As I’ve said, I couldn’t be more confident in his leadership, in our Executive team, and in the extraordinary people at Apple who are determined to enrich the lives of our users all over the world. We have a bright future ahead, and I truly have never been more optimistic. So thank you all, and now Kevan and I will be happy to take your questions.

正如我所說，我對他的領導、我們的高階主管團隊，以及 Apple 這群非凡的人才充滿信心；他們決心在全球各地豐富使用者的生活。我們的未來一片光明，而我也從未像現在這樣樂觀。所以謝謝各位，接下來 Kevan 和我很樂意回答各位的問題。

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

謝謝你，Tim。我們請各位將問題限制在兩題。接線員，請問我們可以開始第一個問題了嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Yes. Thanks. I’ll take my question. Tim, best of luck. It’s been a pleasure working with you over the years. Maybe to start with, if I think about the 9% to 11% sort of growth that’s guided for September, it’s about a 500 basis point or so deceleration versus what we’ve seen really in June quarter, even through this year, I would say.

是的。謝謝。我來提問。Tim，祝你一切順利。這些年能與你共事是我的榮幸。也許先從這裡開始：如果我看你們對 9 月季度所指引的 9% 到 11% 的成長，大約比我們在 6 月季度、甚至我會說今年以來所看到的水準，放緩了約 500 個基點左右。

Can you just talk about how much of this decel is really supply constraint versus other factors like FX? And if you could just flesh out what these supply constraints are that are broadening beyond these advanced SOCs you talked about last quarter as well.

你能談談這種放緩有多少其實是供應限制造成的，相較於像外匯等其他因素嗎？另外，如果可以的話，也請更具體說明一下這些供應限制是什麼——因為看起來它們已不僅限於你們上季提到的那些先進 SoC。

Yeah, Amit, this is Kevin. How are you doing? Why don’t I start with just kind of describing the sequential change, then I’ll let Tim jump into a bit more color on the supply constraints. So I think, as I mentioned in my prepared remarks, we expect the September quarter total revenue to grow by 9% to 11% year-over-year. And then we expect that to be impacted by two main factors.

好的，Amit，我是 Kevin。你近來如何？不如我先描述一下序列性的變化，接著再請 Tim 補充一些關於供應限制的細節。我想，如同我在事先準備的發言中提到的，我們預期 9 月季度總營收年增 9% 到 11%。而我們預期這將受到兩個主要因素影響。

So first, when we look at going from the June quarter to September quarter, we expect foreign exchange to be a sequential headwind of around 2.5 percentage points to the year-over-year total company growth rate. And then the second impact is that the impact from supply constraints is we expect that to increase significantly when we go sequentially from June to September. And that projected supply constraint in the September quarter will affect the iPhone, Mac, and the iPad. And really, when you combine those two factors, we get pretty close to the June overall total company growth rate.

第一，當我們看從 6 月季度到 9 月季度的變化時，我們預期外匯將成為序列性的逆風，對全公司年增率約造成 2.5 個百分點的影響。第二個影響是供應限制的影響——我們預期當我們從 6 月到 9 月做序列比較時，這個影響將顯著增加。而 9 月季度預期的供應限制將影響 iPhone、Mac 與 iPad。實際上，當你把這兩個因素合在一起，我們就相當接近 6 月季度全公司整體的成長率。

Yeah, Amit, it’s Tim. First of all, thank you for your comments. During the June quarter, we did experience supply constraints, primarily on the Mac, and to a lesser extent, on iPhone and iPad. These were driven by very high levels of demand. As we’ve said before, we are seeing less flexibility in the supply chain than normal. And the constraints were primarily driven by the availability of the advanced nodes that our SoCs are produced on.

是的，Amit，我是 Tim。首先，謝謝你的評論。在 6 月季度，我們確實經歷了供應限制，主要是在 Mac 上，iPhone 與 iPad 的影響相對較小。這些主要是由非常高水準的需求所驅動。如同我們先前所說，我們看到供應鏈的彈性比平常更低。而這些限制主要是由我們 SoC 所採用的先進製程節點供給可用性所驅動。

If you look forward into the current quarter, the September quarter, we continue to expect high levels of demand. However, with less flexibility in supply chain, we expect the impact from the supply constraints to increase significantly sequentially. The projected supply constraints in the September quarter, as Kevan said, affect iPhone, Mac, and iPad. And so we’re seeing some very significant constraints currently, with limited flexibility in the supply chain to remedy it.

如果往前看目前這一季，也就是 9 月季度，我們仍預期需求維持在高水準。然而，在供應鏈彈性較低的情況下，我們預期供應限制的影響將在序列上顯著增加。如 Kevan 所說，9 月季度預期的供應限制將影響 iPhone、Mac 與 iPad。因此，我們目前確實看到一些非常顯著的限制，而供應鏈可用來補救的彈性也相當有限。

Got it. That’s really helpful. Thanks a lot for that. Tim, I just have a memory question for you. Apple has historically, I think, done a really excellent job about delivering capability and utility to customers without really making them pay disproportionately more.

了解。這真的很有幫助。非常感謝你的說明。Tim，我還有一個關於記憶體的問題想請教。我認為 Apple 過去在向客戶提供功能與實用性方面一直做得非常出色，同時並沒有讓他們付出不成比例的更高成本。

The stagnant memory inflation seems to challenge that equation for you folks right now. And there are reports that suggest that you’re seeking greater sourcing flexibility for memory. Can you just talk about, is this sourcing options really about ensuring that you have supply and it’s a way to mitigate memory inflation? Or is it more to preserve the value proposition for your customers? Just any light you could shed on this would be helpful. Thank you.

停滯的記憶體通膨似乎正在挑戰你們目前的那個等式。而且也有報導指出，你們正在尋求更大的記憶體採購彈性。你能否談談，這些採購選項是否主要是為了確保供應，並作為緩解記憶體通膨的一種方式？或者更多是為了維持你們對客戶的價值主張？任何你能提供的說明都會很有幫助。謝謝。

Yeah. Let me back up and talk about memory in general, because I know this is a subject on many of your minds. If you look at -- as I’d said on the last call, we paid more for memory in the March quarter than the December quarter.

好的。我先退一步，先談談整體的記憶體情況，因為我知道這是你們很多人都在關心的議題。如果你回頭看——就像我在上次電話會議提到的，我們在3月季度為記憶體支付的成本高於12月季度。

And then as I alluded to last quarter, we expected to pay significantly more in the June quarter than the March quarter, and that is what happened. It was partially offset by the benefit of carry-in inventory. For September, we expect to pay even higher memory costs, and we’re able to offset partly by a few factors, and let me walk through kind of what they are. The first is, as you would expect, we have a benefit from some carry-in inventory in the September quarter. However, we believe we’ll see decreasing benefit from this over time beyond the September quarter.

然後如同我上季所暗示的，我們預期在6月季度支付的金額會顯著高於3月季度，而實際上也確實如此。其中一部分被期初結轉庫存（carry-in inventory）的效益所抵銷。至於9月，我們預期記憶體成本會更高，而我們能夠透過幾個因素部分抵銷，我來帶大家梳理一下。第一個是，如你所預期，我們在9月季度會受惠於一些期初結轉庫存。不過，我們認為在9月季度之後，隨著時間推移，這項效益會逐步減少。

The second is, we’re expecting lower costs on certain non-memory components that are in our BOM. And then if you look beyond September, we see the market pricing for memory continuing to increase, which could drive an increasing impact on our business, and we’re continuing to evaluate this.

第二個是，我們預期在BOM（物料清單）中的某些非記憶體元件成本會下降。另外，如果你看9月之後，我們看到記憶體的市場價格仍在持續上升，這可能會對我們的業務帶來更大的影響，而我們也在持續評估中。

In terms of the sources of supply, primarily the DRAM market has three suppliers. And obviously if there were more suppliers, that would be good, and it would help us on the supply side and perhaps the pricing side. It’s unclear on the pricing side, but it could help on the supply side. And so we’re evaluating all options.

就供應來源而言，DRAM市場主要有三家供應商。顯然，如果供應商更多會更好，這會在供應面、也許在價格面對我們有所幫助。價格面是否會改善還不確定，但在供應面可能會有幫助。因此我們正在評估所有選項。

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

好的。謝謝你，Amit。接線員，請問可以進行下一個問題嗎？

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Good afternoon. First, Tim, congratulations on the extraordinary run you on these earnings calls. In terms of my questions, I have two as well. First, on the Apple Upgrade Program, could you talk a little bit about the expected adoption rates across your 2.5 billion device install base in success? Do you see it shortening the replacement cycle for iPhone or also having an equal impact to Mac and iPad, which may not have benefited from device subsidies in the US like iPhone has historically? Thank you.

下午好。首先，Tim，恭喜你在這些財報電話會議上有一段非凡的表現。關於我的問題，我也有兩個。第一個，關於Apple Upgrade Program，你能否談談在你們25億台裝置的安裝基礎上，預期的採用率以及成功的衡量？你認為它會縮短iPhone的換機週期嗎？或者也會同等影響Mac與iPad——這些產品在美國可能不像iPhone過去那樣受惠於裝置補貼？謝謝。

Yeah. Michael, first of all, thank you for your comments. I really appreciate that. If you look at the Apple Upgrade, what it’s all about is making it easier for customers to get their hands on our latest products with a leasing plan that’s right for them. Of course, as you know, the residual values on Apple products are generally much higher than the residual value on several of our competition. And so it’s a way to get into a product on a fairly affordable basis, particularly for those customers who want to upgrade on some kind of schedule. And so we’re very excited about it. It is offered in our retail stores, and so it’s not widely offered in all channels. And so we’ll see what the customer uptake is, but the early feedback on it is quite positive.

好的。Michael，首先謝謝你的評論。我非常感謝。如果你看Apple Upgrade，它的核心是透過一個適合客戶的租賃方案，讓客戶更容易入手我們最新的產品。當然，如你所知，Apple產品的殘值通常遠高於我們一些競爭對手的殘值。因此，這是一種以相當可負擔的方式入手產品的方法，特別是對那些希望按某種節奏升級的客戶而言。所以我們對此非常興奮。它是在我們的零售店提供，因此並非在所有通路都廣泛提供。所以我們會觀察客戶的採用情況，但目前早期回饋相當正面。

And Michael, I’ll just mention that it’s only available in the US right now as well.

另外，Michael，我也補充一下，目前它也只在美國提供。

Great. Thank you. That’s very helpful. And then my second question, just on iOS 27 and Apple Intelligence, went into public beta earlier this month. Could you talk about learnings from the public beta? Will the new Siri AI be a demand driver for iPhones this holiday? How does the Apple Intelligence usage to date in the open beta, inform how you’re thinking about compute costs and the ability to recover some of those costs through iCloud+? Thank you.

很好。謝謝。這非常有幫助。那我的第二個問題是，關於iOS 27與Apple Intelligence，本月稍早已進入公開測試版。你能否談談從公開測試版得到的學習？新的Siri AI會成為這個假期iPhone需求的驅動因素嗎？截至目前在公開測試版中的Apple Intelligence使用情況，如何影響你們對運算成本的思考，以及透過iCloud+回收部分成本的能力？謝謝。

Yeah. Thank you for that. First of all, we are off the charts excited about Siri AI. We had a great reception from WWDC. We released the developer beta immediately after the keynote. The developer feedback has been overwhelmingly positive. The feedback from reviewers and so forth have been overwhelmingly positive.

好的。謝謝你的提問。首先，我們對Siri AI的興奮程度簡直爆表。我們在WWDC獲得了非常好的反響。我們在主題演講後立刻釋出了開發者測試版。開發者回饋非常、非常正面。評論者等等的回饋也同樣非常正面。

We released it to the public for a public beta a few weeks ago, the continued feedback is really, really great. I think it’s a very big idea to have AI that’s private, that’s based on your personal context, and that’s integrated across the operating system. And so we couldn’t be happier with how things are going.

幾週前我們向大眾釋出公開測試版，持續收到的回饋也真的非常、非常好。我認為，打造一個具備隱私性、以你的個人情境為基礎、並且整合到整個作業系統中的AI，是一個非常重大的構想。所以我們對目前的進展再滿意不過。

In terms of what it means for compute cost, it’s obviously early going for us. And so I don’t want to say that we have a complete plan for that. We do believe there will be people that want to use it a lot. And so we will have some kind of upgrade possibilities on iCloud+ where people can buy up the stack on iCloud+. And we’ll see how the pickup for that is. We could not be more excited about where the product is.

至於這對運算成本意味著什麼，對我們來說顯然還在早期階段。因此我不想說我們已經有一個完整的計畫。我們確實相信會有人想要大量使用它。因此我們會在iCloud+上提供某種升級可能性，讓人們可以在iCloud+方案上往上加購。我們也會看看這方面的採用情況如何。我們對產品目前的狀態感到無比興奮。

Wonderful. Thank you for all the thoughts, Tim.

太棒了。謝謝你分享這些想法，Tim。

Thank you.

謝謝。

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

謝謝你，Michael。接線員，請問可以進行下一個問題嗎？

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Yeah. Hey, guys. Thanks a lot for the question and, obviously, Tim, known you a long time. I’ll really miss you. I wanted to ask about the supply constraints again. And I think people are just trying to make sense of it a little bit this way, is that the Street had you at 12% growth for the quarter, September. And so you could argue that to get to the 10% you guided, that’s just the FX.

好的。嗨，各位。非常感謝讓我提問，當然，Tim，我認識你很久了。我真的會很想念你。我想再問一次供應限制的問題。我想大家只是想用這種方式更理解：華爾街原本預期你們9月這一季成長12%。所以你可以說，要達到你們指引的10%，那只是匯率（FX）的影響。

And then in the first quarter, which is December, Street has you decelerating quite a bit, to like 8% to 9%. So I think what we’re struggling with afterhours here is how much do these supply constraints really hit you in December and impact that because the Street did a pretty good job of taking that number into the higher single digits. Is there any guidance you can give us there as you see it, Tim, and we’d really appreciate it. Thanks.

然後在第一季，也就是12月那季，華爾街預期你們會明顯放緩到大約8%到9%。所以我們在盤後比較困惑的是，這些供應限制在12月到底會對你們造成多大衝擊並影響那個數字，因為華爾街其實已經把那個數字調整到較高的個位數成長。Tim，隨著你們目前的觀察，有沒有任何你能提供的指引？我們會非常感謝。謝謝。

Let me talk about the constraints a little more, and then Kevan can weigh in on the guidance for revenue. As I’d mentioned before, the primary issue is advanced nodes that we run our SoCs on. That’s the primary supply constraint now. And the root cause of it is not a regular supply issue, it’s a demand forecast issue, to be candid, where the iPhone and the Mac are both doing remarkably better than we thought they would do, and we had high expectations, so it wasn’t that our expectations were low.

我再多談一點限制因素，接著 Kevan 可以補充營收指引。如我先前提到的，主要問題在於我們用來跑 SoC 的先進製程節點。那是目前最主要的供應限制。坦白說，其根本原因不是一般的供應問題，而是需求預測問題：iPhone 和 Mac 的表現都遠優於我們原先的預期，而我們其實已經抱持很高的期待，所以並不是我們的預期很低。

But as you can see from iPhone’s growth being 22% and Mac’s growth at 29%, and the iPhone is 22% year-to-date as well, that these are extraordinary numbers. The supply chain just has less flexibility in it than normal. We’ve been pulling supply ahead. And at some point, there’s a limit to that. So we’ve got a quarter that we’re going to be scrambling on the supply side, essentially. And Kevan, you want to add on the revenue guidance?

但如你從 iPhone 成長 22%、Mac 成長 29% 可以看到，而且 iPhone 年初至今也是 22%，這些都是非常驚人的數字。供應鏈的彈性比平常更小。我們一直在把供應往前拉。但到某個程度，這是有極限的。所以我們這一季基本上會在供應端疲於奔命。Kevan，你要補充一下營收指引嗎？

Yeah. Thanks, Tim. Ben, let me jump in here. The dynamics Tim mentioned, combined with the foreign exchange impact I mentioned earlier sequentially, is really what’s built into the 9% to 11% guidance we’re giving for the September total company revenue year-over-year growth rate. Beyond September, we’re not providing any color at this point. I think you mentioned December, so we’re not providing any kind of color or guidance beyond the September quarter.

好的。謝謝，Tim。Ben，我在這裡補充一下。Tim 提到的動態，再加上我先前提到的外匯影響（以季比來看），就是我們給出的 9% 到 11% 的 9 月份全公司營收年增率指引所反映的內容。9 月之後，我們目前不提供任何進一步的說明。我想你提到了 12 月，所以我們不會提供 9 月季度以外的任何說明或指引。

Okay. And then if I could just ask, you guys know what’s in the press all the time, but there’s this little company that is also building a fab in Arizona that you guys have been speculated you guys could work with that could potentially alleviate some, at least your silicon constraints. Is there any possibility that you guys broaden out your silicon providers in a reasonable time frame to alleviate these so we feel better about supply?

好的。那我再問一個，你們也知道媒體一直在報，但有一家小公司也正在亞利桑那州建晶圓廠，外界猜測你們可能會合作，或許能在某種程度上緩解至少你們的矽晶片限制。你們是否有可能在合理的時間範圍內擴大矽晶片供應商，以緩解這些問題，讓我們對供應更有信心？

Yeah. Let me stress again, this isn’t a partner or supplier issue. This issue is an incredibly strong, it’s a great issue in some ways. It’s an incredibly strong iPhone and Mac product cycle that has really yielded demand beyond our expectation.

是的。我再強調一次，這不是合作夥伴或供應商的問題。這個問題在某些方面其實是個非常好的問題。這是一個極其強勁的 iPhone 與 Mac 產品週期，帶來了超出我們預期的需求。

In Arizona, we do source over 100 million components this year out of Arizona, and so it is part of our $600 billion commitment to the US, and we could not be more pleased with how that fab has ramped and is producing for us.

在亞利桑那州，我們今年從亞利桑那州採購超過 1 億個零組件，因此這也是我們對美國 6,000 億美元承諾的一部分；我們對那座晶圓廠的爬坡進度以及為我們量產的表現感到非常滿意。

Thanks, Tim.

謝謝，Tim。

Yeah. Thank you.

好的。謝謝你。

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

謝謝你，Ben。接線員，請問可以進行下一個問題嗎？

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

Great. Thanks so much for taking my questions, guys. And Tim, just echo what everyone is saying, it’s been a pleasure working with you. Hope to still talk to you in the future. I want to maybe focus on pricing here, Tim, and kind of unprecedented for you to take pricing in the ways that you have. I guess two related questions is just, is it your intention to pursue some of these multi-year LTAs with your suppliers just to ensure access to supply at pre-agreed prices?

太好了。非常感謝讓我提問，各位。Tim，也呼應大家所說的，能與你共事很愉快。希望未來還能和你交流。我想把焦點放在定價上，Tim，你們以這樣的方式調整價格，對你們而言可說是前所未見。我想有兩個相關問題：你們是否打算與供應商簽訂一些多年期的長期協議（LTA），以確保能以事先約定的價格取得供應？

And when you approach product pricing in this environment, is it your intention to protect product gross profit dollars? Is it your intention to protect product gross margins? Would just love the kind of thought process behind the pricing. Then a quick follow-up, please. Thank you.

另外，在這樣的環境下你們如何制定產品價格？你們的意圖是要保護產品毛利額（gross profit dollars）嗎？還是要保護產品毛利率（gross margins）？很想了解你們在定價背後的思考流程。然後我還有一個簡短追問。謝謝。

Yeah. On the pricing front, we reluctantly raised prices, I would say. We did it because we’re in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices. And so that was the rationale for it. In terms of our philosophy on dollars or percentages, we look at units, revenue, and margin, and then come to a business judgment as to how to handle that.

好的。在定價方面，我會說我們是勉為其難地調漲價格。我們這麼做是因為記憶體價格出現我會形容為「百年一遇的洪水」般的情況，記憶體價格呈現指數型上升。因此這就是背後的理由。至於我們在金額或百分比上的理念，我們會看出貨量、營收與毛利，然後再做出如何處理的商業判斷。

And so it’s not a mathematical formula that gets us to a specific result or just looking at one dimension of that. We look at all three dimensions and think about it over the long term, instead of a 90-day clock. Hopefully that helps.

所以這不是一個用數學公式就能推導出特定結果的做法，也不是只看其中一個面向。我們會看這三個面向，並以長期角度思考，而不是用 90 天的時鐘來看。希望這能有所幫助。

Okay. I appreciate that.

好的。我很感謝。

Yeah.

好的。

Yeah. No, that does help. Thank you, Tim. And then just maybe a quick follow-up, I guess, Tim or Kevan, just 12% services growth was just a bit below your guidance. I imagine FX maybe played a role there. I think the fiscal 4Q guidance assumes another deceleration. I think the math would imply below 10% year-over-year as reported.

好的。不，這確實有幫助。謝謝你，Tim。接著一個簡短追問，我想問 Tim 或 Kevan：服務業務 12% 的成長略低於你們的指引。我猜外匯可能在其中扮演了一些角色。我認為你們對財年第 4 季的指引假設還會再度放緩。按數字推算，報表口徑的年增率可能會低於 10%。

So can you maybe just help us understand the kind of function factors underlying that deceleration? And if that’s App Store, which I think some third-party data sources would suggest, is that a function of AI maybe reprioritizing time away from parts of the App Store? Just want to make sure we understand the moving pieces on services, please. Thank you so much.

所以你們能否幫我們理解一下，這種放緩背後的主要因素是什麼？如果是 App Store（我想一些第三方資料來源會這麼暗示），那是否可能是 AI 讓使用者把時間重新排序，從 App Store 的某些部分移開？只是想確保我們理解服務業務的各項變動因素。非常感謝。

Hey, Erik, this is Kevan. I’ll take that one. So let’s walk from kind of the 16% in our fiscal second quarter to kind of the 12% that we just talked about in the June quarter that you referenced. And we look at that, relative to the March quarter, foreign exchange was the main driver for the change in the year-over-year growth rate sequentially.

嗨，Erik，我是 Kevan。我來回答這題。我們從財年第 2 季約 16% 的成長，走到你提到的 6 月季度、也就是我們剛談到的約 12%，我們來梳理一下。相較於 3 月季度，我們看到外匯是造成年增率以季比變動的主要驅動因素。

And also a couple other factors to keep in mind. One is we had the theatrical release of F1, which is one of the highest grossing sports films in history, and this year we didn’t have a theatrical release. So that had a favorable impact on both the June quarter and also the September quarter in the year ago. We also saw had some factors that impacted the performance of the App Store. We did see some headwinds in mobile gaming.

另外還有幾個因素要記住。其中之一是我們曾有《F1》的院線上映，它是史上票房最高的運動電影之一，而今年我們沒有院線上映。因此，這對去年同期的 6 月季度以及 9 月季度都帶來了正面影響。我們也看到一些因素影響了 App Store 的表現。我們確實在行動遊戲方面看到一些逆風。

And then keep in mind, we also made some changes to the App Store business model in certain countries. And then in the US, we do continue to operate under a court ruling impacting the link-out transactions. We’re pleased the Supreme Court will hear our appeal.

另外請記得，我們也在部分國家對 App Store 的商業模式做了一些調整。而在美國，我們仍持續在一項法院裁定之下營運，該裁定影響了導出連結（link-out）交易。我們很高興最高法院將受理我們的上訴。

Despite this, the App Store did set a June quarter revenue record. So we take a step back. There are several positive trends in the services business. And during the June quarter, we saw strong double-digit growth in categories like cloud services, video, payment services, and advertising. And we set revenue records in every category with June quarter records in advertising, the App Store, AppleCare, Music, and Video, where [Apple TV+] viewership reached an all-time high in the quarter.

儘管如此，App Store 確實創下了 6 月季度營收新高紀錄。因此我們退一步來看。服務業務有幾項正向趨勢。在 6 月季度，我們在雲端服務、影片、支付服務與廣告等類別都看到強勁的雙位數成長。而且我們在每個類別都創下營收紀錄，其中廣告、App Store、AppleCare、Music 與 Video 都創下 6 月季度新高；同時，[Apple TV+] 的收視在本季度也達到歷史新高。

And then we also set all-time records in cloud services and payment services, where Apple Pay saw a record level of users in both developed and emerging markets. And services also had a June quarter record in emerging markets. And as we outlined in the prepared remarks, our services continue to attract more customers, and we now have surpassed 1.5 billion in paid subscriptions. And our transacting and paid accounts hit an all-time high with double-digit growth in both those two in emerging markets.

此外，我們也在雲端服務與支付服務創下歷史新高紀錄，其中 Apple Pay 在已開發與新興市場的使用者數都達到創紀錄水準。服務業務在新興市場也創下 6 月季度紀錄。正如我們在事先準備的發言中所提到的，我們的服務持續吸引更多客戶，而我們目前已超過 15 億付費訂閱。我們的交易帳戶與付費帳戶也雙雙創下歷史新高，且在新興市場這兩者皆呈現雙位數成長。

So I think when I step back, if I look at how we landed versus our expectations that we had outlined in the March quarter, for the June quarter, I would say that we roughly met our expectations, but we did see a bit more softness on mobile gaming in the App Store.

所以我認為，當我退一步來看，若比較我們在 6 月季度的落點與我們在 3 月季度所提出的預期，我會說我們大致符合預期，但在 App Store 的行動遊戲方面確實看到一些更疲弱的情況。

As we go into the September quarter, what I would say is we expect foreign exchange will continue to be a headwind. And in fact, this is a theme that’s impacting the services business more so than the total company. We expect foreign exchange to drive about a 5 percentage point headwind to the year-over-year growth rate from the March to September quarter. If we look at the sequential change from the June quarter, the 12% services we reported to what we’re guiding for the September quarter, we are going to see another 2.5 point sequential headwind.

展望 9 月季度，我想說的是，我們預期外匯仍將持續成為逆風。事實上，這個主題對服務業務的影響比對整體公司更大。我們預期外匯將使從 3 月到 9 月季度的年增率約承受 5 個百分點的逆風。若看自 6 月季度的季比變化，從我們所報告的服務 12% 成長到我們對 9 月季度的指引，我們將再看到約 2.5 個百分點的季比逆風。

Great. Thank you so much, Kevan. I appreciate the detail there.

很好。非常感謝你，Kevan。我很感謝你提供這些細節。

Sure. No problem, Erik. Thanks.

當然。沒問題，Erik。謝謝。

Awesome. Thanks, Erik. Operator, could we get the next question, please?

太棒了。謝謝你，Erik。接線員，請給我們下一個問題。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行（Wells Fargo）。

Yeah. Thanks for taking the questions, and also best wishes, Tim. I guess I want to, maybe it tethers with the memory pricing dynamic, but as you look at the demand that you’re seeing right now, I’m curious of how you assess whether or not you’ve seen any pull forward of demand, either from the consumer or even the enterprise and education markets. And whether or not you’re factoring that into your views as we look forward at all.

是的。謝謝讓我提問，也祝福你一切順利，Tim。我想問的問題，可能與記憶體定價的動態有些關聯；但當你看目前所看到的需求時，我很好奇你如何評估是否已經出現任何需求提前（pull forward），不論是來自消費者端，甚至是企業與教育市場。以及你是否在任何程度上把這點納入你對未來的看法之中。

You’re talking about on iPhone, I assume, in general. We’ve been running at this 22% growth rate for the last while. For this cycle has been a 22% increase year to date. And so it’s not obvious, I would say. It’s not obvious in the data that what you’re asking is true. Obviously, we’ve now had to increase prices on iPad and Mac, and the price elasticity there, it’s just too early to come to a definitive conclusion of what happens there. Because it takes a little while for the channels to adjust since there’s channel inventory, and it takes a while for the consumer to respond. We’ll understand that more in the weeks ahead.

我想你指的是 iPhone，或是整體而言。我們在過去一段時間一直維持在 22% 的成長率。就這個週期而言，今年迄今成長了 22%。因此我會說，並不明顯。從數據上看，你所問的情況並不明顯。當然，我們現在不得不調高 iPad 與 Mac 的價格，而那裡的價格彈性，目前還太早下定論會發生什麼。因為通路需要一些時間調整，畢竟還有通路庫存；而消費者也需要時間做出反應。我們會在接下來幾週更清楚了解。

Very helpful. Then as a quick follow-up, maybe more longer term thematically, as AI proliferates towards the edge and more consumers utilize AI, I’m curious, Tim, if you see AI opening up additional opportunities. I can appreciate that you’re not going to give us specifics, but do you see other kind of addressable markets evolving from AI over time?

非常有幫助。接著快速追問一個，可能是更長期、主題性的問題：隨著 AI 朝向邊緣端普及、更多消費者使用 AI，我很好奇，Tim，你是否看到 AI 開啟更多額外機會。我理解你不會給我們具體細節，但你是否看到隨時間推移，因 AI 而演進出其他可服務市場（addressable markets）？

Yes. I think there are enormous opportunities for Apple moving forward in AI. And I’m so excited about Siri AI and where it is and where it’s going. I’m excited about the feedback that we’re getting there. And of course, the ability to run some percentage of request on device is also very strategic and sort of a competitive weapon, if you will. So I could not be more excited about the opportunities there.

是的。我認為，未來 AI 對 Apple 而言有非常巨大的機會。我對 Siri AI 以及它目前的狀態與未來走向感到非常興奮。我也對我們收到的回饋感到振奮。當然，能夠在裝置端執行一定比例的請求也非常具策略性，某種程度上可說是一種競爭武器。所以我對那裡的機會感到無比興奮。

Thank you.

謝謝。

Yeah.

是的。

Thanks, Aaron. Operator, could we get the next question, please?

謝謝你，Aaron。接線員，請給我們下一個問題。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行（Bank of America）。

Yes. Thank you. Tim, first, congrats on your tenure as CEO. You joined back in 2011 when Apple reported $108 billion in revenue, and you just delivered a quarter of $109 billion. So Just an amazing journey.

是的。謝謝。Tim，首先，恭喜你擔任 CEO 的任期。你在 2011 年加入時，Apple 的營收是 1,080 億美元，而你剛剛交出一個 1,090 億美元的季度。真是一段令人驚嘆的旅程。

Thank you for that. I really appreciate it.

謝謝你這麼說。我非常感激。

For my question -- yeah, sure, Tim. It’s been a pleasure. For my question, first on Siri AI, do you expect that Siri AI would change the capital intensity of Apple, despite the fact that you have the ability to do so much differentiated workloads on device, and you have this distributed compute. You do have some requests that go into the back end, both in your own first-party cloud as well as third party. So is it right to think that the capital intensity of Apple will change in the future because of Siri AI? And I have a follow-up.

關於我的問題——是的，當然，Tim。很榮幸。我的第一個問題是關於 Siri AI：你是否預期 Siri AI 會改變 Apple 的資本密集度（capital intensity）？儘管你們有能力在裝置端處理許多具差異化的工作負載，並且擁有這種分散式運算。但仍有一些請求會進入後端，包括你們自有的第一方雲端以及第三方。所以，是否可以這樣理解：因為 Siri AI，Apple 未來的資本密集度會有所改變？我還有一個追問。

We use a hybrid model, as I know Kevan has reviewed with you earlier. And so we use some third-party cloud, and we do our own data centers. And so there will be a mix. But generally speaking, as you know, we have been growing our OpEx and spending more in AI in general and quite a bit more. And there are other locations on the P&L other than OpEx, like COGS et cetera, that also have AI expenditures. And so we’ll see what Siri AI does from the cost side of it. But there’s also the ability when people use it a lot for them to move up on an iCloud Plan as well. And so what the balance of that is a bit uncertain at the moment.

我們採用混合模式，正如我知道 Kevan 先前已與你回顧過。因此我們會使用部分第三方雲端，同時也有自建資料中心。所以會是混合。但一般而言，如你所知，我們一直在增加營業費用（OpEx），並在 AI 方面投入更多資源，而且是顯著更多。此外，損益表（P&L）上除了 OpEx 之外，還有其他科目也包含 AI 支出，例如銷貨成本（COGS）等等。因此我們會觀察 Siri AI 在成本面會帶來什麼影響。但另一方面，當人們大量使用它時，也可能促使他們升級到更高階的 iCloud 方案。所以兩者之間的平衡，目前還有些不確定。

Okay. Thanks, Tim.

好的。謝謝，Tim。

Yeah.

是的。

And John, since you’re on the call, congrats on the new role. I’d love to get maybe a just a high-level take from you if you think that the competitive landscape here is changing, especially as you hear about potentially companies like OpenAI building an AI-enabled competitive device or SpaceX AI potentially having a phone that could bypass some of the typical carrier attacks. Just would love your high-level thoughts on how you see the competitive landscape evolving and Apple’s position there.

另外，John，既然你也在線上，恭喜你擔任新職務。我想請你從高層次談談，你是否認為競爭態勢正在改變，特別是當你聽到像 OpenAI 可能打造一款具 AI 功能的競爭裝置，或 SpaceX 的 AI 可能推出一支手機，能夠繞過一些典型的電信業者攻勢。很想聽聽你對競爭格局如何演進，以及 Apple 在其中定位的高層次看法。

Well, thank you for asking. I guess I would just reiterate what Tim said, there is so much opportunity for us with everything that’s happening in this space. And so we’re just really focused on our plans and very excited about it.

嗯，謝謝你的提問。我想我只會重申 Tim 所說的，隨著這個領域正在發生的一切，我們有非常多的機會。因此我們確實專注於我們的計畫，並且對此感到非常興奮。

Thank you.

謝謝。

Awesome. Thank you, Wamsi. Operator, can we have the last question, please?

太棒了。謝謝你，Wamsi。接線員，請給我們最後一個問題，好嗎？

Samik Chatterjee, JP Morgan.

Samik Chatterjee，摩根大通。

Hi, thanks for squeezing me in here. And Tim, best wishes from my side as well. Maybe just for my first one, if I go back to WWDC, when you announced Siri AI, you also did mention, along with the rollout, that probably we won’t have the initial rollout in China and Europe. So just wanted to get your updated thoughts on that front and any more color in terms of what hurdles you need to cross to be able to launch it in those regions. And I have a follow-up. Thank you.

嗨，謝謝讓我插進來提問。Tim，我這邊也同樣致上最好的祝福。也許先問第一個，如果我回到 WWDC，你們宣布 Siri AI 時，也提到在推出的同時，初期可能不會在中國和歐洲推出。所以想請教你對這方面最新的看法，以及在要能在那些地區推出之前，需要跨越哪些障礙的更多細節。我還有一個追問。謝謝。

Yeah. Thanks for the question. Let me take them individually. You look at the EU, we’re working closely with the commission. Obviously, our complete desire is to launch everything, everywhere at the same time. That’s always the philosophy that we have.

是的。謝謝你的問題。我分別回答。先看歐盟，我們正與執委會密切合作。顯然，我們完全希望能在同一時間、在所有地方推出所有功能。這一直是我們的理念。

We have not been able to do that in the European Union, but we’re working closely with them to try to get to something that would allow us to offer Siri AI there. It is offered or will be offered for the Mac there, because the Mac is not covered by the same regulations as the iPhone and the iPad. So net-net, we’re working with them and hope to reach some sort of solution.

我們目前還無法在歐盟做到這一點，但我們正與他們密切合作，嘗試達成某種安排，使我們能在那裡提供 Siri AI。在那裡 Mac 已經提供或將會提供，因為 Mac 不像 iPhone 和 iPad 一樣受到相同法規的涵蓋。總之，我們正與他們合作，並希望能達成某種解決方案。

If you then look at China, last week we received approval to ship sort of the original features of Apple Intelligence, things like cleanup and so forth. And so we’re working now through the rollout of those, and there will be more work required down the road for Siri AI. But we’re at the front end of that.

再看中國，上週我們獲得核准，可以出貨某種程度上 Apple Intelligence 的原始功能，例如清理之類的功能。因此我們現在正推進這些功能的上線，而未來要推出 Siri AI 還需要做更多工作。但我們正處於這件事的起步階段。

Okay. Got it. Great. And for my follow-up, Kevan, just not to beat sort of this FX thing to death here, but if I look at the gross margin, you delivered 48% in the quarter without the tariff refund benefit. You’re guiding to like 46.5%.

好的。了解了。很好。那我的追問是，Kevan，我不是要把這個外匯（FX）議題一直講到沒完，但如果我看毛利率，你們本季在沒有關稅退稅利益的情況下做到了 48%。你們的指引大約是 46.5%。

Any way to walk us through the sequential driver there and how much of that is FX impacting it versus maybe increased commodity costs, et cetera, that’s driving that sequential moderation? Because it does seem a bit more atypical than your normal sort of years.

能否帶我們走一遍這個環比變動的驅動因素？其中有多少是外匯影響，還是例如大宗商品成本上升等等，導致這個環比走弱？因為這看起來比你們一般年度的情況更不典型一些。

Yeah, Samik, that’s a good question. Let me walk through kind of what’s impacting our gross margins. We look at our gross margin change from the 49.3% we had at the total company level for the March quarter, and as you mentioned, the 48.1% adjusted for the tariff refund in the June quarter, that 120 basis point change.

是的，Samik，這是個好問題。我來說明一下影響我們毛利率的因素。我們看整體公司層級的毛利率，從 3 月季度的 49.3%，到如你所提、在 6 月季度扣除關稅退稅後的 48.1%，這是 120 個基點的變動。

If you look at the drivers of that, more than 100% of that can be explained by the memory cost change that Tim outlined. While FX was a factor, really the main driver was really the memory cost impact. And as Tim outlined earlier when we talked a bit about the dynamics around the memory costs, is we did see some partial offsets from things like the benefit of carry and inventory, reduction in non-memory component costs, and some favorable mix.

如果看這背後的驅動因素，其中超過 100% 都可以用 Tim 所提到的記憶體成本變動來解釋。雖然外匯是一個因素，但主要驅動其實是記憶體成本的影響。而如 Tim 先前在我們談到記憶體成本的動態時所說，我們也看到一些部分抵銷因素，例如遞延效益與庫存帶來的好處、非記憶體零組件成本下降，以及一些有利的產品組合。

We are seeing the same dynamics when you go from the 48.1% that we printed in the June quarter to the 46.5% mid-point you referenced of our range without the tariff refund impact. That 160 basis point change is also more than that is explained by the change in memory cost. And we had some partial offsets again from things like the benefit of carry and inventory, lower cost of non-memory components, and as well, favorable mix. I think that FX was a pretty minimal impact when you look at that versus the memory. And so generally, the sequential change from the March quarter to the 46.5% you referenced is really driven by memory.

當你從 6 月季度的 48.1% 走到你提到的、我們區間中點 46.5%（同樣不含關稅退稅影響）時，我們也看到相同的動態。這 160 個基點的變動，其中超過這個幅度也可由記憶體成本變動來解釋。我們同樣有一些部分抵銷因素，例如遞延效益與庫存的好處、非記憶體零組件成本較低，以及有利的產品組合。我認為相較於記憶體，外匯的影響其實相當有限。因此整體而言，從 3 月季度到你提到的 46.5% 的環比變動，主要是由記憶體所驅動。

Great. Thank you both for taking my questions. And congrats again, Tim. Thank you.

很好。謝謝兩位回答我的問題。也再次恭喜你，Tim。謝謝。

Thank you so much for saying that. I appreciate it.

非常感謝你這麼說。我很感激。

Thank you, Samik. A replay of today’s call will be available on Apple Podcasts and at apple.com/investor. Thanks again for joining us today.

謝謝你，Samik。今天電話會議的重播將可在 Apple Podcasts 以及 apple.com/investor 上收聽。再次感謝今天加入我們。

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

再次提醒，今天的電話會議到此結束。我們非常感謝各位的參與。