2023-11-02 Apple Inc. (AAPL) Q4 2023 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q4 2023 Earnings Conference Call November 2, 2023 5:00 PM ET
苹果公司（NASDAQ：AAPL）2023 年第四季度收益电话会议 2023 年 11 月 2 日 下午 5:00 ET
Company Participants 公司参与者
Suhasini Chandramouli - Director of Investor Relations
Suhasini Chandramouli - 投资者关系总监
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
Michael Ng - Goldman Sachs Group
迈克尔·吴 - 高盛集团
Aaron Rakers - Wells Fargo Securities
亚伦·雷克斯 - 富国银行证券
Erik Woodring - Morgan Stanley
埃里克·伍德林 - 摩根士丹利
David Vogt - UBS
大卫·福格 - 瑞银 UBS
Amit Daryanani - Evercore ISI
阿米特·达亚纳尼 - Evercore ISI
Harsh Kumar - Piper Sandler
哈什·库马 - 派普桑德勒
Wamsi Mohan - Bank of America
Wamsi Mohan - 美国银行
Krish Sankar - TD Cowen
克里什·桑卡 - TD Cowen
Ben Reitzes - Melius Research
本·赖茨斯 - 梅利乌斯研究
Richard Kramer - Arete Research
理查德·克莱默 - 阿雷特研究
Operator 操作员
Good day, and welcome to the Apple Q4 Fiscal Year 2023 Earnings Conference Call. Today's call is being recorded.
大家好，欢迎参加苹果 2023 财年第四季度收益电话会议。今天的通话正在录音。
At this time, for opening remarks and introductions, I would like to turn the call over to Suhasini Chandramouli, Director of Investor Relations. Please go ahead.
此时，关于开场致辞和介绍，我想把电话交给投资者关系总监 Suhasini Chandramouli。请讲。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
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。接下来是首席财务官卢卡·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 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，包括宏观经济状况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，以及今天与美国证券交易委员会提交的 8-K 表格以及相关新闻发布。苹果不承担更新任何前瞻性声明的义务，这些声明仅代表其制作日期。
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, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $89.5 billion for the September quarter. We achieved an all-time revenue record in India, as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, Vietnam and more.
谢谢，Suhasini。大家下午好，感谢大家参加电话会议。今天，苹果报告 9 月季度收入为 895 亿美元。我们在印度实现了有史以来的收入纪录，同时在巴西、加拿大、法国、印度尼西亚、墨西哥、菲律宾、沙特阿拉伯、土耳其、阿联酋、越南等多个国家创下了 9 月季度的收入纪录。
iPhone revenue came in ahead of our expectations, setting a September quarter record, as well as quarterly records in many markets, including China mainland, Latin America, the Middle-East, South Asia and an all-time record in India. In services, we set an all-time revenue record with double-digit growth and ahead of our expectations.
iPhone 收入超出我们的预期，创下了 9 月季度的纪录，以及在许多市场创下季度纪录，包括中国大陆、拉丁美洲、中东、南亚以及印度创下有史以来的纪录。在服务方面，我们创下了有史以来的收入纪录，增长率为两位数，超出我们的预期。
During the September quarter, we continue to face an uneven macroeconomic environment, including foreign exchange headwinds and we've navigated these challenges by following the same principles that have always guided us. We've continued to invest in the future and manage for the long-term.
在九月季度，我们继续面对不稳定的宏观经济环境，包括外汇风险，我们通过遵循一直指导我们的相同原则来应对这些挑战。我们继续投资未来，为长期发展进行管理。
We've adapted continuously to circumstances beyond our control, while being thoughtful and deliberate on spending. And we've carved a path of groundbreaking innovations and delivered with excellence every step of the way. That includes Apple Vision Pro, which has gotten such an amazing response from developers who are currently creating truly incredible apps. We're excited to get this magical product in the hands of customers early next year.
我们不断适应我们无法控制的环境，同时在支出方面考虑周到谨慎。我们开创了一条突破性创新之路，并在每一步都以卓越的表现交付。其中包括苹果 Vision Pro，这款产品得到了开发人员的惊人回应，他们目前正在创作真正令人难以置信的应用程序。我们很高兴明年初将这款神奇产品交到客户手中。
Now let me share more about our products, beginning with iPhone. iPhone revenue came in at $43.8 billion, 3% higher than a year ago, and a new record for the September quarter. This fall, we were thrilled to debut the iPhone 15 lineup. The all-new iPhone 15 and iPhone 15 Plus feature a gorgeous design, powerful cameras and the intuitive Dynamic Island. Powered by the industry-leading A17 Pro, our iPhone15 Pro lineup has a beautiful strong and durable titanium design and the best iPhone camera system ever, including a 5X Telephoto lens on iPhone 15 Pro Max. Customers are loving the entire iPhone 15 family and reviews have been off the charts.
现在让我分享更多关于我们的产品，从 iPhone 开始。iPhone 的收入达到 438 亿美元，比一年前高出 3%，创下了 9 月季度的新纪录。今年秋天，我们很高兴推出了 iPhone 15 系列。全新的 iPhone 15 和 iPhone 15 Plus 拥有华丽的设计、强大的摄像头和直观的 Dynamic Island。由业界领先的 A17 Pro 提供动力，我们的 iPhone 15 Pro 系列拥有美丽、坚固和耐用的钛设计，以及有史以来最好的 iPhone 摄像头系统，包括 iPhone 15 Pro Max 上的 5 倍长焦镜头。顾客们喜爱整个 iPhone 15 系列，评价一直很高。
In Mac, revenue came in at $7.6 billion, down 34% year-over-year from the prior year's record quarter. This was due to challenging market conditions, as well as difficult compares against the supply disruptions and subsequent demand recapture we experienced a year ago. Earlier this week, we were excited to unveil the next generation of Apple silicon with our incredible family of M3 chips, M3; M3 Pro; and M3 Max.
在 Mac 上，收入为 76 亿美元，同比去年同期下降 34%，创下了上一年度的纪录季度。这是由于市场条件的挑战，以及与一年前经历的供应中断和随后的需求回升相比较困难。本周早些时候，我们很高兴地推出了苹果硅的下一代产品，搭载我们令人难以置信的 M3 芯片系列，包括 M3、M3 Pro 和 M3 Max。
We're continuing to innovate at a tremendous pace. And our industry-leading lineup of personal computers just got even better. The new MacBook Pro lineup brings our most advanced technology to our Pro users, while iMac, the world's best-selling all-in-one, just got faster and more capable. And according to the latest data from Student Monitor, nearly two out of three college students chose a Mac. We couldn't be more excited about the future.
我们正在以惊人的速度不断创新。我们领先行业的个人电脑阵容变得更加出色。全新的 MacBook Pro 系列为专业用户带来了我们最先进的技术，而世界最畅销的一体机 iMac 变得更快更强大。根据 Student Monitor 的最新数据，将近三分之二的大学生选择了 Mac。我们对未来充满期待。
Turning to iPad. Revenue for the September quarter was $6.4 billion. iPad sets the gold standard for tablets and our competitors are unable to match the iPad experience that is enabled by our seamless integration of hardware and software. iPad is also our most versatile product. In classrooms around the world, it's helping educators bring lessons to life, while giving students a window into the world around them.
转向 iPad。截至 9 月份的季度收入为 64 亿美元。iPad 为平板电脑设定了黄金标准，我们的竞争对手无法与 iPad 的体验相匹敌，这得益于我们对硬件和软件的无缝集成。iPad 也是我们最多功能的产品。在全球各地的教室里，它帮助教育工作者生动展示课程，同时让学生窥视周围的世界。
And in artist workshops, design studios and everywhere else, creative minds come together, iPad supercharges the creative process, helping users take their ideas farther than they ever could before.
在艺术家工作室、设计工作室以及其他任何地方，创意思维汇聚在一起，iPad 为创意过程提供了强大动力，帮助用户将他们的想法推进到前所未有的地步。
Across wearables, home and accessories, revenue came in at $9.3 billion. Apple Watch has become essential in our lives and this is our best Apple Watch lineup ever. With Apple Watch Series 9 and Apple Watch Ultra 2, we're giving people even more tools to stay safe and live healthy, active lives. With the new double tap gesture, users can easily control Apple Watch Series 9 and Apple Watch Ultra 2 using just one hand and without touching the display. It feels like magic. Our latest Apple Watch lineup also includes our first-ever carbon-neutral products, a significant achievement of innovation and determination.
跨可穿戴设备、家居和配件领域，收入达到 93 亿美元。Apple Watch 已经成为我们生活中不可或缺的一部分，这是我们有史以来最好的 Apple Watch 系列。通过推出 Apple Watch Series 9 和 Apple Watch Ultra 2，我们为人们提供了更多工具，帮助他们保持安全、健康和积极的生活方式。通过新的双击手势，用户可以轻松地只用一只手控制 Apple Watch Series 9 和 Apple Watch Ultra 2，而无需触摸显示屏。这种感觉就像魔术一样。我们最新的 Apple Watch 系列还包括我们有史以来首款碳中和产品，这是创新和决心的重要成就。
Apple's unique ecosystem of hardware, software, and services delivers an unparalleled user experience. During the quarter, we also had the chance to introduce a range of exciting new updates to our software that will allow users to get even more out of their devices. Whether it's personalized contact posters and new face time features in iOS 17, new tools for users to make their experience their own in macOS Sonoma and iPadOS 17, or a bold new look in watchOS 10 that lets you see and do more, faster than ever, Apple is delivering an even better, richer experience that users are loving.
苹果独特的硬件、软件和服务生态系统提供了无与伦比的用户体验。在本季度，我们还有机会推出一系列令人兴奋的软件更新，让用户能够更充分地利用他们的设备。无论是在 iOS 17 中的个性化联系海报和新的面对面功能，还是在 macOS Sonoma 和 iPadOS 17 中为用户提供让体验更加个性化的新工具，又或者是在 watchOS 10 中的大胆新外观，让您能够更快地看到和做更多事情，苹果正在提供更好、更丰富的体验，用户们喜爱不已。
Services revenue set an all-time record of $22.3 billion, a 16% year-over-year increase. We achieved all-time revenue records across App Store, advertising, AppleCare, iCloud, payment services, and video, as well as the September quarter revenue record in Apple Music. Whether subscribers are waking up to headlines on Apple News+, getting their morning workout in with Fitness+, feeling the beat with Apple Music on their way to work or school, or unwinding at the end of the day with Apple Arcade, we have so many different services to enrich their day.
服务收入创下了创纪录的 223 亿美元，同比增长 16%。我们在 App Store、广告、AppleCare、iCloud、支付服务和视频等方面实现了创纪录的收入，同时在 Apple Music 方面创下了 9 月季度的收入纪录。无论订阅者是在苹果新闻+上看头条新闻，还是在 Fitness+上进行早晨锻炼，或者在上班或上学途中用 Apple Music 感受节拍，又或者在一天结束时用 Apple Arcade 放松身心，我们有许多不同的服务来丰富他们的一天。
Apple TV+ continues to delight customers as well, with new and returning shows like the Morning Show, Lessons in Chemistry and Monarch. We're telling impactful stories that inspire imagination and stir the soul. Making movies that make a difference is also at the heart of Apple TV+ and we were thrilled to produce Martin Scorsese's Killers of the Flower Moon, a powerful work of cinema that premiered in theaters around the world last month. We're proud to say that since launch, just over four years ago, Apple TV+ has earned nearly 1,600 award nominations and nearly 400 wins.
Apple TV+继续让客户感到愉悦，推出了《晨间新闻》、《化学课》和《君主》等新节目，同时也有一些回归节目。我们讲述那些激发想象力、触动灵魂的有影响力的故事。制作具有影响力的电影也是 Apple TV+的核心所在，我们很高兴能够制作马丁·斯科塞斯的《花月杀手》，这部强大的电影作品上个月在全球各地的影院首映。我们自豪地宣布，自四年多前推出以来，Apple TV+已获得近 1600 项提名和近 400 项奖项。
We also offer subscribers an unprecedented live sports experience with MLS Season Pass. We couldn't be more pleased with how our partnership with Major League Soccer has gone in its first year. Subscriptions to MLS Season Pass have exceeded our expectations and we're excited to continue that momentum next year. With the playoffs now underway, we can't wait to see who takes home MLS cup.
我们还为订阅者提供了前所未有的 MLS 赛季通行证直播体验。我们对与美国职业足球大联盟的合作在第一年取得的成绩感到非常满意。MLS 赛季通行证的订阅量超出了我们的预期，我们很高兴明年能够继续保持这种势头。随着季后赛的开始，我们迫不及待地想知道谁将捧走 MLS 杯。
And nowhere does the magic of Apple come alive more than it does in our stores. Over the past year, we've continued to find ways to connect with even more customers. We welcomed customers to our first-ever retail locations in India. We also opened doors to new stores in Korea, China and the UK and expanded the Apple store online to Vietnam and Chile. And we have another store opening in China this week. In September, I joined our team at Apple Fifth Avenue on launch day and the energy and excitement were unbelievable.
苹果的魔力最能在我们的商店中展现出来。在过去的一年里，我们继续寻找与更多客户联系的方式。我们欢迎客户来到印度的首家零售店。我们还在韩国、中国和英国开设了新店，并将苹果商店在线扩展到越南和智利。本周我们还将在中国开设另一家店铺。九月份，我在苹果第五大道店的开业日加入了我们的团队，那里的能量和兴奋令人难以置信。
Every time we connect with the customer, we're reminded why we do what we do. From simple joys of creating and sharing memories, to lifesaving features like emergency SoS via satellite, we're enriching lives in ways large and small. And whether we're working to safeguard user privacy, ensure technology made by Apple is accessible for everyone, or build an even more inclusive workplace, we're determined to lead with our values.
每次与客户联系，我们都会想起我们为什么做我们正在做的事情。从创造和分享回忆的简单快乐，到通过卫星进行紧急 SoS 的救生功能，我们以各种方式丰富着生活，无论是大或小。无论是努力保护用户隐私，确保由苹果制造的技术对每个人都是可访问的，还是建立一个更具包容性的工作场所，我们都决心以我们的价值观为先。
Our environmental efforts are a great example of the intersection of our work and our values. Across Apple, we act on a simple premise, the best products in the world should be the best products for the world. We've made our environmental work a central focus of our innovation, because we feel a responsibility to leave the world better than we found it and because we know that climate change cannot be stopped, unless everyone steps up and does their part.
我们的环保努力是我们工作和价值观交汇的一个很好的例子。在苹果公司，我们遵循一个简单的前提，世界上最好的产品应该也是对世界最好的产品。我们将环保工作作为创新的核心重点，因为我们觉得有责任让世界比我们发现时更美好，也因为我们知道，除非每个人都站出来尽自己的一份力，否则气候变化是无法阻止的。
Our first ever carbon-neutral products represent a major milestone and we're going to go even further. We plan to make every product across our lineup carbon neutral by the end of the decade. And we're not doing it alone. Over 300 of our suppliers have committed to using a 100% clean energy for Apple production by 2030.
我们有史以来首次推出的碳中和产品代表着一个重要的里程碑，我们将进一步努力。我们计划在本十年结束前使我们产品线上的每一款产品都实现碳中和。而且我们并非独自行动。我们的 300 多家供应商已承诺到 2030 年为苹果生产使用 100%清洁能源。
We also continue to invest in entrepreneurs who are lighting the way for a greener, more equitable future. Through our third impact accelerator class, we're proud to support a new class of diverse innovators on the cutting edge of green technology and clean energy. Apple is always looking forward, driven in equal measure by a sense a possibility and a deep belief in our purpose. We're motivated by the meaningful difference we can make for our customers and keenly determined to push the limits of technology even further. And that's why I'm so confident that Apple's future is bright.
我们还在继续投资于为更绿色、更公平的未来指明方向的创业者。通过我们的第三期影响力加速器班，我们自豪地支持一批新的多元化创新者，他们处于绿色技术和清洁能源的前沿。苹果始终展望未来，我们的驱动力既来自对可能性的感知，也来自对我们使命的深信。我们受到为客户创造有意义差异的动力，并急切地决心将技术的极限推向更远。这就是为什么我如此确信苹果的未来是光明的。
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 September quarter was $89.5 billion, down less than 1% from last year. Foreign exchange had a negative impact of over 2 percentage points. And on a constant-currency basis, our revenue grew year-over-year in total, and in each geographic segment. We set a September quarter record in the Americas and saw strong performance across our emerging markets, where both iPhone and Services grew double digits.
谢谢，蒂姆，大家下午好。 9 月季度收入为 895 亿美元，比去年下降不到 1%。 外汇汇率对超过 2 个百分点产生了负面影响。 在恒定货币基础上，我们的总收入同比增长，并且在每个地理区段都有增长。 我们在美洲创下了 9 月季度的记录，并且在新兴市场表现强劲，iPhone 和服务都实现了两位数增长。
Products revenue was $67.2 billion, down 5% from last year, due to very challenging compares on both Mac and iPad, which I will discuss in more detail later on. At the same time, we reached a September quarter record on iPhone, driven by strength in emerging markets. Our total installed-base of active devices reached an all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and many new customers joining our ecosystem.
产品收入为 672 亿美元，比去年下降 5%，这主要是由于 Mac 和 iPad 上的非常具有挑战性的比较，我稍后会更详细地讨论。与此同时，由于新兴市场的增长，我们在 iPhone 上实现了九月季度的记录。由于我们高水平的客户满意度和许多新客户加入我们的生态系统，我们所有产品和所有地理区段的活跃设备总装机量达到历史最高水平。
Our Services revenue set an all-time record of $22.3 billion, up 16% year-over-year, with growth accelerating sequentially from the June quarter. Our performance in Services were broad based, as we reached all-time revenue records in the Americas, Europe and rest of Asia-Pacific and a September quarter record in Greater China. We also set new records in every Services category.
我们的服务收入创下了创纪录的 223 亿美元，同比增长 16%，增速从六月季度开始逐步加快。我们在服务方面的表现广泛，我们在美洲、欧洲、亚太地区其他地区实现了创纪录的收入，而在大中华区实现了九月季度的记录。我们在每个服务类别中也创下了新纪录。
Company gross margin set a September quarter record at 45.2%, up 70 basis points sequentially, driven by leverage and favorable mix, partially offset by foreign exchange. Products gross margin was 36.6%, up 120 basis points sequentially, also driven by leverage and mix, partially offset by foreign exchange. Services gross margin was 70.9%, up 40 basis points from last quarter due to a different mix.
公司毛利率在 9 月季度创下 45.2%的纪录，较上季度增长 70 个基点，受到杠杆作用和有利混合的推动，部分被外汇抵消。产品毛利率为 36.6%，较上季度增长 120 个基点，同样受到杠杆作用和混合的推动，部分被外汇抵消。服务毛利率为 70.9%，较上季度增长 40 个基点，由于混合不同。
Operating expenses of $13.5 billion were at the low end of the guidance range we provided, up 2% year-over-year. Net income was $23 billion, diluted earnings per share was $1.46, up 13% versus last year and a September quarter record, and operating cash flow was strong at $21.6 billion.
运营费用为 135 亿美元，位于我们提供的指导范围的低端，同比增长 2%。净收入为 230 亿美元，每股摊薄收益为 1.46 美元，较去年增长 13%，创下 9 月季度纪录，运营现金流强劲，达 216 亿美元。
Let me now provide more detail for each of our revenue categories. iPhone revenue was $43.8 billion, up 3% year-over-year and a new September quarter record. We had strong performance in several markets, including an all-time record in India as September quarter records in Canada, Latin America, the Middle East, and South Asia . Our iPhone active installed base grew to a new all-time high and fiscal 2023 was another record year for switches. We continue to see extremely high levels of customer satisfaction which 451 Research recently measured at 98% in the U.S.
现在让我为我们每个收入类别提供更详细的信息。iPhone 收入为 438 亿美元，同比增长 3%，创下了新的 9 月季度记录。我们在几个市场表现强劲，包括印度创下有史以来的记录，以及加拿大、拉丁美洲、中东和南亚在 9 月季度创下记录。我们的 iPhone 活跃安装基数达到历史新高，2023 财年是另一个创纪录的年度转换年。我们继续看到极高水平的客户满意度，451 Research 最近在美国测得为 98%。
Mac revenue was $7.6 billion, down 34% year-over-year, driven by challenging market conditions and compounded by a difficult compare in our own business, whereby last year we experienced supply disruptions from factory shutdowns in the June quarter and were subsequently able to fulfill significant pent-up demand during the September quarter.
Mac 收入为 76 亿美元，同比下降 34%，受市场条件的挑战和我们自身业务中的困难比较的影响，去年 6 月季度我们经历了工厂关闭导致的供应中断，随后在 9 月季度成功满足了大量积压需求。
We also had a difference in launch timing with the MacBook Air launching earlier this year in the June quarter compared to the September quarter last year. We have great confidence in our Mac lineup and are excited about the recently announced iMac and MacBook Pro powered by our M3 chips. Our installed base is at an all-time high and half of Mac buyers during the quarter were new to the product, driven by MacBook Air. Also, we saw reported customer satisfaction of 97% for Mac in the U.S.
我们在今年 6 月季度与去年 9 月季度相比，MacBook Air 的推出时间有所不同。我们对我们的 Mac 系列产品充满信心，对最近发布的由我们的 M3 芯片驱动的 iMac 和 MacBook Pro 感到兴奋。我们的用户基数达到历史最高水平，季度内有一半的 Mac 购买者是新用户，其中大部分是由 MacBook Air 推动的。此外，我们在美国看到 Mac 的用户满意度报告为 97%。
iPad generated $6.4 billion in revenue, down 10% year-over-year. Similar to Mac, these results were a function of a difficult compare from the supply disruptions in the June quarter a year ago and the subsequent fulfillment of pent-up demand in the September quarter. iPad continues to attract a large number of new customers to the installed base with over half of the customers who purchase iPads during the quarter being new to the product and the latest reports from 451 Research indicate customer satisfaction of 98% in the U.S.
iPad 在营收方面创造了 64 亿美元的收入，同比下降 10%。与 Mac 类似，这些结果是由于去年 6 月季度供应中断所带来的难以比较，以及随后在 9 月季度释放的积压需求。iPad 继续吸引大量新客户加入已有用户群，超过半数在本季度购买 iPad 的客户是新用户，451 Research 的最新报告显示美国客户满意度达到 98%。
Wearables, Home and Accessories revenue was $9.3 billion, down 3% year-over-year. We had a September quarter record in Europe and we saw strong performance in several emerging markets around the world. Apple Watch continues to expand its reach with nearly two-thirds of customers purchasing Apple Watch during the quarter being new to the product and customer satisfaction for the Watch was recently measured at 97% in the U.S.
可穿戴设备、家居及配件收入为 93 亿美元，同比下降 3%。我们在欧洲实现了 9 月季度的记录，全球多个新兴市场表现强劲。Apple Watch 持续扩大影响力，近三分之二的客户在本季度购买 Apple Watch 时是首次购买，美国地区的客户满意度最近测得为 97%。
Services had a great quarter. We reached a new all-time revenue record of $22.3 billion, up 16% year-over-year. And we're happy to see growth coming from all categories and every geographic segment, which is a direct result of the strength of our ecosystem. 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 the ecosystem.
服务在上个季度表现出色。我们实现了新的历史收入纪录，达到了 223 亿美元，同比增长 16%。我们很高兴看到增长来自所有类别和每个地理细分市场，这直接源于我们生态系统的实力。我们超过 20 亿活跃设备的安装基数继续以良好的速度增长，并为未来生态系统的扩张奠定了坚实基础。
And we continue to see increased customer engagement with our Services. Both transacting accounts and paid accounts grew double-digits year-over-year, each reaching a new all-time high. Also our paid subscriptions showed strong growth. We have well over 1 billion paid subscriptions across the services on our platform, nearly double the number we had only three years ago. And finally, we continue to improve the breadth and quality of our current services from exciting new content on Apple TV+ and Apple Arcade to additional storage tiers on iCloud. We believe our customers will love this new offering.
我们继续看到客户对我们的服务的参与度增加。交易账户和付费账户均同比增长两位数，均达到历史新高。此外，我们的付费订阅显示出强劲增长。我们在平台上的服务中拥有超过 10 亿付费订阅，几乎是仅三年前的两倍。最后，我们继续改进我们当前服务的广度和质量，从 Apple TV+和 Apple Arcade 上的精彩新内容到 iCloud 上的额外存储层。我们相信我们的客户会喜欢这一新的提供。
Turning to enterprise. We are excited to see our business customers in both developed and emerging markets expand their deployment of Apple products and technologies to drive business innovation and employee satisfaction. Starbucks continuously invest in Apple technology to bring the best experience to the customers and employees, including tens of thousands of iPads across all retail stores to help their teams streamline order management, operations and training.
转向企业。我们很高兴看到我们的商业客户在发达市场和新兴市场扩大他们对苹果产品和技术的部署，以推动业务创新和员工满意度。星巴克不断投资于苹果技术，为顾客和员工带来最佳体验，包括在所有零售店铺部署数以万计的 iPad，帮助他们的团队简化订单管理、运营和培训。
In addition, Starbucks recently refreshed over 10,000 Macs to the latest M2-powered MacBook Air for all store managers, enabling them to do their best work and improve productivity. And in Indonesia, popular technology company GoTo is offering Mac as a choice, so that employees can have the best tools to be most productive. Today, more than half of its workforce are already choosing Mac for work.
此外，星巴克最近为所有门店经理更新了超过 10,000 台 Mac 电脑，升级至最新的搭载 M2 芯片的 MacBook Air，以帮助他们发挥最佳工作表现，提高生产力。在印度尼西亚，知名科技公司 GoTo 提供 Mac 作为选择，让员工拥有最佳工具提高生产力。如今，超过一半的员工已选择 Mac 进行工作。
Let me now turn to our cash position and capital return program. We ended the quarter with over $162 billion in cash and marketable securities. We increased commercial paper by $2 billion, leaving us with total debt of $111 billion. As a result, net cash was $51 billion at the end of the quarter. And our goal of becoming net cash-neutral over time remains unchanged. During the quarter, we returned nearly $25 billion to shareholders, including $3.8 billion in dividends and equivalents and $15.5 billion through open market repurchases of 85 million Apple shares. We also began a $5 billion accelerated share repurchase program in August, resulting in the initial delivery and retirement of 22 million shares.
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 1620 亿美元的现金和可变证券。我们增加了 20 亿美元的商业票据，使我们的总债务达到 1110 亿美元。因此，本季度结束时净现金为 510 亿美元。我们成为长期净现金中性的目标保持不变。在本季度，我们向股东返还了近 250 亿美元，其中包括 38 亿美元的股息和等值物，以及通过开放市场回购 8500 万股苹果股票的 155 亿美元。我们还于 8 月开始了一个 50 亿美元的加速股份回购计划，导致首次交付和注销 2200 万股。
Taking a step back, as we close our 2023 fiscal year, our annual revenue was $383 billion. While it was down 3% from the prior year, it grew on a constant-currency basis despite the volatile and uneven macroeconomic environment. Our year-over-year revenue performance improved each quarter as we went through the year, and so did our earnings per share performance, as we reported double-digit EPS growth in the September quarter.
退一步看，随着我们结束 2023 财年，我们的年度收入为 3830 亿美元。尽管较上一年下降了 3%，但在不稳定和不均衡的宏观经济环境下，我们的收入在恒定货币基础上增长。随着我们度过这一年，我们的年度收入表现每个季度都有所改善，我们的每股收益表现也是如此，因为我们在 9 月季度报告了两位数的每股收益增长。
We are particularly pleased with our performance in emerging markets with revenue reaching an all-time record in fiscal 2023 and double-digit growth in constant currency. We are expanding our direct presence in these markets from new Apple retail stores in India to online stores in Vietnam and Chile. And we continue to work with our partners to offer a wide range of affordability programs so that we can best serve our customers. We're very excited about the momentum we have in these markets and the opportunity ahead of us.
我们特别高兴地宣布，在 2023 财年，我们在新兴市场的业绩表现出色，收入达到历史新高，并实现了恒定货币下的两位数增长。我们正在扩大在这些市场的直接业务，从印度新的苹果零售店到越南和智利的在线商店。我们将继续与合作伙伴合作，推出各种经济实惠的项目，以便更好地为客户提供服务。我们对这些市场的发展势头和未来机遇感到非常兴奋。
As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to at the beginning of the call. The color we are providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. Also, on foreign exchange, we expect a negative year-over-year revenue impact of about 1 percentage point.
随着我们进入十二月季度，我想回顾一下我们的展望，其中包括 Suhasini 在通话开始时提到的前瞻性信息类型。我们今天提供的信息假设宏观经济展望不会比我们今天为本季度所预测的情况更糟。此外，在外汇方面，我们预计年同比收入将受到约 1 个百分点的负面影响。
As a reminder, the December quarter this year will last the usual 13 weeks, whereas the December quarter a year ago spanned 14 weeks. For clarity, revenue from the extra week last year added approximately 7 percentage points to the quarter's total revenue. Despite having one less week this year, we expect our December quarter, total company revenue to be similar to last year. We expect iPhone revenue to grow year-over-year on an absolute basis. We also expect to grow after normalizing for both last year's supply disruptions and the one extra week.
作为提醒，今年的十二月季度将持续通常的 13 周，而去年同期的十二月季度为 14 周。为了明确起见，去年额外的一周为当季总收入增加了约 7 个百分点。尽管今年少了一周，我们预计今年的十二月季度公司总收入将与去年相似。我们预计 iPhone 收入将在绝对基础上同比增长。我们还预计在对去年的供应中断和额外一周进行归一化后会有增长。
We expect Mac year-over-year performance to significantly accelerate from the September quarter. We expect the year-over-year revenue performance for both iPad and Wearables, Home and Accessories to decelerate significantly from the September quarter due to a different timing of product launches. On iPad, we launched a new iPad Pro and iPad 10th Generation during the December quarter a year ago.
我们预计 Mac 的同比表现将从 9 月季度显著加速。由于产品发布时间不同，我们预计 iPad 和可穿戴设备、家庭和配件的同比收入表现将从 9 月季度显著放缓。在 iPad 上，我们在去年 12 月季度推出了新的 iPad Pro 和第十代 iPad。
For the Wearable category, last year we had the full December quarter benefit from the launches of the AirPods Pro 2nd Generation, the Watch SE, and the first Watch Ultra. For our Services business, we expect the average revenue per week to grow at a similar strong double-digit rate as it did during the September quarter.
对于可穿戴设备类别，去年我们从 AirPods Pro 第二代、Watch SE 和首款 Watch Ultra 的推出中获得了整个 12 月季度的收益。对于我们的服务业务，我们预计每周平均收入将以与 9 月季度相似的强劲两位数增长率增长。
We expect gross margin to be between 45% and 46%. We expect OpEx to be between $14.4 billion and $14.6 billion. We expect OI&E to be around negative $200 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 45%至 46%之间。我们预计运营支出在 144 亿美元至 146 亿美元之间。我们预计其他收入和支出约为负 2 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 November 16, 2023, to shareholders of record as of November 13, 2023.
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，支付日期为 2023 年 11 月 16 日，股东登记日期为 2023 年 11 月 13 日。
With that, let's open the call to questions.
那么，让我们开始提问环节。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thank you, Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please?
谢谢，卢卡。我们要求您仅限提出两个问题。操作员，请问第一个问题可以吗？
Question-and-Answer Session
问答环节
Operator 操作员
Certainly. We will go ahead and take our first question from Mike Ng of Goldman Sachs. Please go ahead.
当然。我们将从高盛的 Mike Ng 先生那里开始提问。请问。
Michael Ng 迈克尔·吴
Hey. Good afternoon, and thank you very much for the questions. I just have a question on iPhone storage and demand versus iCloud. As demand for storage grows, are you seeing a mix-shift towards higher storage iPhone models or are consumers mostly opting for the same because of increased uptake of iCloud+? What are some of the strategic and financial considerations here and trade-offs, as you think about the mix shift towards higher storage models versus iCloud penetration? Thanks.
嘿。下午好，非常感谢您的提问。我有一个关于 iPhone 存储和需求与 iCloud 的问题。随着存储需求的增长，您是否看到向更高存储 iPhone 型号的混合转变，还是消费者主要选择相同的型号，因为 iCloud+的使用增加了？在考虑向更高存储型号转变与 iCloud 渗透之间的混合转变时，有哪些战略和财务考虑以及权衡？谢谢。
Tim Cook 蒂姆·库克
Michael, it's Tim. As you probably know, we started the line with the iPhone Pro Max at 256, and so we are seeing a different mix, if you will, this year than last year. Outside of that, not significant changes.
迈克尔，我是蒂姆。你可能知道，我们从 256 的 iPhone Pro Max 开始推出产品线，所以我们今年看到的组合有所不同，如果你愿意的话，与去年不同。除此之外，没有显著变化。
Michael Ng 迈克尔·吴
Great. Thank you. And as a separate follow-up, I was just wondering if you could talk a little bit about the market conditions on notebooks and desktops, and then any color that you can share regarding the timing of the Mac -- M3 MacBook Pros this year versus the M2 earlier in the calendar year? Thank you.
好的。谢谢。另外一个跟进问题，我只是想知道您是否可以谈一下笔记本电脑和台式机的市场状况，然后您能分享有关今年 Mac - M3 MacBook Pro 与今年日历年初的 M2 之间时间安排的任何信息吗？谢谢。
Tim Cook 蒂姆·库克
Yeah. We're thrilled to have announced the M3 lineup and get the new MacBook Pro, the new iMac out there. We couldn't be more excited about it. We -- as Luca said, with the lineup that we've got and the compare issue that we don't have during Q1, we anticipate a significant acceleration in the Mac space for Q1. To just repeat a little bit about the circumstances of the performance last quarter, in the year-ago June quarter, we had a factory disruption that lasted several weeks. The pent-up demand that resulted from that was filled in the September quarter, and that made the September quarter not only a record, but a substantial record. And obviously, we're now comparing against that for '23 and so that, I wouldn't look at the negative 34% as representative of the underlying business performance. It's sort of the net of it.
是的。我们很高兴地宣布了 M3 系列，并推出了新的 MacBook Pro 和新的 iMac。我们对此感到非常兴奋。正如卢卡所说，我们拥有的产品线以及在第一季度没有的比较问题，我们预计 Mac 领域在第一季度会出现显著加速。再重申一下上个季度表现的情况，在去年六月的同比季度，我们遭遇了持续数周的工厂中断。由此产生的积压需求在九月季度得到满足，使得九月季度不仅创下了纪录，而且是一个重大纪录。显然，我们现在正在与'23 年进行比较，因此，我不会将负 34%视为基础业务表现的代表。这是它的净值。
Michael Ng 迈克尔·吴
Excellent. That's very clear. Thank you, Tim.
太好了。非常清晰。谢谢，蒂姆。
Tim Cook 蒂姆·库克
Yeah. 是的。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
All right. Thanks, Mike. Can we have the next question, please?
好的。谢谢，迈克。请问下一个问题可以吗？
Operator 操作员
Our next question is from Aaron Rakers with Wells Fargo. Please go ahead.
我们下一个问题是来自富国银行的 Aaron Rakers。请继续。
Aaron Rakers
Yeah. Thanks for taking the question and congratulations on the execution in the quarter. I'm curious, if you could help us characterize what the demand environment you're seeing in China looks like. How has the reception been to the iPhone 15? And kind of similar question to the prior one, how would you characterize the mix within China as you go through this current product cycle? And I have a follow-up.
是的。感谢您回答问题并祝贺您在本季度的执行。我很好奇，您能帮助我们描述一下您在中国看到的需求环境是什么样的吗？iPhone 15 的接受情况如何？类似之前的问题，您如何描述在当前产品周期中在中国的产品组合？我还有一个后续问题。
Tim Cook 蒂姆·库克
Yeah. If you look at how we did in Greater China for the quarter, we came in at, on a revenue basis, minus 2. But one thing to keep in mind here is that the FX impact was nearly 6 points. So we grew in constant currency. And underneath that, if you look at the different -- the categories, iPhone actually set a September quarter record in mainland China. And the -- what pulled down the performance was a combination, largely of Mac and iPad.
是的。如果您看一下我们在大中华区本季度的表现，我们的收入基础上下降了 2 个百分点。但需要记住的一点是外汇影响几乎达到了 6 个百分点。因此，我们在恒定货币条件下实现了增长。在此基础上，如果您看一下不同的类别，iPhone 实际上在中国大陆创下了 9 月季度的记录。而拉低表现的是 Mac 和 iPad 的组合。
Services also grew during the quarter and the Mac and iPad suffered from the same issues that the company did with the compare issues to factory disruptions in Q3 that were filled subsequently in Q4 of '22. We had the -- in addition to that, we had the top four selling phones in urban China for last year, and I was -- I just took a trip over there and could not be more excited about the interactions I had with the customers and employees and others.
服务在本季度也有增长，Mac 和 iPad 遭受了与公司在 Q3 期间遇到的相同问题，即与工厂中断问题进行比较，这些问题随后在 '22 年 Q4 得到解决。除此之外，去年我们在中国城市地区拥有前四畅销手机，我刚刚去那里旅行，对我与客户、员工和其他人的互动感到非常兴奋。
Aaron Rakers
Yeah. And then, as a quick follow-up, I'm curious as we move towards more of an inflationary component pricing environment. Luca, how do we think about that effect? How you're thinking about the gross margin at the product level, as maybe component pricing starts to turn, what's been clearly very favorable over the last several quarters to more of an inflationary environment? Thank you.
是的。然后，作为一个快速的跟进问题，我很好奇当我们朝着更多通胀因素的定价环境发展时，Luca，我们如何考虑这种影响？您是如何考虑产品层面的毛利率的，当组件定价可能开始转变，过去几个季度明显非常有利的情况变得更多地朝向通胀环境？谢谢。
Luca Maestri 卢卡·马埃斯特里
Well, as you've seen from our results in Q4 and the guidance for Q1, we're obviously experiencing very strong levels of gross margin. The 45.2% was a record for the September quarter. And then, the guidance for Q1 is obviously strong at 45% to 46%. Our gross margins are affected by multiple factors. Obviously, the commodity environment is one of them, as you mentioned. It's been a good environment in recent quarters.
嗯，正如您从我们在第四季度的业绩和第一季度的指引中看到的那样，我们显然正在经历非常强劲的毛利水平。45.2%是 9 月季度的历史新高。然后，第一季度的指引显然很强劲，为 45%至 46%。我们的毛利受多种因素影响。显然，商品环境是其中之一，正如您所提到的。最近几个季度一直是一个良好的环境。
But equally important is the mix of what we sell. And obviously, growth in Services for us is favorable, and that has helped our company gross margin. Foreign exchange, on the other hand, has been a drag for us for several quarters, given the strength of the dollar. We don't provide guidance past the December quarter, which is a very important one for us because it's the beginning of the product cycle for many products. And so we feel very good, very confident about, this coming year, and I think the gross margin guidance reflects that.
但同样重要的是我们销售的产品组合。显然，对我们来说，服务业的增长是有利的，这有助于我们公司的毛利率。另一方面，外汇在过去几个季度一直对我们构成拖累，这是由于美元的强势。我们不会提供 12 月季度之后的指引，这对我们非常重要，因为这是许多产品的产品周期的开始。因此，我们对即将到来的一年感到非常乐观，非常自信，我认为毛利率指引反映了这一点。
Aaron Rakers
Thank you. 谢谢。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thanks, Aaron. Can we have the next question, please?
谢谢，亚伦。请问下一个问题可以吗？
Operator 操作员
Our next question is from Erik Woodring with Morgan Stanley. Please go ahead.
我们下一个问题是来自摩根士丹利的 Erik Woodring。请提问。
Erik Woodring 埃里克·伍德林
Awesome. Thank you very much for taking my questions. Maybe if I start, Luca, I know that the iPhone 15 Pro and Pro Max are constrained today, but I think some of your comments suggests you should be back to supply demand balance before quarter end. So, I guess, my question is, does your December quarter revenue guidance account for any supply constraints? And if so, is there any way to kind of quantify how much supply would be limiting your December quarter revenue performance? And then, I have a follow-up. Thank you.
太棒了。非常感谢您回答我的问题。也许我先开始，Luca，我知道 iPhone 15 Pro 和 Pro Max 今天受到限制，但我认为您的一些评论表明在本季度结束之前您应该能够恢复供需平衡。所以，我想问的是，您的 12 月季度营收指引是否考虑了任何供应限制？如果是的话，有没有办法量化供应限制会如何限制您 12 月季度的营收表现？然后，我有一个后续问题。谢谢。
Luca Maestri 卢卡·马埃斯特里
Yes. It's correct. We are constrained today on iPhone 15 Pro and iPhone 15 Pro Max. We're working very hard to get the product in the hands of all the customers that have ordered it. We expect, as of today, that we're going to be in supply demand balance by the end of the quarter. So the guidance reflects that.
是的。没错。今天我们在 iPhone 15 Pro 和 iPhone 15 Pro Max 上受到限制。我们正在努力让所有订购了产品的客户拿到产品。我们预计，截至今天，到本季度末我们将实现供需平衡。因此，指导意见反映了这一点。
Erik Woodring 埃里克·伍德林
Okay, very clear. Thanks. And then, maybe for you and Tim. You guys have been on the leading end of -- edge of innovation across hardware, software, silicon, services. And I'm sure there's plenty of technology in kind of longer-term projects that you're investing in. How should we think about your capital intensity as we look to fiscal year '24, just given over the last few years, CapEx as a percentage of revenue had been relatively low compared to the eight years prior? So should we expect a step-up or kind of similar capital intensity? And what are the more notable moving pieces, if any, that we should be thinking about? Thanks.
好的，非常清楚。谢谢。然后，也许是针对你和蒂姆。你们一直处于硬件、软件、硅片和服务创新的前沿。我相信你们正在投资一些长期项目中有很多技术。当我们看向 2024 财年时，我们应该如何考虑你们的资本密集度，考虑到过去几年，资本支出占收入的比例相对较低，与之前的八年相比？所以我们是否应该期待一个提升或类似的资本密集度？如果有的话，我们应该考虑哪些更显著的变动因素？谢谢。
Luca Maestri 卢卡·马埃斯特里
Well, the big areas of investment for us are tooling and equipment for manufacturing plants. Our investments in data centers and our investments in our own facilities, both corporate facilities and retail stores. And so, both for the tooling in our plants and our data center investments, we tend to have a bit of a hybrid model where we share some of the investments with our partners and suppliers and so maybe that's why you see sometimes a bit of variability. But over the last few years, we've made all the investments that we needed to make. And obviously, we're planning to make all the investments that we believe are needed and appropriate in order to continue to innovate.
嗯，我们的主要投资领域是制造工厂的工具和设备。我们在数据中心和自有设施（包括公司设施和零售店）方面的投资。因此，无论是我们工厂的工具还是数据中心的投资，我们往往采用一种混合模式，与合作伙伴和供应商分享部分投资，这可能是你有时看到一些变化的原因。但在过去几年里，我们已经做出了所有必要的投资。显然，我们计划继续进行所有我们认为必要和适当的投资，以便继续创新。
Erik Woodring 埃里克·伍德林
Great. Thanks so much for the color, guys.
太棒了。谢谢你们提供的颜色。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thanks, Eric. Can we have the next question, please?
谢谢，埃里克。请问，我们可以提下一个问题吗？
Operator 操作员
Our next question is from David Vogt with UBS. Please go ahead.
我们下一个问题是来自瑞银的大卫·福特。请提问。
David Vogt 大卫·福格
Great. Thanks, guys for taking my question. I know you covered China. I want to pivot to the US for a second. Obviously, iPhone and the business looks like it returned to growth in the quarter. But it's still relatively softer kind of where I thought it would be at this point in the cycle and some of the U.S. carriers obviously haven't been that particularly aggressive in promoting upgrades. So just wanted to kind of get a sense, first, what you're seeing from your partners in the U.S. kind of currently and going forward and what do you expect?
太好了。谢谢各位回答我的问题。我知道你们已经谈到了中国。我想转向美国。显然，iPhone 和业务在本季度似乎已经恢复增长。但在这个周期的这个时刻，增长仍然相对较弱，一些美国运营商显然并没有特别积极地推动升级。所以我想了解一下，首先，你们目前从美国合作伙伴那里看到了什么，未来会怎样，你们有什么期待？
And then, second, Luca, on the margins, I mean, is it fair to say that the mix in Q1 from a product versus services dynamic is kind of the key driver of the better gross margin guide as a whole relative to, let's say, the December quarter? Or is there anything else? I know you mentioned there's a lot of moving pieces, but is that the primary driver of the uplift in the margin? Thanks.
然后，第二，卢卡，就边际而言，我是说，公平地说，从产品与服务动态的角度来看，Q1 的组合是否是相对于去年 12 月季度更好的毛利率指引的关键驱动因素？还是还有其他因素？我知道你提到有很多变动因素，但这是否是提升毛利率的主要驱动因素？谢谢。
Tim Cook 蒂姆·库克
On the U.S. carriers and the U.S. business in general, it's really too early to call the iPhone cycle, particularly with the constraint around the Pro and the Pro Max and the U.S. tends to do quite well with those products. It's really too early to tell what the upgrade rates will be and what the switcher rates will be.
对于美国运营商和美国企业来说，现在判断 iPhone 的周期为时尚早，尤其是在 Pro 和 Pro Max 受限的情况下，美国倾向于在这些产品上表现出色。现在判断用户升级率和转换率为时尚早。
Luca Maestri 卢卡·马埃斯特里
On the margin side, if I understood your question correctly about the December quarter guidance, keep in mind that actually December is the quarter where our products business is tends to be very heavy because of the holiday season. And so the services gross margins that are accretive to total company had an impact, but not as meaningful as other quarters during the year and so I think that the main drivers of the guidance that we provided are the fact that we are seeing improved costs, and improved mix on our -- on the product side of the business, partially offset by foreign exchange, which continues to be a drag, both sequentially and on a year-over-year basis.
在边际方面，如果我正确理解了您关于 12 月季度指引的问题，要记住实际上 12 月是我们产品业务往往非常繁重的季度，因为是假日季节。因此，对整个公司有增值作用的服务毛利率受到了影响，但并不像一年中其他季度那样有意义，因此我认为我们提供的指引的主要驱动因素是我们看到成本改善，以及产品业务方面的产品组合改善，部分抵消了外汇的影响，外汇继续是一个拖累因素，无论是按季度顺序还是按年度基础。
David Vogt 大卫·福格
Got it. So the weakness in iPad and Wearables are less of an impact on sort of the margin trajectory in the December quarter?
明白了。那么在 12 月季度，iPad 和可穿戴设备的弱点对利润率轨迹的影响较小？
Luca Maestri 卢卡·马埃斯特里
That's correct. 正确。
David Vogt 大卫·福格
I guess? 我猜？
Luca Maestri 卢卡·马埃斯特里
That's correct. 正确。
David Vogt 大卫·福格
Got it. Thanks, Luca.
明白了。谢谢，Luca。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
All right. Thanks, David. We'll take our next question, please.
好的。谢谢，大卫。我们接下来请提问。
Operator 操作员
Our next question is from Amit Daryanani with Evercore. Please go ahead.
我们下一个问题是来自 Evercore 的 Amit Daryanani。请继续。
Amit Daryanani 阿米特·达亚纳尼
Yeah. Good afternoon. Thanks for taking my question. I have two as well. I guess, first off, just the Services growth rate, there's a tremendous acceleration I think in September quarter, the 16% growth. And it sounds like it’s going to hold there pretty well into December. Can you just talk about what is driving this acceleration? Are there a couple of products that have just stepped up in a very meaningful way? Just maybe flush out like what is driving this acceleration because it's fairly notable compared to what you've been seeing in the last few quarters.
是的。下午好。感谢您回答我的问题。我也有两个问题。首先，我想问一下，服务增长率在 9 月季度有了惊人的加速，增长了 16%。听起来这种增长势头会一直持续到 12 月。您能谈谈是什么推动了这种加速吗？是有几款产品以非常有意义的方式加速了增长吗？能详细说明是什么推动了这种加速吗？因为与您在过去几个季度看到的情况相比，这是相当引人注目的。
Luca Maestri 卢卡·马埃斯特里
We had a really strong quarter across the border, Amit, because both geographically and from a product category standpoint, we saw very significant growth, I mentioned the records on a geographic basis. And from a category standpoint, literally, we set records in each one of the big categories. We had all-time record for App Store, for advertising, for cloud, video, AppleCare, payments and a September quarter record for Music. So it's hard to pick, one in particular because they all did well.
我们在跨境业务方面取得了非常强劲的季度业绩，阿米特，因为从地理和产品类别的角度来看，我们看到了非常显著的增长，我提到了地理基础上的记录。从类别的角度来看，实际上，我们在每个主要类别中都创下了纪录。我们在 App Store、广告、云、视频、AppleCare、支付方面创下了有史以来的纪录，以及在音乐方面创下了九月季度的纪录。因此很难挑选一个特定的，因为它们都表现出色。
And really then, we step back and we think about why is it that our Services business is doing well and it's because we have an installed base of customers that continues to grow at a very nice space and the engagement in our ecosystem continues to grow. We have more transacting accounts, we have more paid accounts, we have more subscriptions on the platform and we continue to add. We continue to add content and features. We're adding a lot of content on TV+, new games on Apple Arcade, new features, new storage plans for iCloud. So it's a combination of all these things and the fact that the engagement in the ecosystem is improving, and therefore, it benefits every service category.
实际上，我们退后一步思考，为什么我们的服务业务表现良好呢？这是因为我们拥有一个不断增长的客户安装基础，并且我们生态系统中的参与度也在增长。我们拥有更多的交易账户，更多的付费账户，平台上有更多的订阅，我们不断增加。我们不断增加内容和功能。我们在 TV+上添加了大量内容，在 Apple Arcade 上推出了新游戏，推出了新功能，为 iCloud 推出了新的存储计划。因此，这是所有这些因素的结合，以及生态系统中的参与度正在提高，因此，这使得每个服务类别受益。
先造房子再添家具，前面主要由第三方提供家具，接下来苹果自己的参与程度会越来越高。
Amit Daryanani 阿米特·达亚纳尼
Got it. That's really helpful. And then, maybe if I could ask you about Vision Pro, which I believe is supposed to be launched more broadly sometime in 2024, in the early part of the year. I'm curious how different do you think the launch and the consumer education of this product or a new category will be versus other things like AirPods or Apple Watch that you've done. And then, perhaps any themes I think that's set out to you from the developers that have been able to use this and the developer labs, what feedback have you gotten from them?
明白了。这真的很有帮助。然后，也许我可以问一下您关于 Vision Pro 的事情，我相信它应该会在 2024 年的早些时候更广泛地推出。我很好奇您认为这款产品或新类别的推出和消费者教育与您之前推出的 AirPods 或 Apple Watch 等其他产品有何不同。然后，也许您能分享一下从使用这款产品和开发者实验室中获得的开发者反馈中，有哪些主题吸引了您的注意？
Tim Cook 蒂姆·库克
Yeah. That's a great question. There is a tremendous amount of excitement around the Vision Pro and we're -- we've been very happy to share it with developers, and we have developer labs set up in different parts of the world so that they can actually get their hands on it and are working on apps and I've been fortunate enough to see a number of those. And there is some real blow away kinds of things that are coming out, and so that all looks good.
是的。这是一个很棒的问题。Vision Pro 周围存在着巨大的兴奋情绪，我们很高兴与开发人员分享它，我们在世界各地建立了开发人员实验室，让他们实际体验并开发应用程序，我很幸运地看到了其中一些。一些令人惊叹的东西即将问世，一切看起来都很不错。
To answer your question about is it similar to AirPods or Apple Watch, I would say, no. There's never been a product like the Vision Pro. And so, we're purposely bringing it out in our stores only, so we can really put a great deal of attention on the last mile of it. We'll be offering demos in the stores and it will be very different process than the -- a normal grab-and-go kind of process.
关于您提到的是否类似 AirPods 或 Apple Watch 的问题，我想说，不是。Vision Pro 这样的产品从未出现过。因此，我们特意只在我们的商店推出它，这样我们就可以真正关注它的最后一英里。我们将在商店提供演示，这将是一个非常不同的过程，不同于普通的拿取和离开的过程。
Amit Daryanani 阿米特·达亚纳尼
Perfect. Thank you. 完美。谢谢。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thanks, Amit. We'll take the next question, please.
谢谢，阿米特。请提出下一个问题。
Operator 操作员
Our next question is from Harsh Kumar with Piper Sandler. Please go ahead.
我们下一个问题是来自 Piper Sandler 的 Harsh Kumar。请提问。
Harsh Kumar 哈什·库马
Yeah. Hey, thanks for the question and congratulations on tremendous execution in a very tough macro. Actually, Tim, the last question is a perfect segue here, given what you are doing with your Vision Pro. So lots of companies are experimenting with generative AI. I'm curious about what kind of efforts you have. I'm sure there are segues into Pro Vision that you have, but I was curious about if you can give us a glimpse on how you might be able to monetize some of these efforts of generative AI.
是的。嘿，感谢提问，并祝贺您在非常艰难的宏观环境中取得了巨大的成就。实际上，蒂姆，最后一个问题正好是一个完美的过渡，考虑到您正在进行的 Vision Pro。许多公司正在尝试生成式人工智能。我很好奇您做了哪些努力。我相信您在 Pro Vision 方面有一些过渡，但我很好奇您是否能让我们一窥您如何能够从这些生成式人工智能的努力中获利。
Tim Cook 蒂姆·库克
If you kind of zoom out and look at what we've done on AI and machine learning and how we've used it, we view AI and machine learning as fundamental technologies, and they're integral to virtually every product that we ship. And so just recently, when we shipped iOS 17, it had features like Personal Voice and Live Voicemail. AI is at the heart of these features. And then, you can go all the way to then lifesaving features on the launch end of phone like fall detection, crash detection, ECG on the watch. These would not be possible without AI.
如果你有点放大视角看看我们在人工智能和机器学习方面所做的工作，以及我们如何使用它，我们将人工智能和机器学习视为基础技术，它们是我们几乎每款产品的核心。所以就在最近，当我们发布 iOS 17 时，它具有个人语音和实时语音邮件等功能。人工智能是这些功能的核心。然后，你可以一直延伸到手机发布端的救生功能，比如跌倒检测、碰撞检测、手表上的心电图。没有人工智能，这些功能是不可能实现的。
And so, we don't label them as such, if you will. We label them as to what their consumer benefit is. But at the fundamental technology behind it is AI and machine learning. In terms of generative AI, we have -- obviously, we have work going on. I'm not going to get into details about what it is, because -- as you know, we don't -- we really don't do that. But you can bet that we're investing, we're investing quite a bit, we're going to do it responsibly and it will -- you will see product advancements over time that where the -- those technologies are at the heart of them.
因此，如果你愿意的话，我们不会将它们标记为这样。我们会根据它们的消费者利益来标记它们。但在其背后的基本技术是人工智能和机器学习。就生成式人工智能而言，我们显然正在进行工作。我不会详细介绍是什么，因为你知道，我们真的不会这样做。但你可以肯定我们正在投资，我们正在投资相当多，我们将负责任地进行投资，随着时间的推移，你将看到产品的进步，这些技术将是其核心。
Harsh Kumar 哈什·库马
Thanks, Tim. Very clear. And for my follow-up, I had a philosophical question. So, you guys always try to provide the best experience for consumers. To that end, I think, over the last decade you in-sourced a lot of important chips in your phones, in your Macs, iPads, so on and so forth. And that was, I think, a function that ARM wasn't around in the industry from a merchant angle. But now, we see these the silicon guys, the chip guys moving to ARM architecture.
谢谢，蒂姆。非常清晰。关于我的后续问题，我有一个哲学问题。所以，你们总是努力为消费者提供最好的体验。为此，我认为，在过去的十年里，你们在手机、Mac、iPad 等设备中内部采购了许多重要的芯片。我认为，这是 ARM 在商业角度上没有涉足的功能。但现在，我们看到这些芯片厂商正在转向 ARM 架构。
So my question to you is, has the move to internal silicon been economically profitable proposition for Apple? Or is it -- or is it a strategic one, where you simply need to own this and it's vital to your products for the consumer experience or maybe there's a path back to chip vendors at some point in time?
所以我问你的问题是，对于苹果来说，转向内部硅是否是经济上有利可图的提议？还是说，这是一个战略性的决定，你只是需要拥有这个技术，对于消费者体验至关重要，或者在某个时候可能会回到芯片供应商那里？
Tim Cook 蒂姆·库克
It's really enabled us to build products that we could not build without doing it ourselves. And as you know, we like to own the primary technologies in the products that we ship and arguably, the silicon is at the heart of the primary technologies, and so, no, I don't see going back. I am happier today than I was yesterday, than I was last week that we made the transition that we've made, and I see that benefit every day of it.
这确实使我们能够开发出我们自己无法开发的产品。正如您所知，我们喜欢拥有我们交付的产品中的主要技术，可以说，硅是主要技术的核心，因此，不，我不打算回头。我比昨天更快乐，比上周更快乐，我们做出了转变，我每天都看到这种好处。
已经成为一个专用名词，通用芯片容易产生幻觉，兼容很多不必要的，实际上属于幻觉的需求，只有极少数企业能走上这条路。
Harsh Kumar 哈什·库马
Thanks, Tim. 谢谢，蒂姆。
Tim Cook 蒂姆·库克
Yeah. 是的。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thank you, Harsh. We'll take the next question, please.
谢谢，哈什。请提出下一个问题。
Operator 操作员
Our next question is from Wamsi Mohan from Bank of America. Please go ahead.
我们的下一个问题来自美国银行的 Wamsi Mohan。请提问。
Wamsi Mohan
Yes. Thank you so much. Tim, over the last decade, pretty much you've gained a lot of share in China. As you look, your -- some of the domestic players are starting to re-emerge, especially in the high-end phone space. I know you touched on China. But how would you see Apple's positioning and opportunity for continued share gains, particularly in China? And how was the linearity in China from a demand perspective? And I have a follow-up, please.
是的。非常感谢。蒂姆，在过去的十年里，你在中国基本上获得了很大的市场份额。随着一些国内厂商开始重新崛起，尤其是在高端手机领域，你如何看待苹果在中国持续增加市场份额的定位和机会？从需求角度来看，中国的线性如何？我还有一个后续问题，请。
Tim Cook 蒂姆·库克
In the September quarter, we set an iPhone record -- revenue record in China and we're very proud of that and we obviously grew. The market predictions that I've seen, we've had the market contracting. And so if that's -- if those are correct, then we gained share last quarter. And so we are very proud of that, I don't know what every quarter will hold. And obviously, we just give a bit of color on the current quarter. But over the long term, I view China as an incredibly important market and I'm very optimistic about it.
在九月季度，我们在中国创下了 iPhone 销售纪录，我们为此感到非常自豪，显然我们取得了增长。根据我看到的市场预测，市场在萎缩。如果这些预测是正确的，那么上个季度我们就获得了份额。所以我们为此感到非常自豪，我不知道未来每个季度会发生什么。显然，我们只是简要介绍了当前季度的情况。但从长远来看，我认为中国是一个非常重要的市场，我对此非常乐观。
Wamsi Mohan
Okay. Thanks, Tim. And as a follow-up, you obviously had a great Services quarter and part of your Services business has these licensing relationships with research partners, where you serve a very important distribution function for them. Can you talk about how you think about these relationships and potentially some of the options maybe Apple has to mitigate some of the risks, given some of the scrutiny on with some of the research partners? Thank you so much.
好的。谢谢，蒂姆。作为后续，显然您在服务业务方面有一个出色的季度，您的服务业务中的一部分与研究合作伙伴有许可关系，在那里您为他们提供非常重要的分销功能。您能谈谈您如何看待这些关系，以及也许苹果有哪些选项可以减轻一些风险，鉴于一些研究合作伙伴受到审查的情况？非常感谢。
Luca Maestri 卢卡·马埃斯特里
They are important relationships. And as you know, we don't get into our commercial relationships in the call. I see them as important and we make decisions that are in the best interest of our users or what we feel is in the best interest of our users. And that's kind of what we've done in the past and how we've -- how we'll run the show in the future as well.
它们是重要的关系。正如您所知，我们不会在电话中讨论商业关系。我认为它们很重要，我们会做出符合我们用户最佳利益或我们认为符合用户最佳利益的决定。这就是我们过去所做的，也是我们将来运营节目的方式。
Wamsi Mohan
Okay. Thank you, Tim.
好的。谢谢，蒂姆。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thank you, Wamsi. Can we have the next question, please.
谢谢，Wamsi。请问下一个问题可以吗？
Operator 操作员
Our next question comes from Krish Sankar with TD Cowen. Please go ahead.
我们下一个问题来自 TD Cowen 的 Krish Sankar。请提问。
Krish Sankar 克里什·桑卡
Yeah. Hi. Thanks for taking the question. I had two of them too. First one, Luca, thanks for the color on gross margin. And when I look at it over the last four quarters, even if on a year-over-year basis revenue declined, the gross margins have improved. And I understand Services definitely helped. I'm just kind of curious, when you look at on a go forward basis, are most of the big step functions and cost reductions like the Mac Silicon conversion, et cetera, that are done or is there more room for margin expansion from here? And then, I had a follow-up.
是的。嗨。谢谢您回答问题。我也有两个问题。首先，Luca，感谢毛利率的颜色。当我看过去四个季度的数据时，即使在同比基础上收入下降，毛利率也有所改善。我知道服务业肯定有所帮助。我只是有点好奇，当您展望未来时，大部分的大步骤和成本降低，比如 Mac 芯片转换等，是否已经完成，或者在这方面还有更多的利润空间？然后，我有一个后续问题。
Luca Maestri 卢卡·马埃斯特里
Well, on the product side, as you know, we -- when we launch new products, the cost structures of those products tend to be higher than the products that they replace. It happens because we are always adding new technologies, new features, and then, we worked through the cost curve over the lifecycle of the product and we tend to get benefits as time goes by. The guidance that we provided for December reflects all that and so we're starting from a better position than a year ago or than, in the past, in general.
在产品方面，正如您所知，当我们推出新产品时，这些产品的成本结构往往比它们替代的产品更高。这是因为我们总是在不断添加新技术、新功能，然后在产品的生命周期中通过成本曲线来工作，随着时间的推移，我们往往会获得好处。我们为 12 月提供的指导反映了所有这些，因此我们的起点比一年前或过去一般情况下更好。
There are other factors that play a role. For example, the mix of products that we sell. Not every product has the same gross margin profile, and so our guidance, our results are reflective of that. And also, within a specific product category, a lot depends on the kind of models that we sell because they have different margin profiles. I think one of the things that we've done well over the last few years is to offer more affordability solutions to our customers in the form of instalment plans, trading options, and spend -- low-cost financing in general.
还有其他因素起着作用。例如，我们销售的产品组合。并非每种产品都具有相同的毛利率配置，因此我们的指导方针和结果反映了这一点。此外，在特定产品类别中，很大程度上取决于我们销售的型号，因为它们具有不同的利润率配置。我认为我们在过去几年做得很好的一件事是为客户提供更多的负担得起的解决方案，例如分期付款计划、交易选择以及支出 - 一般低成本融资。
And what that has accomplished is reduced the affordability threshold for our customers and therefore, they can, buy at the top of our product ranges. That has been a big factor in the reason for our margin expansion. We don't provide guidance or color past the current quarter because there's so many different variables that affect gross margins, but we obviously feel very good about the trajectory that we've had in 2023 and now, the guidance that we provide for the beginning of our fiscal '24. And we need some of these things because, obviously, their foreign exchange environment has been difficult and has been a bit of a drag for us. But net-net, we're very pleased where we are.
这样做的结果是降低了我们客户的购买门槛，因此他们可以购买我们产品系列的顶端产品。这在我们利润率扩张的原因中起到了很大作用。我们不会提供超出当前季度的指导或细节，因为影响毛利率的因素太多，但显然我们对 2023 年的发展轨迹感到非常满意，现在我们为我们财政'24 年度初提供的指导也是如此。我们需要一些这些因素，因为显然，外汇环境一直很困难，对我们造成了一些拖累。但总体而言，我们对目前的情况非常满意。
Krish Sankar 克里什·桑卡
Got it. Thanks for that, Luca. And then, I have a follow-up for Tim. Obviously, you're seeing amazing momentum in India. I'm just kind of curious how do you look at -- when you look at the India growth opportunity on these hardware units, how to think about ASP relative to that versus like the rest of the geographies? And is there a way to compare or contrast India, growth momentum versus China maybe a decade ago or so at the same point in the rollout of, the share gains in that geography?
明白了。谢谢，卢卡。接下来，我有一个跟进问题要问蒂姆。显然，你们在印度看到了惊人的增长势头。我只是有点好奇，当你们看待印度增长机会时，如何看待这些硬件单元的 ASP 相对于其他地区，以及如何与中国十年前或更早时期在相同阶段的增长势头进行比较或对比，以及在该地理位置的份额增长。
Tim Cook 蒂姆·库克
Yeah. It's a great question. We had an all-time revenue record in India. We grew very strong double-digits. It's an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so it would seem there's a lot of headroom there. The ASPs, I haven't looked at them most recently, but I'm sure that they're lower than the worldwide. But that doesn't bother us at all. It just -- and in terms of the similarity, I would say, each country has its own journey.
是的。这是一个很棒的问题。我们在印度创下了有史以来的营收纪录。我们增长非常强劲，双位数增长。这对我们来说是一个令人兴奋的市场，也是我们的主要关注重点。我们在一个庞大市场中份额较低，因此看起来还有很大的增长空间。关于 ASP，我最近没有查看过，但我相信它们低于全球水平。但这一点并不困扰我们。每个国家都有自己的发展历程，我认为它们之间存在相似之处。
And I wouldn't want to play the comparison game. But we see an extraordinary market, a lot of people moving into the middle class, distribution is getting better, lots of positives. We put two retail stores there, as you know. They're doing better than we anticipated. It's still early going, but they're off to a good start and I couldn't be happier with how things are going at the moment.
我不想参与比较游戏。但我们看到一个非凡的市场，很多人正在进入中产阶级，分销正在变得更好，有很多积极因素。正如你所知，我们在那里开设了两家零售店。它们的表现比我们预期的要好。虽然现在还为时尚早，但它们的开局良好，目前事态发展让我感到非常高兴。
Krish Sankar 克里什·桑卡
Thanks, Tim. 谢谢，蒂姆。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thank you, Krish. We'll now take our next question, please.
谢谢，Krish。我们现在将接受下一个问题，请。
Operator 操作员
Our next question is from Ben Reitzes with Melius Research. Please go ahead.
我们下一个问题是来自 Melius Research 的 Ben Reitzes。请发言。
Ben Reitzes 本·赖泽斯
Hey. Thanks a lot. I appreciate the question. Tim, I appreciate all your commentary around China. It was great to kind of hear about the growth potential there, your optimism. I wanted to also ask about the supply chain and where is your priority? Do you have a priority to diversify your supply chain? How do you feel about Apple's supply chain around the world? And in particular, what do you think about further investments in the U.S. as well?
嘿。非常感谢。我很感激这个问题。Tim，我很感激你对中国的所有评论。很高兴听到那里的增长潜力，你的乐观态度。我也想问一下关于供应链，你的重点是什么？你有优先考虑多样化供应链吗？你对苹果在全球的供应链有什么看法？特别是，你认为在美国进行进一步投资如何？
Tim Cook 蒂姆·库克
Our supply chain is truly global, and so we're investing all over the world, including in the United States, we were very focused on advanced manufacturing for the U.S. and have worked on a number of different projects in the U.S., whether that's our venture with Corning on the glass or Face ID module or semiconductors. And so all of these are our advanced manufacturing and I think exactly the kinds of things that the U.S. would be and are very, very good at. We also invested in other regions of the world and we're continually optimizing the chain. And so we -- the moment we learned something that didn't work exactly right, we are tweaking it. And so we're going to continue to do that. But at the end of day, it will still be a global supply chain.
我们的供应链真正是全球化的，因此我们正在全球各地进行投资，包括在美国，我们非常专注于美国的先进制造业，并在美国开展了许多不同的项目，无论是与康宁合作的玻璃、Face ID 模块还是半导体。因此，所有这些都是我们的先进制造业，我认为这正是美国擅长的事情。我们还在世界其他地区进行投资，并不断优化供应链。因此，一旦我们发现某些事情并不完全正确，我们就会进行调整。因此，我们将继续这样做。但归根结底，它仍将是一个全球供应链。
Ben Reitzes 本·赖泽斯
Got it. Thanks. 知道了。谢谢。
Tim Cook 蒂姆·库克
Yeah. 是的。
Ben Reitzes 本·赖泽斯
Next one for Luca. Just really quick on the extra week dynamic. There was also last year an issue with the iPhone production, where there was the COVID lockdowns in China. Is it possible to give some color around what that -- I guess, having a normalized supply chain somewhat this year, what that benefit is this year and maybe contrast that with the 7 point hit from the extra week? Thanks a lot.
下一个问题是关于卢卡。关于额外一周的动态，去年 iPhone 生产出现问题，当时中国实行了 COVID 封锁。今年供应链相对正常化后，这对今年有什么好处，可以详细说明一下吗？同时，能否对额外一周带来的 7 个百分点的影响进行对比？非常感谢。
Luca Maestri 卢卡·马埃斯特里
Yeah. Thanks for the question, Ben. I mentioned during the prepared remarks the extra week is 7 points of revenue. We did have disruptions, supply disruptions last year on the phone, on the 14 Pro and Pro Max in the December quarter a year ago. And when we normalize for those two factors, and I said it during the call, we still expect to grow on iPhone. So you take into account the, the loss of the extra week, you compare it with the supply disruptions that are not going to repeat, hopefully, this year. And when you normalize for those two things, we still expect to grow on iPhone.
是的。谢谢你的问题，本。我在准备好的讲话中提到额外的一周占收入的 7 个百分点。去年 12 月季度，我们在手机上遇到了供应中断，14 Pro 和 Pro Max。当我们对这两个因素进行归一化处理时，我在通话中也提到了，我们仍然预计 iPhone 会增长。因此，考虑到额外一周的损失，将其与希望今年不会重复的供应中断进行比较。当你对这两个因素进行归一化处理时，我们仍然预计 iPhone 会增长。
Ben Reitzes 本·赖泽斯
Thanks a lot everybody. Appreciate it, Luca.
非常感谢大家。感谢，卢卡。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thank you, Ben. And we'll take the last question now.
谢谢，本。我们现在会回答最后一个问题。
Operator 操作员
Our last question comes from Richard Kramer with Arete Research. Please go ahead.
我们最后一个问题来自 Arete Research 的 Richard Kramer。请提问。
Richard Kramer 理查德·克莱默
Thank you very much. Tim, first off, if we look over the past two years, Apple sales are about $18 billion higher and R&D is up by about 8% -- $8 billion or over a third higher. Can you give us a sense of some of the main components or drivers behind that increase in innovation spend? Is it Apple Silicon, is it new products like Vision Pro or is it content to support new services? I think that's one of the top questions investors have. Thanks.
非常感谢。蒂姆，首先，如果我们回顾过去两年，苹果的销售额增加了约 180 亿美元，研发支出增长约 8%——80 亿美元或超过三分之一。您能否让我们了解一下创新支出增加背后的一些主要组成部分或驱动因素？是苹果硅片，还是像 Vision Pro 这样的新产品，还是为支持新服务而提供的内容？我认为这是投资者最关心的问题之一。谢谢。
Tim Cook 蒂姆·库克
Sure. It's a number of things, Richard. It's the -- some things I can't talk about, its Vision Pro, it's AI and ML, it's the silicon investment that we're making, the transition with the Mac and other silicon. It's sort of all of those things and -- but I think you would find that the R&D expenditure in the aggregate looks very competitive versus others.
当然。这是一系列事情，理查德。这是一些我不能谈论的事情，它是 Vision Pro，它是 AI 和 ML，它是我们正在进行的硅投资，与 Mac 和其他硅的过渡。这些都是这些事情，但我认为您会发现总体研发支出在竞争对手中看起来非常有竞争力。
Luca Maestri 卢卡·马埃斯特里
And I would add, Richard, on this front. Some of the investments that we're making in R&D are also one of the drivers for the gross margin expansion. So I think it's important to think about it that way.
我想补充一点，理查德，在这方面。我们在研发方面的一些投资也是毛利率扩张的推动因素之一。所以我认为重要的是要以这种方式考虑。
Richard Kramer 理查德·克莱默
That's great. And Luca, you mentioned -- or Tim mentioned college students choosing Mac. Then, you mentioned the record Services revenue. What other metrics do you think you could provide to help investors understand how Apple measures and increases customer lifetime value, especially when we see a lot of users entering the ecosystem with a relatively lower-priced products or even refurbished devices? So you're growing your ecosystem, but how do you think about growing customer lifetime value over the long run?
太好了。Luca，你提到了——或者 Tim 提到了大学生选择 Mac。然后，你提到了创纪录的服务收入。你认为还能提供哪些其他指标来帮助投资者了解苹果如何衡量和增加客户终身价值，特别是当我们看到很多用户通过相对较低价格的产品甚至翻新设备进入生态系统时？因此，你正在扩大你的生态系统，但你如何考虑在长期内增加客户终身价值？
Luca Maestri 卢卡·马埃斯特里
Well, some of the metrics that I mentioned before, obviously, we look at the installed base of active devices. We see, we want to make sure that, the customers that we acquire remain with us and so we have good visibility over that, and we pay a lot of attention to the behavior of the installed base, both by product and by geography. And then, we look at the daily engagement in the ecosystem. So that's why we pay a lot of attention on things like transacting accounts, paid accounts, we want to see if, in fact, we are able to move our customers from a free model to a paid model over time. That's obviously very, very important for us.
显然，我们关注的一些指标包括活跃设备的安装基数。我们希望确保我们获得的客户能够与我们保持联系，因此我们对此有很好的可见度，并且我们非常关注按产品和地理位置划分的安装基数的行为。然后，我们关注生态系统中的日常参与度。因此，我们非常关注诸如交易账户、付费账户之类的事项，我们希望看到我们是否能够随着时间的推移将客户从免费模式转变为付费模式。这对我们来说显然非常重要。
And so, on this, we keep track of all these things and that's -- and then what we do, because I think it's really important is that over time, we add new services and that, obviously, like, for example, the progress that we've made in payments in recent years, very, very important because we've attracted more and more people that are actually now using additional features on our devices and we are able to monetize that, right.
因此，我们会跟踪所有这些事情，然后我们会做的是，因为我认为这非常重要，随着时间的推移，我们会添加新的服务，显然，比如最近几年在支付方面取得的进展，非常非常重要，因为我们吸引了越来越多的人实际上现在正在使用我们设备上的附加功能，我们能够从中获利，对吧。
Paypal于1998年成立，2015年上市；支付宝是2003年上线；微信支付2013年上线；Apple Pay于2014年上线，苹果有比较宽裕的时间，有可能做到后来居上，AI领域大概率也是相似的路径。
So we take all that into account, we understand what happens when a customer joins us, when they buy a primary device versus a used device, we understand their behavior, in different markets and so on. So we have, I think, pretty good visibility. And I think the progress that we're making in Services, we did $85 billion in the last 12 months. It's -- that's a size of a Fortune 50 and significantly bigger than it was just a couple of years ago.
因此，我们考虑了所有这些因素，我们了解客户加入我们时发生的情况，当他们购买主要设备与二手设备时的情况，我们了解他们在不同市场的行为等等。所以我认为我们有相当好的可见度。我认为我们在服务方面取得的进展，过去 12 个月我们实现了 850 亿美元的业务。这相当于财富 50 强的规模，比几年前大得多。
Richard Kramer 理查德·克莱默
Absolutely. Thanks very much.
当然。非常感谢。
Suhasini Chandramouli 苏哈西尼·钱德拉穆利
Thank you, Richard. A replay of today's call will be available for two weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone. The number for the telephone replay is 866-583-1035. Please enter confirmation code 0106234 followed by the pound sign. These replays will be available by approximately 5 PM Pacific Time today. Members of the press with additional questions can contact Josh Rosenstock at 408-862-1142 and financial analysts can contact me, Suhasini Chandramouli, with additional questions at 408-974-3123. Thank you again for joining us today.
谢谢，理查德。今天的通话重播将在 Apple Podcasts 上提供两周，作为 apple.com/investor 上的网络广播以及通过电话提供。电话重播的号码是 866-583-1035。请在井号后输入确认码 0106234。这些重播将在今天太平洋时间下午 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，财务分析师可以联系我，Suhasini Chandramouli，电话号码为 408-974-3123。再次感谢您今天的参与。
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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