2025-01-30 Apple Inc. (AAPL) Q1 2025 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q1 2025 Earnings Conference Call January 30, 2025 5:00 PM ET
Company Participants
Suhasini Chandramouli - Director, Investor Relations
Tim Cook - Chief Executive Officer
Kevan Parekh - Chief Financial Officer
Conference Call Participants
Erik Woodring - Morgan Stanley
Ben Reitzes - Melius
Michael Ng - Goldman Sachs
Amit Daryanani - Evercore
Wamsi Mohan - Bank of America
Samik Chatterjee - JPMorgan
David Vogt - UBS
Krish Sankar - TD Cowen
Richard Kramer - Arete Research
Atif Malik - Citi
Ben Bollin - Cleveland Research Company
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Good afternoon, and welcome to the Apple Q1 Fiscal Year 2025 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2025财年第一季度财报电话会议。我叫苏哈西尼·钱德拉穆利，担任投资者关系总监。今天的电话会议正在录音。
Speaking first today are Apple CEO, Tim Cook, and he will be followed by CFO, Kevan Parekh. 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，随后将由首席财务官凯文·帕雷克发言。之后，我们将开放提问环节，由分析师提问。
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部分信息将包含前瞻性陈述，包括但不限于有关收入、毛利率、运营费用、其他收入和支出、税务、资本配置以及未来业务展望的陈述，也包括宏观经济状况对公司业务及经营业绩可能产生的影响。这些陈述涉及风险和不确定性，实际结果或趋势可能与我们的预测存在重大差异。
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新提交的 Form 10-K 年度报告，以及今天向美国证券交易委员会提交的 Form 8-K 和相关新闻稿中讨论的风险因素。苹果公司不承担更新任何前瞻性陈述的义务，这些陈述仅在其发布当日有效。
I'd now like to turn the call over to Tim for introductory remarks.
现在，我想把会议交给蒂姆，请他做开场发言。
Tim Cook
蒂姆·库克
Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call.
谢谢你，Suhasini。各位下午好，感谢大家参加此次电话会议。
Before I talk about our results I'd like to take a moment to acknowledge the devastating wildfires that impacted the Los Angeles area this month. From our retail teams to Apple TV+, Apple Music, Fitness Plus, Beats and more LA is home to many of our team members. Our thoughts are with everyone who is beginning the road to recovery. For our part, we are contributing to the relief efforts and we will continue to support our teams and the local community.
在我谈及我们的业绩之前，我想先花一点时间对本月袭击洛杉矶地区的毁灭性野火表示关注。无论是我们的零售团队还是 Apple TV+、Apple Music、Fitness Plus、Beats 等，洛杉矶都是许多团队成员的所在地。我们对所有正处于复苏之路的人们致以关切。就我们而言，我们正在为救援工作提供支持，并将继续帮助我们的团队和当地社区。
Now turning to the quarter. Today, Apple is reporting revenue of $124.3 billion for the December quarter, up 4% from a year ago, and an all-time record. EPS also set an all-time record of $2.40, 10% higher year-over-year. We achieved all-time revenue records across the majority of the countries and regions we track, including the Americas, Europe, Japan, and the rest of Asia Pacific. We also continue to see momentum in emerging markets, setting all-time revenue records in a number of markets, including Latin America, the Middle East, and South Asia, among others.
现在让我们来谈谈这一季度。今天，苹果公布了在12月季度的收入达到1243亿美元，同比增长4%，创下历史新高。每股收益也创下了2.40美元的历史新高，同比提高10%。在我们追踪的大部分国家和地区，包括美洲、欧洲、日本以及亚太其他地区，我们都实现了创纪录的收入。我们在新兴市场也继续取得进展，包括拉丁美洲、中东以及南亚等多个市场都创下了历史收入纪录。
In services, we achieved an all-time revenue record, and in the past year, we've seen nearly $100 billion in revenue from our services business. I'm also pleased to announce that we reached a new record for our installed base with over 2.35 billion active devices. In October, we released the first set of Apple Intelligence features in U.S. English for iPhone, iPad, and Mac, and we rolled out more features and expanded to more countries in December. Now users can discover the benefits of these new features in the things they do every day. They can use writing tools to help find just the right words, create fun and unique images with Image Playground and Genmoji, handle daily tasks and seek out information with a more natural and conversational Siri, create movies of their memories with a simple prompt, and touch up their photos with clean up.
在服务领域，我们取得了创纪录的收入，过去一年中我们的服务业务收入接近1000亿美元。我也很高兴地宣布，我们的设备安装量再创纪录，活跃设备数量超过了23.5亿台。去年10月，我们在 iPhone、iPad 和 Mac 上发布了首批仅支持美国英语的 Apple Intelligence 功能，并于12月推出更多功能并扩展到更多国家。现在，用户可以在日常操作中体验这些新功能带来的好处。他们可以使用写作工具来帮助找到恰当的用词，利用 Image Playground 和 Genmoji 创作有趣且独特的图像，使用更自然且对话式的 Siri 处理日常任务并获取信息，仅通过一个简单提示就能为自己的回忆创建电影，并通过 Clean Up 功能来修饰照片。
We introduced visual intelligence with camera control to help users instantly learn about their surroundings. Users can also seamlessly access chat GPT across iOS, iPadOS and MacOS. And we were excited to recently begin our international expansion with Apple Intelligence now available in Australia, Canada, New Zealand, South Africa, and the U.K. We're working hard to take Apple Intelligence even further. In April, we're bringing Apple Intelligence to more languages, including French, German, Italian, Portuguese, Spanish, Japanese, Korean, and simplified Chinese, as well as localized English to Singapore and India. And we'll continue to roll out more features in the future, including an even more capable Siri.
我们还引入了可视化智能以及相机控制功能，帮助用户即时了解周围环境。用户还可以在 iOS、iPadOS 和 macOS 上无缝使用 Chat GPT。我们也很高兴地宣布，近期我们开始了 Apple Intelligence 的国际扩张，目前该功能已经在澳大利亚、加拿大、新西兰、南非以及英国上线。我们正在努力让 Apple Intelligence 走得更远。今年4月，我们将为更多语言提供 Apple Intelligence，包括法语、德语、意大利语、葡萄牙语、西班牙语、日语、韩语和简体中文，以及面向新加坡和印度的本地化英文。未来，我们还将继续推出更多功能，包括功能更强大的 Siri。
Apple Intelligence builds on years of innovations we've made across hardware and software to transform how users experience our products. Apple Intelligence also empowers users by delivering personal context that's relevant to them. And importantly, Apple Intelligence is a breakthrough for privacy and AI with innovations like Private Cloud Compute, which extends the industry-leading security and privacy of Apple devices into the cloud. Apple Intelligence opens up an exciting new frontier and is already elevating experiences across iPhone, iPad, and Mac. We're going to keep investing in innovation and in transformative tools that help users in their everyday lives.
Apple Intelligence 基于我们多年来在硬件和软件方面的创新，改变了用户使用我们产品的体验。Apple Intelligence 还通过为用户提供与其相关的个人化上下文来赋能用户。更重要的是，Apple Intelligence 在隐私和人工智能领域实现了重大突破，引入了诸如 Private Cloud Compute 等创新，将苹果设备业界领先的安全性和隐私性扩展到云端。Apple Intelligence 为我们打开了一个令人振奋的新领域，并已在 iPhone、iPad 和 Mac 上提升了用户体验。我们将继续投资创新，开发能够帮助用户日常生活的变革性工具。
Let me now turn to our results for the quarter, starting with iPhone. iPhone revenue came in at $69.1 billion, reaching all-time iPhone revenue records in dozens of markets and regions. Our iPhone 16 lineup takes the smartphone experience to the next level in so many ways, and Apple Intelligence is one of many reasons why customers are excited. With the A18 powered iPhone 16 and iPhone 16 Plus, users are getting a big boost in battery life and incredible camera experiences with camera control. Our amazingly powerful iPhone 16 Pro models go even further with larger-than-ever displays and a pro camera system so advanced it can turn moments into masterpieces.
现在让我来谈谈这个季度的业绩，先从 iPhone 开始。iPhone 收入达到691亿美元，在数十个市场和地区都创造了 iPhone 收入的历史新纪录。我们的 iPhone 16 系列在多个方面都提升了智能手机体验，而 Apple Intelligence 正是令用户兴奋的众多原因之一。搭载 A18 芯片的 iPhone 16 和 iPhone 16 Plus 为用户带来了大幅提升的电池续航和基于相机控制的强大拍照体验。我们功能强大的 iPhone 16 Pro 机型更是进一步升级，配备了更大的显示屏和先进的专业级相机系统，能够将瞬间变为艺术杰作。
只谈优点不谈缺点是个问题。
In Mac, revenue was $9 billion for the December quarter, 16% higher year-over-year, driven by significant excitement around the world for our latest Mac lineup. The Mac is more than just a powerful tool. It's a launchpad to enable users to bring their best ideas and boldest creations to life. And there are so many reasons to choose Mac, from the breathtaking performance of the M4 family of chips to the groundbreaking and growing capabilities of Apple Intelligence. Every product in the Mac lineup offers something extraordinary, whether that's the super portable MacBook Air, the powerhouse MacBook Pro, the world's best all-in-one iMac, or the small wonder that is the Mac Mini, which is not only stunningly capable, but is our first carbon neutral Mac. All of this is enabled by the unparalleled power of Apple Silicon.
在 Mac 方面，12月季度的营收达到90亿美元，同比增长16%，这主要得益于全球对我们最新 Mac 产品线的极大热情。Mac 不仅仅是一款强大的工具，它更是一个能够让用户激发灵感、实现创意的起点。从拥有惊艳性能的 M4 芯片系列，到 Apple Intelligence 开创性且日益增强的能力，选择 Mac 的理由数不胜数。无论是超便携的 MacBook Air、强大的 MacBook Pro、世界上最优秀的一体式台式机 iMac，还是小巧且功能强大的 Mac Mini（这也是我们的首款碳中和 Mac），Mac 系列的每款产品都拥有非凡之处。而这背后离不开 Apple Silicon 所带来的无与伦比的性能支持。
iPad revenue was $8.1 billion, up 15% from a year ago, driven by strong interest for our latest products. We love hearing from customers, who are discovering for the first time the versatility of iPad from the ultra-portal iPad Mini, built from the ground up for Apple intelligence, to the powerful M4 iPad Pro in a stunningly thin and light design. iPad is there for our users whenever they need it and wherever they go and we are pleased to see so much excitement and enthusiasm for our lineup.
iPad 收入为81亿美元，同比增长15%，主要得益于用户对我们最新产品的强烈兴趣。我们很高兴听到用户的反馈，他们首次发现了 iPad 的多样化用途：从专为 Apple Intelligence 打造的超便携 iPad mini，到拥有强大 M4 芯片且薄型轻量设计的 iPad Pro。无论用户何时需要、身在何处，iPad 都能满足他们的需求。我们很高兴看到大家对我们的产品线表现出如此浓厚的兴趣和热情。
Wearables home and accessories revenue came in at $11.7 billion. With its most advanced display yet and a thinner more comfortable design, the all-new Apple Watch Series 10 is the perfect companion to help users pursue their health and fitness goals this year. From the powerful Vitals app to more customizable activity rings, users have an ever-increasing set of innovative health tools at their fingertips and watchOS 11. Health innovation has long been a focus for us, and we're committed to continuing to advance this work, because we know how much it matters to our users. We've introduced new hearing health features on AirPods Pro 2, and new sleep apnea notifications on Apple Watch are also helping users learn of a potentially serious condition that's thought to affect up to a billion people worldwide.
可穿戴设备、家居及配件业务营收达117亿美元。全新的 Apple Watch Series 10 采用迄今最先进的显示屏，并拥有更轻薄、更舒适的设计，是帮助用户在今年实现健康与健身目标的理想伴侣。从功能强大的 Vitals 应用，到更可定制的活动环，用户在 watchOS 11 上可以使用越来越丰富的创新健康工具。健康创新一直是我们关注的重点，我们会继续推进这项工作，因为我们深知这对用户的重要意义。我们在 AirPods Pro 2 上引入了新的听力健康功能，同时 Apple Watch 上的新睡眠呼吸暂停通知也帮助用户了解这一可能影响全球约十亿人的严重健康问题。
During the quarter, we also brought Apple Vision Pro to even more countries, enabling more customers to discover the magic of spatial computing. Users are enjoying incredible immersive entertainment experiences and powerful new features and enhancements to Mac virtual display. Vision Pro is also supercharging the creative process and the incredibly talented director John M. Chu recently shared how its extraordinary capabilities helped him bring the movie Wicked to life.
在本季度，我们还将 Apple Vision Pro 推向更多国家，让更多用户能够体验空间计算的神奇之处。用户可以享受非凡的沉浸式娱乐体验，以及对 Mac 虚拟显示的强大新功能与增强。Vision Pro 同样极大地推动了创意流程，而才华横溢的导演 John M. Chu 最近也分享了 Vision Pro 的卓越功能如何帮助他将电影《魔法坏女巫》(Wicked) 呈现到大银幕上。
不如Zuckerberg，Zuckerberg承认虚拟现实的战略是有问题的。
Turning to services, we set an all-time revenue record of $26.3 billion for the December quarter, growing 14% from a year ago. We set all-time records in the Americas, Europe, and rest of Asia-Pacific, and a December quarter record in Japan. Five years since launch, Apple TV+ continues to be home to incredible storytelling that viewers love. There's nothing quite like the anticipation that comes when a fan favorite returns, and we were thrilled to debut the second season of Severance earlier this month. We have so much in store for our subscribers this year with new shows like The Studio and Your Friends and Neighbors. And we can't wait for the premiere of Formula 1 starring Brad Pitt on June 27, which will take viewers inside the sport in a truly unprecedented way. We're excited that Apple TV+ continues to draw attention and accolades. To-date, Apple TV+ productions have earned more than 2,500 nominations and 538 wins.
在服务方面，我们在12月季度创造了263亿美元的历史最高收入，同比增长14%。在美洲、欧洲和亚太其他地区都创下了历史新高，并在日本创下了12月季度收入的纪录。自推出五年以来，Apple TV+ 依然是观众喜爱的一系列精彩故事的摇篮。没有什么能比喜爱的节目回归时的期待感更让人兴奋，而我们也非常高兴在本月初推出了《分离谈话》(Severance) 第二季。我们今年为订阅用户准备了许多新节目，如《The Studio》和《Your Friends and Neighbors》。我们也迫不及待地想迎接6月27日由布拉德·皮特主演的《一级方程式》(Formula 1) 首映，它将以前所未有的方式带领观众深入这项运动。我们很高兴 Apple TV+ 持续受到关注和赞誉。截至目前，Apple TV+ 出品的作品已获得超过 2,500 次提名和 538 项奖项。
During the quarter, we were also excited to launch a new Find My Service that can help our users when they lose their luggage. For the first time, if you put an air tag in your suitcase, you'll be able to share its location information with many major airlines, so they can quickly track down your bags if they get lost.
在本季度，我们还兴奋地推出了一项名为 Find My Service 的新服务，以便在用户丢失行李时能够提供帮助。这是首次实现，如果你将 AirTag 放进行李箱，便可与多家主要航空公司共享其位置信息，这样行李丢失时航空公司就能快速地帮你找到它。
Turning to retail, our teams went above and beyond to help customers find the perfect gift throughout the holiday season. We also celebrated openings of new stores in China, Spain, and the U.S. and we were excited to announce plans to connect with even more customers this year by adding a fifth store in the UAE and bringing our online store to Saudi Arabia this summer. We can't wait to welcome customers to the first of several flagship store locations in Saudi Arabia that were opening beginning in 2026.
再来说说零售方面，我们的团队在整个假日季都不遗余力地帮助顾客挑选理想礼物。我们也为在中国、西班牙和美国开设的新店举行了庆祝活动。并且，我们很高兴地宣布，今年将通过在阿联酋增设第五家店以及今年夏天在沙特阿拉伯上线在线商店，与更多顾客建立联系。我们也期待在2026年开始于沙特阿拉伯陆续开设的几家旗舰店，迎接顾客的到来。
I just had the chance to visit both countries last month, and I had a great time meeting with customers and team members. There's an incredible energy and passion for technology in these growing markets. Every day, I get deeply moving notes about the many ways our technology is enriching our users' lives. I recently got a note from a customer who put his watch on his father's wrist when he feared something was wrong with him. The watch alerted them that the father was an AFib and they were able to get him to the hospital for potentially life-saving treatment. Another user put his new watch on for the first time and within 15 minutes was notified of a low heart rate that led to a necessary pacemaker. And there are so many touching notes around the profound impact of our new hearing health feature like a recent user who told me it had changed her life, allowing her to take part in conversations with her children and grandchildren. These are the kind of stories that remind us of how profoundly important our work is, and it drives us to innovate each and every day.
我上个月刚有机会访问了这两个国家，并与顾客和团队成员见面，度过了愉快的时光。在这些不断增长的市场中，人们对科技抱有极大的热情与活力。每天我都会收到一些发人深省的反馈，讲述我们的技术如何丰富用户的生活。最近有一位顾客告诉我，他在担心父亲身体状况时，将手表戴在父亲手腕上，结果手表警示他们父亲出现房颤，得以及时送至医院进行可能救命的治疗。另一位用户第一次戴上新手表，仅在15分钟内就收到了心率过低的提醒，并因此安装了必需的起搏器。还有很多关于我们新听力健康功能深刻影响的动人反馈，比如一位用户告诉我，这项功能改变了她的生活，让她能更好地与孩子和孙辈交流。正是这些故事让我们意识到工作的重要意义，并激励着我们每天都不断创新。
这些都是别人的体验。
At Apple, the future is full of promise and potential. We're always searching across a world of possibilities, finding those places where we can do the most good and putting all of our energy and ingenuity into making something special.
在苹果，未来充满了希望和潜能。我们不断在世界各地寻找机会，努力去发现我们能够发挥最大作用的领域，并投入全部精力与创造力，打造独一无二的产品。
With that, I'll turn it over to Kevin.
好了，接下来我把话筒交给 Kevin。
Kevan Parekh
凯文·帕雷克
Thanks Tim, and good afternoon everyone. I'm going to cover the results for the first quarter of our fiscal year. We are very pleased to report an all-time high for revenue with December quarter revenue of $124.3 billion, up 4% year-over-year. We achieved all-time revenue records in the Americas, Europe, Japan, and rest of Asia Pacific and grew in the vast majority of markets we track.
谢谢你，Tim。各位下午好。我将介绍我们本财年第一季度的业绩。我们很高兴地宣布，12月季度收入达到了1243亿美元，创下历史新高，同比增长4%。在美洲、欧洲、日本以及亚太其他地区，我们都创造了历史最高收入，并且在我们跟踪的绝大多数市场中实现了增长。
Products revenue was $98 billion, up 2% year-over-year, driven by growth from iPad and Mac. Thanks to our incredible customer satisfaction and strong loyalty, our installed base of active devices reached an all-time high across all products and geographic segments and is now over 2.35 billion active devices.
产品收入为980亿美元，同比增长2%，主要得益于 iPad 和 Mac 的增长。由于出色的客户满意度和强大的忠诚度，我们在所有产品和地理区域的活跃设备安装量都达到了历史新高，目前已超过23.5亿台活跃设备。
Services revenue reached an all-time record of $26.3 billion, up 14% year-over-year. We grew in every geographic segment and achieved all-time records in both developed and emerging markets.
服务收入达到263亿美元的历史新高，同比增长14%。在每个地理区域我们都实现了增长，并在成熟市场和新兴市场都创下了历史纪录。
Company gross margin was 46.9% at the high-end of our guidance range and up 70 basis points sequentially, primarily driven by favorable mix. Products gross margin was 39.3%, up 300 basis points sequentially, primarily driven by favorable mix and leverage. Services gross margin was 75%, up 100 basis points sequentially, primarily driven by mix.
公司整体毛利率为46.9%，处于我们指引区间的高端，环比上升70个基点，主要受益于产品组合的优化。产品毛利率为39.3%，环比上升300个基点，主要由产品组合和杠杆效应推动。服务毛利率为75%，环比上升100个基点，主要来自业务组合的影响。
Operating expenses of $15.4 billion landed at the midpoint of our guidance range and up 7% year-over-year. This strong business performance resulted in all-time records for both net income at $36.3 billion and diluted earnings per share of $2.40, up 10% year-over-year. Operating cash flow was also strong at $29.9 billion, which included the impact of the $11.9 billion we paid during the quarter in connection with the state aid decision.
运营费用达154亿美元，位于我们预期区间的中位数，同比上涨7%。在强劲的业务表现下，我们的净利润达到363亿美元，创下历史纪录；摊薄后每股收益为2.40美元，同比增长10%。经营现金流也表现强劲，达到299亿美元，其中包括在本季度因国家援助裁决而支付的119亿美元的影响。
Now, I'm going to provide some more details for each of our revenue categories. iPhone revenue was $69.1 billion, roughly flat to the prior year. We grew in the majority of markets we track and reached all-time revenue records in several developed markets, including Canada, Western Europe, and Japan and in emerging markets like Latin America, the Middle East, and South Asia.
现在，我将为各收入类别提供更多细节。iPhone 收入为691亿美元，与去年基本持平。我们在大多数所跟踪的市场都实现了增长，并在多个发达市场（如加拿大、西欧和日本）以及部分新兴市场（如拉丁美洲、中东和南亚）创下了历史收入纪录。
The iPhone Active installed base grew to an all-time high in total in an average geographic segment. We also set an all-time record for upgraders. According to a recent survey from Kantar during the December quarter, iPhone was a top-selling model in the U.S., Urban China, India, the U.K., France, Australia, and Japan. We continue to see high levels of customer satisfaction in the U.S. at 96% as measured by 451 research.
在 iPhone 活跃安装量方面，在所有地理区域总和看来，我们都达到了历史新高。我们的换机用户数量也创下新纪录。根据 Kantar 在12月季度的一项最新调查，iPhone 在美国、中国城市地区、印度、英国、法国、澳大利亚和日本都是销量领先的机型。我们在美国的用户满意度依然保持在较高水平，根据 451 Research 的调查为96%。
Mac generated $9 billion in revenue, up 16% year-over-year. We saw strength across our lineup from the new Mac Mini to the latest MacBook Air and MacBook Pro models. This incredible performance was broad-based with double-digit growth in every geographic segment.
Mac 带来了90亿美元收入，同比增长16%。从新的 Mac mini，到最新的 MacBook Air 和 MacBook Pro，全产品线都表现强劲。这样的出色表现在各地市场都相当普遍，每个区域都实现了两位数的增长。
With our latest advances in Apple Silicon and our fastest neural engine ever, customers are able to take advantage of the full capabilities of AI and Mac. The Mac installed base reached an all-time high and we saw a double-digit growth for both upgraders and customers new to the Mac. Additionally, customer satisfaction in the U.S. was recently measured at 94%.
借助我们在 Apple Silicon 上的最新进展以及迄今速度最快的神经引擎，用户能够充分利用 AI 和 Mac 的全部能力。Mac 的安装量也达到了历史最高水平，换机用户和新用户均实现了两位数的增长。此外，美国市场的用户满意度在近期调查中达到了94%。
iPad revenue was $8.1 billion, up 15% year-over-year, driven by the new iPad Mini and latest iPad Air. The iPad installed base reached another all-time high, and over half of the customers who purchased an iPad during the quarter were new to the product. Customer satisfaction was at 96% in the U.S. based on the latest reports from 451 Research.
iPad 收入达到81亿美元，同比增长15%，主要得益于新款 iPad mini 和最新的 iPad Air。iPad 的安装量再次创下历史新高，而本季度购买 iPad 的用户中有超过一半是首次购买该产品。根据 451 Research 的最新报告显示，美国用户对 iPad 的满意度为96%。
Wearable's home and accessories revenue was $11.7 billion, down 2% year-over-year. Customers are excited about the new AirPods 4 and the latest hearing health features in AirPods Pro 2. On watch, although we face a difficult compare against the watch Ultra 2 launch last 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. Customer satisfaction for watch in the U.S. was reported at 94%.
可穿戴设备、家居及配件业务的收入为117亿美元，同比下降2%。用户对于新款 AirPods 4，以及 AirPods Pro 2 上最新的听力健康功能都感到很兴奋。在手表方面，虽然我们面临与去年 Watch Ultra 2 推出的艰难对比，但 Apple Watch 的安装量依然达到了历史新高；在本季度购买 Apple Watch 的用户中，有超过一半是首次购买该产品。美国市场的手表满意度据报告为94%。
Our services revenue reached an all-time high of $26.3 billion, up 14% year-over-year. Services continues to see strong momentum, and the growth of our installed base of active devices gives us great opportunities for the future. We also see increased customer engagement with our services offerings. Both transacting and paid accounts reached new all-time highs, with paid accounts growing double-digits year-over-year.
我们的服务收入达到263亿美元的历史新高，同比增长14%。服务业务保持强劲的增长势头，而我们活跃设备安装量的提升也为未来带来更多机会。我们还观察到用户对我们服务的参与度不断提高。无论是交易账号还是付费账号都达到了历史最高水平，其中付费账号同比实现了两位数增长。
Paid subscriptions also grew double-digits. We have well over 1 billion paid subscriptions across the services on our platform. We remain focused on improving the breadth and quality of our services offerings, from new games on Apple Arcade to exciting new programming on Fitness Plus, and the continued expansion of features like Tap to Pay, now live in 20 markets.
付费订阅也同样实现了两位数的增长。我们在平台上的服务累计付费订阅数量已经远超10亿。我们将继续专注于提高服务的广度和质量，从 Apple Arcade 上的新游戏，到 Fitness Plus 上让人兴奋的新节目，以及 Tap to Pay 等功能的持续扩展——该功能现已在20个市场上线。
Turning to enterprise, we have seen businesses continue to expand their deployments of our products and services. Deutsche Bank launched its Mac as Choice program for the developers and also issued the latest MacBook Air as a standard computer for their entire mortgage lending division. And we're excited to see leading enterprises such as SAP leverage Apple Intelligence in the U.S., with features like writing tools, summarize, and priority notifications to enhance both their employee and customer experiences.
再来看企业市场，我们发现许多企业持续扩展对我们产品和服务的部署。德意志银行为开发人员启动了其“Mac as Choice”项目，同时为其整个抵押贷款部门配备了最新的 MacBook Air 作为标准电脑。我们也很高兴看到，像 SAP 这样的一流企业在美国运用 Apple Intelligence，包括写作工具、摘要功能以及优先通知等功能，从而提升员工和客户的使用体验。
We also see strong demand in our emerging markets. For example, Zomato, a leading food ordering and delivery company in India, has deployed 1,000 of Macs across their workforce to foster innovation. In Vision Pro continues to see more use cases in enterprise, with Cisco's new spatial meetings delivering a fully immersive video conferencing experience for remote collaboration and learning.
我们在新兴市场也看到了强劲需求。例如，印度领先的餐饮订餐和配送公司 Zomato 已在其员工队伍中部署了1000台 Mac 以促进创新。关于 Vision Pro，它在企业领域的用例也在不断增加，思科（Cisco）最新的 Spatial Meetings 可以提供完全沉浸式的视频会议体验，用于远程协作和学习。
Let me quickly summarize our cash position and capital return program. We ended the quarter with $141 billion in cash and marketable securities. We repaid $1 billion in maturing debt and decreased commercial paper by $8 billion, resulting in $97 billion in total debt. Therefore, net cash at the end of the quarter was $45 billion.
我来快速总结一下我们的现金状况和资本回报计划。本季度末，我们拥有1410亿美元的现金及有价证券。我们偿还了10亿美元到期债务，并减少了80亿美元的商业票据，使得总债务降至970亿美元。由此，在本季度末，我们的净现金规模为450亿美元。
During the quarter, we returned over $30 billion to shareholders. This included $3.9 billion in dividends and equivalents and $23.3 billion through open market repurchases of 100 million Apple shares. As usual, we will provide an update to our capital return program when we report results for the March quarter.
在本季度，我们向股东返还了超过300亿美元。其中包括39亿美元的股息及相关款项，以及通过公开市场回购1亿股苹果股票所花费的233亿美元。和往常一样，我们将在报告3月季度业绩时，对资本回报计划进行更新。
As we move ahead into the March 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're projecting today for the current quarter. As the dollar is strengthened significantly, we expect foreign exchange to be a headwind and to have a negative impact on revenue of about 2.5 percentage points on a year-over-year basis.
随着我们进入3月季度，我想回顾一下我们的展望，其中包括了开场时 Suhasini 提到的各类前瞻性信息。我们今天所提供的展望是假设宏观经济前景不会比我们目前预计的情况进一步恶化。由于美元大幅走强，我们预计汇率将成为一个不利因素，并对收入造成约2.5个百分点的同比负面影响。
Despite that headwind, we expect our March quarter total company revenue to grow low to mid-single-digits year-over-year. We expect services revenue to grow low-double-digits year-over-year. When you remove the negative impact of the foreign exchange headwinds I described earlier, the year-over-year growth rate would be comparable to that of the December quarter.
尽管面临这一不利因素，我们预计3月季度的整体公司收入同比将实现低到中个位数的增长。我们预计服务收入同比将实现低两位数的增长。如果排除我刚才提到的汇率不利因素影响，其同比增速将与12月季度相当。
iPhone和AI的结合面临非常艰难的考验。
We expect gross margin to be between 46.5% and 47.5%. We expect operating expenses to be between $15.1 billion and $15.3 billion. We expect OI&E to be around negative $300 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.
我们预计毛利率将在46.5%到47.5%之间。我们预计运营费用将在151亿到153亿美元之间。我们预计营运外收入和支出（OI&E）约为负3亿美元，不包括对少数股权投资按市值计价可能产生的影响；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 February 13, 2025, to shareholders of record as of February 10, 2025.
最后，我们的董事会已宣布对截至2025年2月10日登记在册的普通股股东派发每股0.25美元的现金股息，支付日期为2025年2月13日。
With that, let's open to call the questions.
好了，接下来我们将开放提问环节。
Suhasini Chandramouli
Thank you, Kevin. We ask that you limit yourself to two questions. Operator, may we have the first question please?
谢谢你，Kevin。我们请大家将提问限制在两个问题之内。主持人，能请您给我们带来第一个问题吗？
Question-and-Answer Session
问答环节
Operator
Certainly, we will go ahead and take our first question from Erik Woodring with Morgan Stanley. Please go ahead.
当然。我们将接听来自摩根士丹利的 Erik Woodring 的第一个问题。请开始提问。
Erik Woodring
Great guys, Thanks so much for taking my questions. Tim, in your prepared remarks, you had noted that iPhone 16 models are selling better in markets where Apple Intelligence is available? And I'm just wondering if you could double-click on that comment a bit and share any other details you believe could better help us understand how Apple Intelligence is really impacting iPhone demand and/or what features you find that users are using most often already? And then I just have a quick follow-up. Thank you.
好的，谢谢各位回答我的问题。Tim，在你事先准备的发言中，你提到在已经推出 Apple Intelligence 的市场上，iPhone 16 系列的销售表现更好。能否请你进一步阐述这一点，并分享更多细节，让我们更好地了解 Apple Intelligence 如何真正影响 iPhone 的需求，或者你认为用户目前最常使用的是哪些功能？然后我有一个简短的跟进问题。谢谢。
Tim Cook
Yes, Eric. Hi, it's Tim. The -- we did see that the markets where we had rolled out Apple Intelligence, that the year-over-year performance on the iPhone 16 family was stronger than those where Apple Intelligence was not available. In terms of the features that people are using, they're using all of the ones that I'd referenced in my opening comments from writing tools to image playground and Genmoji to visual intelligence and more. And so we see all of those being used.
好的，Eric。你好，我是 Tim。我们确实注意到，在已经推出 Apple Intelligence 的市场上，相比尚未推出该功能的市场，iPhone 16 系列的同比表现更强。在用户使用的功能方面，大家在使用我在开场发言中提到的所有功能，包括写作工具、Image Playground、Genmoji，以及可视化智能等。我们看到这些功能都在被使用。
The cleanup is another one that is popular and people love seeing that one demoed in the stores as well. We only had 2, 2.5 weeks or so during the December quarter of the second release of [18.2] (ph) and then only had the U.K. and the other English language countries for the 2.5 weeks. And so we've got just the early indications at the moment, but we were glad…
另外，Cleanup 功能也很受欢迎，人们也喜欢在门店中看到这个功能的演示。在12月季度里，我们只有大约两到两周半的时间来发布 18.2（音） 的第二个版本，而且只有英国和其他英语国家在这两周半里获得了该功能。因此，目前我们只是看到了初期的一些迹象，但我们还是很高兴……
Erik Woodring
Okay, that's really helpful.
好的，这很有帮助。
Tim Cook
Yes.
好的。
Erik Woodring
Okay, thank you for that, Tim. It's helpful. And then, you know, if we just touch on China, obviously, in the news fairly frequently, if we set aside China Macro, which I understand is still challenging, can you maybe talk about the headwinds that that Apple faces, whether that's, you know, shifting preferences for Western technology brands in favor of domestic vendors, or is this just a function of not necessarily having Apple intelligence available with the iPhone 16, which is, you know, not necessarily helping replacement cycles. Just maybe double clicking on what you think and what you're hearing in China as a regard as it relates to the iPhone. Thanks so much.
好的，Tim，谢谢你的回答，这很有帮助。然后我们来聊一下中国市场，大家都知道中国市场经常出现在新闻里。撇开当前宏观环境不谈，我知道那里依旧存在挑战。你能否谈谈苹果在中国面临的挑战？比如，消费者偏好从西方科技品牌转向本土厂商，或者仅仅是因为 iPhone 16 目前尚未提供 Apple Intelligence 功能，从而无法促进换机周期？也想听你谈谈你对中国市场以及 iPhone 在那里的表现有何看法。非常感谢。
Tim Cook
Yes, sure. If you look at our greater China revenue for the quarter, we were down 11% year-over-year. And over half of the decline that we experienced was driven by change in channel inventory from the beginning to the end of the quarter. And of course on the Apple intelligence side we have not rolled out in China and as we just talked about we did see better results in the markets that we had rolled out in than markets we hadn't rolled out in. And of course, it's the most competitive market in the world. And so all of those things are true.
好的。若我们观察大中华区本季度的营收，同比增长率下降了11%。其中超过一半的下滑是由于本季度初到季度末的渠道库存变化所造成的。当然，Apple Intelligence 目前并没有在中国上线，正如我们所说的，我们在已上线该功能的市场表现好于未上线的市场。此外，这也是全球竞争最激烈的市场之一，所以上述因素都是真实存在的。
In terms of the macro situation, there was a fiscal stimulus or subsidy announced in very recently in January that did not affect the December quarter. There were some provincial subsidies in the December quarter, but the national program was announced, I believe, on January 20. And it does cover the categories that we have products in from smartphones to tablets and PCs and smart watches up to a certain, a maximum price point. And so we do see fiscal stimulus occurring and we'll be glad to talk about what that looks like on the next call.
至于宏观环境，1月中旬才刚刚宣布了一项财政刺激或补贴措施，并未影响到12月季度的业绩。12月季度时有一些省级补贴，但全国性的方案是在1月20日左右宣布的。据我所知，这项政策涵盖了我们的产品线，包括智能手机、平板电脑、PC 以及智能手表等，但有一个最高价格限制。所以我们看到了财政刺激政策的出现，我们也很乐意在下次电话会议上讨论具体成效。
Erik Woodring
Great. Thanks so much, Tim. Good luck.
好的，非常感谢你，Tim。祝你们一切顺利。
Tim Cook
Thank you.
谢谢。
Suhasini Chandramouli
Thank you, Eric. Operator, can we have the next question, please?
谢谢你，Eric。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Ben Reitzes with Melius. Please go ahead.
接下来是来自 Melius 的 Ben Reitzes 的提问。请开始。
Ben Reitzes
本·赖茨斯
Hey, guys. Thanks a lot for the question. And, hey, Tim, I wanted to ask you who -- you knew this one was coming, but there's a perception that you're a big beneficiary of lower cost of compute and I was wondering if you could give your worldly perspective here on the DeepSeek situation and if you are going to, if you, if anything's happened to change your views in terms of a tailwind to margins and your ability to execute even due to the potential for cost to come down due to that development and probably what was going to happen anyway. But I'd love your perspective on that and then have a quick follow-up. Thanks.
大家好，谢谢你们回答我的问题。Tim，我想问你一个——你大概已经预料到会有这个问题，有人认为你们在计算成本下降方面会成为最大的受益者。我想知道你是否可以就 DeepSeek 的情况发表一些见解，是否有什么事情会改变你们的看法，比如在利润率和执行能力方面会不会有顺风因素，因为随着这项进展，成本可能会下降，而且这大概也是迟早会发生的事。我想听听你的看法，然后我还有一个简短的后续问题。谢谢。
Tim Cook
Tim Cook
蒂姆·库克
Sure. In general, I think innovation that drives efficiency is a good thing. And that's what you see in that model. Our tight integration of silicon and software, I think, will continue to serve us very well. As you know, we do things on the device, and we do things in the private cloud and which mimics from a architectural point of view the -- what happens on the device. And from a CapEx point of view, we've always taken a very prudent and deliberate approach to our expenditure and we continue to leverage a hybrid model, which I think continues to serve us well.
当然。总体而言，我认为能够提高效率的创新是好事，这在这个模式中可以看得到。我们在芯片和软件方面紧密结合，我相信这将继续为我们带来良好的效果。正如你所知，我们在设备端进行一些处理，同时也在私有云端进行一些操作，这在架构层面与设备端的运作方式相似。至于资本支出方面，我们一直以来采取非常审慎且深思熟虑的方式，而且我们会继续采用混合模式，我认为这对我们而言依旧行之有效。
不能跟进变化是非常糟糕的，这个问题看不到反思。
Ben Reitzes
本·赖茨斯
Oh, great. All right. Thanks, Tim. And then, you know, just with regard to, you know, the iPhone trajectory, do you feel like, I guess, what is -- you obviously don't talk about new products and stuff like that, but do you feel that there's a lot of room for form factor innovation in the future? Or do you feel that the current lineup kind of it shows where you're going? I guess without pulling punches wondering if you, you thought you know in terms of the phone innovation if there's a lot more to come and you could see the kind of current market changing a bit over the next two to three years. Thanks.
好的，太好了。谢谢你，Tim。然后关于 iPhone 的发展路线，你觉得未来在外形设计方面还会有很大的创新空间吗？或者你觉得现在的产品线已经大致体现了你们未来的走向？我是在想，你是否认为就手机的创新而言，还有很多内容可以期待，未来两到三年你觉得整个市场会不会有一些变化？谢谢。
这个提问带有攻击性。
Tim Cook
蒂姆·库克
I think, Ben, I think there's a lot more to come and I could not feel more optimistic about our product pipeline. So I think there's a lot of innovation left on the smartphone.
Ben，我认为未来的创新空间还很大，而且我对我们的产品路线充满了信心。所以我相信智能手机依然有许多创新的潜力。
Ben Reitzes
本·赖茨斯
Thanks a lot, Tim.
非常感谢你，Tim。
Tim Cook
蒂姆·库克
Yes, thank you.
好的，谢谢。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Thank you, Ben. Operator, could we have the next question, please?
谢谢你，Ben。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Michael Ng with Goldman Sachs. Please go ahead.
接下来是来自高盛的 Michael Ng 的提问。请开始。
Michael Ng
迈克尔·吴
Good afternoon. Thank you for the question. I have two as well. First, it was encouraging to hear about the record for iPhone upgraders, which I think is something you haven't said for about a year now. I was wondering if you could talk a little bit about what you would attribute this upgrade strength to? Has Apple Intelligence played a role in helping upgrades in the markets that you've launched in? Thanks.
下午好。感谢您回答我的问题。我也有两个问题。首先，很高兴听到 iPhone 换机用户创下了新纪录，我想已经有一年时间没听到类似的消息了。您能否谈一下您认为推动换机需求强劲的主要原因是什么？在已经推出 Apple Intelligence 的市场上，这个功能是否在促进换机方面发挥了作用？谢谢。
Tim Cook
蒂姆·库克
Yes, thank you for the question. If you look at iPhone, we did set an all-time record for upgraders, so we've never seen a higher level of upgraders before. The installed base hit a new all-time high as well. And if you look at the 16, compared to the 15 from launch, which occurred, as you know, in September, so this is across now two quarters from September to the end of the December fiscal quarter, the 16 outperformed the 15.
好的，感谢你的问题。就 iPhone 来看，我们确实创造了换机用户数量的新纪录，以前从未有过如此高的换机水平。我们的设备安装量也达到了历史新高。如果你把 16 与 15 作比较（它们分别在9月份开始销售，因此统计了从9月到12月财季末的两个季度），可以发现 16 的表现优于 15。
And so I think you can conclude from that, that there are compelling reasons to upgrade. And in the markets where we had launched Apple Intelligence, they outperformed the markets that we did not. So lots…
所以我认为我们可以由此得出结论，用户有充分的理由进行换机。而且在已经推出 Apple Intelligence 的市场上，其表现要优于尚未推出的市场。因此有许多……
这个说法不是太合理。
Michael Ng
迈克尔·吴
Great, thank you, Tim. That's…
好的，谢谢你，Tim。那……
Tim Cook
蒂姆·库克
Yes, lots of good color there.
好的，信息量还是很丰富的。
Michael Ng
迈克尔·吴
Great, thank you, Tim. That's very clear. And then I had one about the iPad Pro and for the thinner version. I was just wondering if you could talk about that thin form factor for the iPad Pro. How did it help iPad sales overall and what did your kind of marketing consumer research tell you about how consumers valued that thin product form factor? Thank you.
好的，谢谢你，Tim，解释得很清楚。还有一个问题与 iPad Pro 以及它的超薄版本有关。我想请教一下，你能否谈谈这款超薄形态的 iPad Pro？它对 iPad 整体销售的帮助如何？你们的市场营销和消费者调研表明，消费者对这种超薄产品形态的评价如何？谢谢。
Tim Cook
Tim Cook
蒂姆·库克
It's a good question. iPad overall grew 15% for the quarter and it was more driven by iPad Air and the entry level iPad than it was the top level iPad. But overall we could not be more pleased with the iPad category growing 15%. It's a great achievement for the quarter. And probably what is most important is that over half of the sales in the December quarter went to customers who were new to the iPad. So that tells us that there's a good amount of customers there to attract.
这是个好问题。这个季度 iPad 整体增长了 15%，主要动力来自于 iPad Air 和入门级 iPad，而并非最高端的 iPad 机型。不过从整体而言，我们对 iPad 产品线 15% 的增幅感到非常满意，这是本季度的一项重大成就。也许最重要的一点是，12 月季度有一半以上的 iPad 销售来自首次购买 iPad 的用户，这说明还有相当数量的潜在用户可以吸引。
Michael Ng
迈克尔·吴
Thank you very much, Tim.
非常感谢你，Tim。
Tim Cook
蒂姆·库克
Yes. Thank you.
好的。谢谢。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Thanks, Mike. Operator, could we have the next question, please?
谢谢你，Mike。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Amit Daryanani from Evercore. Please go ahead.
我们的下一个问题来自 Evercore 的 Amit Daryanani。请开始提问。
Amit Daryanani
阿米特·达里亚南尼
Good afternoon, everyone. I have two as well. Maybe to start with, you folks are seeing some very robust growth trends in emerging markets right now for Apple products? Can you just add a high level, just talk about the durability of growth that you see in emerging markets? And then do you think the summation of these emerging markets are starting to get big enough or perhaps starting to grow fast enough that it can actually offset some of the China headwinds you're going through?
大家下午好。我也有两个问题。首先，你们在新兴市场看到苹果产品非常强劲的增长趋势。能否简要谈谈你们对新兴市场增长可持续性的看法？以及你们是否认为这些新兴市场的整体规模在不断扩大或增长速度足以抵消你们在中国面临的一些挑战？
Tim Cook
蒂姆·库克
We have great results in a number of emerging markets. And as you know from past calls, I'm particularly keen on India. India set a December quarter record during the quarter. And we're opening more stores there. We've announced that we're going to open four new stores there. We also, the iPhone was the top selling model in India for the quarter. And it's the second largest smartphone market in the world and the third largest for PCs and tablets and so there's a huge market and we are -- we have very modest share in these markets. And so I think there's lots of upside there. And that's just one of the emerging markets.
我们在许多新兴市场都取得了出色的业绩。正如你们在过去的电话会议上所知，我对印度的兴趣特别浓厚。印度在这个季度创下了12月季度收入的新纪录。我们也正在那里开更多的零售店，我们已宣布将再开四家新店。而且在本季度，iPhone 成为了印度最畅销的机型。印度是全球第二大智能手机市场，同时也是个人电脑和平板电脑的第三大市场，市场规模非常庞大，而我们的市场份额相对较低，因此我认为这里还有很大的增长空间。这还只是新兴市场中的一个例子。
Kevan Parekh
凯文·帕雷克
Yes, maybe I'll add, Amit, that in emerging markets we're also seeing double-digit growth on the install base, both in total and for the iPhone as well. So that's also an encouraging sign.
是的，Amit，我想补充一点，在新兴市场，我们的设备安装量也在以两位数增长，无论是整体设备安装量还是 iPhone 的安装量。这也是个很鼓舞人心的信号。
Amit Daryanani
阿米特·达里亚南尼
Perfect. Thank you. And then, you know, just a question on gross margins for the March quarter. You folks are guiding gross margin is flattish on a sequential basis. Typically, I think it tends to be guided up a little bit, 50 basis points, so sequentially. Can we just touch on like, what are the offsets of the puts and takes you see here on gross margins? And Kevan, maybe you can just talked about its FX having an outsized impact in your margin profile as well in March?
好的，谢谢。然后关于3月季度的毛利率，你们预期环比基本持平。通常情况下，我认为指引会略微上调大约50个基点。能否谈谈驱动毛利率变化的一些因素？以及 Kevan，你能否聊一下汇率在3月季度对你们毛利率会产生什么样的影响吗？
Kevan Parekh
凯文·帕雷克
Yes, Amit, let me take that One. You know, as we mentioned in my remarks, we're guiding to 46.5% to 47.5%. So we think it's, you know, we're very pleased with that level of guidance. As you mentioned, there's always puts and takes. We do think there's going to be some FX headwinds, which we talked about, that's going to affect, you know, our revenue growth as well. You know, it'll have an impact here on the margin, a sequential impact on margins. But we think that's going to be offset by favorable costs and the relative mix of services. We also, as you know, when we move from Q1 to Q2, especially on the product side, because Q1 is such a large quarter for a products business, we do have a loss of leverage. So there are some puts and takes, and I think we feel good about the range. We think it's a very, very strong guide for gross margin.
好的，Amit，我来回答这个问题。正如我在发言里所说，我们对毛利率的指引区间是46.5%到47.5%。我们对这样的指引水平非常满意。正如你提到的，总会有各种正面和负面影响。我们确实认为会有一些汇率方面的逆风，这也会影响到收入增长，对毛利率产生顺周期的影响。但我们相信可以依靠成本方面的优势和服务业务组合来抵消这些影响。同时，正如你所知，从第一季度过渡到第二季度，尤其是在产品业务方面，由于第一季度是产品销售相对较多的一个季度，我们会失去一些杠杆效应。因此这其中有正有负，但我们对我们的指引区间感到满意，我们认为这对毛利率而言是一个非常强劲的指引。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Thanks, Amit. Operator, could we get the next question, please?
谢谢你，Amit。主持人，请您给我们下一个问题好吗？
Operator
Our next question is from Wamsi Mohan with Bank of America. Please go ahead.
主持人
我们的下一个问题来自美国银行的 Wamsi Mohan。请开始提问。
Wamsi Mohan
Yes, thank you so much. Tim, I want to follow-up on your comment about channel inventory in China. I was wondering if you could maybe address more broadly if channel inventory across your different product lines and regions? Do you feel they're elevated or out of range in any other regions? And given the clearing event that kind of happened in China, I guess in the quarter, should we think of a more normal progression quarter-on-quarter into the March quarter in China in particular, and I will follow.
Wamsi Mohan
好的，非常感谢。Tim，我想跟进一下你关于中国渠道库存的评论。我想问一下，你是否能更广泛地谈谈各产品线和各地区的渠道库存状况？你觉得在其他任何地区库存水平过高或超出正常范围吗？考虑到本季度在中国发生的这一库存清理事件，我们是否可以认为中国市场在季度环比进入3月季度时会更趋于正常化？之后我还有一个跟进问题。
Tim Cook
Yes, I don't want to project sales for the current quarter by region, but if you if you look at the channel inventory and look at iPhone in the aggregate, so on a worldwide basis we're very comfortable with our channel inventory position in the -- in China my point was that our channel inventory reduced from the beginning of the quarter to the end of the quarter, and that was over half of the reduction in the reported results.
Tim Cook
是的，我不想按地区来预测当前季度的销售情况，但如果你观察全球范围内的渠道库存，并聚焦到 iPhone，我想说我们对总体渠道库存感到满意。而就中国而言，我想强调的是，我们的渠道库存从本季度初到季度末出现了下降，而这占据了我们报告中库存下降的一半以上。
And so if you look, part of the reason for that is that our sales were a bit higher than we forecasted them to be toward the end of the quarter. And so we ended a little leaner than we had expected to.
如果你再深入看一下，其中一个原因在于我们在接近季度末时的销售额比预期稍高，所以最终库存水平比我们原先预期的还要低一些。
Wamsi Mohan
Okay, that's very clear. Thank you.
Wamsi Mohan
好的，非常清楚。谢谢。
Tim Cook
Yes, thank you.
Tim Cook
好的，谢谢。
Wamsi Mohan
And then maybe as my follow-up, your services growth has been very strong and I know you've kind of been navigating some pretty challenging regulatory burdens on the business globally. So how should investors think about maybe either a top line or margin headwind that let's say you're currently absorbing in your results that could potentially maybe reverse in a more balanced regulatory environment? Thank you so much.
Wamsi Mohan
接下来是我的跟进问题。你们的服务业务增速一直非常强劲，我也知道在全球范围内你们面临颇具挑战的监管负担。那么，对于投资者而言，他们该如何看待这种可能影响营收或利润率的因素？比方说，你们或许当前正在业绩中承担的成本，是否有机会在更平衡的监管环境中得到逆转？非常感谢。
Kevan Parekh
Yes. So I think one, I just wanted to kind of reiterate the fact that, you know, our services business had an all-time record for December quarter of 14%. And that was a one strength that we saw across all geographic segments and also was very broad base across all of our services. So we have, as you know, a very broad services portfolio. And so we do see, you know, good momentum across the board. And as well, we continue to see increasing engagement across the customer base, across all of the service offerings, both transacting and paid accounts. We talked about reaching all-time highs, and we have over now 1 billion paid subscriptions across the services platform.
Kevan Parekh
是的。我想首先重申，我们在12月季度的服务业务收入创下了14%的历史纪录，而且这种增长趋势在所有地理区域都有体现，并且遍及我们所有服务类别。正如你所知，我们拥有非常多元化的服务组合。我们看到各个层面都保持着良好的发展势头。同时，我们也看到用户对所有服务的使用度不断提高，无论是交易类账号还是付费账号都在增长。我们谈到这些指标都达到了历史新高，目前在服务平台上已拥有超过10亿个付费订阅。
Suhasini Chandramouli
All right. Thanks, Wamsi. Operator, could we get the next question, please?
Suhasini Chandramouli
好的。谢谢你，Wamsi。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Samik Chatterjee with JPMorgan. Please go ahead.
下面的问题来自摩根大通的 Samik Chatterjee。请开始提问。
Samik Chatterjee
萨米克·查特吉
Hi. Thanks for taking my questions. I guess for the first one, if I -- I mean, you had a great quarter on Macs and iPads both. And I'm just curious, in terms of if you can help us think about the sustainability of this double-digit growth that you saw in both the product lines, and more interest are also here, we are talking about Apple Intelligence sort of influencing volumes on iPhones, but any thoughts on sort of how -- what does that influence look like in terms of volumes for Macs, for example, where I think there's a lot of conversation on AI PCs, how you're thinking about the impact there? And I have a quick follow-up. Thank you.
你好。感谢你们回答我的问题。首先，我想说，你们在 Mac 和 iPad 上都取得了非常出色的季度表现。我比较好奇的是，你们能否帮助我们了解一下这两条产品线实现两位数增长的可持续性？此外，我们也在讨论 Apple Intelligence 对 iPhone 需求的影响。那么对于 Mac 来说，你们是否也有一些想法能让我们知道 AI PC 方面的讨论是如何影响 Mac 需求的？我还有一个简短的跟进问题，谢谢。
Tim Cook
蒂姆·库克
Yes. If you look at Mac, Mac was up 16% and on iPad, we were up 15%. The Mac was driven by the very strong uptake on our new products during the quarter and the continued success of the MacBook Air. And so as you know, we've launched an M4-based MacBook Pro, an iMac and a Mac Mini during the quarter. We believe we've got the best AI PC out there for running workloads. The silicon in the Mac is, and it has been for several years now, designed by us and really designed for these workloads. And so I don't want to project at the category level for the future, but we're incredibly pleased with both the Mac and the iPad for the quarter.
好的。就 Mac 而言，增长了 16%，iPad 则增长了 15%。Mac 的增长主要得益于本季度推出的新产品受到了强烈反响，以及 MacBook Air 的持续成功。正如你所知，我们在本季度发布了基于 M4 芯片的 MacBook Pro、iMac 以及 Mac Mini。我们相信自己拥有业界最出色的 AI PC 来处理相关工作负载。多年来，Mac 上的芯片一直由我们自行设计，并专为这些工作负载而打造。至于未来，我不想对细分产品线做出预测，但我们对本季度 Mac 和 iPad 的表现感到非常满意。
问题提的很好，回答远不如提问。
Samik Chatterjee
萨米克·查特吉
Okay. And Tim, I'm going to use your earlier discussion about India as a strong emerging market to sort of ask you about the supply chain planning there in terms of how much of the supply chain planning there that you're doing is more of a reflection of the growth expectations from that market relative to in terms of diversification of the supply chain? And how should we sort of think about that strategy in terms of that particular country? Thank you.
好的。Tim，我想延续你之前对于印度这一新兴市场的讨论，问一下你们在该市场的供应链规划。具体来说，你们在印度进行供应链布局，到底有多大程度是基于对印度市场增长的预期，以及有多少是考虑到供应链多元化的因素？我们该如何看待你们在这个国家的策略？谢谢。
Tim Cook
蒂姆·库克
Yes. If you look at the manufacturing we do there, we do manufacturing both for the domestic market, and we export. And so in -- our business needs a certain economies of scale for it to make sense to manufacture in country. And so that really means that we're going to be both a use for the domestic market and an export market.
好的。如果你看看我们在当地的制造情况，会发现我们既为印度国内市场生产，也出口到其他地区。我们的业务需要达到一定的规模经济，才能让在当地生产变得合理。这意味着我们会同时面向印度国内市场和出口市场。
Samik Chatterjee
萨米克·查特吉
Great. Thank you.
太好了，谢谢。
Tim Cook
蒂姆·库克
Yes, thanks.
好的，谢谢。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Thank you, Samik. Operator, could we get the next question, please?
谢谢你，Samik。主持人，请给我们下一个问题好吗？
Operator
主持人
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。请开始提问。
David Vogt
大卫·沃格特
Great, thanks, guys, for taking my question. So maybe, Tim, this is for you. I'm trying to think about your commentary around Apple Intelligence being sort of a momentum driver for the iPhone business. But when I think about your kind of framework for the March quarter, if I kind of adjust for channel inventory over the last couple of years, kind of, feels like your iPhone revenue for the March quarter is going to be relatively similar to the quarter two years ago and even the quarter last year? So how do we square kind of the momentum versus kind of the iPhone business effectively really kind of unchanged over the last couple of years?
大卫·沃格特：
各位好，谢谢你们回答我的问题。那么 Tim，这个问题留给你。我试图理解你关于 Apple Intelligence 成为 iPhone 业务增长动力的评论。但是当我考虑你们对3月季度的展望时，如果调整过去几年渠道库存的因素，感觉3月季度的 iPhone 收入将会与两年前甚至去年同期相差无几。那么，我们该如何平衡这种增长势头与近几年 iPhone 业务基本保持不变之间的关系呢？
And then second, when I think about kind of the gross margin profile of the business, obviously, you've done a great job in taking gross margins up. Where do you think we sit in terms of, on the services side at least, where margins could go? It looks like the 75% margin has been incredibly successful quarter. But just trying to get a sense for where do you think this number could go over the intermediate term? Thank you.
另外，当我考虑业务的毛利率表现时，显然你们已经做得非常出色，将毛利率提高了。你认为至少在服务业务方面，毛利率还有提升的空间吗？看起来75%的毛利率本季度表现非常出色。但我想了解一下，你们认为这个数字在中期内还能达到多高？谢谢。
Tim Cook
蒂姆·库克
Yes. If you look at Apple Intelligence, what my point earlier was, that markets where we had rolled out Apple Intelligence during the Q1 period performed better on a year-over-year basis than markets where we had not. And so that gives us -- it's a positive indicator that we were pleased with. There are many compelling reasons to upgrade.
蒂姆·库克：
是的。关于 Apple Intelligence，我刚才的意思是，在第一季度推出了 Apple Intelligence 的市场，其同比表现要好于未推出的市场。这是一个让我们非常满意的正面指标。用户换机的理由非常充分。
And the other thing I would say, that I think I mentioned earlier, is that if you look at it from a launch to the end of the December quarter, and so that goes back to September, the 16 family is outperforming the 15 family. And so I think those are two good data points. Our next round of language rollouts will be in April. And so it will be at the -- in our Q3 quarter.
另外，我之前也提到过，从推出到12月季度末来看（即从9月开始），iPhone 16 系列的表现已经超越了 15 系列。所以，我认为这两个数据点都非常有说服力。我们下一轮的语言版本推广将在4月进行，也就是在我们的第三季度。
中国版的iPhone一直是少一些功能的，并且类似chatGPT的APP已经有很多，用户没那么在意，这样的理由有些牵强。
And I'll let Kevan take the gross margin question.
剩下关于毛利率的问题我交给 Kevan 回答。
David Vogt
大卫·沃格特
Yes, great, thanks, guys.
大卫·沃格特：
好的，非常感谢各位。
Kevan Parekh
凯文·帕雷克
Hi, David. How are you? So on the Services gross margin, I think maybe just stepping back a second. Services business in general in aggregate is accretive to the overall company margin. And one of the things, as an important reminder, is we've got a very broad services portfolio. And those businesses have very different margin profiles. And so I think, one, it's because of the nature of those businesses and in part also because of the way we account for them. And so one of the big factors that drive the Services gross margins and relative performance of those different businesses within the portfolio.
凯文·帕雷克：
大卫，你好。关于服务业务的毛利率，我先稍微后退一步。总体来说，服务业务是有助于提升公司整体毛利率的。需要重点提醒的是，我们拥有非常广泛的服务组合，而这些业务的毛利率情况各不相同。我认为，这既是由于这些业务本身的性质，也部分与我们对它们的会计处理方式有关。这也是推动服务业务毛利率及组合中各业务相对表现的重要因素之一。
We also have the dynamic of some scale businesses like payment services, iCloud, that are actually growing. And there, when we add incremental users, those end up being accretive to margins as well. And so in general, what we saw in the December quarter was nice momentum across our entire services business that allows us to deliver that 75% margin at the services level. And I think our guidance takes into consideration what we think we're going to land from a company standpoint of 46.5% to 47.5%, which again, we think is a strong guide.
另外，我们还有一些规模效应明显的业务，比如支付服务和 iCloud，它们正持续增长。在这些业务中，新增用户会进一步提升毛利率。总体来说，我们在12月季度看到整个服务业务都保持了良好的增长势头，使得服务业务达到了75%的毛利率。同时，我们的指引也考虑到，从公司整体来看，我们预期毛利率将在46.5%到47.5%之间，这一数字我们认为非常具有参考价值。
David Vogt
大卫·沃格特
Great, thanks, guys.
大卫·沃格特：
好的，谢谢你们。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
All right, thank you, David. Operator, could we have the next question, please?
苏哈西尼·钱德拉穆利：
好的，谢谢你，大卫。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Krish Sankar with TD Cowen. Please go ahead.
我们的下一个问题来自 TD Cowen 的 Krish Sankar。请开始提问。
Krish Sankar
克里什·桑卡尔
Yes, thanks for taking my question. I also had two of them. One, the first one for Tim. You had very strong Mac growth, 16% year-over-year last quarter. Just wondering how much of that was driven by some of the Mac silicon innovation versus a replacement cycle for Macs?
好的，谢谢你回答我的问题。我有两个问题。第一个问题提给 Tim。上一季度你们的 Mac 增长非常强劲，同比增长 16%。我想了解其中有多少是由 Mac 芯片创新推动的，又有多少是由 Mac 的换机周期带来的？
Tim Cook
蒂姆·库克
I don't know the answer to your question precisely, but I think it is a combination of these products are so compelling, the M4-based products are so compelling, that it's driving both upgrades at the double-digit level and it's driving switchers at a double-digit level. And so we're seeing both come out, and I think it's just because of the compelling products.
我无法精确回答你这个问题，但我认为这是多方面因素的综合作用。我们这些产品非常有吸引力，基于 M4 芯片的产品尤其吸引人，这推动了两位数水平的用户换机，同时也带来了两位数水平的用户转投（从其他平台转用 Mac）。我们注意到这两方面都有增长，我认为主要原因在于产品本身极具吸引力。
Krish Sankar
克里什·桑卡尔
Got it. Got it. Thanks for that, Tim. And then a follow-up for Kevan on the gross margin. I want to ask you on the product side. Last quarter, you had 39.3%, which is very strong, similar to a year ago period. I'm kind of curious how much more levels do you have on the product side to improve the gross margin? Or do you think with some of the more new AI-related devices, there's more upside to gross margin from here on the product hardware side?
明白了。好的，谢谢你的解答，Tim。接下来我有一个关于毛利率的问题想请教 Kevan，聚焦在产品方面。上一季度你们的产品毛利率达到了 39.3%，非常出色，而且和一年前相当。我想了解一下，你们在产品端提高毛利率的空间还剩多少？还是说随着更多新一代 AI 相关设备的推出，产品硬件端未来会有进一步的毛利率提升空间？
Kevan Parekh
凯文·帕雷克
Yes. Thanks, Krish, for the question. So on the product side, as you mentioned, we had pretty strong sequential improvement, 300 basis points, for the December quarter. That was really driven by, we talked about, favorable mix and leverage. As you know, in Q1, again, it's a launch quarter for many products, and so we tend to benefit from the leverage that we get from that higher volume.
好的，Krish，谢谢你的问题。在产品端，就像你提到的，12 月季度我们环比取得了相当强劲的改善，达到了 300 个基点，这主要受益于我们所说的产品组合优化以及杠杆效应。众所周知，第一季度是许多产品的发布季度，因此我们会受益于较高出货量带来的杠杆效应。
I would say, in general, our gross margin on products is driven by a number of factors. One of them is the various product launches that we have. Different products do have different margin profiles. And so that mix does make a difference. And in particular, what we're seeing is, for example, many of our mix is across like phone, for example, we're seeing customers gravitate towards our Pro products because of things like affordability that allows our customers to get into our best products, which have favorable gross margins. So we're continuing to see that trend, that impacted us in the December quarter.
总体而言，我们的产品毛利率受到多重因素驱动，其中之一就是不同产品的发布。不同产品具有不同的毛利率特征，因此产品组合的变化会产生影响。具体而言，比如在手机领域，我们注意到许多顾客倾向于购买我们更高端的 Pro 系列机型，因为一些可负担性措施让他们能够入手我们的高端产品，这些产品的毛利率较高。我们在 12 月季度也看到了这种趋势并从中受益。
奢侈品的特征，能不能长期保持下去？
As well, I think we're in a favorable commodity environment from a cost standpoint. And so we're benefiting from that as well in the December quarter. And then that's going to be, as we talked about, we're going to have a foreign exchange headwind heading into the March quarter, but we figured that's contemplated in the guidance range that we gave, the 46.5% to 47.5%.
此外，从成本角度看，我们目前处于一个相对有利的原材料环境，因此在 12 月季度也从中受益。正如我们所说，进入 3 月季度后，我们会面临一些汇率方面的逆风，但这已经被纳入了我们给出的 46.5% 至 47.5% 的毛利率指引范围内。
Krish Sankar
克里什·桑卡尔
Thanks, Kevan. Thanks, Tim.
谢谢你，Kevan。谢谢你，Tim。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Thank you, Krish. Operator, could we get the next question, please?
谢谢你，Krish。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Richard Kramer with Arete Research. Please go ahead.
我们的下一个问题来自 Arete Research 的 Richard Kramer。请开始提问。
Richard Kramer
理查德·克雷默
Thanks very much. My first question is for Tim. I'd like to ask about what might accelerate the pace of Apple Intelligence adoption. I guess do you see this simply as a question of time i.e., to launch more markets and languages or increase the percentage of installed base devices that can support it? Or is it a question of money, i.e., shifting R&D or marketing spend towards AI? And based on other prior Apple services, do you expect a sort of tipping point where adoption will go mainstream? Thanks.
非常感谢。我的第一个问题是给 Tim 的。我想请问有哪些因素可能会加速 Apple Intelligence 的普及？我猜想这会不会只是个时间问题，比如在更多市场和语言版本上线，或者提高可支持 Apple Intelligence 的已安装设备比例？还是说这其实是个资金问题，比如增加在 AI 研发或营销上的投入？再参照此前其他苹果服务的历程，您是否预计会出现一个拐点，让 Apple Intelligence 成为主流？谢谢。
Tim Cook
蒂姆·库克
I do believe it will go mainstream. I'm getting feedback from people using different features today. And this is -- keep in mind that on the iPhone side of our business, you either have to have an iPhone 15 Pro or iPhone 16 to use Apple Intelligence. And so the -- as that base grows, I think the usage will continue to grow.
我相信它会成为主流。现在我就收到很多用户对不同功能的反馈。需要记住的是，在我们的 iPhone 业务中，要使用 Apple Intelligence，用户必须拥有 iPhone 15 Pro 或 iPhone 16。随着这样的设备基数不断增长，我认为使用量也会继续上升。
只是一个“聪明”、取巧的策略，很容易绕开，有这样的想法本身是个比较大的风险。
And I think -- I know from my own personal experience, once you start using the features, you can't imagine not using them anymore. I know I get 100s of e-mails a day, and the summarization function is so important. So I think it's a combination of that. And of course, in April, we roll out a whole series of new languages that we had mentioned, and so the base grows further.
从我的个人体验来看，一旦你开始使用这些功能，就再也离不开了。就我个人而言，我每天要处理数百封电子邮件，而其中的摘要功能就非常关键。所以我认为多方面因素共同促进了它的使用。当然，到了四月份，我们会上线之前提到的一整批新的语言版本，从而进一步扩大用户群体。
缺少产品的体验。
Richard Kramer
理查德·克雷默
Okay, thank you. And then, Kevan, one of Luca's legacies was really getting Apple to record margin levels and also maintaining very consistent pricing across the product range. But taking the current high levels of profitability as fairly stable, what observations might you share about price sensitivity of users and whether having a wider range of pricing across the products might unlocks potentially further market share gains or boost overall product growth?
好的，谢谢。接下来想请 Kevan 回答。我知道 Luca 曾留下的一大成果就是把苹果的利润率推至新高，并在各产品线间维持了相对一致的定价策略。在现有较高盈利水平相对稳定的前提下，你能否谈谈用户对价格敏感度的观察？另外，如果扩大产品定价范围，是否有可能进一步提升市场份额或推动整体产品增长？
Kevan Parekh
凯文·帕雷克
Yes, it's a good question. I think one, I don't think we're going to really depart from what served us pretty well to now. I mean we always take it into consideration, looking at short-term -- comparison between the short term and the long term. I think we've had a pretty disciplined pricing strategy, which would serve us pretty well. And I think we're going to continually kind of stick with that as far as I can tell.
是的，这是个好问题。我认为我们不会轻易改变目前行之有效的做法。我们当然会综合考虑短期和长期因素。我觉得我们在定价上一向相当审慎，也一直带来不错的效果。目前来看，我预计我们会坚持这一策略。
Richard Kramer
理查德·克雷默
Okay, thanks.
好的，谢谢。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
Thank you, Richard. Operator, could we get the next question, please?
谢谢你，Richard。主持人，请给我们下一个问题好吗？
Operator
主持人
Our next question is from Atif Malik with Citi. Please go ahead.
我们的下一个问题来自花旗银行的 Atif Malik。请开始提问。
Atif Malik
阿蒂夫·马利克
Hi, thank you for taking my question. How do you guys see the potential tariff impact to your product for consumer demand under Trump 2.0 you guys did find under Trump 1.0?
你好，感谢你们回答我的问题。关于特朗普政府 2.0 期间的潜在关税影响，你们认为这对苹果产品的消费者需求会产生怎样的影响？你们在特朗普政府 1.0 时应对得还不错。
Tim Cook
蒂姆·库克
We are monitoring the situation and don't have anything more to add than that.
我们正在关注局势，目前没有更多可以补充的内容。
Atif Malik
阿蒂夫·马利克
Great. And Tim, as a follow-up, there is a lot of discussion on agentic AI, the use of agents. Do you guys see the upgraded series expected in April as something that will, let's say, be the killer application among the suite of features that you have announced in Apple Intelligence?
好的，Tim，作为一个后续问题，关于代理式人工智能（agentic AI）和智能代理的讨论非常多。你们认为 4 月份推出的升级版本是否会成为你们在 Apple Intelligence 中所宣布功能里的一项“杀手级”应用？
Tim Cook
蒂姆·库克
I think the killer feature is different for different people. But I think for most, they're going to find that they're going to use many of the features every day. And certainly, one of those is the -- is Siri, and that will be coming over the next several months.
我认为对不同的人而言，“杀手级”功能各不相同。但我相信大多数用户会发现他们会每天使用这些功能中的好几项。其中一个当然是 Siri，接下来的几个月里我们会进行升级。
Atif Malik
阿蒂夫·马利克
Thank you.
谢谢。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
All right. Thank you, Atif. Operator, could we please get the last question?
好的，谢谢你，Atif。主持人，请给我们最后一个问题好吗？
Operator
主持人
Our last question is from Ben Bollin from Cleveland Research Company. Please go ahead.
我们最后一个问题来自克利夫兰研究公司的 Ben Bollin。请开始提问。
Ben Bollin
Ben Bollin
本·博林
Good evening, everyone. Thanks for taking the question. Tim, I'm interested in your thoughts and how you would have us think about the average useful life of these devices in the wild. And in particular, curious, if you look at the strength you saw in fiscal ‘21 and how that might support accelerated refresh opportunity into the future?
各位晚上好，谢谢你们回答问题。Tim，我想了解一下你对这些设备在实际使用环境中平均使用寿命的看法。特别是，如果回顾2021财年的强劲表现，这对未来加速换机机会可能产生怎样的支持作用？
Tim Cook
蒂姆·库克
Yes. Ben, I think it's different for different types of users. I mean you have very early adopter kind of users that are very quick to jump on the latest technology that upgrade very frequently. And then you have people that are on the entire opposite side of that barbell. And most people are between those two points. And so I do think there were lots of units that are sold during the COVID period of time, and it's a huge opportunity for us as a company to -- for more than one of the product categories.
是的，Ben，我认为不同类型的用户情况各异。有些用户是早期采用者，他们会非常迅速地追随最新技术，频繁升级；而另外一些用户则正好相反，大多数用户介于这两者之间。因此，我认为在疫情期间售出的设备数量非常可观，这为我们公司在多个产品类别上创造了巨大的换机机会。
下行中各种困难的问题都出来了。
Ben Bollin
本·博林
That’s it from me. Thanks, Tim.
我的问题就到这里，谢谢你，Tim。
Tim Cook
蒂姆·库克
Thank you.
谢谢。
Suhasini Chandramouli
苏哈西尼·钱德拉穆利
All right. Thanks, Ben. A replay of today's call will be available for two weeks on Apple Podcasts or as a webcast on apple.com/investor and via telephone. The number for the telephone replay is 866-583-1035. Please enter confirmation code 7398532 followed by the pound sign. These replays will be available by approximately 5 p.m. at Pacific Time today.
好的，谢谢你，Ben。今天的电话会议重播将在苹果播客、apple.com/investor 的网络直播以及电话回放中提供，时长为两周。电话回放号码为 866-583-1035，请输入确认码 7398532 后按井号。这些重播大约在今天太平洋时间下午5点左右上线。
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. Thanks again for joining us here today.
媒体如有其他问题可致电 408-862-1142 联系 Josh Rosenstock；金融分析师有问题请联系我，苏哈西尼·钱德拉穆利，电话 408-974-3123。再次感谢大家今天的参与。
Operator
主持人
Once again, this does conclude today's conference. We do appreciate your participation.
再次提醒，本次电话会议到此结束。我们非常感谢大家的参与。
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