2023-08-03 Apple Inc. (AAPL) Q3 2023 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q3 2023 Earnings Conference Call August 3, 2023 5:00 PM ET
苹果公司（NASDAQ：AAPL）2023 年第三季度收益电话会议 2023 年 8 月 3 日 下午 5:00 ET
Company Participants 公司参与者
Saori Casey - VP, Finance
萨奥丽·凯西 - 财务副总裁
Tim Cook - CEO
蒂姆·库克 - 首席执行官
Luca Maestri - CFO
卢卡·马埃斯特里 - 首席财务官
Conference Call Participants
电话会议参与者
Shannon Cross - Crédit Suisse
香农·克罗斯 - 瑞士信贷
Wamsi Mohan - Bank of America Merrill Lynch
沃姆西·莫汉 - 美国银行美林证券
David Vogt - UBS
大卫·福格 - 瑞银 UBS
Sidney Ho - Deutsche Bank
悉尼·何 - 德意志银行
Krish Sankar - TD Cowen
克里什·桑卡 - TD Cowen
Amit Daryanani - Evercore ISI
阿米特·达亚纳尼 - Evercore ISI
Aaron Rakers - Wells Fargo Securities
亚伦·雷克斯 - 富国银行证券
Michael Ng - Goldman Sachs Group
迈克尔·吴 - 高盛集团
Erik Woodring - Morgan Stanley
埃里克·伍德林 - 摩根士丹利
Harsh Kumar - Piper Sandler & Co.
哈什·库马 - 派普桑德勒公司。
Operator 操作员
Good day, and welcome to the Apple Q3 Fiscal Year 2023 Earnings 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 Saori Casey, Vice President of Finance. Please go ahead.
大家好，欢迎参加苹果 2023 财年第三季度收益电话会议。今天的通话正在录音。现在，我想请财务副总裁 Saori Casey 发表开场致辞和介绍。请开始。
Saori Casey 萨奥丽·凯西
Thank you. Good afternoon, and thank you for joining us. Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.
谢谢。下午好，感谢您的参与。今天首先发言的是苹果公司的首席执行官蒂姆·库克；接着是首席财务官卢卡·马埃斯特里。之后，我们将向分析师提问。
Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of macroeconomic conditions on the company's business and the results of operations.
请注意，今天讨论中您将听到的部分信息将包括前瞻性声明，包括但不限于有关收入、毛利率、营业费用、其他收入和支出、税收、资本配置以及未来业务展望的内容，包括宏观经济条件对公司业务和运营结果的潜在影响。
These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K 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, which speak only as of the date they are made.
这些声明涉及风险和不确定性，可能导致实际结果或趋势与我们的预测大不相同。有关更多信息，请参阅苹果公司最近提交的 10-K 表格年度报告中讨论的风险因素，以及今天向证券交易委员会提交的 8-K 表格，以及相关的新闻发布。苹果不承担更新任何前瞻性声明的义务，这些声明仅在其制作日期有效。
I'd now like to turn the call over to Tim for introductory remarks.
我现在想把电话交给蒂姆发表开场白。
Tim Cook 蒂姆·库克
Thank you, Saori. Good afternoon, everyone, and thanks for joining us. Today, Apple is reporting revenue of $81.8 billion for the June quarter, better than our expectations. We continued to see strong results in emerging markets, driven by robust sales of iPhone with June quarter total revenue records in India, Indonesia, Mexico, the Philippines, Poland, Saudi Arabia, Turkey and the UAE. We set June quarter records in a number of other countries as well, including France, the Netherlands and Austria. And we set an all-time revenue record in Services driven by more than $1 billion paid subscriptions.
谢谢，Saori。大家下午好，感谢大家的参与。今天，苹果报告 6 月季度收入为 818 亿美元，好于我们的预期。我们继续看到新兴市场的强劲业绩，受到 iPhone 销售强劲推动，印度、印度尼西亚、墨西哥、菲律宾、波兰、沙特阿拉伯、土耳其和阿联酋在 6 月季度实现了总收入纪录。我们在其他许多国家也创下了 6 月季度的纪录，包括法国、荷兰和奥地利。我们在服务领域创下历史收入纪录，超过 10 亿美元的付费订阅。
We continued to face an uneven macroeconomic environment, including nearly 4 percentage points of foreign exchange headwinds. On a constant currency basis, we grew compared to the prior year's quarter in aggregate and in the majority of markets we track. We continue to manage deliberately and innovate relentlessly, and we are driven by the sense of possibility those efforts inspire.
我们继续面对不稳定的宏观经济环境，包括近 4 个百分点的外汇风险。按照恒定汇率计算，我们在总体和我们追踪的大多数市场上，与去年同期相比实现了增长。我们继续有意识地管理和不懈创新，我们被这些努力激发的可能性感所驱动。
To that end, before I turn to the quarter in more detail, I want to take a moment to acknowledge the unprecedented innovations we were proud to announce at our Worldwide Developers Conference. In addition to extraordinary new Macs and incredible updates to our software platforms, we had the chance to introduce the world to spatial computing.
为此，在我更详细地讨论本季度之前，我想花点时间来承认我们在全球开发者大会上自豪地宣布的前所未有的创新。除了非凡的新款 Mac 产品和对我们软件平台的令人难以置信的更新之外，我们还有机会向世界介绍空间计算。
We were so pleased to share the revolutionary Apple Vision Pro with the world, a bold new product unlike anything else created before. Apple Vision Pro is a marvel of engineering, built on decades of innovation only possible at Apple. It is the most advanced personal electronic device ever created, and we've been thrilled by the reaction from press, analysts, developers and content creators who've had the chance to try it. We can't wait to get it into customers' hands early next year.
我们很高兴与世界分享具有革命性的苹果 Vision Pro，这是一款前所未有的大胆新产品。苹果 Vision Pro 是工程奇迹，是凭借数十年创新才有可能在苹果实现的。它是有史以来最先进的个人电子设备，我们对媒体、分析师、开发人员和内容创作者的反应感到兴奋，他们有机会尝试它。我们迫不及待地希望明年初将其交到客户手中。
Now let me share more with you on our June quarter results beginning with iPhone. iPhone revenue came in at $39.7 billion for the quarter, down 2% from the year ago quarter's record performance. On a constant currency basis, iPhone revenue grew, and we had a June quarter record for switchers, reflecting the popularity of the iPhone lineup. iPhone 14 customers continue to praise the exceptional battery life and essential health and safety features, while iPhone 14 Plus users are loving the new larger screen size. And with Dynamic Island, Always-On display and the most powerful camera system ever in an iPhone, the iPhone 14 Pro lineup is our best ever.
现在让我和大家分享一下我们 6 月季度的业绩，首先是关于 iPhone。本季度 iPhone 的营收为 397 亿美元，与去年同期创纪录的表现相比下降了 2%。按照恒定汇率计算，iPhone 的营收有所增长，我们在 6 月季度创下了转换用户的记录，反映了 iPhone 系列的受欢迎程度。iPhone 14 的用户继续赞扬其出色的电池续航能力和重要的健康安全功能，而 iPhone 14 Plus 的用户则喜爱新的更大屏幕尺寸。而搭载 Dynamic Island、Always-On 显示屏以及史上最强大的摄像系统的 iPhone 14 Pro 系列是我们迄今为止最好的产品线。
Turning to Mac. We recorded $6.8 billion in revenue, down 7% year-over-year. We are proud to have completed the transition of our entire Mac lineup to run exclusively on Apple silicon. We are also excited to have introduced the new 15-inch MacBook Air during the quarter, the world's best 15-inch laptop and one of the best Macs we've ever made. And we launched 2 new powerhouses in computing, Mac Studio with M2 Max and M2 Ultra and Mac Pro with M2 Ultra, which are the most powerful Macs we've ever made.
转向 Mac。我们录得 68 亿美元的收入，同比下降 7%。我们自豪地宣布，我们的整个 Mac 产品线已成功过渡到仅采用 Apple 芯片。我们还很高兴在本季度推出了新的 15 英寸 MacBook Air，这是世界上最好的 15 英寸笔记本电脑，也是我们制造过的最好的 Mac 之一。此外，我们推出了两款新的强大计算机产品，分别是搭载 M2 Max 和 M2 Ultra 的 Mac Studio，以及搭载 M2 Ultra 的 Mac Pro，它们是我们制造过的最强大的 Mac 产品。
采用自己的芯片是刚刚做成的事，这个事应该有很长期的影响。
iPad revenue was $5.8 billion for the June quarter, down 20% year-over-year, in part due to a difficult compare because of the timing of the iPad Air launch last year. Customers are loving iPad's versatility and exceptional value. There was a great deal of excitement from creatives when we brought Final Cut Pro and Logic Pro to iPad this spring. And with the back-to-school season in full swing, iPad has the power to help students tackle the toughest assignments.
iPad 在 6 月季度的收入为 58 亿美元，同比下降 20％，部分原因是去年 iPad Air 推出的时间。客户喜爱 iPad 的多功能性和卓越价值。今年春天我们将 Final Cut Pro 和 Logic Pro 带到 iPad 时，创意人士表现出极大的兴奋。随着返校季节的到来，iPad 有助于学生完成最艰难的任务。
Across Wearables, Home and Accessories, revenue was $8.3 billion, up 2% year-over-year and in line with our expectations. Packed with features to empower users to live a healthier life, Apple Watch and Apple Watch Ultra continue to help people take the next step on their wellness journey.
跨可穿戴设备、家居和配件领域，收入为 83 亿美元，同比增长 2%，符合我们的预期。Apple Watch 和 Apple Watch Ultra 充满功能，帮助用户过上更健康的生活，继续帮助人们在健康之旅上迈出下一步。
As I mentioned earlier, last quarter, we held our biggest and most exciting WWDC yet. We were thrilled to welcome developers from across the globe to Apple Park, both in person and virtually, and to share some stunning new announcements with the world.
正如我之前提到的，上个季度，我们举办了迄今为止规模最大、最激动人心的 WWDC。我们很高兴地欢迎来自全球各地的开发者来到苹果园，无论是亲自到场还是通过虚拟方式参与，并向全世界分享了一些令人惊叹的新公告。
In addition to Apple Vision Pro and the new Macs that we introduced, we had the chance to reveal some truly remarkable new innovations to our software platforms. From exciting new features like Live Voicemail and StandBy in iOS 17, to new tools for users to work, play and personalize their experience in macOS Sonoma and iPadOS 17, to a fresh design and new workout capabilities in watchOS 10, there's so much coming later this year to empower users to get more out of their devices, and we think they're going to instantly love these new features.
除了我们介绍的 Apple Vision Pro 和新的 Mac 之外，我们还有机会向大家展示一些真正引人注目的新软件平台创新。从 iOS 17 中令人兴奋的新功能，如实时语音邮件和待机功能，到 macOS Sonoma 和 iPadOS 17 中为用户提供的新工具，让用户在工作、娱乐和个性化体验方面更加便捷，再到 watchOS 10 中全新的设计和新的锻炼功能，今年稍后将有更多功能推出，让用户能够更好地利用他们的设备，我们相信他们会立即喜爱这些新功能。
It was also an exciting quarter for Services where revenue reached $21.2 billion and saw a sequential acceleration to an 8% year-over-year increase, better than we expected. We set an all-time revenue record for total services and in a number of categories, including video, AppleCare, cloud and payment services. Since we introduced Apple Pay almost a decade ago, customers have been loving how easy it is to make purchases online, in apps and in stores. We're also pleased to see Apple Card build on the success of Apple Pay. Designed with our users' financial health in mind, Apple Card has become one of the most successful credit card programs in the U.S. with award-winning customer satisfaction. And this spring, we introduced a new high-yield savings account for Apple Card customers, which has become incredibly popular, with customers already making more than $10 billion in deposits.
服务业也是一个令人兴奋的季度，收入达到 212 亿美元，并出现了顺序加速，同比增长 8%，超出我们的预期。我们创下了总服务收入的历史纪录，在视频、AppleCare、云和支付服务等多个类别中也取得了成功。自从将近十年前推出 Apple Pay 以来，顾客一直喜欢它在网上、应用程序和商店购物的便利性。我们也很高兴看到 Apple Card 在 Apple Pay 的成功基础上取得了进展。考虑到用户的财务健康，Apple Card 已成为美国最成功的信用卡计划之一，获得了屡获殊荣的客户满意度。今年春天，我们为 Apple Card 客户推出了一款新的高收益储蓄账户，已经广受欢迎，顾客已经存入超过 100 亿美元。
大型科技企业对传统经济的侵蚀还在进行中，未来不是传统企业学会科技，而是科技企业替代传统企业，已经落后在竞争压力中会不断的给自己制造问题，不会再有翻身的机会。
Meanwhile, Apple TV+ continues to provide a spectacular showcase of imaginative storytelling. Recently, fans welcomed new series like Hijack and Silo as well as returning fan favorites like Foundation and The Afterparty. In the few years since its launch, Apple TV+ has earned more than 1,500 nominations and 370 wins. That includes the 54 Emmy Award nominations across 13 titles that Apple TV+ received last month.
与此同时，Apple TV+继续提供惊人的富有想象力的故事展示。最近，粉丝们迎来了新系列《Hijack》和《Silo》，以及回归的粉丝喜爱作品《Foundation》和《The Afterparty》。自推出以来的几年里，Apple TV+已获得超过 1,500 项提名和 370 项奖项。其中包括上个月 Apple TV+获得的 13 个作品共 54 项艾美奖提名。
It's also been an exciting time for sports on Apple TV+. Soccer legend Lionel Messi made his debut with Major League Soccer last month, and fans all over the world tuned in with MLS Season Pass. We are excited about our MLS partnership, and we're thrilled to see Messi suiting up with Inter Miami.
苹果电视+上的体育赛事也是令人兴奋的。足球传奇梅西上个月在美国职业足球大联盟首次亮相，全球粉丝们通过 MLS 季票纷纷观看。我们对与 MLS 的合作感到兴奋，并且很高兴看到梅西加盟迈阿密国际队。
And just in time for summer concert season, Apple Music launched new discovery features celebrating live music, including venue guides in Apple Maps and set lists from tours of major artists. These new features and others join a lineup of updates coming later this year to make Services more powerful, more useful and more fun than ever.
正值夏季音乐会季来临之际，Apple Music 推出了新的发现功能，以庆祝现场音乐，包括在 Apple Maps 中的场馆指南以及来自主要艺术家巡回演出的曲目列表。这些新功能和其他功能将加入今年晚些时候推出的更新系列，使服务比以往更强大、更实用和更有趣。
Apple Music很容易结合AI，音乐是很有规律的，很容易做标记（token），Apple Music根据个人喜好播放歌曲的效果将越来越好。
Everything we do is in service of our customers, and retail is where we bring the best of Apple. During the quarter, we opened the Apple Store online in Vietnam, and we're excited to connect with more customers there. We also redesigned our first-ever Apple Store located in Tysons Corner, Northern Virginia, with inclusive, innovative and sustainable design enhancements. We opened a beautiful new store beneath our new London headquarters in the historic Battersea Power Station. And the performance of the stores we opened in India this spring exceeded our initial expectations.
我们所做的一切都是为了顾客服务，零售是我们展现苹果最好的地方。在本季度，我们在越南开设了苹果在线商店，很高兴能与更多顾客建立联系。我们还重新设计了位于弗吉尼亚州北部泰森斯角的首家苹果零售店，采用了包容、创新和可持续设计增强措施。我们在伦敦历史悠久的巴特西发电站新总部下方开设了一家漂亮的新店。今年春季我们在印度开设的门店表现超出了最初的预期。
With every product we create, every feature we develop and every interaction we share with our customers, we lead with the values we stand for. We believe in creating technology that serves all of humanity, which is why accessibility has always been a core value that we embed in everything we do.
在我们创造的每一个产品、开发的每一个功能以及与客户分享的每一个互动中，我们始终秉持着我们所坚守的价值观。我们相信创造能够服务全人类的技术，这就是为什么无障碍始终是我们嵌入在一切工作中的核心价值观。
On Global Accessibility Awareness Day, we unveiled some extraordinary new tools for cognitive, vision, hearing and mobile accessibility that will be available later this year, including Assistive Access, which distills apps to their most essential features, and Personal Voice, which allows users to create a synthesized voice that sounds just like them.
在全球无障碍意识日，我们发布了一些非凡的新工具，用于认知、视觉、听觉和移动无障碍，这些工具将在今年晚些时候推出，包括辅助访问（Assistive Access），它将应用程序精简为最基本的功能，以及个人语音（Personal Voice），允许用户创建一个听起来与他们本人一模一样的合成语音。
Building technology and service of our customers also means protecting their privacy, which we believe is a fundamental human right. That's why we were pleased to announce major updates to Safari Private Browsing, Communication Safety and Lockdown Mode to further safeguard our users. And as part of our efforts to build a better world, we announced that we've more than doubled our initial commitment to our Racial Equity and Justice Initiative to more than $200 million. We will continue to do our part to support education, economic empowerment and criminal justice reform work. And while supporting efforts to advance equity and opportunity, we continue to build a culture of belonging at Apple and a workforce that reflects the communities we serve.
建设我们客户的技术和服务也意味着保护他们的隐私，我们认为这是一项基本的人权。这就是为什么我们很高兴地宣布对 Safari 私密浏览、通信安全和封锁模式进行了重大更新，以进一步保护我们的用户。作为建设更美好世界的努力的一部分，我们宣布我们将我们的种族平等与正义倡议的初始承诺增加了一倍以上，达到了超过 2 亿美元。我们将继续尽我们的一份力支持教育、经济赋权和刑事司法改革工作。在支持促进公平与机会的努力的同时，我们将继续在苹果打造一种归属感文化，并建立一个反映我们服务社区的员工队伍。
"Prevent cross-site tracking"，这个选项搞死很多应用程序，zoho是其中之一，很多网页或者APP在苹果的环境中表现不好都跟苹果的严格要求有关。
Through our environmental work, we're making strides in our commitment to leave the world better than we found it. Last month, Apple joined with global nonprofit Acumen in a new effort to improve livelihoods in India through clean energy innovation, and we are as committed as ever to our Apple 2030 goal to be carbon neutral across our entire supply chain and the life cycle of our products.
通过我们的环境工作，我们正在努力履行我们的承诺，让世界比我们发现时更美好。上个月，苹果与全球非营利组织 Acumen 合作，共同努力通过清洁能源创新改善印度的生计，我们对我们的苹果 2030 目标依然如一，即在我们整个供应链和产品生命周期中实现碳中和。
We've long held that education is the great equalizer. With that in mind, we're expanding Apple Learning Coach, a free professional learning program that teaches educators how to get more out of Apple technology in the classroom. Today, we welcome more than 1,900 educators across the U.S. to the program. By the end of the year, we'll offer Apple Learning Coach in 12 more countries.
我们长期以来一直认为教育是伟大的平等化工具。考虑到这一点，我们正在扩大苹果学习教练项目，这是一个免费的专业学习计划，教育工作者如何在课堂上更好地利用苹果技术。今天，我们欢迎来自美国的 1900 多名教育工作者加入该项目。到年底，我们将在另外 12 个国家提供苹果学习教练项目。
As we're connecting with teachers, we're also celebrating the graduations of students at our app developer academies around the world. From Detroit, to Naples, to Riyadh and more, we're excited to watch these talented developers embark on careers in coding and find ways to make a positive difference in their communities.
当我们与教师们联系时，我们也在世界各地的应用开发者学院庆祝学生们的毕业。从底特律到那不勒斯，再到利雅得等地，我们很高兴看到这些才华横溢的开发者开始他们的编码职业生涯，并找到方法在他们的社区中产生积极影响。
Apple remains a champion of innovation, a company fueled by boundless creativity, driven by a deep sense of mission and guided by the unshakable belief that a great idea can change the world. Looking ahead, we'll continue to manage for the long term, always pushing the limits of what's possible and always putting the customer at the center of everything we do.
苹果仍然是创新的冠军，这是一家由无限创造力推动的公司，深深植根于使命感，始终坚信伟大的理念可以改变世界。展望未来，我们将继续以长远目标为导向，不断挑战可能性的极限，始终将客户置于我们所做的一切的中心位置。
With that, I'll turn it over to Luca.
有了这个，我将把话题交给卢卡。
Luca Maestri 卢卡·马埃斯特里
Thank you, Tim, and good afternoon, everyone. Revenue for the June quarter was $81.8 billion, down 1% from last year and better than our expectations despite nearly 4 percentage points of negative impact from foreign exchange. On a constant currency basis, our revenue grew year-over-year in total and in the majority of the markets we track. We set June quarter records in both Europe and Greater China and continue to see strong performance across our emerging markets driven by iPhone.
谢谢，蒂姆，大家下午好。六月季度收入为 818 亿美元，比去年下降 1%，尽管受到近 4 个百分点的外汇负面影响，但好于我们的预期。按恒定汇率计算，我们的收入在总体和我们追踪的大多数市场中同比增长。我们在欧洲和大中华地区创下了六月季度的记录，并继续看到由 iPhone 推动的新兴市场表现强劲。
Products revenue was $60.6 billion, down 4% from last year, as we faced FX headwinds and an uneven macroeconomic environment. However, our installed base reached an all-time high across all geographic segments, driven by a June quarter record for iPhone switchers and high new-to rates in Mac, iPad and Watch, coupled with very high levels of customer satisfaction and loyalty.
产品收入为 606 亿美元，比去年下降 4%，因为我们面临外汇风险和不稳定的宏观经济环境。然而，我们的用户基数在所有地理区段达到历史最高水平，受 6 月份 iPhone 转换者创纪录和 Mac、iPad 和 Watch 的高新用户率推动，再加上非常高水平的客户满意度和忠诚度。
Our Services revenue set an all-time record of $21.2 billion, up 8% year-over-year and grew double digits in constant currency. Our performance was strong around the world as we reach all-time Services revenue records in Americas and Europe and June quarter records in Greater China and rest of Asia Pacific.
我们的服务收入创下了历史新高，达到 212 亿美元，同比增长 8%，在恒定货币下增长了两位数。我们在全球表现强劲，实现了美洲和欧洲的历史最高服务收入记录，以及大中华区和亚太其他地区的六月季度记录。
Company gross margin was 44.5%, a record level for the June quarter and up 20 basis points sequentially, driven by cost savings and favorable mix shift towards Services, partially offset by a seasonal loss of leverage. Products gross margin was 35.4%, down 130 basis points from last quarter due to seasonal loss of leverage and mix, partially offset by favorable costs. Services gross margin was 70.5%, decreasing 50 basis points sequentially.
公司毛利率为 44.5%，为六月季度创纪录水平，较上季度提高 20 个基点，主要受成本节约和有利于服务业的组合转变推动，部分抵消了季节性杠杆损失。产品毛利率为 35.4%，较上一季度下降 130 个基点，主要是由于季节性杠杆损失和组合变化，部分抵消了有利成本。服务业毛利率为 70.5%，较上季度下降 50 个基点。
Operating expenses of $13.4 billion were below the low end of the guidance range we provided at the beginning of the quarter and decelerated from the March quarter. We continue to take a deliberate approach in managing our spend with strong focus on innovation and new product development. The results of these actions delivered net income of $19.9 billion, diluted earnings per share of $1.26, up 5% versus last year, and very strong operating cash flow of $26.4 billion.
运营支出为 134 亿美元，低于我们在本季度初提供的指导范围的下限，并较 3 月季度有所减速。我们继续以刻意的方式管理支出，重点放在创新和新产品开发上。这些举措的结果为 199 亿美元的净收入，每股摊薄收益为 1.26 美元，较去年增长 5％，以及 264 亿美元非常强劲的营运现金流。
Let me now provide more detail for each of our revenue categories. iPhone revenue was $39.7 billion, down 2% year-over-year but grew on a constant currency basis. We set revenue records in several markets around the world, including an all-time record in India and June quarter records in Latin America, the Middle East and Africa, Indonesia, the Philippines, Italy, the Netherlands and the U.K. Our iPhone active installed base grew to a new all-time high, thanks to a June quarter record in switchers. This is a testament to our extremely high levels of customer satisfaction, which 451 Research recently measured at 98% for the iPhone 14 family in the U.S.
让我现在为我们每个收入类别提供更详细的信息。iPhone 收入为 397 亿美元，同比下降 2%，但按恒定汇率增长。我们在全球多个市场创下了收入纪录，包括印度的历史新高，以及拉丁美洲、中东和非洲、印度尼西亚、菲律宾、意大利、荷兰和英国在六月季度的纪录。由于转换者在六月季度创下纪录，我们的 iPhone 活跃安装基数达到了新的历史高点。这证明了我们极高水平的客户满意度，451 研究最近在美国测得 iPhone 14 系列的满意度为 98%。
Mac generated $6.8 billion in revenue, down 7% year-over-year. We continue to invest in our Mac portfolio. And this past quarter, we were pleased to complete the transition to Apple silicon for the entire lineup. This transition has driven both strong upgrade activity and a high number of new customers. In fact, almost half of Mac buyers during the quarter were new to the product. We also saw reported customer satisfaction of 96% for Mac in the U.S.
Mac 产生了 68 亿美元的收入，同比下降了 7%。我们继续投资于我们的 Mac 系列产品。在过去的季度，我们很高兴地完成了整个产品线向 Apple 硅的过渡。这一过渡推动了强劲的升级活动和大量新客户的增加。事实上，在本季度，几乎一半的 Mac 购买者是新用户。我们还看到美国 Mac 的报告客户满意度达到了 96%。
iPad revenue was $5.8 billion, down 20% year-over-year and in line with our expectations. These results were driven by a difficult compare against the full quarter impact of the iPad Air launch in the prior year. At the same time, we continue to attract a large number of new customers to the iPad installed base with over half of the customers who purchased iPads during the quarter being new to the product. And the latest reports from 451 Research indicate customer satisfaction of 96% in the U.S.
iPad 收入为 58 亿美元，同比下降 20%，符合我们的预期。这些结果受到与前一年 iPad Air 发布全季度影响的艰难比较的推动。与此同时，我们继续吸引大量新客户加入 iPad 用户群，本季度购买 iPad 的客户中有一半以上是新用户。而 451 Research 的最新报告显示，美国客户满意度达到 96%。
Wearables, Home and Accessories revenue was $8.3 billion, up 2% year-over-year, with a June quarter record in Greater China and strong performance in several emerging markets. We continue to see Apple Watch expand its reach with about 2/3 of customers purchasing an Apple Watch during the quarter being new to the product. And this is combined with very high levels of customer satisfaction, which was recently reported at 98% in the United States.
可穿戴设备、家居及配件收入为 83 亿美元，同比增长 2%，在大中华区创下六月季度纪录，并在几个新兴市场表现强劲。我们继续看到苹果手表扩大其影响力，约有三分之二的客户在本季度购买苹果手表时是首次接触该产品。再加上极高水平的客户满意度，最近在美国报告的满意度达到 98%。
Moving on to Services. We reached a new all-time revenue record of $21.2 billion with year-over-year growth accelerating sequentially to 8% and up double digits in constant currency. In addition to the all-time records Tim mentioned earlier, we also set June quarter records for advertising, App Store and Music. We are very pleased with our performance in Services, which is a direct reflection of our ecosystem's strength.
转向服务。我们实现了新的历史收入纪录，达到 212 亿美元，同比增长率逐季加速至 8%，在恒定货币条件下增长了两位数。除了 Tim 之前提到的历史纪录，我们还创下了广告、App Store 和音乐的六月季度纪录。我们对我们在服务领域的表现感到非常满意，这直接反映了我们生态系统的实力。
苹果总有一天会完成这个切换：从硬件到软件，如果硬件是耐用的奢侈品，慢慢转向软件是必然的方向，切换过程可能会有波折。
First, our installed base of over 2 billion active devices continues to grow at a nice pace and establishes a solid foundation for the future expansion of our ecosystem. Second, we see increased customer engagement with our services. Both our transacting accounts and paid accounts grew double digits year-over-year, each reaching a new all-time high. Third, our paid subscriptions showed strong growth. This past quarter, we reached an important milestone and passed 1 billion paid subscriptions across the services on our platform, up 150 million during the last 12 months and nearly double the number of paid subscriptions we had only 3 years ago. And finally, we continue to improve the breadth and the quality of our current services. From 20 new games on Apple Arcade, to brand-new content on Apple TV+, to the launch of our high-yield savings account with Apple Card, our customers are loving these enhanced offerings.
首先，我们超过 20 亿活跃设备的安装基数持续以良好的速度增长，并为未来扩展我们生态系统奠定了坚实基础。其次，我们看到客户对我们服务的参与度增加。我们的交易账户和付费账户均同比增长了两位数，均达到了新的历史最高水平。第三，我们的付费订阅显示出强劲增长。在过去的季度，我们实现了一个重要的里程碑，跨平台服务的付费订阅突破 10 亿，过去 12 个月增加了 1.5 亿，几乎是 3 年前付费订阅数量的两倍。最后，我们持续改进我们当前服务的广度和质量。从 Apple Arcade 上的 20 款新游戏，到 Apple TV+上的全新内容，再到我们与 Apple Card 合作推出的高收益储蓄账户，我们的客户都喜爱这些增强的服务。
Turning to the enterprise market. Our customers are leveraging Apple products every day to help improve productivity and attract talent. Blackstone, a global investment management firm, is expanding its Apple footprint from their corporate iPhone fleet to now offering the MacBook Air powered by M2 to all of their corporate employees and portfolio companies. Gilead, a leading biopharmaceutical company, has deployed thousands of iPads globally to their sales team. Over the last 6 months, they have also doubled their Mac user base by making MacBook Air available to more employees with a focus on user experience and strong security.
转向企业市场。我们的客户每天都在利用苹果产品来提高生产力和吸引人才。全球投资管理公司黑石集团正在将其苹果产品的使用范围从公司 iPhone 车队扩展到为所有公司员工和投资组合公司提供由 M2 驱动的 MacBook Air。领先的生物制药公司吉利德已在全球范围内向其销售团队部署了数千台 iPad。在过去的 6 个月里，他们还通过向更多员工提供 MacBook Air，专注于用户体验和强大安全性，将 Mac 用户群翻了一番。
Let me now turn to our cash position and capital return program. We ended the quarter with over $166 billion in cash and marketable securities. We repaid $7.5 billion in maturing debt while issuing $5.2 billion of new debt and increasing commercial paper by $2 billion, leaving us with total debt of $109 billion. As a result, net cash was $57 billion at the end of the quarter.
让我现在转向我们的现金状况和资本回报计划。我们在本季度结束时拥有超过 1660 亿美元的现金和可变现证券。我们偿还了 75 亿美元到期债务，同时发行了 52 亿美元的新债务，并将商业票据增加了 20 亿美元，使我们的总债务达到 1090 亿美元。因此，本季度结束时净现金为 570 亿美元。
During the quarter, we returned over $24 billion to shareholders, including $3.8 billion in dividends and equivalents and $18 billion through open market repurchases of 103 million Apple shares. We continue to believe there is great value in our stock and maintain our target of reaching a net cash neutral position over time.
在本季度，我们向股东返还了超过 240 亿美元，其中包括 38 亿美元的股息和等值物，以及通过回购 1.03 亿股苹果股票的方式返还了 180 亿美元。我们仍然相信我们的股票具有很大的价值，并保持达到净现金中性位置的目标。
As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Saori referred to at the beginning of the call. We expect our September quarter year-over-year revenue performance to be similar to the June quarter, assuming that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. Foreign exchange will continue to be a headwind, and we expect a negative year-over-year revenue impact of over 2 percentage points.
随着我们进入 9 月季度，我想回顾一下我们的展望，其中包括 Saori 在通话开始时提到的前瞻性信息类型。我们预计 9 月季度的年度收入表现将与 6 月季度类似，假设宏观经济前景不会比我们今天为本季度预测的情况更糟。外汇将继续是一个阻力，我们预计年度收入同比将受到超过 2 个百分点的负面影响。
We expect iPhone and Services year-over-year performance to accelerate from the June quarter. Also, we expect the revenue for both Mac and iPad to decline by double digits year-over-year due to difficult compares, particularly on the Mac. For both products, we experienced supply disruptions from factory shutdowns in the June quarter a year ago and were able to fulfill significant pent-up demand in the year ago September quarter.
我们预计 iPhone 和服务的同比表现将从六月季度加速。此外，由于难以比较，特别是在 Mac 上，我们预计 Mac 和 iPad 的收入将同比下降两位数。对于这两款产品，我们在去年六月季度经历了工厂关闭导致的供应中断，并且能够在去年九月季度满足大量积压需求。
We expect gross margin to be between 44% and 45%. We expect OpEx to be between $13.5 billion and $13.7 billion. We expect OI&E to be around negative $250 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.
我们预计毛利率在 44%至 45%之间。我们预计运营支出在 135 亿美元至 137 亿美元之间。我们预计其他收入和支出约为负 25 亿美元，不包括少数股权投资的按市值计算的潜在影响，我们的税率预计约为 16%。
Finally, today, our Board of Directors has declared a cash dividend of $0.24 per share of common stock payable on August 17, 2023, to shareholders of record as of August 14, 2023. With that, let's open the call to questions.
最后，今天，我们的董事会宣布每股普通股派发现金股利 0.24 美元，将于 2023 年 8 月 17 日支付给截至 2023 年 8 月 14 日持股的股东。有了这个消息，让我们开始提问。
Saori Casey 萨奥丽·凯西
Thank you, Luca. [Operator Instructions]. Operator, may we have the first question, please?
谢谢，卢卡。【操作员指示】。操作员，请问第一个问题，好吗？
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions]. We will go ahead and take our first question from Shannon Cross with Credit Suisse.
【操作员指示】我们将首先邀请瑞士信贷的 Shannon Cross 提问。
Shannon Cross 香农·克罗斯
Tim, you mentioned -- and actually, Luca, too, you mentioned an uneven macro environment during the quarter several times on the call. I'm wondering if you can talk on a geographic basis about some of the trends you're seeing in iPhone. I'm specifically wondering how demand is trending within...
蒂姆，你提到了——实际上，卢卡，你也提到了在电话会议中多次提到的不稳定的宏观环境。我想知道你是否可以根据地理基础谈谈你在 iPhone 中看到的一些趋势。我特别想知道需求在...方面的趋势如何。
Luca Maestri 卢卡·马埃斯特里
Sure. Shannon, I'll answer it. I didn't get the end of your question.
好的。Shannon，我来回答。我没有听清你问题的结尾。
Operator 操作员
I think she has dropped.
我认为她已经掉落。
Luca Maestri 卢卡·马埃斯特里
Okay. Well, let me answer the question for the part that I could follow. So on a geographic basis, we've had great performance for iPhone in emerging markets. We set June quarter records in many of the emerging markets. We grew in total double digits. And the performance was strong across the board in emerging markets from China, where our performance improved from minus 3% to plus 8% in the June quarter and we grew double digits in constant currency, to many other areas around the world from India, where, again, we set a June quarter record with very strong performance there, Indonesia, Southeast Asia, in general, Latin America, Middle East. And so it's been really good there.
好的。嗯，让我回答我能理解的部分的问题。从地理基础来看，iPhone 在新兴市场表现出色。我们在许多新兴市场创下了六月季度的记录。我们总体上实现了两位数的增长。在中国等新兴市场，表现强劲，六月季度我们的表现从负 3%提升至正 8%，在恒定货币条件下实现了两位数的增长，覆盖了印度等世界各地的许多其他地区，再次创下了六月季度的记录，表现非常强劲，印度尼西亚、东南亚、拉丁美洲、中东等地区表现也非常出色。所以在这些地方表现非常好。
We -- also, as you can see from our geographic segments, we had a slight acceleration of performance in the Americas, primarily in the United States, but we declined there because the smartphone market has been in a decline for the last couple of quarters in the United States.
正如您可以从我们的地理部门看到的那样，我们在美洲地区的表现略有加速，主要是在美国，但由于智能手机市场在过去几个季度一直在下降，我们在那里的表现有所下降。
Shannon Cross 香农·克罗斯
Sorry about that. I'm not sure why I cut off. In terms of gross margin, you were at the high end of the range [Technical Difficulty] and you guided to 45% at the high end, which is, I think, higher than I remember in 20 years of covering you. So how should we think about puts and takes of gross margin? And it seems like there's like a perfect storm of good things. So I just -- maybe if you can talk about how you're thinking about it more holistically.
抱歉，我不确定为什么通话中断了。就毛利方面，您处于[技术困难]范围的高端，并且您引导的高端为 45％，我记得在过去 20 年中覆盖您时，这似乎比我记忆中的要高。那么我们应该如何考虑毛利的增减呢？看起来好事情似乎同时发生。也许您可以谈谈您如何更全面地考虑这个问题。
Luca Maestri 卢卡·马埃斯特里
I think you remember correctly, Shannon, because the 44.5% for the June quarter is an all-time record for us in June. We were up 20 basis points sequentially. It was driven by cost savings and a mix shift towards Services, which obviously helps company gross margins, partially offset by the seasonal loss of leverage. We have a commodity environment that is favorable to us. Our product mix is quite strong at this point. And so with the exception of foreign exchange, which continues to be a drag, and it was a significant drag on a year-over-year basis, yes, we are in a good position right now. We are in a good position for the June quarter. And as I mentioned, we expect similar level of gross margins for the same reasons, frankly, for the September quarter.
我认为你记得没错，Shannon，因为六月季度的 44.5%是我们在六月创下的有史以来最高纪录。我们按基点顺序上升了 20 个基点。这是由成本节约和向服务业转变的混合推动的，显然有助于公司毛利率，部分抵消了季节性杠杆的损失。我们处于有利于我们的商品环境中。我们的产品组合目前非常强大。所以除了外汇之外，外汇继续拖累我们，这在同比基础上是一个重要的拖累，是的，我们目前处于一个良好的位置。我们在六月季度处于一个良好的位置。正如我所提到的，出于同样的原因，我们预计九月季度的毛利率水平将类似。
Operator 操作员
Our next question comes from Wamsi Mohan of Bank of America.
我们下一个问题来自美国银行的 Wamsi Mohan。
Wamsi Mohan
Luca, can you just give us a little more color around the guidance? Your overall revenue performance, you called out similar. Obviously, you absorbed a higher FX impact this quarter versus your guide. And you also noted Services acceleration. So just wondering, when you think about that comment on iPhone acceleration, is that on a reported basis? Is that constant currency basis? And is there something that's changing in terms of seasonality perhaps for you that is causing not as much step-up in product revenue as typical on a sequential basis? And I have a follow-up.
Luca，您能否就指引提供更多细节？您的整体收入表现，您提到了类似的情况。显然，本季度您吸收了比您的指引更高的外汇影响。您还指出了服务加速。所以我想知道，当您考虑到 iPhone 加速时，这是按照报告基础还是按照恒定货币基础？也许在您这方面有什么季节性变化导致产品收入在顺序基础上的增长不像通常那样大？我还有一个后续问题。
Luca Maestri 卢卡·马埃斯特里
Yes. So all our comments are in reported currency, not in constant currency in relation to the outlook. And we said acceleration sequentially for iPhone and for Services. But we're also pointing out -- and this is where I think, Wamsi, you're referring to some seasonality issues. We also said that for Mac and iPad, we expect to decline double digits. And the reason for that is that we have a very difficult compare versus last year. You remember that a year ago, in the June quarter, we had factory shutdowns for both Mac and iPad. And so we were able to fill the pent-up demand from those shutdowns during the September quarter. So an unusual level of activity that we had a year ago. And so now, obviously, the compare is difficult. So we expect both iPad and Mac to be down double digits, which offset the acceleration that I mentioned for iPhone and Services.
是的。因此，我们所有的评论都是以报告货币而不是以恒定货币来看待展望。我们说 iPhone 和服务的增速是顺序递增的。但我们也指出了——我认为，Wamsi，你提到了一些季节性问题。我们还说，对于 Mac 和 iPad，我们预计将下降两位数。原因是我们与去年相比有一个非常困难的比较。您还记得一年前，在六月季度，我们对 Mac 和 iPad 都进行了工厂停工。因此，我们能够在九月季度填补那些停工期间的积压需求。这是我们一年前的一个异常活跃水平。因此，现在，显然，比较困难。因此，我们预计 iPad 和 Mac 都将下降两位数，这抵消了我提到的 iPhone 和服务的增速。
Wamsi Mohan
Okay. And Tim, I was wondering if you could update us on what percent of iPhones are sold on some type of installment basis now versus full upfront payment on a global basis. And maybe some thoughts on if you expect similar promotional activity from carriers, especially in the U.S., that seem to be grappling with a lot of cash flow issues this particular year.
好的。蒂姆，我想知道您能否告诉我们，全球范围内 iPhone 销售中有多少是以分期付款的方式销售，而不是全额预付款。也许您可以谈谈您对运营商是否会采取类似的促销活动的看法，特别是在美国，他们似乎在应对今年的许多现金流问题。
Luca Maestri 卢卡·马埃斯特里
Wamsi, I'll take it. We've done a really good job over the last few years with affordability programs around the world directly in our direct channel and with our partners around the world. The majority of iPhones, at this point, are sold using some kind of a program, trade-ins, installments, some kind of financing. And that percentage, which again, it's well over 50%, is very similar across developed and emerging markets. We want to do more of that because we think it really helps reduce the affordability threshold for our products. And we think it is also one of the reasons why our product mix has been very strong during the last couple of cycles. So we will continue to push on that front.
Wamsi，我会接受的。在过去几年里，我们在全球范围内通过我们的直销渠道和与全球合作伙伴合作，开展了一些非常成功的价格实惠项目。在这一点上，绝大多数的 iPhone 都是通过某种项目、以旧换新、分期付款或某种融资方式销售的。而这一比例，再次强调，远远超过 50%，在发达市场和新兴市场之间非常相似。我们希望做更多这方面的工作，因为我们认为这真的有助于降低我们产品的价格门槛。我们认为这也是为什么我们的产品组合在过去几个周期中非常强劲的原因之一。因此，我们将继续在这方面努力。
苹果还是需要规模的，奢侈品不可能是贷款或者分期付款的方式。
Operator 操作员
Our next question is from David Vogt with UBS.
我们的下一个问题来自瑞银的大卫·福特。
David Vogt 大卫·福格
I just wanted to follow up on 2 points that both you, Tim, and Luca made about growth and maybe commodities. So just to be clear, I know you're talking about an acceleration in iPhone, but the comp is about 2 points easier from FX. So I just want to understand, is that on a like-for-like basis, excluding the currency improvement of about 2 points from the June quarter to the September quarter?
我想跟进一下你们两个提到的关于增长和可能的大宗商品的问题。所以，我想明确一下，我知道你们在谈论 iPhone 的加速，但外汇方面的比较要容易大约 2 个百分点。所以我想了解一下，这是在同比基础上，从 6 月季度到 9 月季度，排除了大约 2 个百分点的货币改善吗？
And from a commodity perspective, I know last quarter, you talked about buying a lot of inventory at favorable prices, which was an incredibly smart strategy. Where do you sit today? And what's sort of the timing or the duration of that commodity sort of backlog that you have as we think about next quarter and the subsequent quarters? How far does that get you out into the future from this favorable cost dynamic?
从商品的角度来看，我知道上个季度，您谈到以优惠价格购买了大量库存，这是一种非常聪明的策略。您现在的情况如何？在我们考虑下个季度和随后的几个季度时，这种商品积压的时间或持续时间是多久？从这种有利成本动态来看，这将使您的未来走得有多远？
Luca Maestri 卢卡·马埃斯特里
Let me start again. I just want to be clear about the guidance, the outlook guidance that we provided. We're referring entirely to reported numbers. So they take into account the fact that we have a slight improvement in foreign exchange. So when I talk about similar performance, I refer to reported performance in the June quarter and then the reported performance in the September quarter. And again, we expect, on a reported basis, our iPhone performance to accelerate, our Services performance to accelerate, and iPad and Mac to decline double digits.
让我重新开始。我只是想明确一下我们提供的指导，即展望指导。我们完全是指报告的数字。因此，它们考虑到我们在外汇方面有轻微改善的事实。所以当我谈到类似表现时，我指的是六月季度的报告表现，然后是九月季度的报告表现。而且，我们预计，从报告的角度来看，我们的 iPhone 表现将加速，我们的服务表现将加速，而 iPad 和 Mac 将以两位数下降。
On the commodity front, as I mentioned, the environment is favorable. We always make sure that we take advantage of the opportunities that are available in the market, and we will continue to do that going forward.
在商品市场方面，正如我所提到的，环境是有利的。我们始终确保利用市场上可利用的机会，并将继续朝这个方向发展。
David Vogt 大卫·福格
Luca, any sense of how long that gives you a run rate today based on what you currently have? Can you give us a sense for at least the short-term tailwind?
Luca，根据您目前拥有的资源，您对今天的运营速度有什么感觉？您能至少给我们一个短期的顺风感觉吗？
Luca Maestri 卢卡·马埃斯特里
I don't want to speculate past the September quarter because that's the horizon where we provide guidance. And I've said that the guidance for September is 44% to 45%, which you know is historically very high. And so obviously, that reflects a favorable environment for us.
我不想猜测九月季度之后的情况，因为那是我们提供指导的地平线。我已经说过，九月的指导是 44%至 45%，你知道这在历史上是非常高的。显然，这反映了对我们有利的环境。
Operator 操作员
Our next question is from Erik Woodring with Morgan Stanley.
我们下一个问题是来自摩根士丹利的 Erik Woodring。
Erik Woodring 埃里克·伍德林
I have 2 as well. Maybe if we just start kind of big picture, Tim or Luca. I was wondering if you could just kind of share some incremental color on how you think the consumer is behaving today versus 90 days ago and maybe how that differs by region. Meaning, are there any signs that consumer is incrementally more willing to spend on things like consumer electronics? Or is there still relative caution in the market? Are there any regions where you're seeing more strength in the consumer? And how sustainable do you think some of that strength or weakness could be based on some of the KPIs you track? And then I have a follow-up.
我也有两个。也许我们可以从一个比较宏观的角度开始，Tim或Luca。我想知道你是否可以分享一些关于消费者今天的行为与 90 天前相比的增量信息，也许还可以谈谈不同地区的情况。也就是说，是否有任何迹象表明消费者在诸如消费电子产品之类的物品上愿意增加支出？或者市场上仍然存在相对谨慎的情况？您是否看到有些地区的消费者更加强劲？根据您追踪的一些关键绩效指标，您认为这种强劲或疲软的情况可能有多持久？然后我有一个后续问题。
Tim Cook 蒂姆·库克
Yes. David, it's Tim. If you sort of step around the world, we did exceptionally well in emerging markets last quarter and even better on a constant currency basis. And so emerging markets were -- was a strength. If you look at China, in China, we went from a negative 3% in Q2 to a plus 8% in Q3. And so in China, we had an acceleration.
是的。大卫，我是蒂姆。如果你稍微环顾一下全球，我们在上个季度的新兴市场表现非常出色，甚至在不变货币基础上表现更佳。因此，新兴市场是一个优势。如果你看看中国，在中国，我们从第二季度的负 3%增长到第三季度的正 8%。所以在中国，我们有了加速度。
If you look at the U.S., which is in the -- obviously in the Americas segment, it is the vast majority of what's in there, there was also a slight acceleration sequentially, although the Americas is still declining somewhat year-over-year, as you can see on the data sheet. The primary reason for that is that it's a challenging smartphone market in the U.S. currently.
如果您看看美国，它显然属于美洲地区，那里的绝大部分内容都在这里，尽管美洲地区的增长略有加速，但从年度来看仍在下降，您可以在数据表上看到。主要原因是美国目前的智能手机市场具有挑战性。
And then in Europe, Europe saw a record quarter and -- for the June quarter, a record. And so some really good signs in most places in the world.
然后在欧洲，欧洲看到了创纪录的季度 - 对于六月季度，创纪录。所以在世界大多数地方都有一些非常好的迹象。
Erik Woodring 埃里克·伍德林
Awesome. And then maybe, Luca, a question for you. I think it's been about 3 quarters now where we've seen OpEx either grow below historical seasonality or come in below your expectations. I think this is the first time we've seen R&D grow less than 10% year-over-year since fiscal 2Q 2007. So can you maybe just talk about some of the cost actions you're taking? And as you look forward, what are the indicators that you're really evaluating that would give you greater confidence in perhaps returning back to a more seasonal cadence of OpEx spending? Or is this just a new normal that we should be expecting? That's it for me.
太棒了。然后也许，Luca，我有一个问题要问你。我认为现在已经有大约 3 个季度了，我们看到运营支出要么低于历史季节性增长，要么低于您的预期。我认为这是自 2007 财年第 2 季度以来，我们首次看到研发支出同比增长不到 10%。您能谈谈您正在采取的一些成本行动吗？在展望未来时，您真正评估的指标是什么，可以让您更有信心可能重新回到更具季节性的运营支出节奏？或者这只是我们应该期待的新常态？这就是我要问的了。
Luca Maestri 卢卡·马埃斯特里
Obviously, we look at the environment, and we know that this has been an uncertain period for the last few quarters. And so we decided to be deliberate in what we do in terms of controlling our spend, and there's many areas across the company that we're working on and we've been quite effective at slowing down the spend. We slowed down also the hiring within the company in several areas. And we're very pleased with our ability to decelerate some of the expense growth taking into account the overall macro situation.
显然，我们关注环境，我们知道过去几个季度一直是一个不确定的时期。因此，我们决定在控制支出方面谨慎行事，公司内有许多领域我们正在努力，我们在减缓支出方面取得了相当有效的成果。我们还在公司的几个领域减缓了招聘速度。考虑到整体宏观形势，我们对我们减缓部分支出增长的能力感到非常满意。
We will continue to manage deliberately. You can see that we continue to grow our R&D costs faster than the rest of the company. SG&A is actually growing at a much slower pace because obviously, our focus continues to be in innovation and product development, and we'll continue to do that.
我们将继续有意识地管理。您可以看到，我们的研发成本增长速度仍然快于公司其他部分。销售及一般管理支出实际上增长速度要慢得多，因为显然，我们的重点仍然放在创新和产品开发上，我们将继续这样做。
很多公司根本控不住费出支付的增长，总是给自己制造问题，因为自己是问题本身。
Operator 操作员
Our next question is from Michael Ng with Goldman Sachs.
我们下一个问题是 Goldman Sachs 的 Michael Ng 提出的。
Michael Ng 迈克尔·吴
I just have 2 questions as well. First, it was encouraging to see the Services outperformance in the quarter, up double digits on an FX-neutral basis, and more Services acceleration next quarter on a reported basis. I was just wondering if you could just talk a little bit more about key underlying drivers for the confidence in the Services acceleration next quarter, understanding that FX a little bit. But anything to call out as it relates to things in Apple Search Ads that's helping. You're obviously making a lot of investments in Apple TV+ between MLS and the Canal+ deal. So any thoughts there would be great.
我也有两个问题。首先，本季度服务表现强劲，按照外汇中性基础上增长了两位数，下个季度服务加速度将在报告基础上进一步提升。我想知道您是否可以多谈一些关于下个季度服务加速度的关键驱动因素，理解外汇方面的一些情况。但是，有关苹果搜索广告方面的帮助是否有任何值得注意的地方。显然，您在 MLS 和 Canal+交易中对 Apple TV+进行了大量投资。因此，任何想法都将是很好的。
Luca Maestri 卢卡·马埃斯特里
Yes, Michael, you're correct. I mean clearly, we've seen an improvement in the June quarter, and we expect further improvement in the September quarter. In June, the performance was across the board. Tim and I mentioned we set records really across the board. We had all-time records in cloud, in video, in AppleCare, in payments and June quarter records in App Store, advertising and Music. So we saw improvement in all our Services categories.
是的，迈克尔，你是对的。我是说，显然，我们在六月季度看到了改善，我们预计九月季度会有进一步的改善。六月份，表现是全面的。蒂姆和我提到，我们确实在各方面创下了纪录。我们在云端、视频、AppleCare、支付方面创下了有史以来的纪录，而在应用商店、广告和音乐方面创下了六月季度的纪录。因此，我们看到了所有服务类别的改善。
We think the situation will continue to improve as we go through September. And that's very positive because not only good for the financial results, but obviously, it shows a high level of engagement of our customers in the ecosystem, which is very important for us. And it's really the sum of all the things that I mentioned in my prepared remarks. It goes from the fact that our installed base continues to grow, so we've got a larger pool of customers, to the fact that our customers are more engaged as we have more transacting accounts and paid accounts on the ecosystem. And the subscriptions business is very healthy with growth of 150 million paid subscriptions just in the last 12 months. It's almost double to what we had 3 years ago. And of course, we are providing more and more content to our users. And so the combination of all these things gives us good confidence for September.
我们认为随着我们进入 9 月，情况将继续改善。这非常积极，因为这不仅有利于财务业绩，而且显然表明我们的客户在生态系统中的参与度很高，这对我们非常重要。这实际上是我在准备好的讲话中提到的所有事情的总和。这源于我们的安装基数继续增长，因此我们拥有了更多的客户群体，以及我们的客户更加参与，因为我们在生态系统上有更多的交易账户和付费账户。订阅业务非常健康，过去 12 个月付费订阅增长了 1.5 亿，几乎是 3 年前的两倍。当然，我们为用户提供了越来越多的内容。因此，所有这些因素的结合为我们在 9 月拥有了良好的信心。
很自然的想法，同时也是很明确的想法。
Michael Ng 迈克尔·吴
Great. And just as a related follow-up, it's about the hardware installed base and Services ARPU. I was curious when you talked about the Services strength, you talked about the 2 billion-plus installed base. When you think about the opportunity to increase the Services ARPU, do you really think about it internally on a per-active-iPhone user basis or on a per-device basis? Said differently, I'm just curious where you think about -- whether you think there's an incremental opportunity for those users that have multiple devices. Do you really see a big Services ARPU uplift in that respect?
很好。关于硬件安装基础和服务 ARPU，有一个相关的后续问题。当您谈到服务实力时，提到了 20 亿以上的安装基础。在考虑增加服务 ARPU 的机会时，您是真的在内部以每个活跃 iPhone 用户为基础考虑，还是以每个设备为基础考虑？换句话说，我只是好奇您是如何考虑的 - 您是否认为对于拥有多个设备的用户存在增量机会。您是否真的认为在这方面会有大幅提升服务 ARPU 的机会？
20亿的安装基数应该指设备，10亿的订阅用户指的是用户本身，单个用户有多个设备。
Luca Maestri 卢卡·马埃斯特里
Well, we know that customers that own more than one device are typically more engaged in our ecosystem. And so obviously, they tend to also spend more on the Services front. I would say the biggest opportunity is that we know that there's a lot of customers that we have that are very familiar with our ecosystem. They are engaged in the ecosystem. But still today, they're using only the portion of the ecosystem that is free. And so we think that by offering better content and more content over time, we're going to be able to attract more of them as paid customers.
我们知道，拥有多个设备的客户通常更加投入我们的生态系统。因此，显然，他们也倾向于在服务方面花费更多。我会说最大的机会在于我们知道有很多客户非常熟悉我们的生态系统。他们参与了生态系统。但是直到今天，他们仅使用免费部分的生态系统。因此，我们认为通过随着时间推出更好的内容和更多内容，我们将能够吸引更多他们成为付费客户。
Operator 操作员
Our next question is from Amit Daryanani with Evercore.
我们的下一个问题来自 Evercore 的 Amit Daryanani。
Amit Daryanani 阿米特·达亚纳尼
I have 2 as well. I guess, Luca, maybe if you can talk about Wearables a bit. The growth over there, I think, in constant currency was fairly impressive at plus 6%. Can you just touch on maybe what's driving that? And then how do we think about the Wearables segment heading into the September quarter? I know you talked about a bunch of other ones, but how do we think about Wearables into September as well?
我也有 2 个。我猜，Luca，也许你可以稍微谈谈可穿戴设备。我认为，在恒定货币下，那里的增长相当令人印象深刻，增长了 6%。你能简单谈谈是什么推动了这一增长吗？然后我们如何看待可穿戴设备部门进入 9 月季度？我知道你谈到了很多其他方面，但我们也如何看待 9 月的可穿戴设备呢？
Luca Maestri 卢卡·马埃斯特里
Sorry, Amit, I didn't get the -- what are you referring to?
抱歉，阿米特，我没明白你在指什么？
Amit Daryanani 阿米特·达亚纳尼
Yes. Sorry. I was hoping you could talk a bit about the Wearables segment because the growth over there was fairly impressive. And then how do you think about it into September as well?
是的。抱歉。我希望您能谈一谈可穿戴设备领域，因为那里的增长相当令人印象深刻。您如何看待这一情况延续到九月呢？
Luca Maestri 卢卡·马埃斯特里
Yes. On the Wearables front, we had really good performance in Greater China. And that's, again, very important for us. It was a June quarter record for Greater China. Very important for us because, again, it shows that the engagement with the ecosystem in a market that is so important for us like China continues to grow. It means that there's more and more customers that are owning more than the iPhone.
是的。在可穿戴设备方面，我们在大中华区表现非常出色。这对我们来说非常重要。这是大中华区六月季度的最佳表现。对我们来说非常重要，因为它再次表明，我们与中国这样对我们非常重要的市场的生态系统的互动持续增长。这意味着越来越多的客户拥有的不仅仅是 iPhone。
Also, we continue to grow the installed base of the category very quickly because, as I mentioned, 2/3 of every buyer of Apple Watch during the course of the June quarter was new to the product. And so that is all additive to the installed base. So it's just great to see that the AirPods continue to be a great success in the marketplace for us. And so things are moving in the right direction there. It's become a very large business for us in Wearables, Home and Accessories. The last 12 months, we've done $40 billion of business, which is nearly the size of a Fortune 100 company. So it's become very important, and it's allowed us to diversify both our revenues and our earnings.
此外，由于我提到的 6 月季度期间有 2/3 的 Apple Watch 购买者是首次购买该产品，因此我们继续快速增长该类别的安装基数。因此，这些都是对安装基数的增量。看到 AirPods 在市场上取得了巨大成功真是太棒了。因此，事情正在朝着正确的方向发展。对于我们来说，它已经成为了一个非常重要的业务，涵盖了可穿戴设备、家庭和配件。在过去的 12 个月里，我们的业务额达到了 400 亿美元，几乎与财富 100 强公司的规模相当。这变得非常重要，使我们能够多样化我们的收入和利润。
Amit Daryanani 阿米特·达亚纳尼
That's really helpful. And then if I could just follow up, the Europe growth, the growth in Europe at up 5% is totally notable as well. I think you have a few emerging markets that you put in Europe as well. But I would love to understand what's happening in Europe and if there's a way to think about sort of Western Europe or developed world versus emerging markets over there.
这真的很有帮助。然后，如果我可以跟进一下，欧洲增长，欧洲增长率高达 5%，也非常显著。我认为您在欧洲也有一些新兴市场。但我很想了解欧洲发生了什么，以及是否有办法思考西欧或发达国家与那里的新兴市场之间的区别。
Luca Maestri 卢卡·马埃斯特里
Yes. It's been very good, primarily on the emerging market side of Europe. We include India and the Middle East and Central and Eastern Europe into the Europe segment. But as we mentioned at the beginning of the call, we had a number of markets that did very well, like France, like Italy, the Netherlands, Austria. So it was a good quarter for Europe.
是的。主要是在欧洲新兴市场方面表现非常好。我们将印度、中东、中东欧纳入欧洲业务板块。但正如我们在通话开始时提到的，我们有许多市场表现非常出色，比如法国、意大利、荷兰、奥地利。因此，这对欧洲来说是一个不错的季度。
Operator 操作员
Our next question is from Harsh Kumar with Piper Sandler.
我们的下一个问题来自 Piper Sandler 的 Harsh Kumar。
Harsh Kumar 哈什·库马
I have one for Luca and then later on one for Tim. So Luca, for some time now, for many quarters, you've had a currency headwind or foreign exchange currency headwind. It's conceivable that as rates start to come down, hopefully next year that the dollar weakens. Could you take us through the mechanism of how that will work on your revenues and for your costs?
我有一个给 Luca，然后稍后一个给 Tim。所以 Luca，现在已经有一段时间了，很多季度了，你一直面临着货币逆风或外汇货币逆风。可以想象，随着利率开始下降，希望明年美元贬值。你能带领我们了解这将如何影响你们的收入和成本的机制吗？
Luca Maestri 卢卡·马埃斯特里
So we tend -- we try to hedge our foreign exchange exposures because we think it's the right approach for the company in terms of minimizing the volatility that necessarily happens from the movements of currencies. We cannot effectively hedge every single exposure around the world because in some cases, it is not possible. In other cases, it is prohibitively expensive. But we tend to cover all the major currency payers that we have.
因此，我们倾向于对外汇风险进行对冲，因为我们认为这是公司在减少货币波动带来的必然波动方面的正确方法。我们无法有效地对全球每一笔风险进行对冲，因为在某些情况下是不可能的。在其他情况下，成本过高。但我们倾向于覆盖我们拥有的所有主要货币支付方。
About 60% of our business is outside the United States. So it's a very, very large and, I would say, very effective hedging program. And so we set up these hedges, and they tend to roll over very regularly. And then we replace them with new hedges at the new spot rate. So the impact that we're going to have on revenue and cost will depend on where the spot rates are at different points in time. And therefore, because of the way the program works, tends to be a bit of a lag in both directions as the foreign exchange moves over time.
我们大约 60%的业务在美国以外。因此，这是一个非常非常庞大的，我会说非常有效的套期保值计划。所以我们建立这些套期保值，它们往往会定期滚动。然后我们以新的即期汇率替换它们。因此，我们对收入和成本的影响将取决于不同时间点的即期汇率。因此，由于计划的运作方式，随着外汇随时间推移的变化，两个方向都会有一定的滞后。
Harsh Kumar 哈什·库马
Understood. Very helpful. And for Tim, Tim, historically, for the last many years, carriers in at least the U.S., which I think is your largest market for iPhone, have had programs to help folks upgrade, whether they give a cash rebate or you bring in your old phone, something like that.
明白了。非常有帮助。对于蒂姆，蒂姆，历史上，在过去的许多年里，至少在美国，我认为这是 iPhone 最大的市场，运营商一直有帮助用户升级的计划，无论是提供现金回扣还是您带来旧手机之类的。
I was curious, as you get into your peak December quarter, if you're aware of these programs are in place. And the reason why I'm asking is I think earlier, you mentioned that more than 50% of your phones are sold through some kind of program. I assume the number is even higher in the U.S.
我很好奇，在您进入旺季 12 月季度时，您是否知道这些计划已经实施。我提问的原因是早些时候您提到超过 50%的手机是通过某种计划销售的。我猜美国的比例甚至更高。
Tim Cook 蒂姆·库克
I don't want to get into revealing specifics in the different carriers. But generally speaking, I would think that it would be quite easy to find a promotion on a phone, provided you're hooking up to a service and either switching services, carriers or upgrading your phone at the same carrier. I think both of those cases today that you can find promotions out there, and I would expect that you'd be able to do that in the December time frame as well.
我不想透露不同运营商的具体细节。但一般来说，我认为只要您连接到一个服务并且在同一家运营商换服务、换运营商或升级手机，找到手机促销应该是相当容易的。我认为在今天这两种情况下，您可以找到促销活动，我也预计您在 12 月份也能做到这一点。
Operator 操作员
Our next question is from Aaron Rakers with Wells Fargo.
我们的下一个问题来自富国银行的 Aaron Rakers。
Aaron Rakers
I have two as well. So first of all, I just want to kind of ask Tim. Strategically, as we think about the Services growth and kind of the content expansion behind that, I'm curious if you could help us maybe appreciate what you've seen from a sporting perspective in terms of the engagement with MLS, the engagement with Major League Baseball, and how strategically you're thinking about expansion in sports as a key driver of Services growth going forward.
我也有两个。首先，我想问一下蒂姆。从战略角度来看，当我们考虑服务增长以及背后的内容扩展时，我很想知道您对于体育方面的参与情况有何看法，包括与美国职业足球大联盟（MLS）以及美国职业棒球大联盟（MLB）的合作，以及您在战略上如何考虑将体育扩展作为服务增长的关键驱动因素。
Tim Cook 蒂姆·库克
We're focused on original content, as you know, with TV+. And so we're all about giving great storytellers the venue to tell great stories and hopefully get us all to think a little deeper. And sport is a part of that because sport is the ultimate original story. And for MLS, we're -- we could not be happier with how the partnership is going. It's clearly in the early days, but we are beating our expectation in terms of subscribers, and the fact that Messi went to Inter Miami helped us out there a bit. And so we're very excited about it.
我们专注于原创内容，正如您所知，与 TV+合作。因此，我们致力于为优秀的讲故事者提供讲述精彩故事的平台，希望能让我们都多想一些。体育是其中的一部分，因为体育是终极原创故事。对于 MLS 来说，我们——合作伙伴关系的发展让我们感到非常高兴。显然，现在还处于早期阶段，但在订阅者方面，我们的表现超出了预期，梅西加盟迈阿密国际队也在一定程度上帮助了我们。因此，我们对此感到非常兴奋。
Aaron Rakers
Yes. And as a quick follow-up, I'm just curious, an update on -- you mentioned in your prepared remarks the continued growth that you've seen in India. I'm curious how we think about that market opportunity looking forward. Is there anything that you see evolving that could accelerate the opportunity for iPhone in that large mobile market?
是的。作为一个快速的后续问题，我只是好奇，关于--您在准备好的讲话中提到的您在印度看到的持续增长的最新情况。我想知道我们如何看待未来的市场机会。您是否看到任何正在发展的事情可能加速 iPhone 在这个庞大的移动市场中的机会？
Tim Cook 蒂姆·库克
We did hit a June quarter revenue record in India, and we grew strong double digits. We also opened our first 2 retail stores during the quarter. And it's -- of course, it's early going currently, but they're currently beating our expectation in terms of how they're doing. We continue to work on building out the channel and putting more investment in our direct-to-consumer offers as well.
我们在印度实现了六月季度收入创纪录，并实现了强劲的两位数增长。我们还在该季度开设了首批两家零售店。当然，目前仍处于早期阶段，但它们目前在表现方面超出了我们的预期。我们将继续努力拓展渠道，并加大对直销消费者产品的投资。
And so I think if you look at it, it's the second largest smartphone market in the world. And it's -- so we ought to be doing really well there. And where I'm really pleased with our growth there, we're still -- we still have a very, very modest and low share in the smartphone market. And so I think that it's a huge opportunity for us. And we're putting the -- all of our energies in making that occur.
所以我认为，如果你看一下，这是世界上第二大的智能手机市场。所以我们应该在那里做得非常好。我对我们在那里的增长非常满意，我们在智能手机市场仍然拥有非常非常有限和低的份额。所以我认为这对我们来说是一个巨大的机会。我们正在全力以赴让这一切发生。
Operator 操作员
Our next question comes from Sidney Ho with Deutsche Bank.
我们的下一个问题来自德意志银行的何思迪。
Sidney Ho
Your -- I just wanted to ask about the AI side of things. Your strategy on AI seems quite different than many of your peers, at least you don't talk too much about that, how much you invest in it. Maybe you can elaborate a little bit on that. But related to that, how do you see your investment in this area turning into financial performance in the future? Is it mainly through faster upgrade cycle, maybe higher ASP? Or are you thinking about maybe additional services that you can capitalize on that? And then I have a follow-up.
关于 AI 方面，我只是想问一下。您在 AI 方面的策略似乎与许多同行有所不同，至少您没有过多谈论，您在这方面投资了多少。也许您可以详细说明一下。但与此相关的是，您如何看待您在这一领域的投资将如何转化为未来的财务表现？主要是通过更快的升级周期，也许更高的 ASP 吗？或者您是否考虑利用可能的额外服务？然后我有一个后续问题。
Tim Cook 蒂姆·库克
If you take a step back, we view AI and machine learning as core fundamental technologies that are integral to virtually every product that we build. And so if you think about WWDC in June, we announced some features that will be coming in iOS 17 this fall, like Personal Voice and Live Voicemail. Previously, we had announced lifesaving features like fall detection and crash detection and ECG. None of these features that I just mentioned and many, many more would be possible without AI and machine learning. And so it's absolutely critical to us.
如果你退后一步看，我们认为人工智能和机器学习是核心基础技术，对我们构建的几乎每一款产品都至关重要。因此，如果你想到 6 月的 WWDC，我们宣布了一些将在今年秋季 iOS 17 中推出的功能，比如个人语音和实时语音邮件。此前，我们已经宣布了一些像跌倒检测、碰撞检测和心电图等拯救生命的功能。我刚提到的这些功能以及许多其他功能，没有人工智能和机器学习是不可能实现的。因此，这对我们来说绝对至关重要。
And of course, we've been doing research across a wide range of AI technologies, including generative AI for years. We're going to continue investing and innovating and responsibly advancing our products with these technologies with the goal of enriching people's lives. And so that's what it's all about for us. And as you know, we tend to announce things as they come to market, and that's our MO, and I'd like to stick to that.
当然，多年来，我们一直在进行涵盖广泛的人工智能技术研究，包括生成式人工智能。我们将继续投资、创新，并在这些技术的基础上负责任地推进我们的产品，旨在丰富人们的生活。这就是我们的目标。正如您所知，我们倾向于在产品上市时宣布事情，这是我们的工作方式，我希望继续坚持这一点。
Sidney Ho
Okay. That's fair. Maybe as a follow-up is related to -- you talked about WWDC, where you actually introduced Vision Pro there. Clearly, a very big announcement there. How should we think about the revenue ramp related to the Vision Pro? Is there any catalysts that we should be thinking about that will drive an inflection of that product?
好的。这很公平。也许作为后续与之相关的是 - 您谈到了 WWDC，在那里您实际上介绍了 Vision Pro。显然，那是一个非常重要的公告。我们应该如何考虑与 Vision Pro 相关的收入增长？有什么催化剂我们应该考虑，将推动该产品的拐点？
Tim Cook 蒂姆·库克
Yes. There's enormous excitement around the Vision Pro. We're excited internally. Everybody that's been through the demos are blown away, whether you're talking about press or analysts or developers. We are now shipping units to the developer community for them to begin working on their apps. And we're looking forward to shipping early next year. And so we could not be more excited with that. I'm using the product daily. And so we're not going to forecast revenues and so forth on the call today, but we're very excited about it.
是的。Vision Pro 周围存在着巨大的兴奋。我们内部感到兴奋。所有参加演示的人都感到震惊，无论是媒体、分析师还是开发人员。我们现在正在向开发者社区发货单位，让他们开始开发应用程序。我们期待明年初发货。因此，我们对此感到非常兴奋。我每天都在使用这个产品。因此，我们今天不会在电话会议上预测收入等等，但我们对此感到非常兴奋。
Operator 操作员
We will take our last question from Krish Sankar with TD Cowen.
我们将从 TD Cowen 的 Krish Sankar 那里提出最后一个问题。
Krish Sankar 克里什·桑卡
I have two of them as well. Number one, on iPhone, Tim, you mentioned about the record number of switchers in the quarter. I'm kind of curious how to think about, given the weak macro and consumer spending, how is the replacement cycle for iPhone? Is it similar, longer, shorter versus prior years? And can you talk a little bit about the demand linearity of iPhone during the June quarter? And then I have a follow-up.
我也有两个。第一个，在 iPhone 上，蒂姆，你提到了本季度转投者的纪录数字。我有点好奇如何看待，考虑到疲弱的宏观经济和消费支出，iPhone 的更换周期是怎样的？与之前的年份相比，是类似的、更长还是更短？你能谈谈 iPhone 在六月季度的需求线性吗？然后我有一个后续问题。
Tim Cook 蒂姆·库克
Switchers were a very key part of our iPhone results for the quarter. We did set a record. We set a record in Greater China, in particular, and it was at the heart of our results there. And we continue to try to convince more and more people to switch because of our -- the experience and the ecosystem and -- that we can offer them. And so I think switching is a huge opportunity for us.
转换器是我们本季度 iPhone 成绩的一个非常关键部分。我们确实创下了纪录。特别是在大中华区，我们创下了纪录，这是我们成绩的核心所在。我们继续努力说服更多人转换，因为我们可以为他们提供的体验、生态系统以及其他方面。因此，我认为转换对我们来说是一个巨大的机会。
美国的大企业在美国以外的竞争对手更少，这是显而易见的逻辑。
In terms of the upgrade cycle and so forth, it's very difficult to estimate real time what is going on with the upgrade cycle. I would say, if you think about the iPhone results year-over-year, you have to think about the SE announcement in the year ago quarter, the iPhone SE announcement in the year ago quarter. And so that provides a bit of a headwind on the comp. But as Luca said, as he talked about how we're viewing Q4, the September quarter, we see iPhone accelerating in Q4.
就升级周期等方面而言，实时估计升级周期的情况非常困难。我想说，如果你考虑 iPhone 的年度结果，你必须考虑一年前季度的 SE 发布，一年前季度的 iPhone SE 发布。因此，这在比较中提供了一些阻力。但正如卢卡所说，当他谈到我们如何看待 Q4，即 9 月季度时，我们看到 iPhone 在 Q4 加速。
Krish Sankar 克里什·桑卡
Got it. Very helpful, Tim. And then my final question is on your retail stores, you obviously have a very large retail footprint and many of your stores seem to have been open for over a year now. How is the foot traffic there? And how do you think about sales or the retail trends in the June quarter and implications for the back half of this year on a seasonality basis?
明白了。非常有帮助，蒂姆。然后我的最后一个问题是关于你们的零售店，显然你们有着非常大的零售版图，许多店铺似乎已经开业一年多了。那里的客流量如何？你们如何看待六月季度的销售或零售趋势，以及对今年下半年的季节性基础的影响？
Tim Cook 蒂姆·库克
I'm sorry, are you talking about our retail stores?
对不起，您是在谈论我们的零售店吗？
Krish Sankar 克里什·桑卡
Yes, yes, your retail stores.
是的，是的，您的零售店。
Tim Cook 蒂姆·库克
Yes. The -- if you look at retail, it's a key part of our go-to-market approach, and it will be so key and such a competitive advantage with Vision Pro. It will give us the opportunity to launch a new product and demo to many people in the stores. And so it has many advantages in it.
是的。如果您看零售业，它是我们市场推广策略的关键部分，对于 Vision Pro 来说将是如此关键和具有竞争优势。这将为我们提供在商店向许多人推出新产品和演示的机会。因此，它有许多优势。
And we continue to roll out more stores. As you know, we just opened 2 in India last quarter. We're -- there's still a lot of countries out there that don't have Apple stores that we would like to go into. And so we continue to see it as a key part of how we go to market and love the experience that we can provide customers there.
我们将继续推出更多的商店。正如您所知，上个季度我们在印度开设了 2 家新店。我们仍然希望进入许多尚未设立苹果店的国家。因此，我们认为这是我们市场推广的关键部分，并且喜欢我们可以为客户提供的体验。
Saori Casey 萨奥丽·凯西
A replay of today's call will be available for two weeks on Apple Podcasts, at a webcast of apple.com/investor and via telephone. The number for the telephone replay is 866-583-1035. Please enter the confirmation code 2553017, followed by the pound sign. These replays will be available by approximately 5 p.m. Pacific Time today. Members of the press with additional questions can contact Josh Rosenstock at 408-862-1142. Financial analysts can contact me, Saori Casey, with additional questions at 408-974-3123 while Suhasini Chandramouli is on her maternity leave. Thank you again for joining us.
今天的通话重播将在 Apple Podcasts 上提供两周，在 apple.com/investor 的网络广播和通过电话。 电话重播的号码是 866-583-1035。 请先输入确认码 2553017，然后按井号键。 这些重播将在太平洋时间今天下午 5 点左右提供。 有额外问题的新闻记者可以联系 Josh Rosenstock，电话号码为 408-862-1142。 有额外问题的财务分析师可以在 Suhasini Chandramouli 产假期间联系我，Saori Casey，电话号码为 408-974-3123。 再次感谢您的参与。
Operator 操作员
Once again, this does conclude today's conference. We do appreciate your participation.
今天的会议到此结束。感谢您的参与。
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