2017-11-02 Apple Inc. (AAPL) Q4 2017 Earnings Call Transcript

Apple, Inc. (NASDAQ:AAPL) Q4 2017 Earnings Call November 2, 2017 5:00 PM ET

苹果公司（纳斯达克股票代码：AAPL）2017年第四季度财报电话会议美国东部时间2017年11月2日下午5:00

Executives 高管

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Luca Maestri - Apple, Inc.

Luca Maestri - 苹果公司

Analysts 分析师

Kathryn Lynn Huberty - Morgan Stanley & Co. LLC

Kathryn Lynn Huberty - Morgan Stanley & Co.有限责任公司

Michael J. Olson - Piper Jaffray & Co.

Shannon S. Cross - Cross Research LLC

Steven Milunovich - UBS Securities LLC

Steven Milunovich - 瑞银证券有限责任公司

Antonio M. Sacconaghi - Sanford C. Bernstein & Co. LLC

Antonio M. Sacconaghi - Sanford C. Bernstein & Co.有限责任公司

Jim Suva - Citigroup Global Markets, Inc.

Jim Suva - 花旗集团全球市场公司

Amit Daryanani - RBC Capital Markets LLC

Amit Daryanani - 加拿大皇家银行资本市场有限责任公司

Brian J. White - Drexel Hamilton LLC

Operator 操作员

Good day everyone and welcome to this Apple Inc. Fourth Quarter Fiscal Year 2017 Earnings Release Conference Call. Today's call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好，欢迎收听苹果公司（Apple Inc.2017 财年第四季度收益发布电话会议。今天的电话会议正在录音。现在是开场白和自我介绍时间，我想把电话交给投资者关系部高级总监南希-帕克斯顿（Nancy Paxton）。请说，女士。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, good afternoon, and thanks everyone for joining us. Speaking first today is Apple CEO Tim Cook and he'll be followed by CFO Luca Maestri, and after that we'll open the call to questions from analysts.

谢谢大家，下午好，感谢大家参加我们的会议。今天首先发言的是苹果公司首席执行官蒂姆-库克（Tim Cook），随后是首席财务官卢卡-梅斯特里（Luca Maestri），之后我们将开放分析师提问环节。

Please note that some of the information you will 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. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports on Form 10-K and Form 10-Q, and the form 8-K filed with the SEC today along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

请注意，在我们今天的讨论中，您将听到一些前瞻性陈述，包括但不限于有关收入、毛利率、运营支出、其他收入和支出、税收以及未来业务前景的陈述。实际结果或趋势可能与我们的预测大相径庭。欲了解更多信息，请参阅 Apple 最近提交的 10-K 表和 10-Q 表定期报告中讨论的风险因素，以及今天提交给美国证券交易委员会的 8-K 表和相关新闻稿。苹果公司不承担更新任何前瞻性表述或信息的义务。

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

现在请蒂姆作介绍性发言。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Good afternoon, and thanks to everyone for joining us. As we closed the books on a very successful fiscal 2017, I have to say I couldn't be more excited about Apple's future. This was our biggest year ever in most parts of the world with all-time record revenue in the United States, Western Europe, Japan, Korea, the Middle East, Africa, Central and Eastern Europe and Asia. We had particularly strong finish this year, generating our highest September quarter revenue ever as year-over-year growth accelerated for the fourth consecutive quarter. Revenue was $52.6 billion, above the high end of our guidance range, and up 12% over last year. We generated revenue growth across all of our product categories and showed all-time record results for our Services business.

下午好，感谢大家的光临。当我们为非常成功的 2017 财年画上句号时，我不得不说，我对苹果的未来感到无比兴奋。在全球大部分地区，这是我们有史以来最辉煌的一年，美国、西欧、日本、韩国、中东、非洲、中东欧和亚洲的收入均创下历史新高。今年，我们的业绩尤其突出，9 月份的收入创下了历史最高纪录，同比增长速度连续第四个季度加快。收入达到了 526 亿美元，超过了我们指导范围的上限，比去年同期增长了 12%。我们所有产品类别的收入都实现了增长，服务业务的业绩也创下了历史新高。

As we expected, we returned to growth in greater China, with unit growth and market share gains for iPhone, iPad, and Mac. In fact, it was an all-time record quarter for Mac sales in mainland China as well as an all-time high for Services revenue. And revenue from emerging markets outside of greater China was up 40%, with great momentum in India, where revenue doubled year over year. We also had great results in enterprise and education with double digit growth in worldwide customer purchases of iPad and Mac in both markets.

正如我们所预期的那样，我们在大中华区恢复了增长，iPhone、iPad 和 Mac 的销量和市场份额均有增长。事实上，本季度 Mac 在中国大陆的销量创历史新高，服务收入也创历史新高。大中华区以外的新兴市场收入增长了 40%，其中印度市场势头强劲，收入同比翻了一番。我们在企业和教育领域也取得了很好的成绩，iPad 和 Mac 在这两个市场的全球客户购买量都实现了两位数的增长。

Gross margin for the September quarter was at the high end of our guidance range, and thanks to exceptional work by our teams, we generated record fourth quarter earnings per share of $2.07, up 24% from a year ago. iPhone sales exceeded our expectations. In the last week and a half of September, we began shipping iPhone 8 and iPhone 8 Plus to customers in more than 50 countries. They instantly became our two most popular iPhone models and have been every week since then.

9 月份的毛利率达到了我们指导范围的上限，由于我们团队的出色工作，我们第四季度的每股收益达到了创纪录的 2.07 美元，比去年同期增长了 24%。 iPhone 的销售超出了我们的预期。在 9 月份的最后一周半，我们开始向 50 多个国家的客户发货 iPhone 8 和 iPhone 8 Plus。它们立即成为我们最受欢迎的两款 iPhone 机型，此后每周都是如此。

As we speak, the launch of iPhone X is now underway as stores open across Australia and Asia. iPhone X is packed with innovative new technologies that chart our path for the next decade, technologies like the TrueDepth camera system, Super Retina Display, and A11 Bionic chip with neural engine, which has been in development for years with a focus on deep machine learning. iPhone X enables totally new experiences like unlocking your iPhone with Face ID, taking photos with studio-quality lighting effects, or playing immersive augmented reality games. We can't wait for people to experience our vision of the future. Orders have already been very strong, and we're working to get iPhone X into customers' hands as quickly as possible.

iPhone X 配备了创新的全新技术，为我们的下一个十年指明了方向，例如 TrueDepth 摄像头系统、Super Retina 显示屏和配备神经引擎的 A11 Bionic 芯片，该芯片已研发多年，专注于深度机器学习。我们迫不及待地想让人们体验我们的未来愿景。订单已经非常踊跃，我们正努力让 iPhone X 尽快进入用户手中。

Turning to Services. Revenue reached an all-time quarterly record of $8.5 billion in the September quarter. A few quarters ago, we established a goal of doubling our fiscal 2016 services revenue of $24 billion by the year 2020, and we are well on our way to meeting that goal. In fiscal 2017, we reached $30 billion, making our Services business already the size of a Fortune 100 company.

转向服务。九月份的收入达到了 85 亿美元，创下了季度历史新高。几个季度前，我们制定了到 2020 年将 2016 财年 240 亿美元的服务收入翻一番的目标，目前我们正在顺利实现这一目标。2017 财年，我们的服务收入达到 300 亿美元，使我们的服务业务规模已经相当于财富 100 强公司的规模。

5年翻一番，每年15%的增长。

We're also delighted to report our second consecutive quarter of double-digit unit growth for iPad. Customers have responded very positively to the new iPad lineup. And with the launch of iOS 11, the iPad experience has become more powerful than ever, with great new features for getting things done like the new dock, Files app, drag and drop, multitasking and more power than most PC notebooks.

我们还很高兴地报告，iPad 的销售量连续第二个季度实现两位数增长。客户对全新 iPad 系列产品的反应非常积极。随着 iOS 11 的推出，iPad 的使用体验比以往任何时候都更加强大，它拥有全新的基座、文件应用、拖放、多任务处理等强大的新功能，而且比大多数 PC 笔记本电脑都更加强大。

The launch of iOS 11 also made iOS the world's largest platform for augmented reality. There are already over 1,000 apps with powerful AR features in our App Store today, with developers creating amazing new experiences in virtually every category of apps aimed at consumers, students and business users alike. Put simply, we believe AR is going to change the way we use technology forever.

iOS 11 的推出也使 iOS 成为全球最大的增强现实平台。目前，我们的应用商店中已经有超过 1,000 款具有强大 AR 功能的应用，开发者几乎在每一类应用中都创造了令人惊叹的新体验，这些应用面向消费者、学生和企业用户。简而言之，我们相信 AR 将永远改变我们使用技术的方式。

We're already seeing things that will transform the way you work, play, connect and learn. For example, there are AR apps that let you interact with virtual models of everything you can imagine, from the human body to the solar system. And of course, you experience them like they're really there. Instantly, education becomes much more powerful when every subject comes to life in 3D. And imagine shopping when you can place an object in your living room before you make a purchase, or attending live sporting events when you can see the stats on the field. AR is going to change everything.

我们已经看到一些东西将改变你的工作、娱乐、联系和学习方式。例如，有一些 AR 应用程序可以让你与虚拟模型进行互动，这些虚拟模型包括从人体到太阳系等一切你能想象到的东西。当然，你可以体验它们，就像它们真的存在一样。当每一门学科都以 3D 的形式呈现在你面前时，教育的力量瞬间变得更加强大。想象一下，在购物之前，你可以在客厅里放置一件物品，或者在观看现场体育赛事时，你可以看到赛场上的统计数据。AR 将改变一切。

iOS 11 is also allowing developers to integrate machine learning models into their apps with Core ML. Pinterest is already using Core ML to deliver fast and powerful visual search. PadMapper uses Core ML to provide intelligent features that make it easy to find or rent your apartment. And VisualDx is even pioneering new health diagnostics with Core ML, automating skin image analysis to assist dermatologists with their diagnoses. These are just a few examples. There's so much more to come.

iOS 11 还允许开发人员利用 Core ML 将机器学习模型集成到他们的应用程序中。Pinterest 已在使用 Core ML 提供快速、强大的可视化搜索。PadMapper 使用 Core ML 提供智能功能，让你轻松找到或租到公寓。VisualDx 甚至利用 Core ML 开创了新的健康诊断技术，自动进行皮肤图像分析，协助皮肤科医生进行诊断。以上只是几个例子。未来还有更多。

Next, I'd like to talk about the Mac, which had its best year ever, with the highest annual Mac revenue in Apple's history. It was also the best September quarter ever, with Mac revenue growth of 25% driven by the notebook refreshes we launched in June and a strong back-to-school season. The Mac experience has become even better since the September launch of macOS High Sierra, with new technologies to make Mac more reliable, capable and responsive and lay the foundation for future innovation.

接下来，我想谈谈 Mac。Mac 在今年取得了历史上最好的成绩，Mac 的年收入达到了苹果公司历史上的最高水平。这也是有史以来最好的一个 9 月季度，在我们 6 月份推出的笔记本电脑更新换代产品和强劲的返校季的推动下，Mac 的收入增长了 25%。自 9 月份推出 macOS High Sierra 以来，Mac 体验变得更加出色，新技术使 Mac 更加可靠、功能更强、响应更快，并为未来的创新奠定了基础。

Moving on now to Apple Watch. With unit growth of over 50% for the third consecutive quarter, it continues to be the best selling and most loved smartwatch in the world. We began shipping Apple Watch Series 3 just six weeks ago and customers love the new freedom of cellular. The ability to go for a run with just your Apple Watch or go for a quick errand without your phone while staying connected is a game changer. Now more than ever, Apple Watch is the ultimate device for a healthy life and is already making a big difference in our customers' lives. We're very excited about the upcoming launch of the Apple Heart Study, which will use data from Apple Watch to identify irregular heart rhythms and notify users when unusual patterns are detected.

现在来谈谈 Apple Watch。Apple Watch 连续三个季度的销量增长超过 50%，继续成为全球最畅销和最受喜爱的智能手表。我们在六周前才开始出货 Apple Watch Series 3，客户非常喜欢这种全新的自由蜂窝技术。只戴着 Apple Watch 就能跑步，或者在保持连接的情况下不戴手机就能快速办事，这种功能改变了游戏规则。现在，Apple Watch 比以往任何时候都更适合作为健康生活的终极设备，它已经为我们顾客的生活带来了巨大的改变。我们对即将推出的 Apple Heart Study 感到非常兴奋，它将利用 Apple Watch 的数据来识别不规则的心律，并在发现异常模式时通知用户。

Earlier this week, we introduced watchOS 4.1, bringing 40 million songs to your wrist through Apple Music. The combination of music streaming on Apple Watch and AirPods is truly a magical experience for people on the go. We're thrilled with the momentum of these products. In fact, our entire wearables business was up 75% year over year in the fourth quarter and in fiscal 2017, already generated the annual revenue of a Fortune 400 company.

本周早些时候，我们推出了 watchOS 4.1，通过 Apple Music 为你的手腕带来了 4000 万首歌曲。将 Apple Watch 和 AirPods 上的音乐流媒体结合在一起，对于出门在外的人们来说确实是一种神奇的体验。我们对这些产品的发展势头感到非常兴奋。事实上，我们的整个可穿戴设备业务在第四季度同比增长了 75%，而在 2017 财年，我们的年收入已经达到了财富 400 强公司的水平。

Late in the September quarter, we also launched Apple TV 4K, delivering a stunning cinematic experience at home. So now users around the world can watch movies and shows in 4K HDR quality and stream live sports and news on the Apple TV app. There's already a great selection of 4K HDR titles available through iTunes and other popular video services with many more movies and shows on the way.

在 9 月下旬，我们还推出了 Apple TV 4K，在家就能享受震撼的电影体验。因此，现在世界各地的用户都可以在 Apple TV 应用程序上观看 4K HDR 画质的电影和节目，还可以串流直播体育和新闻。iTunes 和其他流行视频服务已经提供了大量 4K HDR 影片，还有更多影片和节目即将推出。

但凡大型科技企业看上的领域其他企业都能面临困难，Netflix算一个，Salesforce也算一个，2022年整个美股大幅调整以后，苹果和微软都已经重新展现上升势头，Netflix和Salesforce都还在原来的位置。

We're also very excited about the opening of Apple Michigan Avenue two weeks ago on Chicago's riverfront. This is the first store that brings together our complete vision for the future of Apple retail, providing a welcoming place for everyone to experience our products, services and inspiring educational programs right in the heart of their city. In addition to our very popular Today at Apple programming, which is available in all Apple Stores around the world, offering daily sessions in photography, music creation, art and design, coding and entrepreneurship, Apple Michigan Avenue is partnering with local nonprofits and creative organizations to make an ongoing positive impact in that community.

两周前，Apple 密歇根大道店在芝加哥河畔开业，我们对此也感到非常兴奋。这是第一家汇集了我们对未来 Apple 零售的完整愿景的专卖店，为每个人提供了一个温馨的场所，让他们在城市的中心体验我们的产品、服务和启发式教育课程。除了我们在全球所有 Apple Store 提供的深受欢迎的 "Today at Apple "课程（每天提供摄影、音乐创作、艺术设计、编码和创业等课程）外，Apple Michigan Avenue 还与当地的非营利组织和创意机构合作，为社区带来持续的积极影响。

Also this quarter, we expanded our free App Development with Swift curriculum to more than 30 community colleges across the country. We're very excited about this initiative, and we're thrilled by the momentum we're seeing. The schools we've launched with this summer are just the beginning. Community colleges have a powerful reach into communities where education is the great equalizer, and the colleges adopting our curriculum this academic year are providing opportunity to millions of students to build apps that will prepare them for careers in software development and information technology and much more.

本季度，我们还将免费的 Swift 应用程序开发课程扩展到了全国 30 多所社区学院。我们对这一举措感到非常兴奋，我们看到的势头也让我们激动不已。我们在今年夏天推出的学校只是一个开始。社区学院在社区中拥有强大的影响力，而教育是最大的平衡器，本学年采用我们课程的学院将为数百万学生提供构建应用程序的机会，为他们从事软件开发和信息技术等职业做好准备。

We're incredibly enthusiastic about what our teams have accomplished this year and all the amazing products in our lineup. As we approach the holiday season, we expect it to be our biggest quarter ever. I'd like to thank all of our teams, our partners and our customers for their passion, commitment and loyalty. You've helped us make 2017 a sensational year.

我们对团队在今年所取得的成就以及我们产品系列中所有令人惊叹的产品感到无比兴奋。随着假期的临近，我们预计这将是我们有史以来规模最大的一个季度。我要感谢我们所有的团队、合作伙伴和客户，感谢他们的热情、承诺和忠诚。是你们帮助我们在 2017 年创造了辉煌。

Now for more details on the September quarter results, I'd like to turn over the call to Luca.

关于九月份季度业绩的更多细节，我想把电话交给卢卡。

Luca Maestri - Apple, Inc.

Luca Maestri - 苹果公司

Thank you, Tim. Good afternoon everyone. Revenue for the September quarter was a record $52.6 billion, up 12% over last year, and it has been great to see our growth rate accelerate in every quarter of fiscal 2017. Our terrific performance this quarter was very broad based, with revenue growth in all our product categories for the second quarter in a row and new September quarter revenue records in the Americas, in Europe and in the rest of Asia-Pacific segments.

谢谢，蒂姆。大家下午好。九月份的收入达到创纪录的 526 亿美元，比去年同期增长 12%，我们很高兴看到 2017 财年每个季度的增长率都在加快。我们本季度的出色表现具有非常广泛的基础，所有产品类别的收入连续第二个季度实现增长，美洲、欧洲和亚太其他地区的收入也创下了 9 月份的新纪录。

We grew double digits in the U.S., Canada, Germany, France, Italy, Spain, Korea and several other developed markets. We were especially happy to return to growth in greater China, where revenue was up 12% from a year ago and with our momentum in India, where revenue doubled year-over-year. We grew more than 30% in Mexico, the Middle East, Turkey and Central and Eastern Europe. These results have fueled overall growth of over 20% from emerging markets.

我们在美国、加拿大、德国、法国、意大利、西班牙、韩国和其他几个发达市场实现了两位数的增长。我们尤其高兴地看到大中华区恢复了增长，收入比去年同期增长了 12%，印度市场的发展势头也很好，收入同比翻了一番。我们在墨西哥、中东、土耳其以及中欧和东欧的增长超过了 30%。这些成果推动了新兴市场超过 20% 的整体增长。

Gross margin was 37.9%, at the high end of our guidance range. Operating margin was 25% of revenue and net income was $10.7 billion. Diluted earnings per share were $2.07, up 24% over last year to a new September quarter record and cash flow from operations was strong at $15.7 billion.

毛利率为 37.9%，达到了我们指导范围的上限。营业利润率为收入的 25%，净收入为 107 亿美元。每股摊薄收益为 2.07 美元，比去年同期增长了 24%，创下了 9 月份的新纪录，运营现金流强劲，达到 157 亿美元。

看上去还有比较多的空间，比如，最终到70-80%，2024年的数据是45%左右。

During the quarter, we sold 46.7 million iPhones, up 3% over last year. We were very pleased to see double digit iPhone growth in many emerging markets including mainland China, the Middle East, Central and Eastern Europe, India and Mexico. We gained share not only in those markets but also in Canada, Germany, France, Italy, Spain, Sweden and Singapore, based on the latest estimates from IDC.

本季度，我们共售出 4670 万部 iPhone，同比增长 3%。我们非常高兴地看到，在许多新兴市场，包括中国大陆、中东、中欧和东欧、印度和墨西哥，iPhone 的销量都实现了两位数的增长。根据 IDC 的最新估计，我们不仅在这些市场获得了份额，而且在加拿大、德国、法国、意大利、西班牙、瑞典和新加坡也获得了份额。

步步为营，通过iPhone的成功一步步扩大优势。

iPhone channel inventory increased by 1.3 million units sequentially to support the launch of iPhone 8 and 8 Plus, significantly less than the increase in the September quarter a year ago.

为支持 iPhone 8 和 8 Plus 的上市，iPhone 渠道库存连续增加了 130 万部，大大低于去年 9 月份的增幅。

Customer interest and satisfaction with iPhone are very strong with both consumers and business users. In the U.S., the latest data from 451 Research on consumers indicates a customer satisfaction rating of 97% or higher across all iPhone models. Among consumers planning to buy a smartphone in the next 90 days, purchase intention for iPhone was 69%, more than 5 times the rate of the closest competitor with a loyalty rate for current iPhone owners of 95% compared to 53% for the next highest brand. For corporate smartphone buyers, iOS customer satisfaction was 95% and of those planning to purchase smartphones in the December quarter, 80% planned to purchase iPhone. That is the highest score for iPhone in the history of the survey.

消费者和企业用户对 iPhone 的兴趣和满意度都非常高。在美国，451 Research 对消费者的最新数据显示，所有 iPhone 机型的客户满意度均在 97% 以上。在计划于未来 90 天内购买智能手机的消费者中，iPhone 的购买意向为 69%，是最接近的竞争对手的 5 倍多。对于企业智能手机购买者而言，iOS 客户满意度为 95%，在计划于 12 月季度购买智能手机的用户中，80% 计划购买 iPhone。这是 iPhone 在调查历史上的最高得分。

Turning to Services, we set an all-time quarterly record of $8.5 billion, up 34% year over year. Our results included a favorable one-time revenue adjustment of $640 million. On a run rate basis, excluding this adjustment, services growth of 24% was terrific and the highest that we have experienced this year. The App Store set a new all-time record, and according to App Annie's latest report, it continues to be the preferred destination for customer purchases by a wide and growing margin, generating nearly twice the revenue of Google Play. We're getting great response to the App Store's new design in iOS 11 from both customers and developers. We're seeing increases in the frequency of customer visits, the amount of time they spend in the store and the number of apps they download.

在服务方面，我们创造了 85 亿美元的季度历史纪录，同比增长 34%。我们的业绩包括 6.4 亿美元的一次性收入调整。如果不考虑这一调整，服务业务的增长率为 24%，这是非常了不起的，也是我们今年经历的最高增长率。App Store 创下了新的历史记录，根据 App Annie 的最新报告，App Store 仍然是用户购买的首选之地，其收入几乎是 Google Play 的两倍，而且幅度还在不断扩大。客户和开发者都对 iOS 11 中 App Store 的新设计反响热烈。我们看到客户的访问频率、在商店中停留的时间和下载的应用程序数量都在增加。

The success of Apple Music also continues to build and we're seeing our highest conversion rates from customers trying the service. Revenue grew strongly once again in the September quarter and the number of paid subscribers was up over 75% year-over-year. We also saw great performance from our iCloud business with very strong double-digit growth in both monthly average users and revenue.

Apple Music 的成功也在继续扩大，我们从试用该服务的用户中看到了最高的转换率。9 月份季度收入再次强劲增长，付费用户数量同比增长超过 75%。我们的 iCloud 业务也表现出色，月均用户数和收入均实现了两位数的强劲增长。

Across all of our Services offerings, the number of paid subscriptions reached over 210 million at the end of September quarter, an increase of 25 million in the last 90 days.

截至 9 月底，我们所有服务产品的付费订阅用户数量已超过 2.1 亿，在过去 90 天内增加了 2500 万。

Apple Pay expanded to Denmark, Finland, Sweden and the UAE last month and continues to grow rapidly. Over the past year, active users have more than doubled and annual transactions are up 330%. In the U.S., 70% of leading grocery chains are now accepting Apple Pay with the recent launch of Safeway and over 5 million U.S. merchant locations will be Apple Pay enabled by the end of this year.

Apple Pay 上个月扩展到丹麦、芬兰、瑞典和阿联酋，并继续保持快速增长。在过去一年里，活跃用户数量增长了一倍多，年交易量增长了 330%。在美国，随着 Safeway 最近推出 Apple Pay，70% 的领先连锁杂货店现在都接受 Apple Pay，到今年年底，将有超过 500 万家美国商户启用 Apple Pay。

Next, I would like to talk about the Mac, which for fiscal 2017 set a new all-time revenue record of $25.8 billion. We sold 5.4 million Macs during the September quarter, up 10% over last year and gained significant market share as the global market contracted by 1% based on IDC's latest estimate. This performance was fueled primarily by great demand for MacBook Pro and Mac revenue grew 25% to a new September quarter record. We had outstanding results all around the world with each of our geographic segments growing Mac revenue by 20% or more. We were also very happy with the success of Mac in the education market where customer purchases grew double digits year over year.

接下来，我想谈谈 Mac，它在 2017 财年创造了 258 亿美元的收入新纪录。根据 IDC 的最新估计，在全球市场萎缩 1%的情况下，我们在 9 月季度售出了 540 万台 Mac，比去年同期增长了 10%，并获得了巨大的市场份额。这一业绩主要得益于对 MacBook Pro 的巨大需求，Mac 的收入增长了 25%，创下了 9 月份的新纪录。我们在全球各地都取得了出色的业绩，每个地区的 Mac 收入都增长了 20% 或更多。我们对 Mac 在教育市场取得的成功也感到非常高兴，客户购买量同比增长了两位数。

It was also another great quarter for iPad. We sold 10.3 million units, up 11% over last year with strong demand for both iPad and iPad Pro and revenue grew 14%. It was great to see iPad unit and revenue growth in all of our geographic segments and particularly strong results in emerging markets, including greater China, where iPad units sales were up 25% year-over-year and India, which grew 39%.

对于 iPad 而言，这又是一个出色的季度。由于对 iPad 和 iPad Pro 的需求强劲，我们的销量达到 1030 万台，比去年同期增长 11%，收入增长 14%。我们很高兴地看到，iPad 在所有地区的销售量和营收都实现了增长，尤其是在新兴市场，包括大中华区（iPad 销售量同比增长 25%）和印度（增长 39%），取得了强劲的业绩。

NPD indicates that iPad had 54% share of the U.S. tablet market in the September quarter, including seven of the 10 best-selling tablets. That's up from 47% share a year ago. Also, the most recent surveys from 451 Research measured customer satisfaction rates of 97% across iPad models. And among people planning to buy tablets, purchase intent for iPad was over 70% for both consumers and businesses.

NPD 显示，iPad 在 9 月份美国平板电脑市场的份额为 54%，其中包括 10 款最畅销平板电脑中的 7 款。这一份额比一年前的 47% 有所上升。此外，451 Research 的最新调查显示，不同型号 iPad 的客户满意度高达 97%。在计划购买平板电脑的人群中，消费者和企业对 iPad 的购买意向均超过 70%。

We are seeing great momentum with our enterprise initiatives. During the September quarter, we announced a new partnership with Accenture, who is creating a dedicated iOS practice in select locations around the world. Experts from Apple are co-locating with this team and together they'll be launching new tools and services that help enterprise clients transform how they engage with customers using iPhone and iPad.

我们的企业计划势头强劲。9 月份，我们宣布与埃森哲建立新的合作伙伴关系，埃森哲将在全球部分地区设立专门的 iOS 业务部门。来自苹果公司的专家将与该团队同地办公，他们将共同推出新的工具和服务，帮助企业客户转变使用 iPhone 和 iPad 与客户互动的方式。

这种形式不常见。

Examples include services to build new customer experiences and to facilitate iOS integration with enterprise systems to help businesses take greater advantage of data from Internet of Things platforms and to enable the smooth transfer of existing legacy applications and data to modern iOS apps.

例如，提供服务以打造全新的客户体验，促进 iOS 与企业系统的集成，帮助企业更好地利用物联网平台的数据，并将现有的传统应用程序和数据顺利转移到现代 iOS 应用程序中。

And last month, we announced a partnership with GE to reinvent the way industrial companies work by bringing GE's industrial IoT platform to iOS. The (20:37) SDK for iOS will enable developers to build native apps to drive industrial operations with more efficiency and speed than ever before. GE is also standardizing on iPhone and iPad for its global workforce of more than 330,000 employees and working with Apple, GE is developing iOS apps for both its internal and external audiences to bring predictive data and analytics to workers across a broad range of industries.

上个月，我们宣布与通用电气公司合作，将通用电气的工业物联网平台引入 iOS，从而重塑工业企业的工作方式。(20:37) iOS SDK 将使开发人员能够构建原生应用程序，以前所未有的效率和速度推动工业运营。通用电气还为其全球33万多名员工统一配备了iPhone和iPad，并与苹果公司合作，为其内部和外部受众开发iOS应用程序，为各行各业的员工提供预测数据和分析。

Beyond our iOS devices, we are also seeing great traction for Mac in the enterprise market with all-time record customer purchases in fiscal year 2017.

除 iOS 设备外，我们还看到 Mac 在企业市场的巨大吸引力，2017 财年客户购买量创下历史新高。

The September quarter was very strong for our retail and online stores, which welcomed 418 million visitors. Traffic was particularly heavy during the week of our new product announcements, up 19% over last year. Retail ran a very successful back-to-school promotion in the Americas, Europe, China and Singapore, with sales of Mac and iPad Pro up strong double digits compared to last year's program. And around the world, our stores conducted over 200,000 Today at Apple sessions during the quarter.

九月份，我们的零售店和网店生意非常红火，访问量达到 4.18 亿人次。在我们发布新产品的那一周，访问量尤其巨大，比去年同期增长了 19%。我们在美洲、欧洲、中国和新加坡的零售店开展了非常成功的返校促销活动，Mac 和 iPad Pro 的销售额与去年相比大幅增长了两位数。本季度，我们在世界各地的零售店举办了 20 多万场 Today at Apple 活动。

Let me now turn to our cash position. We ended the quarter with $268.9 billion in cash plus marketable securities, a sequential increase of $7.4 billion. $252.3 billion of this cash, 94% of the total, was outside the United States. We issued $7 billion in new Canadian and U.S. dollar denominated debt during the quarter, bringing us to $104 billion in term debt and $12 billion in commercial paper outstanding.

现在请允许我谈谈我们的现金状况。本季度末，我们的现金和有价证券总额为 2,689 亿美元，环比增加了 74 亿美元。其中 2523 亿美元现金（占总额的 94%）在美国境外。本季度，我们发行了 70 亿加元和美元新债，使我们的定期债务达到 1,040 亿加元，未偿还商业票据达到 120 亿加元。

We also returned $11 billion to investors during the quarter. We paid $3.3 billion in dividends and equivalents and spent $4.5 billion on repurchases of 29.1 million Apple shares through open market transactions. We also launched a new $3 billion ASR program, resulting in initial delivery and retirement of 15.1 million shares and we retire 4.5 million shares upon the completion of our 11th ASR during the quarter. We have now completed almost $234 billion of our $300 billion capital return program, including $166 billion in share repurchases.

本季度，我们还向投资者返还了 110 亿美元。我们支付了 33 亿美元的股息和等价物，并花费 45 亿美元通过公开市场交易回购了 2910 万股 Apple 股份。我们还启动了一项新的价值 30 亿美元的 ASR 计划，首次交付并退市了 1510 万股股票，本季度完成第 11 次 ASR 后，我们将退市 450 万股股票。目前，我们已经完成了 3,000 亿美元资本回报计划中的近 2,340 亿美元，其中包括 1,660 亿美元的股票回购。

As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. As a reminder, the December quarter in fiscal 2017 spanned 14 weeks, whereas the December quarter this year will include the usual 13 weeks.

在进入12月季度之际，我想回顾一下我们的展望，其中包括南希在电话会议开始时提到的前瞻性信息。需要提醒大家的是，2017 财年的 12 月季度长达 14 周，而今年的 12 月季度通常为 13 周。

We expect revenue to be between $84 billion and $87 billion. We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $7.65 billion and $7.75 billion. We expect OI&E to be about $600 million and we expect the tax rate to be about 25.5%. Also, today our Board of Directors has declared a cash dividend of $0.63 per share of common stock, payable on November 16, 2017, to shareholders of record as of November 13, 2017.

我们预计收入将在 840 亿至 870 亿美元之间。我们预计毛利率在 38% 到 38.5% 之间。我们预计运营支出介于 76.5 亿美元和 77.5 亿美元之间。我们预计运营支出约为 6 亿美元，税率约为 25.5%。此外，今天我们的董事会还宣布将于 2017 年 11 月 16 日向截至 2017 年 11 月 13 日登记在册的股东派发每股普通股 0.63 美元的现金股息。

With that, I'd like to open the call to questions.

下面请大家提问。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

And we ask that you limit yourself to one one-part question and one follow up. May we have the first question, please?

请您只提一个问题和一个后续问题。请提出第一个问题。

Question-and-Answer Session

问答环节

Operator 操作员

First we'll hear from Katy Huberty with Morgan Stanley.

首先我们来听听摩根士丹利的凯蒂-休伯蒂（Katy Huberty）的介绍。

Kathryn Lynn Huberty - Morgan Stanley & Co. LLC

Kathryn Lynn Huberty - Morgan Stanley & Co.有限责任公司

Thank you. Congrats on the quarter. Luca, when do you expect to catch up with iPhone X demand? And given it's likely to be not in the December quarter, should we think about March as a better than seasonal revenue quarter because of that iPhone X ramp? And then I have a follow-up.

谢谢。祝贺本季度的业绩。卢卡，你预计 iPhone X 什么时候能赶上需求？鉴于很可能不是在 12 月份，我们是否应该把 3 月份看作一个因 iPhone X 增长而比季节性收入更好的季度？我还有一个后续问题。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

I'll take that, Katy. It's Tim. The ramp for iPhone X is going well, especially considering that iPhone X is the most advanced iPhone we've ever created and it has lots of new technologies in it. And so we're really happy that we were able to increase week by week what we're outputting and we're going to get as many of them as possible to the customers as soon as possible. I can't predict, at this point, when that balance will happen. And in terms of March, we obviously don't give guidance beyond the current quarter.

我来接凯蒂我是蒂姆。iPhone X 的量产进展顺利，特别是考虑到 iPhone X 是我们有史以来最先进的 iPhone，它采用了大量新技术。因此，我们非常高兴能够逐周提高我们的产量，我们将尽快为客户提供尽可能多的产品。目前，我还无法预测何时能达到平衡。至于三月份，我们显然不会给出本季度以后的指导。

Kathryn Lynn Huberty - Morgan Stanley & Co. LLC

Kathryn Lynn Huberty - Morgan Stanley & Co.有限责任公司

Okay. And then China growth returned to strong double digits, 12% up. You've talked historically about that region being more sensitive than others to form factor changes and the new iPhone X form factor was not available in September. And so should we assume that growth in that region only accelerates from here as that new product gets pushed into the market.

好的。然后，中国的增长恢复到强劲的两位数，增长了 12%。你曾说过，从历史上看，该地区对外形尺寸的变化比其他地区更敏感，而新的 iPhone X 外形尺寸在 9 月份还没有上市。因此，我们是否应该认为，随着新产品推向市场，该地区的增长速度只会越来越快。

很多提问都没什么价值，即使是事实这样的事实也没多少价值，巴菲特说这些人是1年的工作经验，然后重复了20年。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Let me talk a little bit about Q4 in China to give you a little bit of color on the results. We increased market share for iPhone, Mac and iPad during the quarter. We hit all-time revenue records for Services and for Mac for the PRC during the quarter. We've had very strong iPad revenue growth. We had double digit unit growth in iPhone and both the upgraders and Android switchers were both up on a year over year basis during the quarter, and so the results were broad based. They were pretty much across the board, as I indicated.

请允许我谈谈第四季度中国市场的情况，以便为大家提供一些业绩信息。本季度，我们提高了 iPhone、Mac 和 iPad 的市场份额。本季度，我们在中国的服务和 Mac 收入均创下历史新高。iPad 的收入增长非常强劲。本季度，我们的 iPhone 产品实现了两位数的增长，升级用户和安卓转换用户均实现了同比增长。正如我所指出的，它们几乎是全面的。

The other thing that's happened is that the decline that we've been experiencing in Hong Kong moderated. And so it's still down year over year but less so than it was and part of that is the compare is an easier compare.

另一个情况是，我们在香港经历的下滑有所缓和。因此，虽然同比仍在下降，但降幅较小，部分原因是比较更容易比较。

And then finally, in terms of another headwind that is a little less than it was, currency has been affecting us more significantly. Last quarter in China, it affected us 1 percentage point. And so the sum of all that, I feel great about the results. We don't obviously provide geographic-specific guidance but you can see from our overall guidance, we think we're going to have a really strong quarter.

最后，另一个不利因素是货币，它对我们的影响比以前小了一些。上个季度，在中国，汇率影响了我们 1 个百分点。综上所述，我对业绩感到非常满意。我们显然没有提供针对具体地区的指导，但你可以从我们的总体指导中看到，我们认为我们将有一个非常强劲的季度。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Katy. Could we have the next question, please?

谢谢你，凯蒂。请问下一个问题是什么？

Operator 操作员

From Piper Jaffray, Mike Olson.

来自派杰公司的迈克-奥尔森。

Michael J. Olson - Piper Jaffray & Co.

Good afternoon and congrats on a strong quarter. Is there any information you can provide on how iPhone X pre-orders compared to what you saw with iPhone 8 pre-orders? And then I have a follow-up as well.

下午好，祝贺你们取得强劲的季度业绩。关于 iPhone X 的预售情况与 iPhone 8 的预售情况相比如何，你能提供什么信息吗？我还有一个后续问题。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Michael, we never go through mix, but I would share with you that the iPhone X orders are very strong for both direct customers and for our channel partners, which as you know, are lots of carriers throughout the world. And we couldn't be more excited to get underway. And I think as of a few minutes ago, the first sales started in Australia. And I'm told we had several hundred people waiting at the store in Sydney and I'm getting similar reports from across that region.

迈克尔，我们从不进行混合销售，但我想告诉你，无论是直接客户还是我们的渠道合作伙伴，iPhone X 的订单量都非常大。我们对即将开始的订单感到无比兴奋。几分钟前，第一批销售已经在澳大利亚开始。据说有几百人在悉尼的店里等着我们，我在整个地区也收到了类似的报告。

Michael J. Olson - Piper Jaffray & Co.

All right. Thanks. And we're excited about augmented reality and from your perspective, and maybe from our perspective on the outside looking in, how do we gauge the success of AR and what are some of the applications of the technology that you're most excited about today? Thanks.

好的谢谢 All right.谢谢。我们对增强现实技术感到很兴奋，从你的角度，或许也从我们的角度，从外部来看，我们如何衡量增强现实技术的成功？谢谢。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Yes, it's a great question. The reason I'm so excited about AR is I view that it amplifies human performance instead of isolates humans. And so as you know, it's the mix of the virtual and the physical world and so it should be a help for humanity, not an isolation kind of thing for humanity.

是的，这是一个很好的问题。我之所以对 AR 感到如此兴奋，是因为我认为它能放大人类的表现，而不是孤立人类。因此，正如你所知道的，它是虚拟世界和物理世界的混合体，所以它应该是对人类的一种帮助，而不是对人类的一种隔离。

AR、5G、Gen AI，大部分实际作用很有限，科技领域从来不缺故事，真正有价值还是软件和互联网，影响力和实际能力还在不断提升中。

As I go through different countries as I've been traveling lately, and looking at some things in the market, other things that are coming, the very cool thing is they're all over the place. I see things that the consumer's going to love because it's going to change shopping. I see things that consumers will love on the gaming side and the entertainment side. I see business-related AR apps as well. They're going to be great for productivity and between small and large business. And I see apps that makes me want to go back to K-12 again and repeat my schooling because I think it changes the game in the classroom a lot.

最近，我在不同国家旅行时，看到了市场上的一些东西和即将出现的其他东西，最酷的是它们遍布各地。我看到了消费者会喜欢的东西，因为这将改变购物方式。在游戏和娱乐方面，我看到了消费者会喜欢的东西。我还看到了与业务相关的 AR 应用程序。它们将极大地提高工作效率，并在大型和小型企业之间发挥作用。我看到的应用程序让我想回到 K-12 重读，因为我认为这将大大改变课堂游戏规则。

And so the real beauty here is that it's mainstream. And of course, Apple is the only company that could have brought this because it requires both hardware and software integration, and it requires sort of making a lot of – or giving the operating system update to many people at once. And the software team worked really hard to make that go back several versions of iPhone so that we sort of have hundreds of millions of enabled devices overnight. And so there's 1,000-plus in the App Store right now. I think this is very much like in 2008, when we fired the gun in the overall App Store. And so that's what it feels like to me, and I think it will just get bigger from here.

因此，它的真正魅力在于它是主流。当然，也只有苹果公司能做到这一点，因为这需要硬件和软件的整合，需要同时为许多人提供大量的操作系统更新。软件团队非常努力地工作，使其能够追溯到几个版本的 iPhone，这样我们就能在一夜之间拥有数以亿计的启用设备。现在 App Store 上就有 1000 多款设备。我认为，这很像 2008 年我们在 App Store 全面启动时的情景。这就是我的感觉，我认为以后还会越来越大。

能在一夜之间通过软件改变大批量硬件设备只有苹果。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thanks, Mike. Can we have the next question, please?

谢谢，迈克。请问下一个问题是什么？

Operator 操作员

From Cross Research, Shannon Cross.

来自 Cross Research，香农-克罗斯。

Shannon S. Cross - Cross Research LLC

Thank you very much. A couple questions. The first, Tim, can you talk a bit about how you're thinking in terms of the lineup? You go from $340 – this is for iPhone – you go from $349 to above $1,000. And it appears that you probably sold a fair amount at the lower end. Perhaps that was just some of the switchers in China and maybe drove some of the growth in China in terms of market share. But how are you sort of thinking about what went into the guidance for the December quarter? Are you seeing really strong demand at the low end and obviously expected benefit from the X at the high end? I'm just trying to understand because you have such a broader lineup than you've had in prior years.

非常感谢。有几个问题。第一个问题，蒂姆，你能谈谈你对产品线的看法吗？iPhone 的价格从 340 美元到 1000 美元以上。看起来你们在低端产品上的销量还不错。也许这只是中国的一些换机用户，也许推动了中国市场份额的一些增长。但你们是如何考虑 12 月季度的指导目标的？你们是否看到了低端市场的强劲需求，以及高端市场对 X 的预期收益？我只是想了解一下，因为与前几年相比，你们的产品线更加丰富。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Yes. In terms of what we saw in Q4, you can probably tell from the ASP we had good success, I would say, through the different iPhones. And we've tried hard to have an iPhone that is as affordable as possible for people that really want an iPhone but may have a more limited budget. And we've got some iPhones that are really great for that market. And then we've got three new iPhones and people will look at these and decide which one they want. And this is the first time we've ever been in the position that we've had three new iPhones at once like this at the top end of the line. And it's the first time we've had a staggered launch. And so we're going to see what happens, but we put our absolutely best thinking that we have here in the guidance that Luca presented, and you can tell from that, that we're bullish.

是的，就我们在第四季度看到的情况而言，你或许可以从 ASP 上看出，我可以说，我们通过不同的 iPhone 取得了良好的成功。我们一直在努力为那些真正需要 iPhone 但预算有限的用户提供价格合理的 iPhone。我们已经推出了一些非常适合这一市场的 iPhone。此外，我们还推出了三款新 iPhone，用户可以通过查看这些产品来决定自己想要哪一款。这是我们第一次在高端产品线上同时推出三款新 iPhone。这也是我们第一次交错推出新机。因此，我们将拭目以待，但在卢卡提出的指导意见中，我们已将我们的最佳想法付诸实践，你可以从中看出，我们对未来充满信心。

Shannon S. Cross - Cross Research LLC

Great. Thank you. And then in terms of Services, $8.5 billion, up 34%, can you talk about some of the portions of that that outperformed, how sustainable? You mentioned China in terms of significant growth in Services, but I'm just curious. That's a pretty remarkable number, so I'm curious what the drivers were. Thank you.

太好了谢谢。就服务业而言，85 亿美元，增长了 34%，你能谈谈其中表现优异的部分吗？你提到了中国服务业的大幅增长，但我只是好奇。这是一个非常了不起的数字，所以我很好奇驱动力是什么。谢谢。

这种投资机构喜欢瞎扯，看了官网，没有内容也没有想法。

Luca Maestri - Apple, Inc.

Luca Maestri - 苹果公司

Yes, Shannon. It's Luca. As I mentioned in the prepared remarks, there was a $640 million adjustment and there was a one-off change. And it's important to call it out because of course it's a one-off. And so the underlying growth rate for service in the quarter was fantastic. It was 24%. It's the highest growth rate that we've had for services during fiscal 2017. So the business is going incredibly well. I would highlight maybe three of these businesses within Services at the App Store set a new all-time record. It's going incredibly well.

是的香农是卢卡 Yes, Shannon.我是卢卡。正如我在准备好的发言稿中提到的，有一个 6.4 亿美元的调整，这是一个一次性的变化。这一点很重要，因为这当然是一次性的。因此，本季度服务的基本增长率非常高。增长率为 24%。这是 2017 财年服务业的最高增长率。因此，业务发展得非常好。我想强调的是，在 App Store 的服务业务中，可能有三项业务创下了新的历史纪录。它的发展令人难以置信。

The number of paying accounts continues to grow very strongly, and that's very, very important to us for the App Store business. Apple Music was up, subscriptions were up 75% year over year. We're getting the highest conversion rates that we've had since the launch of the service. And so we turned the corner in Music. You remember that a few years ago, we were actually declining in Music; now with the streaming service in addition to the download business, the business is growing again. And that really helps the growth rate for the entire Services business.

付费帐户数量继续强劲增长，这对我们的 App Store 业务非常重要。Apple Music 的订阅量同比增长了 75%。我们的转换率是该服务推出以来最高的。因此，我们的音乐业务出现了转机。还记得几年前，我们的音乐业务实际上在下滑；现在，除了下载业务外，我们还推出了流媒体服务，业务再次增长。这确实有助于整个服务业务的增长。

iCloud is a service that continues to grow very strong double digits, and that's also helping. So we already become the size of a Fortune 100 company. We set a goal for ourselves to double what we did in fiscal 2016, and the trajectory is actually quite positive.

iCloud 是一项持续保持两位数强劲增长的服务，这也对我们有所帮助。因此，我们的规模已经与财富 100 强公司相当。我们为自己设定的目标是在 2016 财年的基础上翻一番，而现在的发展轨迹实际上相当乐观。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Shannon. Could we have the next question, please?

谢谢你，香农。请问下一个问题是什么？

Operator 操作员

Steve Milunovich with UBS.

瑞银集团的史蒂夫-米卢诺维奇

Steven Milunovich - UBS Securities LLC

Steven Milunovich - 瑞银证券有限责任公司

Thank you. I wanted to try to push a little bit more on the mix. Could you comment whether the 8 Plus outsold the 8 in the quarter? There seems to be some data that suggests that. And the 451 Research survey that you're alluding to also finds that over the next 90 days, those buying an iPhone, 43% are planning on buying the X. Could you comment upon your expectations in terms of the mix going forward? And if you won't do that, perhaps you could comment a bit about your thinking in terms of pushing price elasticity. I think a couple years ago, nobody would've imagined selling a phone at this price and obviously, you're pretty confident that you can do it.

谢谢。我想进一步了解一下产品组合。你能否评论一下 8 Plus 在本季度的销量是否超过了 8？似乎有一些数据表明了这一点。你提到的 451 Research 调查还发现，在未来 90 天内，购买 iPhone 的用户中有 43% 计划购买 X。如果你不愿意这样做，或许可以谈谈你对推动价格弹性的看法。我认为，几年前，没有人会想到会以这样的价格销售手机，很显然，你们很有信心做到这一点。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Obviously, I'm not going to talk about mix. That's something that we've done in the past. If you look at the 8 and 8 Plus, when we launched them, they instantly became our top two selling products. If you look at 8 Plus in particular, to provide a little color there, 8 Plus for the period of time that we can measure to date, has gotten off to the fastest start of any Plus model. That for us was a bit of a surprise, and a positive surprise, obviously. And so we'll see what happens next. As I've mentioned before, we've never had three products and it's only today that the first customers can sort of look at all three of those and I'm sure there's been some people that wanted to do that before deciding even which one. And so we'll see what happens there.

显然，我不会谈论混合。这是我们过去一直在做的事情。如果你看看 8 和 8 Plus，当我们推出这两款产品时，它们立即成为我们销量最好的两款产品。如果你特别看看 8 Plus，就会发现，8 Plus 是迄今为止我们能测量到的所有 Plus 机型中起步最快的。这对我们来说是个惊喜，而且显然是个积极的惊喜。接下来，我们拭目以待。正如我之前提到的，我们从未有过三款产品，直到今天，第一批客户才能看到所有三款产品。我们将拭目以待。

But in terms of price elasticity, I think it's important to remember that a large number of people pay for the phone by month. And so if you were to go out on just the U.S., since that tends to be more of the focus of this call, you look at the U.S. carriers, I think you would find you could buy an iPhone X for $33 a month. And so if you think about that, that's a few coffees a week. It's let's say less than a coffee a day at one of these nice coffee places.

但就价格弹性而言，我认为重要的是要记住，很多人是按月支付手机费用的。因此，如果你只去美国，因为这往往是这次通话的重点，你看看美国的运营商，我想你会发现你可以用每月 33 美元的价格买到 iPhone X。想想看，这相当于每周喝几杯咖啡的钱。比方说，在这些不错的咖啡馆里，一天喝不到一杯咖啡。

能把复杂的问题提炼的足够简单，但凡做不到其实也不知道自己讲的是什么。

The other thing to keep in mind is that many people are now trading in their current iPhone on the next iPhone. And the residual value for iPhone tends to be the highest in the industry and many people pick up $300, $350 or so for their iPhone and so that even reduces the monthly payment less. And then obviously, some carriers also have promotional things going on. And so I do think it's important to try to place it in that context.

还有一点要记住的是，现在很多人都在用他们现在的 iPhone 换下一部 iPhone。而 iPhone 的剩余价值往往是业内最高的，许多人都会为自己的 iPhone 购买 300 或 350 美元左右的手机，这样甚至可以减少每月的付款额。很显然，一些运营商也有促销活动。因此，我认为将其置于这一背景下是很重要的。

In terms of the way we price, we price to sort of the value that we're providing. We're not trying to charge the highest price we could get or anything like that. We're just trying to price it for what we're delivering. And iPhone X has a lot of great new technologies in there that are leading the industry, and it is a fabulous product and we can't wait for people to start getting it in their hands.

在定价方式上，我们根据我们提供的价值来定价。我们并不试图收取最高价格或类似价格。我们只是根据我们提供的产品来定价。iPhone X 有很多领先业界的新技术，是一款非常棒的产品，我们迫不及待地想让人们开始使用它。

Steven Milunovich - UBS Securities LLC

Steven Milunovich - 瑞银证券有限责任公司

And then I wanted ask, the Street historically has been a little skeptical about continued innovation and you've suggested there is more to go. Historically, you weren't first to large screens, you weren't first to OLED. Now though, you're leading in AR, you're leading with face ID, which the all-in a year ago, as some of your guys have suggested, was kind of very reminiscent of the aggressive Apple. Is it possible going forward that you could accelerate share gains from Android because you're now in a stronger competitive position?

然后我想问一下，从历史上看，市场一直对持续创新持怀疑态度，而你曾表示还有更多的创新。从历史上看，你们不是大屏幕的先行者，也不是 OLED 的先行者。但现在，你们在 AR 领域处于领先地位，在人脸识别技术方面也处于领先地位，而一年前的全线产品，正如你们的一些员工所说，让人想起了咄咄逼人的苹果公司。未来，你们是否有可能加速从 Android 手中夺回份额，因为你们现在处于更强的竞争地位？

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

I think, Steve, we've been in a competitive position. And so I probably maybe have a different view than you do or the folks that you're quoting. There's always doubting Thomases out there. And I've been hearing those for the 20 years I've been here and suspect I'll hear about them until I retire, right. So I don't really listen to that too much. There's lots of fantastic people here and they're doing unbelievable things. And yes, I view AR as profound. Not today, not the app that you'll see on the App Store today, but what it will be, what it can be. I think it's profound and I think Apple is in a really unique position to lead in this area.

我认为，史蒂夫，我们一直处于竞争地位。因此，我的看法可能与你或你引用的那些人不同。总是有怀疑的托马斯在那里。我在这里工作了 20 年，一直都能听到这样的声音，而且我怀疑直到退休我都会听到这样的声音，对吧。所以我听得不多。这里有很多了不起的人，他们做着令人难以置信的事情。是的，我认为 AR 具有深远的意义。不是今天，不是你今天会在 App Store 上看到的应用，而是它将来的样子，它可能成为的样子。我认为它意义深远，而且我认为苹果在这一领域处于独一无二的领先地位。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Steve. Could we have the next question, please?

谢谢你，史蒂夫。请问下一个问题是什么？

Operator 操作员

We'll go to Toni Sacconaghi with Bernstein.

我们来听听托尼-萨科纳吉和伯恩斯坦的谈话。

Antonio M. Sacconaghi - Sanford C. Bernstein & Co. LLC

Antonio M. Sacconaghi - Sanford C. Bernstein & Co.有限责任公司

Yes. Thank you. Just following up a little bit on that question, Tim. You talked a bit about providing a lot of value and that Apple sets its prices according to value. And I think given the uniqueness of the product you have with the iPhone X in particular, that makes a lot of sense. I guess the question is given the uniqueness of the value that you have in the marketplace, why shouldn't we – should we, or why shouldn't we expect gross margins to improve this cycle versus previous ones? And perhaps you can talk a little bit about how you think about pricing in the context of gross margin. And I have a follow-up, please.

是的，谢谢。蒂姆，我想跟进一下这个问题。你谈到了提供大量价值，以及苹果公司根据价值制定价格。我认为，鉴于 iPhone X 产品的独特性，这一点很有道理。我想问题是，鉴于你们在市场上所拥有的价值的独特性，为什么我们不应该--应该，或者说为什么我们不应该期待本轮毛利率会比上一轮有所改善？也许你可以谈谈在毛利率的背景下，你是如何考虑定价的。我还有一个后续问题。

Luca Maestri - Apple, Inc.

Luca Maestri - 苹果公司

Toni, I'll take that one. When – you said we price our products for the value that we deliver. We also said that every time we launch new products, the cost structures of the new products tend to be higher than the products that they replace. It's inevitable. We are adding new technologies, new features, and therefore the cost structures go up. We have a very good track record of taking those cost structures and over the life cycle of the product, we are able to bring them down.

托妮，我来接这个电话。你说过，我们是根据产品的价值来定价的。我们也说过，每次我们推出新产品时，新产品的成本结构往往高于其替代产品。这是不可避免的。我们正在增加新技术、新功能，因此成本结构会上升。我们有很好的记录，在产品的生命周期内，我们能够把这些成本结构降下来。

There are a lot of elements in the gross margin line that we have good control over and there are also elements that we don't control. Take for example foreign exchange, which has been a significant headwind for the company for the last three years now. Also, the mix of products that we sell into the market tends to change over time, and that also has an impact on the overall gross margin for the company. There are situations where the commodities markets are in good shape. There are situations where commodity markets can be a bit out of balance.

毛利率中有很多因素我们可以很好地控制，但也有我们无法控制的因素。以外汇为例，过去三年来，外汇一直是公司的主要不利因素。此外，我们在市场上销售的产品组合往往会随着时间的推移而发生变化，这也会对公司的整体毛利率产生影响。有些情况下，商品市场状况良好。有些情况下，商品市场可能会有些失衡。

We have a case right now around memory pricing, which is a headwind for the time being. So there's many puts and takes. The fact that our Services business is growing, it should be a positive because our Services margins tend to be accretive to company margins. So there's many puts and takes. We tend to think about maximizing gross margin dollars because we think that's the most important thing for investors at the end of the day. When we look at our track record over years, I think we've found a good balance between unit grow and gross margins and revenue, and we will continue to do that as we go forward.

我们现在有一个围绕内存定价的案例，这暂时是一个逆风。因此，我们有很多选择。事实上，我们的服务业务正在增长，这应该是一个积极因素，因为我们的服务利润率往往会增加公司的利润率。因此，有很多风险和挑战。我们倾向于考虑毛利率的最大化，因为我们认为这对投资者来说是最重要的。回顾我们多年来的业绩记录，我认为我们已经在单位增长、毛利率和收入之间找到了很好的平衡点，今后我们将继续这样做。

通过服务业提升毛利润是一个最简单的事实，最简单的往往最不容易看到，因为总想着通过不存在的东西来证明自己。

Antonio M. Sacconaghi - Sanford C. Bernstein & Co. LLC

Antonio M. Sacconaghi - Sanford C. Bernstein & Co.有限责任公司

Okay. Thank you for that. And then I wanted to revisit this notion of supply and demand, and I realize it's very early and you can't make predictions. I think a common investor question is, the iPhone X was made available for sale. It quickly had pushed out availability levels to unprecedented levels versus history. And so I think the really significant question is, is that initial push-out really a function of uniquely strong demand versus history or is that push-out in availability really a function of much weaker supply versus history?

好的谢谢。然后，我想重温一下供求关系这个概念，我知道现在为时尚早，你无法做出预测。我认为投资者经常问的一个问题是，iPhone X 上市销售后。它很快就把供货量推到了历史上前所未有的水平。因此，我认为真正重要的问题是，与历史相比，最初的推高真的是需求异常强劲的结果，还是与历史相比，供应大幅减少的结果？

So it'd be really helpful. You have in the past commented on first 24-hour orders, for which there were 4 million plus for the iPhone 6 and 6 Plus. You have very often on this call talked about targeting when you think you could reach supply/demand balance. So it'd be really helpful if you could provide some context in terms of what you know, either about initial orders or about a supplies versus history that can help investors try and better understand the little data points that they're seeing in terms of availability of the device. Thank you.

所以这真的很有帮助。你过去曾对首批 24 小时订单发表过评论，iPhone 6 和 6 Plus 的首批 24 小时订单为 400 多万。在这次电话会议上，你经常谈到你认为可以达到供需平衡的目标时间。因此，如果你能提供一些你所了解的背景情况，无论是关于首批订单，还是关于供应量与历史的对比，这将会非常有帮助，可以帮助投资者尝试更好地理解他们在设备供应方面看到的小数据点。谢谢。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

The truth is we don't know. We've put our best estimate into the guidance, and you can see from the guidance that we are very bullish. And so, and we feel really great about the product lineup. We just sold the first units minutes ago. And so we'll see how things go. Until you get all of them out there where customers have the ability to demo and support, I think any kind of mix discussion is very much estimating. And so we put our best estimates in, but grantedly, we've never done this before. So there's no comparison here, with either the three iPhones nor the staggered launch. So we're going to learn something.

事实上，我们也不知道。我们已经把我们的最佳估计写进了指导意见中，你可以从指导意见中看到我们非常看好。因此，我们对产品阵容感到非常满意。几分钟前，我们刚刚售出了第一批产品。我们将拭目以待。在你把所有产品都推向市场，让客户有能力进行演示和支持之前，我认为任何关于产品组合的讨论在很大程度上都是估算。因此，我们做出了最好的估计，但当然，我们以前从未这样做过。因此，无论是三款 iPhone 还是交错上市，都没有可比性。因此，我们会学到一些东西。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Toni. Could we have the next question, please?

谢谢你，托尼。请问下一个问题是什么？

Operator 操作员

That is Jim Suva with Citigroup.

这是花旗集团的吉姆-苏瓦。

Jim Suva - Citigroup Global Markets, Inc.

Jim Suva - 花旗集团全球市场公司

Thanks very much. And I'll ask my original question and follow-up at the same time because they're slightly different topics. But you'd mentioned great success in India. I believe, Tim, in your prepared comments you mentioned, I think, India doubled year over year. Based upon market analysis, it looks like Apple's still just a relatively small sliver of the pie there. So Tim, what would it take be even more successful in India? Is it a manufacturing footprint there? Is it partners? Is it more physical stores? Is it lower price points? Is it the bandwidth that has now caught up to many other countries, or how should we think about that?

非常感谢。我会同时问我原来的问题和后续问题，因为它们的主题略有不同。但你提到了在印度取得的巨大成功。我相信，蒂姆，在你准备好的评论中，我想你提到了印度同比翻了一番。从市场分析来看，苹果在印度的市场份额还相对较小。那么蒂姆，怎样才能在印度取得更大的成功？是在那里建立生产基地？是合作伙伴？是更多的实体店？是更低的价位？是现在已经赶上许多其他国家的带宽，还是我们应该如何考虑这个问题？

And then the follow-up question is on the AR/VR, where will it really show up in your income statement? Are you hoping more for hardware sales or services through the apps or where the excitement will then monetize it within Apple? Thank you.

后续的问题是，AR/VR 在你们的损益表中到底会显示在哪里？你是更希望通过应用程序实现硬件销售或服务，还是希望在苹果公司内部实现货币化？谢谢。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

In terms of India, many of the things that you mentioned are correct. Growing a market like India is a result of all of those things and doing them all well. And so it's analogous to the many years that we put into China. It's building stores. It's building channels. It's building markets. It's building the developer ecosystem. It's having the right product lineup for the market. And I feel like we're making good progress there and are gaining understanding of the market, but we still have a long way to go, which I sort of see as an opportunity instead of a problem. And I do feel great about the growth rate. And so that's India. I think it's all of those things.

就印度而言，你提到的许多事情都是正确的。发展像印度这样的市场是所有这些事情的结果，而且要把它们都做好。这就好比我们在中国投入了很多年。它是建立商店。建立渠道。建立市场。建立开发者生态系统。为市场提供合适的产品阵容。我觉得我们在这方面取得了不错的进展，对市场也有了一定的了解，但我们还有很长的路要走，我认为这是一个机遇，而不是问题。我对印度的增长速度感到非常满意。这就是印度。我认为这就是印度。

As you know, as I think we talked about before, we started manufacturing the iPhone SE there six, nine months ago so. And the majority of the iPhone SEs that we sold in the domestic market last quarter were manufactured there. And so we also have that going and are hoping that that winds up saving some amount of money over time and avoiding some of the compounding of taxes, et cetera.

大家都知道，我想我们之前也谈到过，我们六、九个月前开始在那里生产 iPhone SE。上个季度，我们在国内市场销售的大部分 iPhone SE 都是在那里生产的。因此，我们也有这样的打算，并希望随着时间的推移，最终能节省一些资金，并避免一些复合税等。

The bandwidth issue has also been an issue, but as you point out, it is being addressed and between the large carriers there with Bharti and now Jio investing the way they are, the service in India is materially better than it was just 12 months ago. So there's been a sea change there in a short period of time. So I feel good about all that, but we have a long way to go.

带宽问题也一直是个问题，但正如你所指出的，这个问题正在得到解决，在印度的大型运营商与 Bharti 和现在的 Jio 的投资方式之间，印度的服务比 12 个月前有了实质性的改善。因此，印度在短时间内发生了翻天覆地的变化。因此，我对此感觉良好，但我们还有很长的路要走。

In terms of the monetization question on AR/VR, we tend to focus first and foremost on customer experience. And so we're all about making sure the experience is great. And we think that if we get the experience right, that revenues and profits will be a result of getting that right. And so we're very much focused on the experience right now.

关于 AR/VR 的货币化问题，我们倾向于首先关注客户体验。因此，我们致力于确保客户体验良好。我们认为，如果体验做得好，收入和利润就会水到渠成。因此，我们现在非常注重体验。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Jim. 谢谢你，吉姆。

Jim Suva - Citigroup Global Markets, Inc.

Jim Suva - 花旗集团全球市场公司

Thank you so much for your details. Thank you.

非常感谢你提供的详细信息。谢谢。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Can we have the next question, please?

请回答下一个问题。

Operator 操作员

That will come from Amit Daryanani with RBC Capital Markets,

加拿大皇家银行资本市场（RBC Capital Markets）的阿米特-达里亚纳尼（Amit Daryanani）将为您介绍、

Amit Daryanani - RBC Capital Markets LLC

Amit Daryanani - 加拿大皇家银行资本市场有限责任公司

Thanks a lot for taking my question, guys. I have two as well. I guess maybe to start with on gross margins. Luca, year over year revenues are going to be up high single digits at the midpoint, gross margin will be down a little. Could you just tell us what are the puts and takes on that? And are yield inefficiencies broadly much more severe this time versus what you've seen historically?

非常感谢你们回答我的问题。我也有两个问题。我想还是从毛利率开始吧。卢卡，同比收入在中间点将会有较高的个位数增长，毛利率会略有下降。你能不能告诉我们这其中有什么风险？与你在历史上看到的情况相比，这一次的收益率低效率是否要严重得多？

Luca Maestri - Apple, Inc.

Luca Maestri - 苹果公司

Yes. Amit, so we're guiding 38% to 38.5%. That's up 35 bps sequentially. Obviously we're getting the leverage from the larger volumes. As I mentioned, I think to Toni, we have higher cost structures every time we launch new products. So that is going to be the offset, and I mentioned particularly the impact from the memory pricing environment which is a headwind at this point. Just to size it for you, the impact of memory on our gross margin is 40 bps sequentially and 110 bps on a year over year basis. So they are meaningful impacts, and I think that is what I think probably you're referring to.

是的阿米特，我们的指导目标是 38% 至 38.5%。环比增长 35 个基点。显然，我们从更大的销量中获得了杠杆效应。正如我向托尼提到的，每次推出新产品，我们的成本结构都会提高。因此，这将会被抵消，我特别提到了内存定价环境的影响，目前这是一个不利因素。内存对我们毛利率的影响为环比 40 个基点，同比 110 个基点。因此，这些都是有意义的影响，我想这就是你所说的影响。

Amit Daryanani - RBC Capital Markets LLC

Amit Daryanani - 加拿大皇家银行资本市场有限责任公司

Got it. That's really helpful. And I guess if I could just follow up on the Services line. I mean you guys talked about it a fair amount earlier, but even if you exclude the one-time gain, it looks like the back half of 2017 accelerated by 500 basis points in fiscal 2017 versus the first half of 2017. Qualitatively or quantitatively, is there a way to think about how much of this is from expanding of the installed base, which is one of the three things you mentioned I think, versus more dollar per iOS device that you see?

明白了很有帮助。我想我可以跟进一下服务业的情况。我的意思是，你们之前谈了很多，但即使不考虑一次性收益，2017 财年下半年与 2017 财年上半年相比，似乎也加快了 500 个基点。从定性或定量的角度来看，是否有办法考虑这其中有多少是来自于装机量的扩大，我想这是你们提到的三件事之一，而不是你们看到的每台 iOS 设备所带来的更多美元？

Luca Maestri - Apple, Inc.

Luca Maestri - 苹果公司

Yes. I think it's both. As I mentioned, particularly on the App Store, which is very important to us, the number of paying accounts has grown a lot. It's grown a lot because, as you said, the installed base has grown, but also because we have made a number of changes that have made it easier for our customers around the world to participate on the App Store and be able to transact on the App Store. We are accepting, for example, more forms of payment today than we were 12 months ago or even 6 months ago. So that's been very important.

是的，我认为两者都有。正如我提到的，特别是在对我们非常重要的 App Store 上，付费账户的数量增长了很多。正如你所说，账户数量的增长不仅是因为安装量的增长，还因为我们进行了一系列改革，使全球客户更容易参与 App Store 并在 App Store 上进行交易。例如，与 12 个月前甚至 6 个月前相比，我们现在可以接受更多的支付方式。因此，这一点非常重要。

We also see that there is a typical spending curve for our customers. When they start transacting on the Store, they start at a certain level and they tend over time to get more familiar with the Store and they start to spend more. We're also now, very recently, made some changes, as you probably have seen, to the design of the App Store. And I was mentioning to you in the prepared remarks that these changes have been received very favorably. And so people now are spending more time on the Store, they download more apps, and that over time translates into monetization.

我们还发现，我们的客户有一个典型的消费曲线。当他们开始在应用商店进行交易时，他们会从某一水平开始，随着时间的推移，他们会越来越熟悉应用商店，并开始消费更多。我们最近还对 App Store 的设计进行了一些改动，你们可能已经看到了。我在准备好的发言稿中提到，这些变化受到了好评。因此，现在人们在应用商店上花费的时间更多了，下载的应用程序也更多了，随着时间的推移，这将转化为货币化。

这就是软件的价值。

But we also have other businesses that are growing very, very fast and actually accelerating. I mentioned Music. I mentioned iCloud, and so it all adds up. And as you correctly point out, our growth rate is accelerating.

但是，我们还有其他业务也在快速增长，而且实际上还在加速。我提到了音乐。我提到了 iCloud，所以这些都加在一起。正如你正确指出的，我们的增长速度正在加快。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Amit. Could we have the next question please?

谢谢你，阿米特。请问下一个问题是什么？

Operator 操作员

From Drexel Hamilton, Brian White.

来自德雷塞尔汉密尔顿的布莱恩-怀特。

Brian J. White - Drexel Hamilton LLC

Yeah, Tim, I'm wondering if we take a look at mainland China and we think about iPhone 8 and iPhone 8 Plus, they've been on sale for a while now. What has been the just general response to those two new iPhones and also preorders around the iPhone X in mainland China?

是的，蒂姆，我想知道，如果我们看看中国大陆，再想想 iPhone 8 和 iPhone 8 Plus，它们已经上市销售一段时间了。这两款新 iPhone 以及 iPhone X 在中国大陆的预售情况如何？

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Brian, I hate to repeat this, but we don't really disclose mix. We view it as competitive information that we want to hold tightly ourselves. In terms of the way the preorder process works in China in the channel, so not in our direct channel, but in the broader carrier channel and channel, they generally take indications of interest versus something that I would label a preorder. And so I would hesitate to even quote a number for fear it could be misconstrued. And we'll find out what the demand and where the supply and demand meet sometime in the future. I don't know when yet, but we're really excited to get going to find out.

布莱恩，我不想重复这一点，但我们并不真正披露混合信息。我们将其视为竞争信息，希望自己严格掌握。就中国渠道（不是我们的直销渠道，而是更广泛的运营商渠道和渠道）的预购流程而言，他们一般采取意向订单，而不是我所称的预购订单。因此，我很犹豫是否要给出一个数字，因为我担心这会被误解。我们会在未来的某个时候发现需求和供需的交汇点。我现在还不知道是什么时候，但我们真的很高兴能找到答案。

Brian J. White - Drexel Hamilton LLC

And, Tim, it's interesting that sales grew 16% sequentially. If you look at the past five years, sales were up 7% in the September quarter, so that's an average. Yet you didn't have all your iPhones in the market. So if you had to, what would you attribute that to? It's a pretty big disconnect, 16% versus an average of 7%.

蒂姆，有趣的是，销售额连续增长了 16%。纵观过去五年，九月份的销售额平均增长了 7%。然而，你并没有在市场上销售所有的 iPhone。所以，如果你不得不这样做，你会把这归因于什么？这是一个相当大的脱节，16% 与 7% 的平均值相比。

这是卖硬件的问题，软件订阅没有这个问题，但如果软件脱离了硬件，长期成长的地基没有了，能把两件事同时做好需要具备非常强大的价值观，苹果在这方面的优势可以在后续跟其他企业的比较中进一步确定。

Timothy D. Cook - Apple, Inc.

蒂莫西-D-库克 - 苹果公司

Our emerging market performance during the quarter was very strong. And if you take China out, it's even stronger. But you can see that China rebounded. And as I'd indicated before, the China rebound was broad based across the products. And so we just had a phenomenal quarter on iPad, on the Mac, on Services, on Apple Watch, on iPhone. I mean we're literally, we're firing on all cylinders. And so that's what, that and our new products give us great confidence headed into this holiday season that this is going to be the best holiday season yet.

本季度，我们在新兴市场的表现非常强劲。如果把中国剔除，表现会更加强劲。但你可以看到，中国出现了反弹。正如我之前指出的，中国市场的反弹是基于各种产品的。因此，我们在 iPad、Mac、服务、Apple Watch 和 iPhone 上都取得了惊人的季度业绩。我的意思是，我们真的是全面开花。因此，这一点和我们的新产品让我们对进入这个假期旺季充满信心，认为这将是迄今为止最好的假期旺季。

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

Thank you, Brian. 谢谢你，布莱恩。

Brian J. White - Drexel Hamilton LLC

And, Tim - 蒂姆

Nancy Paxton - Apple, Inc.

南希-帕克斯顿 - 苹果公司

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. And the numbers for the telephone replay are 888-203-1112 or 719-457-0820, and please enter confirmation code 2484260. These replays will be available by approximate 5:00 p.m. Pacific Time today.

今天电话会议的重播将在两周内通过 Apple Podcasts、apple.com/investor 网播和电话提供。电话重播的号码是 888-203-1112 或 719-457-0820，请输入确认码 2484260。这些重播将在太平洋时间今天下午 5:00 左右提供。

Members of the press with additional questions can contact Kristin Huguet at 408-974-2414, and financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-974-4570, and I'm at 408-974-5420. Thank you again for joining us.

媒体记者如有其他问题，请联系克里斯汀-胡盖特（Kristin Huguet），电话：408-974-2414；金融分析师如有其他问题，请联系琼-胡佛（Joan Hoover）或我。琼的电话是 408-974-4570，我的电话是 408-974-5420。再次感谢您的参与。

Operator 操作员

Ladies and gentlemen, that does conclude today's presentation. We do thank everyone for your participation.

女士们，先生们，今天的发言到此结束。感谢大家的参与。

2017-11-02 Apple Inc. (AAPL) Q4 2017 Earnings Call Transcript

2017-11-02 Apple Inc. (AAPL) Q4 2017 Earnings Call Transcript

Article Comments Update

热门标签

Related Articles

2016-10-25 Apple Inc. (AAPL) Q4 2016 Earnings Call Transcript

2022-10-27 Apple Inc. (AAPL) Q4 2022 Earnings Call Transcript

2008-10-21 Apple Inc. (AAPL) Q4 2008 Earnings Call Transcript

2011-10-18 Apple Inc. (AAPL) Q4 2011 Earnings Call Transcript

2010-10-18 Apple Inc. (AAPL) Q4 2010 Earnings Call Transcript