2024-10-31 Apple Inc. (AAPL) Q3 2024 Earnings Call Transcript

Apple Inc. (NASDAQ:AAPL) Q4 2024 Earnings Conference Call October 31, 2024 5:00 PM ET

苹果公司 (纳斯达克:AAPL) 2024 年第四季度收益电话会议 2024 年 10 月 31 日下午 5:00 ET

Company Participants 公司参与者

Suhasini Chandramouli - Director, Investor Relations

苏哈西尼·钱德拉穆里 - 投资者关系总监

Tim Cook - Chief Executive Officer

蒂姆·库克 - 首席执行官

Luca Maestri - Chief Financial Officer

卢卡·梅斯特里 - 首席财务官

Conference Call Participants

电话会议参与者

Michael Ng - Goldman Sachs

迈克尔·吴 - 高盛

Erik Woodring - Morgan Stanley

埃里克·伍德林 - 摩根士丹利

Ben Reitzes - Melius 本·赖茨 - 梅利厄斯

Amit Daryanani - Evercore

阿米特·达里亚纳尼 - 永科公司

David Vogt - UBS 大卫·沃格特 - 瑞银

Wamsi Mohan - Bank of America

瓦姆西·莫汉 - 美国银行

Krish Sankar - TD Cowen

克里什·桑卡尔 - TD Cowen

Samik Chatterjee - JPMorgan

萨米克·查特吉 - 摩根大通

Richard Kramer - Arete Research

理查德·克莱默 - Arete 研究

Atif Malik - Citi 阿提夫·马利克 - 花旗

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

Good afternoon, and welcome to the Apple Q4 Fiscal Year 2024 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.

下午好，欢迎参加苹果公司 2024 财年第四季度财报电话会议。我是投资者关系总监苏哈西尼·钱德拉莫里。今天的电话会议正在录音。

Speaking first today are Apple CEO, Tim Cook, and CFO, Luca Maestri, and they'll be joined by Kevan Parekh, Vice President of Financial Planning and Analysis. After that, we'll open the call to questions from analysts.

今天首先发言的是苹果公司首席执行官蒂姆·库克和首席财务官卢卡·梅斯特里，他们将与财务规划与分析副总裁凯文·帕雷克一起出席。之后，我们将开放电话会议，供分析师提问。

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. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

请注意，您在我们今天的讨论中听到的一些信息将包括前瞻性声明，包括但不限于关于收入、毛利率、运营费用、其他收入和支出、税收、资本分配和未来业务前景的声明，包括宏观经济状况对公司业务和运营结果的潜在影响。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有实质性差异。

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.

欲了解更多信息，请参阅苹果公司在最近提交的 10-K 年度报告和今天提交给 SEC 的 8-K 报告中讨论的风险因素以及相关的新闻稿。苹果公司不承担更新任何前瞻性声明的义务，这些声明仅在其发布之日有效。

Additionally, today's discussion will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures in our fourth quarter and full year 2024 earnings release, which is available on our Investor Relations website.

此外，今天的讨论将涉及某些非 GAAP 财务指标。您可以在我们的第四季度和 2024 全年收益发布中找到这些指标的对账表，该发布可在我们的投资者关系网站上获取。

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

现在我想把电话交给蒂姆，让他做开场发言。

Tim Cook 蒂姆·库克

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call.

谢谢，Suhasini。大家下午好，感谢您参加此次电话会议。

Today, Apple is reporting revenue of $94.9 billion, a September quarter record and up 6% from a year ago. iPhone grew in every geographic segment, marking a new September quarter revenue record for the category, and Services set an all-time revenue record, up 12% year-over-year. We also set September quarter segment revenue records in the Americas, Europe, and the Rest of Asia Pacific, as well as in a large number of countries, including the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia, and the UAE. And we continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record.

今天，苹果公司报告收入为 949 亿美元，创下九月份季度的记录，比去年增长了 6%。iPhone 在每个地理区域都有增长，创下了该类别的九月份季度收入新纪录，服务部门创下了历史收入纪录，同比增长 12%。我们还在美洲、欧洲和亚太其他地区以及包括美国、巴西、墨西哥、法国、英国、韩国、马来西亚、泰国、沙特阿拉伯和阿联酋在内的许多国家创下了九月份季度的部门收入纪录。我们对在印度看到的热情感到兴奋，在那里我们创下了历史收入纪录。

This has been an extraordinary year of innovation at Apple. We brought the revolutionary Apple Vision Pro to customers in February, which brings users tomorrow's technology today. And in June, we announced Apple Intelligence, a remarkable personal intelligence system that combines the power of generative models with personal context to deliver intelligence that is incredibly useful and relevant.

今年是苹果创新非凡的一年。我们在二月份向客户推出了革命性的 Apple Vision Pro，将未来的技术带到今天。六月，我们宣布了 Apple Intelligence，这是一种非凡的个人智能系统，将生成模型的强大功能与个人背景相结合，提供极其有用且相关的智能。

Apple Intelligence marks the beginning of a new chapter for Apple innovation and redefines privacy and AI by extending our groundbreaking approach to privacy into the cloud with Private Cloud Compute. Earlier this week, we made the first set of Apple Intelligence features available in US English for iPhone, iPad, and Mac users, with systemwide Writing Tools that help you refine your writing, a more natural and conversational Siri, a more intelligent Photos app, including the ability to create movies simply by typing a description, and new ways to prioritize and stay in the moment with notification summaries and priority messages. And we look forward to additional intelligence features in December, with even more powerful Writing Tools, a new visual intelligence experience that builds on Apple Intelligence, and ChatGPT integration, as well as localized English in several countries, including the UK, Australia, and Canada. These features have already been provided to developers and we're getting great feedback. More features will be rolling out in the coming months, as well as support for more languages, and this is just the beginning.

苹果智能标志着苹果创新的新篇章的开始，并通过私人云计算将我们突破性的隐私方法扩展到云端，从而重新定义隐私和人工智能。本周早些时候，我们推出了首批苹果智能功能，适用于美国英语的 iPhone、iPad 和 Mac 用户，提供系统范围的写作工具，帮助您完善写作，更自然和对话式的 Siri，更智能的照片应用，包括仅通过输入描述即可创建电影的功能，以及通过通知摘要和优先消息来优先处理事务并专注于当下的新方式。我们期待在十二月推出更多智能功能，包括更强大的写作工具、基于苹果智能的新视觉智能体验和 ChatGPT 集成，以及在包括英国、澳大利亚和加拿大在内的多个国家的本地化英语。这些功能已经提供给开发者，我们收到了很好的反馈。未来几个月将推出更多功能，以及对更多语言的支持，而这仅仅是个开始。

Now, I'll turn to our results for the quarter, beginning with iPhone. iPhone revenues set a September quarter record of $46.2 billion, up 6% from a year ago, with growth in every geographic segment. With the introduction of Apple Intelligence, we're beginning a new era for iPhone. iPhone 16, powered by A18, is equipped with an incredible new 48-megapixel Fusion camera, fantastic photo experiences, and the addition of the action button and camera control. An iPhone 16 Pro is the most advanced iPhone we've ever made, powered by A18 Pro and featuring even larger displays, an industry-leading pro camera system with camera control, and studio quality mics, all with a huge leap in battery life.

现在，我将转向我们本季度的业绩，首先是 iPhone。iPhone 收入创下了 462 亿美元的九月季度记录，比去年增长了 6%，每个地理区域都有增长。随着 Apple Intelligence 的引入，我们正在为 iPhone 开启一个新时代。搭载 A18 的 iPhone 16 配备了令人难以置信的全新 4800 万像素融合相机、出色的拍照体验，以及新增的动作按钮和相机控制。iPhone 16 Pro 是我们有史以来最先进的 iPhone，搭载 A18 Pro，拥有更大的显示屏、行业领先的专业相机系统和相机控制，以及录音室质量的麦克风，电池续航能力也有了巨大的飞跃。

Turning to Mac, revenue was $7.7 billion, up 2% from a year ago. Just this week, we brought a new generation of Apple Silicon to Mac, M4, M4 Pro, and M4 Max. From blazing fast performance to Apple's most advanced neural engine yet, our latest chips can easily tackle incredibly complex workflows, and they ensure our newest Macs will be the best personal computers for AI the instant they hit stores. With the newest additions to our Mac lineup, customers can choose the Mac that's just right for them, whether that's iMac, the world's best and most beautiful all-in-one; MacBook Air, the world's most popular laptop now with double the starting memory; MacBook Pro, the best Pro notebook anywhere; or the incredible, mighty new Mac mini, our first-ever carbon-neutral Mac.

转向 Mac，收入为 77 亿美元，比去年增长 2%。就在本周，我们为 Mac 带来了新一代的 Apple Silicon：M4、M4 Pro 和 M4 Max。从极快的性能到苹果迄今为止最先进的神经引擎，我们的最新芯片可以轻松应对极其复杂的工作流程，并确保我们最新的 Mac 一旦上市就会成为 AI 的最佳个人电脑。随着我们 Mac 产品线的最新补充，客户可以选择最适合他们的 Mac，无论是 iMac，世界上最好、最美丽的一体机；MacBook Air，世界上最受欢迎的笔记本电脑，现在起始内存翻倍；MacBook Pro，全球最好的专业笔记本；还是令人难以置信、强大的新 Mac mini，我们首款碳中和的 Mac。

iPad revenue was $7 billion, 8% higher year-over-year. iPad is unlike any other product on the market today, and it's become an essential device in homes, schools, and businesses of all sizes. Recently, we were thrilled to introduce the newest iPad mini, featuring an ultra-compact design built for Apple Intelligence with support for Apple Pencil Pro. It's been a big year for iPad. iPad Air was popular with students and teachers as they got back to school this year, while creators are pushing the boundaries of what's possible with the M4-powered iPad Pro.

iPad 的收入为 70 亿美元，同比增长 8%。iPad 与当今市场上的其他产品不同，已成为家庭、学校和各种规模企业的必备设备。最近，我们很高兴推出了最新的 iPad mini，具有超紧凑设计，支持 Apple Pencil Pro，专为 Apple 智能打造。这对 iPad 来说是重要的一年。iPad Air 在学生和教师返校时很受欢迎，而创作者们正在利用 M4 驱动的 iPad Pro 突破可能性的界限。

In Wearables, Home and Accessories, revenue was $9 billion, down 3% from a year ago.

在可穿戴设备、家居和配件领域，收入为 90 亿美元，比去年下降了 3%。

During the quarter, we launched the all-new Apple Watch Series 10, bringing a beautiful new design and new capabilities to the world's most popular watch that make it even more powerful, intelligent, and sophisticated. It's the thinnest Apple Watch yet, making it more comfortable than ever, while offering the biggest, most advanced display. watchOS 11 brings some huge new health and fitness insights to users, including sleep apnea notifications, which help to alert people with a potentially serious but often undiagnosed condition. We're proud of the impact we make through our health innovations on watch, and I'm grateful for every note I receive about the importance of watch in people's lives.

在本季度，我们推出了全新的 Apple Watch Series 10，为全球最受欢迎的手表带来了美丽的新设计和新功能，使其更加强大、智能和复杂。这是迄今为止最薄的 Apple Watch，使其比以往任何时候都更舒适，同时提供最大、最先进的显示屏。watchOS 11 为用户带来了一些重大的健康和健身见解，包括睡眠呼吸暂停通知，帮助提醒那些可能患有严重但常常未被诊断的病症的人。我们为通过手表的健康创新所产生的影响感到自豪，并感谢我收到的每一封关于手表在生活中重要性的来信。

With AirPods 4, we broke a new ground in comfort and design with our best-ever open-ear headphones available for the first time with active noise cancellation. And we were especially pleased to unveil revolutionary end-to-end hearing health capabilities for AirPods Pro 2 with hearing protection, hearing test, and hearing aid features. These just became available in a software update this week, and we believe this will make a meaningful difference in our users' lives. I've already started getting notes from customers calling the experience life changing.

AirPods 4 打破了舒适性和设计的新局面，我们首次推出了具备主动降噪功能的最佳开放式耳机。我们特别高兴地推出了 AirPods Pro 2 的革命性端到端听力健康功能，包括听力保护、听力测试和助听器功能。这些功能在本周的软件更新中刚刚推出，我们相信这将对用户的生活产生重大影响。我已经开始收到客户的反馈，称这种体验改变了生活。

And Apple Vision Pro continues to deliver spatial experiences that weren't possible before, including immersive entertainment like the new short film, Submerged, which gives people a view into the unique storytelling power made possible by spatial computing. Vision Pro has more than 2,500 native spatial apps and 1.5 million compatible apps for visionOS 2, as well as applications companies are building to reimagine how they work. Vision Pro continues to inspire awe in its users, and we're just scratching the surface of what's possible. And just yesterday, we announced we're bringing Vision Pro to Korea and the UAE.

苹果 Vision Pro 继续提供以前不可能实现的空间体验，包括沉浸式娱乐，如新短片《Submerged》，它让人们看到空间计算所带来的独特叙事能力。Vision Pro 拥有超过 2500 个原生空间应用程序和 150 万个与 visionOS 2 兼容的应用程序，以及公司正在构建的重新构想工作方式的应用程序。Vision Pro 继续激发用户的敬畏之情，而我们才刚刚触及可能性的表面。就在昨天，我们宣布将 Vision Pro 带到韩国和阿联酋。

As I mentioned earlier, Services achieved an all-time revenue record of $25 billion, up 12% from a year ago, and with all-time revenue records across most of our categories. With Apple TV+, we love celebrating the craft of great storytellers who know how to put on a show. Audiences love to discover new movies like Wolfs, explore acclaimed new series like Disclaimer, and dive back into returning favorites like Slow Horses and Shrinking. Apple TV+ productions have become fixtures at award shows, earning more than 2,300 nominations and more than 500 wins today. Apple also offers a live sports experience in a league of its own with MLS Season Pass, and subscribers have been cheering on their favorite teams in the MLS Cup playoffs.

正如我之前提到的，服务部门实现了创纪录的收入，达到 250 亿美元，比去年增长了 12%，并且在我们大多数类别中都创下了历史收入记录。对于 Apple TV+，我们热爱庆祝那些懂得如何制作精彩节目的优秀讲故事者的工艺。观众喜欢发现像《狼》这样的新电影，探索像《免责声明》这样的备受赞誉的新剧，并重温像《慢马》和《缩小人生》这样的回归热门剧。Apple TV+的制作已经成为颁奖典礼上的常客，迄今为止获得了超过 2300 项提名和超过 500 项获奖。Apple 还通过 MLS 季票提供独一无二的现场体育体验，订阅者们在 MLS 杯季后赛中为他们喜爱的球队加油。

This month, we also marked 10 years of Apple Pay. There's always something magical about being able to buy groceries or pay for movie tickets seamlessly with your Apple device. Today, users choose Apple Pay for purchases across tens of millions of retailers worldwide. And we're excited to make the Apple Pay experience even better, with the option to redeem rewards and access loans from credit cards, debit cards, and other lenders right at checkout.

这个月，我们也迎来了 Apple Pay 的十周年。能够用你的 Apple 设备无缝购买杂货或支付电影票总是有一种神奇的感觉。如今，用户在全球数千万家零售商中选择使用 Apple Pay 进行购买。我们很高兴能让 Apple Pay 的体验更上一层楼，用户可以在结账时直接使用信用卡、借记卡和其他贷款机构的奖励和贷款选项。

Whenever we celebrate big moments, Apple Stores are the best places to share them with customers. I had an incredible time during launch day in September alongside our team at Apple Fifth Avenue, where energy and enthusiasm filled the air. And in stores all over the world, customers are eager to get a closer look at our latest innovations. We also opened two new stores during the quarter and we can't wait to bring four new stores to customers in India.

每当我们庆祝重大时刻时，Apple Store 是与顾客分享这些时刻的最佳场所。在九月的发布日，我与 Apple 第五大道的团队一起度过了难以置信的时光，那里充满了活力和热情。在全球各地的商店，顾客们都渴望近距离了解我们的最新创新。我们在这个季度还开设了两家新店，并迫不及待地想在印度为顾客带来四家新店。

We're passionate about education and believe technology has a vital role to play in both helping teachers to inspire their students and students to learn about the world around them. In honor of World Teachers' Day, Apple was proud to share new resources for teachers to engage their students in ways that aim to make learning easy and fun. Additionally, we've expanded our education grant program into 100 new schools and communities, helping with everything from access to technology, to educator resources, to scholarships and financial support.

我们对教育充满热情，并相信技术在帮助教师激励学生和学生了解周围世界方面发挥着重要作用。为了纪念世界教师日，苹果公司自豪地分享了新的资源，帮助教师以简单有趣的方式吸引学生。此外，我们将教育资助计划扩展到 100 所新学校和社区，提供从技术访问、教育资源到奖学金和财务支持等各方面的帮助。

As we near the end of the year, we're proud of the progress we've made in our efforts to be carbon-neutral across our entire footprint by the end of the decade. As I mentioned earlier, we were thrilled to introduce our first-ever carbon-neutral Mac with the latest Mac mini. And in another milestone, customers can choose a carbon-neutral option of any Apple Watch. These achievements are amazing for all of us at Apple, and we are determined to reach our 2030 goal.

随着年末的临近，我们为在整个领域努力实现碳中和所取得的进展感到自豪，目标是在本世纪末实现碳中和。正如我之前提到的，我们很高兴推出了首款碳中和的 Mac，即最新的 Mac mini。此外，客户还可以选择任何 Apple Watch 的碳中和选项。这些成就是我们所有苹果员工的骄傲，我们决心实现 2030 年的目标。

At Apple, across everything we do, we manage for the long term, because we're always thinking about what comes next, the next great challenge, the next innovative idea, the next big breakthrough. As we close out the year, we have the best lineup we've ever had going into the holiday season, including Apple Intelligence, which marks the start of a new chapter for our products. This is just the beginning of what we believe generative AI can do, and I couldn't be more excited for what's to come.

在苹果公司，我们所做的一切都是为了长期发展，因为我们总是在思考接下来会发生什么，下一个伟大的挑战，下一个创新的想法，下一个重大的突破。随着今年的结束，我们在进入假日季时拥有有史以来最好的产品阵容，包括标志着我们产品新篇章的 Apple Intelligence。这只是我们认为生成式 AI 可以实现的开始，我对未来即将发生的事情感到无比兴奋。

Before I hand it over to Luca, with Luca transitioning to a new role with Apple, this will be the final time he's joining our call. So, I just wanted to take a moment to recognize his extraordinary service as Apple's CFO and to thank him for his partnership. I am deeply grateful. In his 10 years in the role, Luca has done truly exceptional work in shaping Apple as we know it today. He has helped manage Apple for the long term, thoughtfully and deliberately. He has helped us enrich the lives of so many around the world, and he has been a leader that people look up to and have learned so much from. I have incredible confidence in our incoming CFO, Kevan Parekh, and we look forward to more of you meeting and working with him going forward.

在我把话交给 Luca 之前，由于 Luca 将过渡到苹果的新角色，这将是他最后一次参加我们的电话会议。所以，我想花点时间来表彰他作为苹果首席财务官的非凡服务，并感谢他的合作。我深表感激。在他担任该职位的 10 年中，Luca 在塑造我们今天所知的苹果方面做出了真正卓越的工作。他帮助苹果进行了长期管理，深思熟虑且有条不紊。他帮助我们丰富了世界各地许多人的生活，他是一位人们仰慕并从中学到很多的领导者。我对我们即将上任的首席财务官 Kevan Parekh 充满信心，并期待着更多的人在未来与他见面和合作。

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

那么，我将把它交给卢卡。

Luca Maestri 卢卡·梅斯特里

Good afternoon, everyone. And thank you, Tim, for the very kind words. Serving as Apple's CFO has been a real privilege and an amazing journey, and I've greatly appreciated the support from our investors and the analyst community over the years. Kevan is exceptional, and I know you will enjoy interacting with him going forward.

下午好，大家好。谢谢你，蒂姆，你的美言让我感激不已。担任苹果公司的首席财务官是一种真正的荣幸，也是一次奇妙的旅程，我非常感谢多年来投资者和分析师社区的支持。凯文非常出色，我相信你们将来会喜欢与他互动。

Let me now turn to the results for the fourth quarter of our fiscal year. We're very pleased to report a new September quarter revenue record of $94.9 billion, up 6% year-over-year. We grew in the vast majority of the markets we track and achieved September quarter revenue records in the Americas, Europe and Rest of Asia Pacific.

现在让我来谈谈我们财政年度第四季度的业绩。我们很高兴地报告新的九月季度收入记录为 949 亿美元，同比增长 6%。我们在我们跟踪的大多数市场中实现了增长，并在美洲、欧洲和亚太其他地区创下了九月季度收入记录。

Products revenue was $70 billion, up 4% year-over-year, driven by growth in iPhone, iPad and Mac. Our installed base of active devices reached an all-time high across all products and geographic segments, thanks to very high levels of customer satisfaction and loyalty and a large number of customers who are new to our products.

产品收入达到 700 亿美元，同比增长 4%，这得益于 iPhone、iPad 和 Mac 的增长。我们所有产品和地理区域的活跃设备安装基数均创历史新高，这要归功于极高的客户满意度和忠诚度，以及大量新客户使用我们的产品。

受限于硬件，有可能停滞几年才能找到新的方向。

Services revenue reached an all-time record of $25 billion, up 12% year-over-year. We saw broad-based strength around the world, reaching all-time records in both developed and emerging markets with double-digit growth and record results across most services categories.

服务收入达到创纪录的 250 亿美元，同比增长 12%。我们在全球范围内表现强劲，在发达市场和新兴市场均创下历史新高，实现了两位数的增长，并在大多数服务类别中取得了创纪录的业绩。

Company gross margin was 46.2%, near the high end of our guidance range. Products gross margin was 36.3%, up 100 basis points sequentially, primarily driven by favorable mix. Services gross margin was 74%, unchanged from the prior quarter.

公司毛利率为 46.2%，接近我们指导范围的高端。产品毛利率为 36.3%，环比上升 100 个基点，主要受益于有利的产品组合。服务毛利率为 74%，与上一季度持平。

Operating expenses of $14.3 billion were at the midpoint of the guidance range we provided at the beginning of the quarter and up 6% year-over-year.

运营费用为 143 亿美元，处于我们在季度初提供的指导范围的中点，同比上升 6%。

During the quarter, we recorded a one-time income tax charge of $10.2 billion, which relates to the impact of the reversal of the European General Court's State Aid decision. When we exclude this one-time charge, net income was $25 billion and diluted earnings per share were a $1.64, up 12% year-over-year, and a September quarter record.

在本季度，我们记录了一笔102亿美元的一次性所得税费用，涉及欧洲普通法院关于国家援助裁决的撤销影响。若不考虑此项一次性费用，净收入为250亿美元，每股摊薄收益为1.64美元，同比增长12%，并创下了九月季度的记录。

Operating cash flow was very strong at $26.8 billion, a new September quarter record.

经营现金流非常强劲，达到 268 亿美元，创下新的九月季度纪录。

Let me now get into more detail for each of our revenue categories. iPhone revenue was $46.2 billion, up 6% year-over-year, and a September quarter record in total and across several markets, including the US, the Middle East, Korea, and South Asia. The iPhone active installed base grew to a new all-time high in total and in every geographic segment. During the September quarter, many iPhone models were among the top-selling smartphones around the world. In fact, according to a survey from Kantar, iPhone was the top-selling model in the US, Urban China, the UK, Australia, and Japan. We continue to see high levels of customer satisfaction for the iPhone 15 family, with 451 Research recently measuring it at 98% in the US.

现在让我更详细地介绍我们的每个收入类别。iPhone 收入为 462 亿美元，同比增长 6%，并在包括美国、中东、韩国和南亚在内的多个市场创下了 9 月份季度的记录。iPhone 的活跃安装基数在总量和每个地理区域都达到了历史新高。在 9 月份季度期间，许多 iPhone 型号在全球范围内位列畅销智能手机之列。事实上，根据 Kantar 的一项调查，iPhone 是美国、中国城市地区、英国、澳大利亚和日本的畅销机型。我们继续看到 iPhone 15 系列的客户满意度很高，451 Research 最近在美国测量的满意度为 98%。

Mac revenue was $7.7 billion, up 2% year-over-year, driven by the strength in MacBook Air. Customers have been loving the performance of Apple Silicon on Mac and we are very excited to bring the latest M4 family of chips to the lineup. The Mac installed base reached an all-time high with about half of customers in the quarter being new to Mac. And in the latest reports from 451 Research, customer satisfaction was 95% in the US.

Mac 的收入为 77 亿美元，同比增长 2%，这得益于 MacBook Air 的强劲表现。客户一直很喜欢 Mac 上 Apple Silicon 的性能，我们非常高兴将最新的 M4 系列芯片引入产品线。Mac 的安装基数达到了历史新高，本季度约有一半的客户是首次购买 Mac。在 451 Research 的最新报告中，美国的客户满意度为 95%。

iPad generated $7 billion in revenue, up 8% year-over-year. In addition to growth in developed markets, we also saw strong performance in many emerging markets, with double-digit growth in Mexico, Brazil, the Middle East, India and South Asia. The iPad installed base reached another all-time high, and over half of the customers who purchased iPads during the quarter were new to the product. Also, customer satisfaction was recently measured at 97% in the US.

iPad 创造了 70 亿美元的收入，同比增长 8%。除了在发达市场的增长外，我们还在许多新兴市场表现强劲，墨西哥、巴西、中东、印度和南亚的增长达到了两位数。iPad 的安装基数达到了历史新高，在本季度购买 iPad 的客户中，有一半以上是首次购买该产品。此外，最近在美国的客户满意度测量为 97%。

Wearables, Home and Accessories revenue was $9 billion, down 3% year-over-year. The Apple Watch installed base reached a new all-time high, with over half of customers purchasing an Apple Watch during the quarter being new to the product. And the latest reports from 451 Research indicated customer satisfaction of 96% for watch in the US.

可穿戴设备、家居和配件的收入为 90 亿美元，同比下降 3%。Apple Watch 的安装基数达到了历史新高，本季度购买 Apple Watch 的客户中有超过一半是首次购买该产品。451 Research 的最新报告显示，美国用户对手表的满意度为 96%。

Our Services revenue reached an all-time record of $25 billion, growing 12% year-over-year. Services continue to see strong momentum with the growth of our installed base of active devices setting a solid foundation for the future expansion of our ecosystem. And we see increased customer engagement with our services offerings. Both transacting accounts and paid accounts reached a new all-time high, with paid accounts growing double-digits year-over-year. Paid subscriptions also grew double-digits. We have well over 1 billion paid subscriptions across the services on our platform, more than double the number we had only four years ago. And as always, we remain focused on improving the breadth and quality of our services from new games on Apple Arcade to new features like Tap to Cash and pay with installments using Apple Pay to many successful new and returning shows on Apple TV+. This past quarter, we celebrated the five-year anniversary of Apple Card, which was ranked #1 in customer satisfaction among co-branded credit cards by J.D. Power for the fourth year in a row.

我们的服务收入达到创纪录的 250 亿美元，同比增长 12%。随着我们活跃设备安装基数的增长为我们生态系统的未来扩展奠定了坚实的基础，服务继续保持强劲势头。我们看到客户对我们服务产品的参与度增加。交易账户和付费账户均创下历史新高，付费账户同比增长两位数。付费订阅也实现了两位数增长。我们平台上的服务拥有超过 10 亿的付费订阅，是四年前的两倍多。我们始终专注于提高服务的广度和质量，从 Apple Arcade 上的新游戏到新的功能，如 Tap to Cash 和使用 Apple Pay 分期付款，以及 Apple TV+上的许多成功的新节目和回归节目。在过去的一个季度里，我们庆祝了 Apple Card 五周年纪念日，该卡连续第四年被 J.D. Power 评为联合品牌信用卡客户满意度第一名。

Turning to enterprise, we continue to see strong demand across our products and services. NVIDIA launched its Mac as a choice program supported by AppleCare for Enterprise and Apple Professional Services with over 10,000 Macs deployed worldwide. And Novartis, a leading global pharmaceutical company, recently chose iPhone 16 as the standard mobile device for all employees. We also see continued momentum with Apple Vision Pro in the enterprise space. UC San Diego Health is the first hospital in the world to test spatial computing apps on Apple Vision Pro in clinical trials for patient surgery in the operating room.

转向企业领域，我们继续看到对我们产品和服务的强劲需求。NVIDIA 推出了由 AppleCare for Enterprise 和 Apple Professional Services 支持的 Mac 选择计划，全球部署了超过 10,000 台 Mac。全球领先的制药公司诺华最近选择 iPhone 16 作为所有员工的标准移动设备。我们还看到 Apple Vision Pro 在企业领域的持续势头。加州大学圣地亚哥分校健康中心是全球首家在手术室的患者手术临床试验中测试 Apple Vision Pro 空间计算应用程序的医院。

Let me now turn to our cash position and capital return program. We ended the quarter with $157 billion in cash and marketable securities. We repaid $2.6 billion in maturing debt and increased commercial paper by $7 billion, leaving us with total debt of $107 billion. As a result, net cash was $50 billion at the end of the quarter. During the quarter, we returned over $29 billion to shareholders, including $3.8 billion in dividends and equivalents and $25 billion through open market repurchases of 112 million Apple shares.

现在让我来谈谈我们的现金状况和资本回报计划。我们本季度末持有 1570 亿美元的现金和有价证券。我们偿还了 26 亿美元的到期债务，并增加了 70 亿美元的商业票据，使我们的总债务达到 1070 亿美元。因此，本季度末净现金为 500 亿美元。在本季度，我们向股东返还了超过 290 亿美元，其中包括 38 亿美元的股息及等值物，以及通过公开市场回购 1.12 亿股苹果股票返还的 250 亿美元。

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're providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. We expect our December quarter total company revenue to grow low- to mid-single digits year-over-year. We expect Services revenue to grow double-digits at a rate similar to what we reported in the fiscal year 2024. We expect gross margin to be between 46% and 47%. We expect OpEx to be between $15.3 billion and $15.5 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%.

随着我们进入 12 月季度，我想回顾一下我们的展望，其中包括 Suhasini 在电话会议开始时提到的前瞻性信息类型。我们今天提供的情况假设宏观经济前景不会比我们今天对当前季度的预测更糟。我们预计 12 月季度公司总收入将同比增长低至中个位数。我们预计服务收入将以与 2024 财年报告的类似速度实现两位数增长。我们预计毛利率将在 46%到 47%之间。我们预计运营费用将在 153 亿美元到 155 亿美元之间。我们预计营业收入和支出约为负 2.5 亿美元，不包括少数股权投资的市值变动可能产生的任何影响。我们的税率预计约为 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on November 14, 2024 to shareholders of record as of November 11, 2024.

最后，今天我们的董事会宣布每股普通股派发现金股息 0.25 美元，将于 2024 年 11 月 14 日支付给截至 2024 年 11 月 11 日的登记股东。

With that, let us open the call to questions.

因此，让我们开始接受提问。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

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

谢谢，卢卡。我们要求您限制在两个问题内。接线员，请问我们可以听到第一个问题吗？

Question-and-Answer Session

问答环节

Operator 操作员

Certainly. We will go ahead and take our first question from Michael Ng with Goldman Sachs. Please go ahead.

当然。我们将开始回答来自高盛的 Michael Ng 的第一个问题。请继续。

Michael Ng 迈克尔·吴

Hey, good afternoon. I just have two. The first one is for Tim on Apple Intelligence. I was wondering if you could just expand a little bit on some of the early feedback to Apple Intelligence both for iOS 18.1, but also the developer beta so far, and whether you would attribute Apple Intelligence to any of the strong iPhone performance that we've seen to date. Thanks.

嘿，下午好。我只有两个问题。第一个是关于苹果智能的，问给蒂姆。我想知道您是否可以稍微扩展一下关于苹果智能的一些早期反馈，既包括 iOS 18.1，也包括到目前为止的开发者测试版，以及您是否将苹果智能归因于我们迄今为止看到的强劲 iPhone 表现。谢谢。

Tim Cook 蒂姆·库克

Thanks, Michael. As I noted in my comments, just this week on Monday, we made the first set of Apple Intelligence features available in US English for iPhone, iPad, and Mac. This includes things like systemwide Writing Tools that help you refine your writing, a more natural conversational Siri, more intelligent Photos app, including the ability to create movies, simply by typing a description, which is really cool, and new ways to prioritize and stay in the moment with notification summaries and priority messages. There's also email summaries and email priority.

谢谢，迈克尔。正如我在评论中提到的，就在本周一，我们推出了首批适用于 iPhone、iPad 和 Mac 的 Apple Intelligence 功能，支持美国英语。这包括系统范围的写作工具，帮助您完善写作，更自然的对话式 Siri，更智能的照片应用程序，包括仅通过输入描述即可创建电影的功能，这真的很酷，还有通过通知摘要和优先消息来优先处理事务并专注当下的新方式。还有电子邮件摘要和电子邮件优先级。

We're getting a lot of positive feedback from developers and customers. And in fact, if you just look at the first three days, which is all we have obviously from Monday, the 18.1 adoption is twice as fast as the 17.1 adoption was in the year-ago quarter. And so, there's definitely interest out there for Apple Intelligence.

我们从开发者和客户那里得到了很多积极的反馈。事实上，如果你只看前三天，也就是从周一开始，18.1 的采用速度是去年同期 17.1 采用速度的两倍。因此，外界对苹果智能确实有兴趣。

Carrying on in the quarter, we are looking forward to bringing even more features in December, and this will include even more powerful Writing Tools and visual intelligence experience that builds on Apple Intelligence, and ChatGPT integration in addition to other features, as well as we'll bring localized English to several countries that include the UK, Australia, and Canada. So, it's going to be quite a software quarter between the release on Monday and the release in December. And then, as we turn the corner to '25, we'll have more languages rolling out, starting in April as well and more features as well. And so, it's a very strong drumbeat, and we couldn't be more excited about it.

在这个季度，我们期待在 12 月带来更多功能，其中包括更强大的写作工具和基于苹果智能的视觉智能体验，以及 ChatGPT 集成和其他功能。此外，我们还将在包括英国、澳大利亚和加拿大在内的几个国家推出本地化英语。因此，从周一的发布到 12 月的发布，这将是一个相当丰富的软件季度。然后，当我们迈向 2025 年时，将从 4 月开始推出更多语言，以及更多功能。因此，这是一个非常强劲的节奏，我们对此感到无比兴奋。

Michael Ng 迈克尔·吴

Great. Thank you very much. And my second one just for Luca. First, congratulations again, Luca, on the new role and it's been a real privilege being able to spend some time with you. A question that I think will overlap with your new role as well. Could you just talk a little bit about the CapEx outlook and whether investments in things like Private Cloud Compute could change the historical CapEx range of roughly $10 billion a year? Thank you very much.

太好了。非常感谢。我的第二个问题是给卢卡的。首先，再次祝贺卢卡的新职位，能够与你共度时光真是莫大的荣幸。我想这个问题也会与你的新角色有所重叠。你能否谈谈资本支出展望，以及在私有云计算等方面的投资是否会改变大约每年 100 亿美元的历史资本支出范围？非常感谢。

Luca Maestri 卢卡·梅斯特里

Thank you, Michael. On the CapEx front, I've mentioned before a number of times, we have a bit of a hybrid model in the way we run our data centers. In some cases, we use our own data centers. In some cases, we use, third-party providers. So, our CapEx numbers may not be fully comparable with others. But, obviously, we are rolling out these features, Apple Intelligence features already now, and so we are making all the capacity that is needed available for these features. You will see in our 10-K the amount of CapEx that we've incurred during the course of fiscal '24, and we will -- in fiscal '25, we will continue to make all the investments that are necessary, and of course, the investments in AI-related CapEx will be made.

谢谢，Michael。在资本支出方面，我之前多次提到过，我们在运营数据中心的方式上采用了一种混合模式。在某些情况下，我们使用自己的数据中心。在某些情况下，我们使用第三方提供商。因此，我们的资本支出数字可能无法与其他公司完全可比。但显然，我们已经在推出这些功能，Apple Intelligence 功能，并且我们正在提供这些功能所需的所有容量。您将在我们的 10-K 文件中看到我们在 2024 财年期间发生的资本支出金额，并且在 2025 财年，我们将继续进行所有必要的投资，当然，与 AI 相关的资本支出投资也将进行。

基本不参与AI领域的竞争。

Michael Ng 迈克尔·吴

Great. Thank you, Tim. Thank you, Luca.

太好了。谢谢你，Tim。谢谢你，Luca。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

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

好的。谢谢，迈克。我们可以听下一个问题吗？

Operator 操作员

Our next question is from Erik Woodring with Morgan Stanley. Please go ahead.

我们的下一个问题来自摩根士丹利的埃里克·伍德林。请继续。

Erik Woodring 埃里克·伍德林

Great. Thanks so much for taking my questions. I have two as well. Tim, maybe if we start with you, I think each of the last four years you've exited the December quarter with iPhone demand outpacing supply. As we look to this quarter in the iPhone 16 cycle, lead times are relatively short. There are no known supply shortages. And I'm just curious whether you've been able to maybe get a better read on early cycle iPhone demand this year relative to past years. And if so, what you've learned about upgrade rates, switching rates, trade-ups versus trading down and being more price sensitive? And overall, any impact that Apple Intelligence may have on iPhone 16 sales? And then, I have a follow-up. Thank you.

好的。非常感谢您回答我的问题。我也有两个问题。Tim，也许我们可以从你开始，我认为在过去的四年中，你们每年在 12 月季度结束时，iPhone 的需求都超过了供应。随着我们关注 iPhone 16 周期的这个季度，交货时间相对较短。目前没有已知的供应短缺。我只是好奇，您是否能够更好地了解今年相对于往年早期周期的 iPhone 需求。如果是这样，您对升级率、转换率、以旧换新与降级以及价格敏感度有什么了解？总体而言，Apple Intelligence 对 iPhone 16 销售有何影响？然后，我还有一个后续问题。谢谢。

Tim Cook 蒂姆·库克

There's a lot there. On Apple Intelligence, we believe it's a compelling upgrade reason. And we'll -- but we just launched it three days ago and so what we've got now from a data point point of view is the number I just referenced that 18.1 has twice the adoption rate of 17.1. So, that clearly shows a level of interest out there.

有很多内容。在苹果智能方面，我们认为这是一个引人注目的升级理由。我们刚刚在三天前推出它，所以从数据角度来看，我们现在得到的数字是 18.1 的采用率是 17.1 的两倍。这显然表明了外界的兴趣水平。

In terms of exiting the December quarter with demand greater than supply, that's not my recollection that, that happened for all four of the years. We clearly had cases during COVID where there were disruptions and that's the some spilled over, but in a more regular environment where we're not having something, a 100-year flood kind of thing, we would -- our desire is to get into balance as quickly as possible. We don't want customers having to wait for products.

就以需求大于供应的情况结束 12 月季度而言，我不记得这在所有四年中都发生过。我们确实在 COVID 期间遇到过一些中断的情况，这些情况有些溢出，但在一个更常规的环境中，没有发生类似百年一遇的事情时，我们的愿望是尽快达到平衡。我们不希望客户不得不等待产品。

And so, if you look at how we've done this year, we did that very quickly on the 16, on the 16 Pro family, the Pro and the Pro Max, we've been constrained in October, but we believe that soon we'll be out of constraint. And so, that's a good sign from our point of view. Keep in mind that, that's a function of supply and demand, not one side or the other. And we've been preparing for the quarter for a while. So that's what I would say there.

因此，如果你看看我们今年的表现，我们在 16 系列、16 Pro 系列、Pro 和 Pro Max 上做得非常快，10 月份我们受到了一些限制，但我们相信很快就会摆脱限制。从我们的角度来看，这是一个好迹象。请记住，这是供需关系的结果，而不是单方面的。我们已经为这个季度做了一段时间的准备。所以我会这么说。

Erik Woodring 埃里克·伍德林

Okay. That's really helpful. Thank you, Tim.

好的。这真的很有帮助。谢谢你，蒂姆。

Tim Cook 蒂姆·库克

Yeah, thank you. 是的，谢谢你。

Erik Woodring 埃里克·伍德林

And then, Luca, if I just turn to you, obviously, it's been a pleasure working with you, and we wish you all the best in the next role. There's plenty of debate in the market right now about input costs and commodity prices, and the impact that will have on gross margins. Historically, you do guide gross margins up 50 basis points sequentially, which you just told us about for the December quarter. So, can you maybe just help us understand your view of component prices and broadly whether you still see those as tailwinds to gross margins and how sustainable that tailwind might be, or whether that should become a headwind as we look forward? Thanks so much.

然后，卢卡，我想对你说，显然，与您合作非常愉快，我们祝愿您在下一个职位上一切顺利。目前市场上关于投入成本和商品价格的讨论很多，这将对毛利率产生影响。历史上，您确实指导毛利率按顺序上升 50 个基点，您刚刚告诉我们这是针对 12 月季度的。所以，您能否帮助我们理解您对组件价格的看法，以及总体上您是否仍然认为这些是毛利率的顺风因素，以及这种顺风因素的可持续性，或者我们是否应该将其视为未来的逆风？非常感谢。

Luca Maestri 卢卡·梅斯特里

Yes, Erik. As you know, our gross margins are a factor of many, many variables. Commodities, of course, are important. They're not the only factor. But specifically on commodities, I can tell you that both for the September quarter and what we expect for the December quarter, most commodities are going to move down in price, while NAND and DRAM increased during the course of the September quarter and we expect them to increase during the December quarter.

是的，埃里克。如你所知，我们的毛利率受到许多变量的影响。商品当然很重要，但它们不是唯一的因素。具体来说，关于商品，我可以告诉你，无论是九月份季度还是我们对十二月份季度的预期，大多数商品的价格都会下降，而 NAND 和 DRAM 在九月份季度期间上涨，我们预计它们在十二月份季度期间也会上涨。

We are very pleased with the level of gross margins that we've reported during the course of the year. The entire fiscal year of '24, they're really, for our company, record levels of gross margin, and obviously guiding to 46% to 47% for the December quarter with all the new technologies that we've included in the products, with all the new features that Tim has talked about, a lot of new products across the board, I think it's a very good sign.

我们对全年报告的毛利率水平感到非常满意。整个 24 财年，对我们公司来说，毛利率达到了创纪录的水平，并且显然在 12 月季度的指导为 46%到 47%，考虑到我们在产品中包含的所有新技术，以及 Tim 提到的所有新功能，许多新产品全面推出，我认为这是一个非常好的迹象。

Erik Woodring 埃里克·伍德林

Great. Thanks so much, Luca.

太好了，非常感谢，卢卡。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

Thank you, Erik. Can we have the next question, please?

谢谢，埃里克。我们可以进行下一个问题吗？

Operator 操作员

Our next question is from Ben Reitzes from Melius. Please go ahead.

我们的下一个问题来自 Melius 的 Ben Reitzes。请继续。

Ben Reitzes 本·赖茨斯

Hey, thanks a lot. And I'll echo those comments about Luca. Miss you, and good luck. And my question is with regard to iPhone again, and with regard to the fourth quarter, is my first question -- or sorry, the fourth calendar quarter, your first quarter. When you look at mid- to low-single-digit revenue growth, do you expect the iPhone to grow faster? And what are you thinking about in the answer to that question with regard to China, which keeps improving each quarter? Thanks very much. And then, I have just a follow-up. Thanks.

嘿，非常感谢。我也想重复一下对 Luca 的评论。想念你，祝好运。我的问题还是关于 iPhone 的，关于第四季度，或者说是你们的第一财季。当你们看到中低个位数的收入增长时，你们是否预计 iPhone 的增长会更快？对于这个问题，你们在中国市场的看法是什么，因为中国市场每个季度都在改善？非常感谢。然后，我还有一个后续问题。谢谢。

Luca Maestri 卢卡·梅斯特里

Ben, we are not providing that level of color today. Yes, we've said that we expect total company revenue to grow low- to mid-single digits. Keep in mind, Apple Intelligence, as Tim said, is rolling out over time, both features and languages. And we just had a number of exciting launches just this week from the Apple Intelligence feature to the new Mac. So, we leave it at that. We've given you the total for the company and some pretty good direction on Services, which we expect to continue to grow at a similar rate than what we've seen in fiscal '24.

本，我们今天不会提供那么详细的信息。是的，我们已经说过，我们预计公司总收入将以低到中个位数增长。请记住，正如蒂姆所说，Apple Intelligence 正在逐步推出，包括功能和语言。就在本周，我们刚刚推出了一些令人兴奋的新产品，从 Apple Intelligence 功能到新的 Mac。因此，我们就说到这里。我们已经给出了公司的总收入以及服务方面的一些相当不错的指引，我们预计服务将继续以与 2024 财年相似的速度增长。

Ben Reitzes 本·赖茨斯

Great. Thanks, Luca. Hey, Tim, I wanted to ask you, I mean, you guys are well aware a lot of the noise out there, people chattering about builds, lead times, and you guys are guiding for mid- to low-single-digit growth. That certainly doesn't sound like alarm bells here, vis-a-vis what you guys must be hearing. And I know you guys are just running your business and doing the best you can, but you have a lot of perspective now, Tim. What are people missing here? And it certainly just sounds like -- you guys are typically conservative. That guide for revenue is certainly sounds like [this guy is certainly not falling] (ph), and you have a pretty good product cycle. So, what do you think people are missing and what are you excited about? Thanks so much, Tim.

太好了。谢谢，卢卡。嘿，蒂姆，我想问你，我的意思是，你们都很清楚外面的很多噪音，人们在谈论构建、交货时间，而你们的指导是中到低个位数的增长。这听起来肯定不像是警钟，与你们听到的相比。我知道你们只是经营自己的业务，尽力而为，但你现在有很多看法，蒂姆。人们在这里错过了什么？这听起来确实像是——你们通常是保守的。那个收入指引听起来确实像是[这个家伙肯定没有倒下] (ph)，而且你们有一个相当不错的产品周期。那么，你认为人们错过了什么，你对什么感到兴奋？非常感谢，蒂姆。

Tim Cook 蒂姆·库克

Ben, I could not be more excited about Apple Intelligence and the rollout that we've got in front of us. I'm on the -- I'm obviously on future releases as well, working on it and it's changing my daily life. I'm super excited about the health features that we're rolling out. If the number of emails I'm already getting from customers that have taken a hearing test and are using their AirPods Pro 2 as a hearing aid, are just -- are staggering and heartwarming to read. I'm also thrilled about sleep apnea and the notification there that we'll have through the watch. This week is a very exciting week for us because we just rolled out three days -- three launches of different, Macs and desktops and laptops. And so, we have a lot of things on the docket and it's definitely the strongest lineup we've ever had going into the holiday season. In terms of the noise, I tune it out, because if not, it would just be, deafening. And so that that's what I do, I can't speak for everybody else, but that's what I do.

本，我对苹果智能和我们即将推出的产品感到无比兴奋。我显然也在参与未来的发布工作，并且它正在改变我的日常生活。我对我们推出的健康功能感到非常兴奋。如果我已经收到的客户电子邮件数量是惊人的，他们已经进行了听力测试并使用他们的 AirPods Pro 2 作为助听器，读起来令人感动。我也对睡眠呼吸暂停和我们将通过手表提供的通知感到兴奋。这周对我们来说是非常激动人心的一周，因为我们刚刚推出了三天——三次不同的 Mac、台式机和笔记本电脑的发布。因此，我们有很多事情要做，这绝对是我们进入假日季节以来最强大的产品阵容。至于噪音，我选择忽略它，因为如果不这样做，它将是震耳欲聋的。所以这就是我所做的，我不能为其他人发言，但这就是我所做的。

Ben Reitzes 本·赖茨斯

Thanks a lot, Tim. Appreciate it.

非常感谢，蒂姆。感激不尽。

Tim Cook 蒂姆·库克

Thanks, Ben. 谢谢，本。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

Thank you, Ben. Can we have the next question, please?

谢谢，本。我们可以听下一个问题吗？

Operator 操作员

Our next question is from Amit Daryanani with Evercore. Please go ahead.

我们的下一个问题来自 Evercore 的 Amit Daryanani。请继续。

Amit Daryanani 阿米特·达里亚纳尼

Good afternoon. Thanks for taking my questions. I have two as well. And Luca, best of luck in the future. It's been a pleasure working with you. I guess the first one I have is, away from iPhones, on the Services side, you're adding $100 billion run rate with Services today, which is a phenomenal achievement by itself. As you look at the Services portfolio today, can you just talk about how much of this business do you think is reoccurring versus transactional? And are the growth rates different between the subscription portfolio over here versus transactional portfolio?

下午好。感谢您回答我的问题。我也有两个问题。另外，Luca，祝您未来一切顺利，和您合作非常愉快。第一个问题是，除了iPhone之外，在服务业务方面，您目前的服务年化收入达到了1000亿美元，这本身就是一个非凡的成就。就当前的服务组合而言，您能否谈谈您认为这部分业务中有多少是经常性收入而非交易性收入？此外，订阅型业务和交易型业务的增长率是否有所不同？

Luca Maestri 卢卡·梅斯特里

Yes, Amit, I'll take this one. Yes, we are, first of all, very, very happy with -- it's an important milestone. Of course, we've got to a run rate of $100 billion. You look back just a few years ago, and the growth has been phenomenal. We're very pleased. We've got a very diversified portfolio of services. And over the years, the amount that is recurring in nature has grown and is growing faster than the transactional piece. We have well over 1 billion paid subscriptions on our platform right now between our own services and third-party services. That continues to grow strong double-digits. So, we feel very, very good. And, essentially, to your question, yes, the recurring portion is growing faster than the transactional one.

好的，Amit，这个问题我来回答。首先，我们对这一重要的里程碑非常非常满意。当然，我们达到了1000亿美元的年化收入。回顾几年前的情况，增长是惊人的，我们对此感到非常高兴。我们拥有非常多元化的服务组合，并且这些年来，经常性收入的比例在不断增长，其增长速度也快于交易性收入。目前，我们平台上包括自有服务和第三方服务在内的付费订阅用户已超过10亿，且仍在以强劲的两位数增长。因此，我们对当前的情况非常满意。简单来说，回答您的问题，是的，经常性收入的增长速度快于交易性收入。

Amit Daryanani 阿米特·达里亚纳尼

Got it. If I can just follow-up, if I look at the growth rates across the different geographies, there's always concern around China when it comes to iPhone demand, I feel, but the performance in September looks fairly good. I wonder if you just touch on, what are you seeing from a demand perspective in China? If the recent stimulus plan in China could essentially be a catalyst for iPhone? And then, EMEA really stood out with double-digit growth. Maybe you can just flush that out as well for us. Thank you.

明白。如果我可以继续问一下，我查看不同地区的增长率时，总是对中国的 iPhone 需求感到担忧，但 9 月份的表现看起来相当不错。我想知道，您能否谈谈从需求的角度来看在中国的情况？最近中国的刺激计划是否可能成为 iPhone 的催化剂？然后，EMEA 地区的两位数增长确实很突出。也许您也可以为我们详细说明一下。谢谢。

Tim Cook 蒂姆·库克

Yeah, I'll take the China question. If you look at how we did for the quarter, we were relatively flat year-over-year. And a key component of that improvement relative to the year-over-year performance that we had been achieving is that there was a sequential improvement in foreign exchange. And so that helped us out. As you know, it's been a headwind that we've been reporting for a period of time.

好的，我来回答关于中国的问题。如果你看看我们这个季度的表现，我们与去年同期相比基本持平。相对于我们之前的年度表现，一个关键的改善因素是外汇的逐步改善。这对我们有所帮助。正如你所知，这一直是我们报告了一段时间的阻力因素。

And -- but the other parts that are -- what else is going on there is that our installed base of the active devices reached an all-time high. We had the top two selling, smartphones in Urban China according to Kantar. The level of new customers that we have buying the products like Mac and iPad are well over 50%. Watch is over three quarters that are new to the product. And so, there's several positive signs there.

而且——但其他部分是——那里还发生了什么，我们的活跃设备安装基数达到了历史新高。根据 Kantar 的数据，我们在中国城市地区的智能手机销量排名前两位。购买 Mac 和 iPad 等产品的新客户比例超过 50%。手表的新客户比例超过四分之三。因此，有几个积极的迹象。

In terms of the stimulus, it's a clear focus of the team there, but I'm not an economist and don't want to ad lib on the effect of it.

就刺激措施而言，那里的团队显然很关注这一点，但我不是经济学家，不想即兴发挥其影响。

Luca Maestri 卢卡·梅斯特里

On the Europe side, Amit, a number of things. As you see from our results during the quarter, Europe grew double-digits, 11%, and really, it was really good growth across the board, the different segments. They all did well. Keep in mind, our definition of Europe in our segment reporting includes a number of emerging markets, like Turkey, where we've grown very strongly, the Middle East. Tim mentioned a number of records in Saudi, in UAE, and we also include India where we set an all-time revenue record during the September quarter. But I have to say also Western Europe grew nicely. So, we've seen very good results for us in the entire segment.

在欧洲方面，Amit，有很多事情。如您从我们本季度的业绩中看到的，欧洲实现了两位数的增长，达到了 11%，而且各个不同的细分市场都实现了非常好的增长。请记住，我们在细分市场报告中对欧洲的定义包括一些新兴市场，比如土耳其，我们在那里实现了非常强劲的增长，还有中东。Tim 提到在沙特阿拉伯、阿联酋创下了多项纪录，我们还包括印度，在 9 月份季度创下了历史最高收入纪录。但我也必须说，西欧的增长也很不错。因此，我们在整个细分市场中看到了非常好的业绩。

Amit Daryanani 阿米特·达里亚纳尼

Great. Thank you very much.

太好了。非常感谢。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

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

谢谢，阿米特。我们可以进行下一个问题吗？

Operator 操作员

Our next question is from David Vogt with UBS. Please go ahead.

我们的下一个问题来自瑞银的 David Vogt。请继续。

David Vogt 大卫·沃格特

Great. Thanks everyone for taking my question, and congratulations, Luca. I know Luca, and I know Tim, you don't want to give a lot of granularity, but if I just try to pull together your comments about what the demand environment looks like, are we to assume based on sort of the commentary that there is a risk that maybe the product revenue portfolio could be down in the December quarter if I take your numbers at face value? And if that's the risk, is that more iPhone-related, Mac-related, given the strength that you've seen in iPad related? Just trying to get a handle on kind of what potentially is giving you that degree of, I don't want to say caution, but maybe balanced for you going into the December quarter. And then, I have a follow-up.

太好了。感谢大家回答我的问题，祝贺你，Luca。我知道 Luca，也知道 Tim，你们不想给出太多细节，但如果我试着综合一下你们关于需求环境的评论，是否可以假设基于这些评论，产品收入组合在 12 月季度可能会下降，如果我按字面意思理解你们的数字？如果这是风险，那是更多与 iPhone 相关，还是与 Mac 相关，考虑到你们在 iPad 方面看到的强劲表现？只是想了解一下是什么可能让你们在进入 12 月季度时有这种程度的，我不想说是谨慎，但可能是平衡的态度。然后，我还有一个后续问题。

Luca Maestri 卢卡·梅斯特里

As I said, David, we're not providing that level of color. We're giving you some data on services. I would repeat what I said earlier. We're very early in the cycle, very early in the cycle with a lot of new products and features that that we are launching. And we're very excited about them, but it's early. And the Apple Intelligence rollout is going to happen over time, not across the world as normally we do with software releases.

正如我所说，大卫，我们不会提供那么详细的信息。我们会给你一些关于服务的数据。我会重复我之前说过的话。我们处于周期的早期阶段，推出了许多新产品和功能。我们对此感到非常兴奋，但现在还处于早期阶段。Apple Intelligence 的推出将会随着时间的推移进行，而不是像我们通常进行软件发布那样在全球范围内同时进行。

David Vogt 大卫·沃格特

Right. Okay. So maybe a follow-up for, Tim. When you think about to Luca's point about the rollout being staged over the next several quarters across the world, do you think that has any impact on sort of the normal historical demand cadence across different regions? So, should we see something different, let's say, in the December quarter, the March quarter, the June quarter, et cetera, relative to history, given the timing of the rollout and where customers are probably waiting for the devices to be enabled to have the operating system? Would just love to kind of get your perspective on how we think about the demand cadence, how it might be different than maybe historically? Thank you.

好的。那么，也许可以请 Tim 跟进一下。考虑到 Luca 提到的在接下来的几个季度中，全球范围内分阶段推出的情况，你认为这对不同地区的正常历史需求节奏有任何影响吗？那么，鉴于推出的时间和客户可能在等待设备启用操作系统的情况下，我们是否应该在 12 月季度、3 月季度、6 月季度等看到一些不同的情况？我想了解一下你对需求节奏的看法，以及它可能与历史上有所不同的地方。谢谢。

Tim Cook 蒂姆·库克

Yeah, David. It's clearly, as you point out, a different cadence, if you will, than we would normally do. As we talked about at WWDC, we wanted to give a comprehensive vision of Apple Intelligence, and we said then that it would rollout over time. And we're right on the, what we said, at WWDC, and so we're executing well.

是的，大卫。正如你所指出的，这显然是一个不同的节奏，如果你愿意的话，与我们通常的做法不同。正如我们在 WWDC 上所谈到的，我们希望提供一个关于苹果智能的全面愿景，我们当时说过这将会随着时间的推移逐步推出。我们在 WWDC 上所说的正是如此，所以我们执行得很好。

In terms of the demand curve, I would just say that what we believe here is that it's a compelling reason for upgrading. And, it's -- that's both my personal experience and feedback that I'm getting and so we'll see. We're not projecting, beyond the current quarter obviously. We just don't do that.

就需求曲线而言，我只想说，我们在这里相信这是一个升级的有力理由。而且，这既是我的个人经验，也是我收到的反馈，所以我们会拭目以待。显然，除了当前季度之外，我们没有做预测。我们就是不这样做。

David Vogt 大卫·沃格特

Great. Thanks, Tim, and best of luck, Luca.

太好了。谢谢你，蒂姆，祝你好运，卢卡。

Luca Maestri 卢卡·梅斯特里

Thank you very much. 非常感谢。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

Thank you, David. We'll take the next question, please.

谢谢，大卫。我们将回答下一个问题。

Operator 操作员

Our next question is from Wamsi Mohan with Bank of America. Please go ahead.

我们下一个问题来自美国银行的 Wamsi Mohan。请继续。

Wamsi Mohan 瓦姆西·莫汉

Yes, thank you so much. Luca, we will miss you on these calls. Tim, maybe for you, as you think about this staggered rollout of Apple Intelligence, can you help us think through potentially how much of the global installed base of phones will have access to Apple Intelligence in their native language, in their region within the next year or maybe in the next two years? And what are some of the gating factors in the rollout? And I have a follow-up.

是的，非常感谢。卢卡，我们会想念你参加这些电话会议。蒂姆，也许对你来说，当你考虑苹果智能的分阶段推出时，你能帮我们想一下在未来一年或两年内，全球有多少手机用户能够在他们的本地语言和地区访问苹果智能？在推出过程中有哪些限制因素？我还有一个后续问题。

Tim Cook 蒂姆·库克

If you look at our schedule, we started in the -- with US English, that started on Monday. There's another release coming that adds additional features that I had referenced in December in not only US English but also localized for UK, Australia, Canada, Ireland, and New Zealand. And then, we will add more languages in April. We haven't set the specifics yet in terms of the languages, but we'll add more in April and then more as we step through the year. And so, we're moving just as fast as possible while ensuring quality. That's what we're doing.

如果你查看我们的日程安排，我们从——美国英语开始，周一开始。接下来会有另一个版本发布，增加了我在十二月提到的附加功能，不仅适用于美国英语，还本地化到英国、澳大利亚、加拿大、爱尔兰和新西兰。然后，我们将在四月份增加更多语言。我们还没有确定具体的语言，但我们将在四月份增加更多，然后在全年逐步增加。因此，我们在确保质量的同时尽可能快地推进。这就是我们正在做的事情。

Wamsi Mohan 瓦姆西·莫汉

Okay. Thanks, Tim. 好的。谢谢，蒂姆。

Tim Cook 蒂姆·库克

Yeah. 是的。

Wamsi Mohan 瓦姆西·莫汉

And then, as a follow-up, maybe this is a little premature, but how is Apple at a high level prepared to potentially deal with any tariffs that might come post the selection cycle? And if not exactly how, perhaps you can just help investors think about some of the things Apple has done already to try to insulate from some of these impacts, potential impacts?

然后，作为后续行动，也许这有点为时过早，但苹果在高层面上如何准备应对可能在选举周期后出现的任何关税？如果不能确切说明，也许您可以帮助投资者思考苹果已经做过的一些事情，以尝试隔离这些影响，潜在的影响？

Tim Cook 蒂姆·库克

I wouldn't want to speculate about those sorts of things. And so, I'm going to punt on that one.

我不想对那种事情进行猜测。所以，我要回避这个问题。

Wamsi Mohan 瓦姆西·莫汉

Okay. Thank you, Tim. 好的。谢谢你，蒂姆。

Tim Cook 蒂姆·库克

Yeah. Thank you. 是的。谢谢你。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

Thank you, Wamsi. May we have the next question, please?

谢谢，Wamsi。请问下一个问题是什么？

Operator 操作员

Our next question is from Krish Sankar from TD Cowen. Please go ahead.

我们的下一个问题来自 TD Cowen 的 Krish Sankar。请继续。

Krish Sankar 克里什·桑卡尔

Yeah. Hi, thanks for taking my question. And again, thanks Luca for all your help with analyts and investors. My first question is on R&D. Given how much your tech peers are spending on AI, does this new era of Apple Intelligence actually require Apple to invest more in R&D beyond your current 7% to 8% of sales to capture this opportunity? And then, I had a follow-up.

是的。你好，谢谢你回答我的问题。再次感谢 Luca 对分析师和投资者的帮助。我的第一个问题是关于研发的。鉴于你的科技同行在人工智能上的投入，这个苹果智能的新时代是否实际上需要苹果在研发上投入更多，超出你们目前销售额的 7%到 8%，以抓住这个机会？然后，我还有一个后续问题。

Luca Maestri 卢卡·梅斯特里

Krish, as you know, we've been investing heavily in R&D over the last several years. Our R&D growth has been significant during the last several years. And obviously, as we move through the course of fiscal '24, we've also reallocated some of the existing resources to this new technology to AI. And so, the level of intensity that we're putting into AI has increased a lot, and you maybe don't see the full extent of it because we've also had some internal reallocation of the base of engineering resources that we have within the company.

克里希，如你所知，过去几年我们在研发方面投入了大量资金。过去几年的研发增长非常显著。显然，随着我们进入 2024 财年，我们也将一些现有资源重新分配到这项新技术，即人工智能。因此，我们在人工智能上的投入强度大大增加，你可能没有看到其全部程度，因为我们公司内部的工程资源基础也进行了重新分配。

Krish Sankar 克里什·桑卡尔

Got it. Thanks for that, Luca. And then, another quick follow-up. I understand Apple Intelligence is a feature on the phone today, but do you think that, in the future, it could potentially have or benefit the services growth business, or is that too -- are these too bifurcated to even make a call on the [indiscernible]? Thank you.

明白了。谢谢你，Luca。然后，还有一个快速的跟进问题。我知道苹果智能是手机上的一个功能，但你认为将来它是否可能对服务增长业务有益，还是说这两者过于分化，以至于无法对此做出判断？谢谢。

Tim Cook 蒂姆·库克

I think, just to keep it in mind, Apple Intelligence is also available on the Mac for the M-series products and on certain models of iPad, and in addition to the phone. And so, it's on all three. You're quite -- what was your follow-on question?

我认为，只是要记住，Apple Intelligence 也可以在 M 系列产品的 Mac 和某些型号的 iPad 上使用，此外还有手机。因此，它在这三者上都有。你是相当——你的后续问题是什么？

Krish Sankar 克里什·桑卡尔

Tim, it does on -- can the Apple Intelligence actually help the Services growth rate?

蒂姆，它确实可以——苹果智能能否真正帮助服务增长率？

Tim Cook 蒂姆·库克

Keep in mind that we were have released a lot of APIs and developers will be taking advantage of those APIs. That release has occurred as well and of course more are coming. And so I, definitely believe that a lot of developers will be taking advantage of Apple Intelligence in a big way. And what that does to Services, I'll not forecast, but I would say that from an ecosystem point of view, I think it will be great for the user and the user experience.

请记住，我们已经发布了很多 API，开发者将会利用这些 API。该发布已经发生，当然还有更多即将到来。因此，我坚信许多开发者将会大规模利用苹果智能。至于这对服务的影响，我不会预测，但从生态系统的角度来看，我认为这对用户和用户体验来说将是很好的。

Krish Sankar 克里什·桑卡尔

Got it. Thanks, Tim. 明白了。谢谢，蒂姆。

Tim Cook 蒂姆·库克

Yeah. 是的。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

All right. Thank you, Krish. Can we have the next question, please?

好的。谢谢，克里什。请问下一个问题是什么？

Operator 操作员

Our next question comes from Samik Chatterjee with JPMorgan. Please go ahead.

我们的下一个问题来自摩根大通的萨米克·查特吉。请继续。

Samik Chatterjee 萨米克·查特吉

Great. Thank you. Thanks for taking my questions. And Luca, congrats on the new role and pleasure working with you these years. I guess, if I could, for my first one, start with mix on the iPhone side? And what I'm really curious about if you have any thoughts given that Apple Intelligence is now going to be a consistent feature set across all the four sort of iPhones on the iPhone 16 series that you launched and going back to iPhone 15 Pro and Pro Max. Are you seeing any change in behavior from a consumer perspective in terms of which sort of on the mix front within the iPhone series where consumer adoption is given that there's more consistency of the features when it comes to Apple Intelligence across the board? And I have a follow-up. Thank you.

太好了。谢谢。感谢您回答我的问题。Luca，祝贺您担任新职位，这些年与您合作很愉快。我想，如果可以的话，我的第一个问题是关于 iPhone 方面的产品组合？我很好奇的是，鉴于 Apple Intelligence 现在将在您推出的 iPhone 16 系列的所有四款 iPhone 上成为一致的功能集，并且回到 iPhone 15 Pro 和 Pro Max，您是否看到消费者行为有任何变化？从消费者的角度来看，在 iPhone 系列的产品组合中，消费者采用的情况如何，考虑到 Apple Intelligence 在各方面功能的一致性？我还有一个后续问题。谢谢。

Tim Cook 蒂姆·库克

It's tough to answer your question, because we've been constrained in October on the Pro and the Pro Max. And so, it's really too early in the curve to call the precise mix on the consumer versus the Pro. So, we'll see.

回答你的问题很困难，因为我们在十月份受到了 Pro 和 Pro Max 的限制。因此，现在判断消费者与 Pro 的确切比例还为时过早。所以，我们拭目以待。

Samik Chatterjee 萨米克·查特吉

Okay. And for my follow-up, Tim, during the quarter I think over the last 90 days, we had the quotes come out in relation to the DOJ relative to the Google sort of revenue sharing agreement that you have with them. How do you sort of look at it going forward in terms of emphasizing the role that Apple has in that ecosystem with Safari and sort of the potential outcomes that you're looking at? Thank you.

好的。接下来，蒂姆，在这个季度，我认为在过去的 90 天里，我们看到了一些关于司法部与谷歌的收入分成协议的报道。你如何看待未来苹果在这个生态系统中与 Safari 的角色，以及你所关注的潜在结果？谢谢。

Tim Cook 蒂姆·库克

I don't want to speculate on that from a legal point of view. It's an ongoing case, and I will save that for another day.

我不想从法律角度对此进行推测。这是一个正在进行的案件，我会留到以后再说。

Samik Chatterjee 萨米克·查特吉

Okay. Thank you. I'll leave it there. Thank you.

好的。谢谢。我就放在这里。谢谢。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

All right. Thank you, Samik. Operator, may we have the next question, please?

好的。谢谢，Samik。接线员，请问我们可以听下一个问题吗？

Operator 操作员

Our next question comes from Richard Kramer with Arete Research. Please go ahead.

我们的下一个问题来自 Arete Research 的 Richard Kramer。请继续。

Richard Kramer 理查德·克莱默

Thanks very much. My first one, Tim, I'd like to ask about some of the components in Services where despite your installed base, some parts of the Apple One bundle, like Music and News and Arcade and Fitness, are not obviously the market-leading offerings. And maybe what might change that and what other services could you call out as growing faster, having wider -- widening addressable markets like we've seen in pay or advertising?

非常感谢。我的第一个问题，Tim，我想问一下关于服务中的一些组件，尽管你们有庞大的安装基础，但 Apple One 捆绑包中的一些部分，比如音乐、新闻、游戏和健身，显然不是市场领先的产品。也许是什么可能会改变这一点，还有哪些其他服务可以被称为增长更快、可拓展市场更广的，就像我们在支付或广告中看到的那样？

Tim Cook 蒂姆·库克

The way that I view it is that we have lots of opportunity in all of those. And so, there's lots of customers to try to convince to take advantage of it, and we're going to continue investing in the Services and adding new features and -- whether it's News+ or Music or Arcade, that's what we're going to do.

我认为我们在所有这些方面都有很多机会。因此，有很多客户需要我们去说服他们利用这些机会，我们将继续投资于服务并添加新功能——无论是 News+、音乐还是 Arcade，这就是我们要做的。

大型科技企业对市场的掌握能力仍然很强大，刀切豆腐，特别是苹果，前提是企业文化能保持稳定。

Keep in mind that for us, we're more focused on being best than being most. And so, in some cases, not in every case, some of the services that you -- the majority of the services that you mentioned are not cross platform. We make them for our customers only and so that in some cases changes the person who's going to sell the most perhaps, but that's -- our objective is to make the best.

请记住，对我们来说，我们更注重成为最好的，而不是最多的。因此，在某些情况下，并不是所有情况下，您提到的大多数服务都不是跨平台的。我们只为我们的客户提供这些服务，因此在某些情况下，这可能会改变谁卖得最多，但我们的目标是做到最好。

独一无二的战略，假设有苹果版的微信，这样的社交软件只能在苹果的硬件上运行。

Richard Kramer 理查德·克莱默

Okay, thanks. And then, Luca, one piece of unfinished business was your pledge to get to a net-neutral cash position. And over the last two years, you stayed around $50 billion of net cash. We've clearly seen instances in the past where elevated marketing spend or other programs brought increases in market share. I guess my question looking back on your tenure is, at your scale now of $57 billion of OpEx, do you still see incremental ways to put that cash to work in the business? Or will we just continue to see increased shareholder returns?

好的，谢谢。然后，卢卡，一个未完成的任务是你承诺达到净中性现金状况。在过去的两年里，你保持在大约 500 亿美元的净现金。我们显然看到过往有过高的市场营销支出或其他项目带来了市场份额的增加。我想回顾一下你任期内的情况，现在你的运营支出规模达到 570 亿美元，你是否仍然看到有增量的方法将这些现金投入到业务中？还是我们将继续看到股东回报的增加？

Luca Maestri 卢卡·梅斯特里

Well, obviously, as you've seen, our OpEx has gone up over the years. We've also seen at the same time a significant expansion in gross margin, maybe to a level that I would have not expected a few years ago, but we've done a very good job on a number of fronts. And so, I would say we -- when we plan -- every time we plan for the upcoming year, we think about all the different areas where we can deploy our resources and we make them available to grow the business. I think we've done very well over the long term and -- but our fundamental philosophy is to look after the business first. And then, if we have excess cash, we will continue to return it to our shareholders and the plan has worked quite well so far.

显然，正如您所见，我们的运营支出多年来有所增加。同时，我们也看到毛利率显著扩张，可能达到了几年前我未曾预料的水平，但我们在多个方面做得非常出色。因此，我会说我们——每次计划来年时，我们都会考虑可以部署资源的各个领域，并使其可用于业务增长。我认为从长远来看我们做得非常好——但我们的基本理念是首先关注业务。如果我们有多余的现金，我们将继续将其返还给股东，迄今为止该计划运作得相当好。

Richard Kramer 理查德·克莱默

Okay. Thank you very much.

好的。非常感谢。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

Thank you, Richard. We'll take our last question, please, operator?

谢谢，理查德。请接最后一个问题，接线员？

Operator 操作员

Our last question comes from Atif Malik with Citi. Please go ahead.

我们最后一个问题来自花旗银行的阿提夫·马利克。请继续。

Atif Malik 阿提夫·马利克

Thank you for squeezing me in. It seems to us that the spec differentiation between iPhone 16 Pro and base model isn't as big as prior years. All iPhones have new A18, A18 Pro chips and there wasn't an increase in ASPs versus last year. Can you share with us if there is a shift in your strategy in terms of...

谢谢你抽空见我。我们觉得 iPhone 16 Pro 和基础型号之间的规格差异没有往年那么大。所有 iPhone 都配备了新的 A18 和 A18 Pro 芯片，与去年相比，平均售价没有增加。能否与我们分享一下，是否在策略上有变化……

Operator 操作员

Unfortunately, Mr. Malik's line has dropped.

不幸的是，马利克先生的电话断线了。

Suhasini Chandramouli 苏哈西尼·钱德拉穆里

All right. Sorry, Atif. We'll connect offline. Thank you, everybody. 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 0331536 followed by the pound sign. These replays will be available by approximately 5 pm Pacific 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

好的。对不起，Atif。我们将在线下联系。谢谢大家。今天电话会议的重播将在两周内通过 Apple Podcasts 作为网络广播在 apple.com/investor 上以及通过电话提供。电话重播的号码是 866-583-1035。请输入确认代码 0331536，然后按井号键。重播将在今天太平洋时间下午 5 点左右提供。媒体有其他问题可以联系 Josh Rosenstock，电话是 408-862-1142。金融分析师可以联系我，Suhasini Chandramouli，电话是 408-974-3123。

Thank you again for joining us.

再次感谢您的加入。

Operator 操作员

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

再次，这确实结束了今天的会议。我们感谢您的参与。

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2024-10-31 Apple Inc. (AAPL) Q3 2024 Earnings Call Transcript

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