Suhasini Chandramouli

Good afternoon, and welcome to the Apple Q2 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2025财年第二季度财报电话会议。我叫Suhasini Chandramouli，是投资者关系总监。今天的电话会议正在录音。

Speaking first today is Apple's CEO, Tim Cook; and he'll 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首席执行官Tim Cook，随后由首席财务官Kevan Parekh发言。之后，我们将开放电话会议，接受分析师的提问。

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 tariffs and other trade measures and 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，今天讨论中您将听到的一些信息将包含前瞻性声明，包括但不限于有关收入、毛利率、运营费用、其他收支、税收、资本分配和未来业务展望的内容，包括关税和其他贸易措施以及宏观经济条件对公司业务和经营业绩的潜在影响。这些声明涉及风险和不确定性，实际结果或趋势可能与我们的预测有重大差异。

For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Additional information will also be in our report on Form 10-Q for the quarter ended March 29, 2025 to be filed tomorrow and in other reports and filings we make with the SEC. Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

如需更多信息，请参阅苹果公司最近提交的10-Q和10-K表格报告以及今天向美国证券交易委员会提交的8-K表格和相关新闻稿中讨论的风险因素。更多信息也将在我们明天提交的截至2025年3月29日的季度10-Q报告以及我们向SEC提交的其他报告和文件中提供。苹果公司不承担更新任何前瞻性声明的义务，这些声明仅代表其发表当日的观点。

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

现在我将电话交给Tim，请他作开场发言。

Tim Cook

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, we are reporting $95.4 billion in revenue, up 5% from a year ago and at the high end of the range we provided last quarter. Diluted EPS was $1.65, up 8% year-over-year and a March quarter record. Services achieved an all-time revenue record, growing 12% compared to the prior year.

谢谢你，Suhasini。大家下午好，感谢大家参加本次电话会议。今天我们报告的营收为954亿美元，同比增长5%，位于上一季度我们提供的区间高端。稀释后每股收益为1.65美元，同比增长8%，创下三月季度新高。服务业务实现了历史最高收入，同比增长12%。

We also set a number of quarterly records in countries and regions across the world, including the UK, Spain, Finland, Brazil, Chile, Turkey, Poland, India, and the Philippines. We are as dedicated as ever to the innovation and ingenuity that will enrich our customers' lives and help us leave the world better than we found it.

我们还在全球多个国家和地区创下季度新高，包括英国、西班牙、芬兰、巴西、智利、土耳其、波兰、印度和菲律宾。我们始终致力于创新和创造力，丰富客户生活，并努力让世界变得比我们发现时更美好。

And we are proud to increase our impact around the world, including here in the United States, where we recently announced plans to spend $500 billion over the next four years. We're going to be expanding our teams in our facilities in several states, including Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington. And we're going to be opening a new factory for advanced server manufacturing in Texas.

我们也为能够在全球范围内扩大影响力而自豪，包括在美国本土，我们最近宣布将在未来四年投资5000亿美元。我们将在密歇根、德克萨斯、加利福尼亚、亚利桑那、内华达、爱荷华、俄勒冈、北卡罗来纳和华盛顿等多个州扩充团队和设施。同时，我们将在德克萨斯州新建一家先进服务器制造工厂。

During calendar year 2025, we expect to source more than 19 billion chips from a dozen states, including tens of millions of advanced chips being made in Arizona this year. We also source glass used in iPhone from an American company. All told, we have more than 9,000 suppliers in the U.S. across all 50 states.

在2025年，我们预计将从十几个州采购超过190亿颗芯片，其中今年将在亚利桑那州生产数千万颗先进芯片。我们还从一家美国公司采购用于iPhone的玻璃。总的来说，我们在美国50个州拥有超过9000家供应商。

Now I'll turn to products, starting with iPhone. iPhone revenue was $46.8 billion, up 2% from a year ago. During the quarter, we introduced iPhone 16e, a great new entry-level addition to our iPhone 16 lineup. It's powered by our latest generation A18 chip and includes the all-new Apple-designed C1 modem, the most energy-efficient modem ever in an iPhone, allowing iPhone 16e to have the longest battery life of any 6.1-inch iPhone.

现在我来谈谈产品，首先是iPhone。iPhone本季度营收为468亿美元，同比增长2%。本季度我们推出了iPhone 16e，这是一款极具吸引力的入门级新品，丰富了iPhone 16系列。它搭载了我们最新一代的A18芯片，并配备了全新苹果自研C1调制解调器，这是iPhone有史以来能效最高的调制解调器，使iPhone 16e成为所有6.1英寸iPhone中电池续航时间最长的机型。

Meanwhile, iPhone 16 and iPhone 16 Plus users are exploring how they can use Camera Control, whether capturing stunning images or exploring the world with Visual Intelligence. And our iPhone 16 Pro models continue to be a hit with our users. They are turbocharged by the remarkable capabilities and efficiency of A18 Pro and feature larger displays, an advanced camera system and a beautiful design.

与此同时，iPhone 16和iPhone 16 Plus用户正在探索如何使用Camera Control，无论是拍摄令人惊叹的照片，还是借助视觉智能探索世界。我们的iPhone 16 Pro机型依然深受用户欢迎。它们凭借A18 Pro的卓越性能和能效实现强劲动力，配备更大显示屏、先进的摄像系统和精美的外观设计。

Mac revenue was $7.9 billion, 7% higher year-over-year, another great quarter for Mac. During the quarter, we introduced significant new updates to our lineup. The world's most popular laptop just got even better. The M4-powered MacBook Air features a 12-megapixel Center Stage camera and delivers a massive boost in performance. And now it comes in a beautiful new sky blue color.

Mac本季度营收为79亿美元，同比增长7%，又是Mac的一个出色季度。本季度我们对产品线进行了重大更新。全球最受欢迎的笔记本电脑变得更加强大。搭载M4芯片的MacBook Air配备了1200万像素的Center Stage摄像头，性能大幅提升，并新增了美丽的天蓝色款式。

The new Mac Studio is the most powerful Mac we've ever shipped, equipped with M4 Max and our new M3 Ultra chip. It's a true AI powerhouse capable of running large language models with over 600 billion parameters entirely in memory. Apple Intelligence brings great capabilities to the Mac with features like Writing Tools and Notification Summaries that help users stay focused and get more done.

全新Mac Studio是我们有史以来最强大的Mac，配备了M4 Max和全新的M3 Ultra芯片。它是真正的AI强者，能够在内存中运行超过6000亿参数的大型语言模型。Apple Intelligence为Mac带来了强大功能，包括写作工具和通知摘要，帮助用户保持专注并提升效率。

Turning to iPad. Revenue for the quarter was $6.4 billion, up 15% from a year ago, another strong quarter of double digit growth. Our iPad lineup continues to help users learn, work, play, and go wherever their imaginations take them. The new iPad Air with M3 combines powerful performance and exceptional portability, whether you're taking it across the street or around the world. And Apple Intelligence and Apple Pencil Pro are a perfect match, with features like the Clean Up Tool in Photos to remove distractions, and Image Wand in the Notes app to elevate simple sketches into polished illustrations.

接下来是iPad。本季度iPad营收为64亿美元，同比增长15%，再度实现双位数增长。我们的iPad产品线持续帮助用户学习、工作、娱乐，随心所欲探索世界。全新搭载M3芯片的iPad Air兼具强大性能与卓越便携性，无论是在街头还是环游世界都能轻松应对。Apple Intelligence与Apple Pencil Pro的结合堪称完美，照片应用中的清理工具可移除干扰元素，备忘录中的图像魔棒功能可将简单草图升级为精美插画。

Across Wearables, Home and Accessories, revenue was $7.5 billion, down 5% from a year ago. From walking trails to bike paths, Apple Watch Series 10 is an essential partner wherever you are on the health and fitness journey. And AirPods 4 with active noise cancellation delivers an extraordinary experience in an open-ear design.

可穿戴设备、家居和配件业务营收为75亿美元，同比下降5%。无论是在步道还是自行车道，Apple Watch Series 10都是健康与健身之旅的必备伙伴。搭载主动降噪功能的AirPods 4以开放式耳机设计带来非凡体验。

Customers continue to tell me how important our Hearing Health features for AirPods Pro 2 are to them, and we've been expanding their availability to reach even more users around the world. Millions have already taken hearing tests and the stories we received about the new hearing aid feature are deeply moving, showing how these innovations are making a real difference in people's daily lives. It's a powerful reminder of the impact technology can have when it's designed with care.

用户们不断告诉我，AirPods Pro 2的听力健康功能对他们有多么重要，我们也在不断扩大这些功能的覆盖范围，让全球更多用户受益。已有数百万人完成了听力测试，我们收到的新助听功能相关故事令人感动，显示这些创新正在人们的日常生活中产生真正的影响。这也强有力地提醒我们，技术在用心设计时能够带来巨大改变。

Meanwhile, Apple Vision Pro takes the concert experience to a whole new level with Metallica, our latest Apple immersive video, which you have to see to believe. And visionOS 2.4 unlocks the first set of Apple Intelligence features for Vision Pro users while inviting them to explore a curated and regularly updated collection of spatial experiences with the Spatial Gallery app. In retail, in addition to the two stores we opened during the quarter, we're also looking forward to a new retail store in the UAE, the arrival of the online store in Saudi Arabia and new retail stores in India starting later this year.

与此同时，Apple Vision Pro通过与Metallica合作的最新沉浸式视频，将音乐会体验提升到全新高度，只有亲身体验才能相信。visionOS 2.4为Vision Pro用户带来了首批Apple Intelligence功能，并通过Spatial Gallery应用邀请用户探索精心策划并定期更新的空间体验。在零售方面，除了本季度新开的两家门店外，我们还期待在阿联酋开设新零售店、沙特阿拉伯上线在线商店，以及今年晚些时候在印度开设新零售门店。

Let's now turn to Services, where we achieved an all-time revenue record of $26.6 billion, up 12% from a year ago with strong performance across all of our categories. From starting their morning with their podcast of choice to buying a coffee with Apple Pay to spending an afternoon reading the latest bestseller on Apple Books to using their favorite app from the App Store or an evening workout with Fitness+, Apple Services are enriching our users' lives all throughout their day.

接下来谈谈服务业务。本季度服务业务创下历史新高，营收为266亿美元，同比增长12%，各个细分领域表现强劲。从早晨收听自己喜欢的播客、用Apple Pay买咖啡，到下午在Apple Books阅读畅销书、使用App Store的心仪应用，或晚上用Fitness+锻炼，Apple服务正全方位丰富用户的日常生活。

With incredible shows like The Studio, Your Friends & Neighbors and the culture-shaping Severance, Apple TV+ has become a must-see destination with record viewership during the quarter. And we're excited for our upcoming movie F1 starring Brad Pitt, which will hit theaters this summer and gives an incredible inside look at one of the most intense sports on Earth. And there is so much more to come this year.

凭借《The Studio》、《Your Friends & Neighbors》以及影响文化的《Severance》等精彩剧集，Apple TV+已成为必看的平台，本季度收视创下新高。我们也非常期待由布拉德·皮特主演的电影《F1》即将于今年夏天上映，为观众带来对地球上最激烈运动之一的精彩幕后揭秘。今年还会有更多精彩内容陆续上线。

It's no wonder Apple TV+ has earned more than 2,500 award nominations and 560 wins. We're also reaching sports fans in more ways than ever, from watching their favorite teams go to bat on Friday Night Baseball to cheering on their local team with MLS Season Pass to following the results of every Grand Prix with Formula 1 now on the Apple Sports app.

难怪Apple TV+已获得2500多项奖项提名和560项获奖。我们也以前所未有的方式触达体育迷，从周五棒球之夜观看心仪球队，到用MLS Season Pass为本地球队加油，再到现在通过Apple Sports应用关注每一场F1大奖赛的结果。

Turning to software. We just released iOS 18.4, which brought 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. AI and machine learning are core to so many profound features we've rolled out over the years to help our users live a better day. It's why we designed Apple Silicon with a neural engine that powers so many AI features across our products and third-party apps. It's also what makes Apple products the best devices for generative AI.

接下来谈谈软件方面。我们刚刚发布了iOS 18.4，将Apple Intelligence扩展到了更多语言，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，同时还为新加坡和印度提供了本地化的英语。多年来，人工智能和机器学习一直是我们推出的众多深度功能的核心，帮助用户提升生活体验。这也是我们在Apple Silicon中设计神经引擎的原因，它为我们产品和第三方应用中的众多AI功能提供支持，同时也让Apple产品成为生成式AI的最佳设备。

At WWDC 24, we announced Apple Intelligence and shared our vision for integrating generative AI across our ecosystem into the apps and features our users rely on every day. To achieve this goal, we built our own highly capable foundation models that are specialized for everyday tasks. We designed helpful features that are right where our users need them and are easy to use. And we went to great lengths to build a system that protects user privacy, whether requests are processed on-device or in the cloud with Private Cloud Compute, an extraordinary step forward for privacy and AI.

在WWDC 24上，我们发布了Apple Intelligence，并分享了我们将生成式AI深度整合到整个生态系统、融入用户日常依赖的应用和功能中的愿景。为实现这一目标，我们自研了强大的基础模型，专为日常任务而优化。我们设计了贴合用户需求且易于使用的实用功能，并投入大量精力打造了保护用户隐私的系统，无论是在设备端还是通过Private Cloud Compute在云端处理请求，这都代表了隐私与AI领域的重大进步。

Since we launched iOS 18, we've released a number of Apple Intelligence features from helpful Writing Tools to Genmoji, Image Playground, Image Wand, Clean Up, Visual Intelligence and a seamless connection to ChatGPT, we made it possible for users to create movies of their memories with a simple prompt and added AI-powered photo search, smart replies, priority notifications, summaries for mail, messages and more.

自iOS 18发布以来，我们陆续推出了多项Apple Intelligence功能，从实用的写作工具到Genmoji、Image Playground、Image Wand、Clean Up、视觉智能以及与ChatGPT的无缝连接。我们让用户仅凭一句提示就能生成回忆短片，还新增了AI驱动的照片搜索、智能回复、优先通知，以及邮件、信息摘要等功能。

We've also expanded these capabilities to more languages and regions. With regard to the more personal Siri features we announced, we need more time to complete our work on these features so they meet our high-quality bar. We are making progress and we look forward to getting these features into customers' hands.

我们还将这些能力扩展到更多语言和地区。至于我们宣布的更具个性化的Siri功能，我们还需要更多时间来完善，确保它们达到我们的高质量标准。目前我们正在稳步推进，期待早日将这些功能带到用户手中。

Turning to sustainability. We just celebrated Earth Day, and we were proud to announce that we've cut our emissions by 60% from our 2015 levels. Today, we're using more clean energy across our operations and more recycled materials in our products than ever. We have worked with suppliers to bring 17.8 gigawatts of renewable electricity online.

再来说说可持续发展。我们刚刚庆祝了地球日，并自豪地宣布我们的排放量较2015年减少了60%。如今，我们在运营中使用的清洁能源和产品中的回收材料都创下新高。我们还与供应商合作，推动了17.8吉瓦可再生电力的上线。

We're also saving billions of gallons of freshwater and redirecting millions of metric tons of waste from landfills. All of this will help us make important progress towards our goal of carbon neutrality across our supply chain and the life cycle of our products by 2030.

我们还节省了数十亿加仑的淡水，并将数百万公吨的废弃物从填埋场转移出去。所有这些举措都将助力我们在2030年前实现供应链和产品全生命周期碳中和的目标。

Now let me walk you through the impacts of tariffs in the March quarter and give you some color on what we expect for the June quarter. For the March quarter, we had a limited impact from tariffs as we were able to optimize our supply chain and inventory. For the June quarter, currently, we are not able to precisely estimate the impact of tariffs as we are uncertain of potential future actions prior to the end of the quarter.

现在让我向大家说明一下三月份季度关税的影响，并简要介绍我们对六月份季度的预期。三月份季度我们通过优化供应链和库存，使关税影响有限。至于六月份季度，目前我们无法精确估算关税的影响，因为在季度结束前仍存在未来政策变动的不确定性。

However, for some color, assuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our costs. This estimate should not be used to make projections for future quarters as there are certain unique factors that benefit the June quarter. For our part, we will manage the company the way we always have, with thoughtful and deliberate decisions, with a focus on investing for the long term, and with dedication to innovation and the possibilities it creates.

不过，作为参考，如果本季度剩余时间全球关税税率、政策和执行方式保持不变，且不新增关税，我们预计关税将使成本增加9亿美元。由于六月份季度存在一些特殊有利因素，这一估算不应用于未来季度的预测。我们将一如既往地以审慎和深思熟虑的方式管理公司，专注于长期投资，致力于创新及其带来的各种可能。

As we look ahead, we remain confident, confident that we will continue to build the world's best products and services, confident in our ability to innovate and enrich our users' lives, and confident that we can continue to run our business in a way that has always set Apple apart. Next month, we can't wait to welcome our developer community for the Worldwide Developers Conference, and we look forward to revealing some exciting announcements.

展望未来，我们依然充满信心，相信我们会持续打造世界上最好的产品和服务，相信我们的创新能力能够丰富用户的生活，也相信我们能继续以独特的方式经营公司，让Apple始终与众不同。下个月，我们期待在全球开发者大会上迎接开发者社区，并带来令人振奋的全新发布。

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

接下来交给Kevan。

Kevan Parekh

Thanks, Tim, and good afternoon, everyone. Our March quarter revenue of $95.4 billion was up 5% year-over-year despite a headwind of almost 2.5 percentage points from foreign exchange. We also grew in the majority of the markets we track. Products revenue was $68.7 billion, up 3% year-over-year, driven by growth in iPhone, iPad, and Mac. And thanks to our high levels of customer satisfaction and strong loyalty, our installed base of active devices reached an all-time high across all product categories and geographic segments.

感谢Tim，大家下午好。本季度我们的营收为954亿美元，同比增长5%，尽管外汇带来了近2.5个百分点的逆风。我们在大多数所跟踪的市场都实现了增长。产品营收为687亿美元，同比增长3%，主要得益于iPhone、iPad和Mac的增长。由于客户满意度高且忠诚度强，我们的活跃设备装机量在所有产品类别和地理区域均创下历史新高。

Services revenue was $26.6 billion, up 12% year-over-year despite over 2 percentage points of foreign exchange headwinds. And as Tim mentioned, this was an all-time revenue record. We also grew in every geographic segment and saw double-digit growth in both developed and emerging markets. Company gross margin was 47.1%, in the middle of our guidance range and up 20 basis points sequentially primarily driven by favorable mix.

服务营收为266亿美元，同比增长12%，尽管外汇带来了超过2个百分点的不利影响。正如Tim所提，这是有史以来的营收新高。我们在每个地理区域都实现了增长，发达市场和新兴市场均实现了两位数增长。公司毛利率为47.1%，位于指引区间中段，环比提升20个基点，主要受益于产品结构优化。

Products gross margin was 35.9%, down 340 basis points sequentially, driven by mix, foreign exchange and a seasonal loss of leverage. Services gross margin was 75.7%, up 70 basis points sequentially, primarily driven by a different mix, partly offset by foreign exchange. Operating expenses landed at $15.3 billion, up 6% year-over-year. Net income was $24.8 billion and diluted earnings per share was $1.65, up 8% year-over-year and a March quarter record. Operating cash flow was also strong at $24 billion.

产品毛利率为35.9%，环比下降340个基点，主要受到产品结构、外汇及季节性杠杆损失的影响。服务毛利率为75.7%，环比提升70个基点，主要受益于结构变化，部分被外汇影响抵消。运营费用为153亿美元，同比增长6%。净利润为248亿美元，摊薄每股收益为1.65美元，同比增长8%，创下三月份季度新高。经营现金流同样强劲，达到240亿美元。

Now I'm going to provide some more details for each of our revenue categories. iPhone revenue was $46.8 billion, up 2% year- over-year driven by the iPhone 16 family. The iPhone Active installed base grew to an all-time high in total and in every geographic segment, and iPhone upgraders grew double-digits year-over-year. According to a recent survey from Kantar, during the March quarter, iPhone was a top-selling model in the U.S., urban China, the UK, Germany, Australia, and Japan. And we continue to see high levels of customer satisfaction in the U.S. at 97% as measured by 451 Research.

接下来我将为大家详细介绍各项营收类别。iPhone营收为468亿美元，同比增长2%，主要得益于iPhone 16系列。iPhone活跃装机量在整体和各地区均创历史新高，iPhone换机用户同比实现两位数增长。根据Kantar的最新调查，在三月份季度，iPhone在美国、中国城市、英国、德国、澳大利亚和日本均为畅销机型。美国市场的客户满意度依然高达97%（451 Research数据）。

Mac revenue was $7.9 billion, up 7% year-over-year, driven by the latest MacBook Air, MacBook Pro and Mac Mini models. This performance was broad-based with every geographic segment growing year-over-year. Mac installed base reached an all-time high and we saw strong growth for both upgraders and customers new to the Mac. Customer satisfaction was reported at 95% in the U.S.

Mac营收为79亿美元，同比增长7%，主要由最新的MacBook Air、MacBook Pro和Mac Mini推动。各地区均实现同比增长，Mac装机量创历史新高，换机用户和新用户均实现强劲增长。美国市场的客户满意度为95%。

iPad revenue was $6.4 billion, up 15% year-over-year, driven by the new M3-powered iPad Air. The iPad installed base reached another all-time high, and over half the customers who purchased an iPad during the quarter were new to the product. Based on the latest reports from 451 Research, customer satisfaction was 97% in the U.S.

iPad营收为64亿美元，同比增长15%，主要得益于全新M3芯片的iPad Air。iPad装机量再创新高，季度内购买iPad的用户中有一半以上为新用户。根据451 Research的最新报告，美国市场的客户满意度为97%。

Wearables, Home and Accessories revenue was $7.5 billion, down 5% year-over-year. Keep in mind, we did face a more difficult compare against the launch of the Apple Vision Pro in the year ago quarter as well as the Watch Ultra 2 launched last year. At the same time, 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 customer satisfaction for Watch in the U.S. was recently measured at 95%.

可穿戴设备、家居和配件营收为75亿美元，同比下降5%。需要注意的是，去年同期有Apple Vision Pro和Watch Ultra 2的发布，基数较高。同时，Apple Watch装机量创下新高，季度内购买Apple Watch的用户中有一半以上为新用户。美国市场的手表客户满意度近期为95%。

Our Services revenue reached an all-time high of $26.6 billion, up 12% year-over-year. This growth rate was comparable to the December quarter year-over-year growth rate when we removed the negative impact from foreign exchange. We saw strong momentum in the March quarter and the growth of our installed base of active devices gives us great opportunities for the future. Customer engagement across our Services offerings also continue to grow. Both transacting and paid accounts reached new all-time highs, with paid accounts growing double-digits year-over-year.

我们的服务营收创下历史新高，达到266亿美元，同比增长12%。剔除外汇负面影响后，该增速与去年12月季度同比增速相当。三月份季度服务业务保持强劲势头，活跃设备装机量的增长为我们未来带来巨大机遇。服务产品的客户参与度持续提升，交易账户和付费账户均创历史新高，付费账户同比实现两位数增长。

Paid subscriptions also grew double-digits. We have well over 1 billion paid subscriptions across the services on our platform. We continue to improve the quality and breadth of our service offerings from additional features in News+ to new games available on Arcade. Apple Pay continues to help our customers with an easy, secure and private payment solution, and we were pleased to see that our active users in Apple Pay reached an all-time record, up double-digits year-over-year.

付费订阅数同样实现两位数增长。我们平台上的付费订阅总数已超过10亿。我们持续提升服务产品的质量和广度，从News+新增功能到Arcade上线新游戏。Apple Pay继续为客户提供便捷、安全和私密的支付解决方案，我们也很高兴看到Apple Pay活跃用户创下历史新高，同比实现两位数增长。

Turning to enterprise. Organizations are investing more on Apple products and services to drive productivity and employee engagement. For example, KPMG recently rolled out iPhone 16 for all U.S. employees, reflecting their confidence in Apple's security and privacy features. We also continue to see strong Mac performance in enterprise. Nubank, the largest digital bank in Latin America, has selected MacBook Air as a standard computer for their thousands of employees.

在企业市场方面，各类组织正在加大对Apple产品和服务的投入，以提升生产力和员工参与度。例如，毕马威（KPMG）最近为其美国员工全面部署了iPhone 16，展现了他们对Apple安全性和隐私保护的信心。我们也持续在企业市场看到Mac的强劲表现。拉美最大数字银行Nubank已选择MacBook Air作为数千名员工的标准电脑。

With Vision Pro, companies are continuing to find new and innovative ways to leverage this technology. Dassault Systèmes, a leading provider for engineering and 3D design software, has natively integrated Apple Vision Pro into their next-generation platform, bringing a powerful and immersive spatial experience to thousands of enterprise customers.

有了Vision Pro，企业持续探索利用该技术的新方式。工程与三维设计软件领导者达索系统（Dassault Systèmes）已将Apple Vision Pro原生集成到其下一代平台，为数千家企业客户带来强大且沉浸式的空间体验。

Now let's turn to our cash position and capital return program. We ended the quarter with $133 billion in cash and marketable securities. We had $3 billion in debt maturities and increased commercial paper by $4 billion, resulting in $98 billion in total debt. Therefore, at the end of the quarter, net cash was $35 billion. During the quarter, we returned $29 billion to shareholders. This included $3.8 billion in dividends and equivalents and $25 billion through open market repurchases of 108 million Apple shares.

再来看我们的现金状况和资本回报计划。 截至季度末，我们持有1330亿美元现金和有价证券。当季有30亿美元债务到期，同时短期票据增加40亿美元，期末总债务为980亿美元。因此，净现金为350亿美元。本季度我们向股东返还了290亿美元，其中38亿美元为股息及等价物，250亿美元通过回购1.08亿股苹果股票实现。

Given the continued confidence we have in our business now and into the future, today, our Board authorized an additional $100 billion for share repurchases as we maintain our goal of getting to net cash neutral. We're also raising our dividend by 4% to $0.26 per share of common stock, and we continue to plan for annual increases in the dividend going forward as we have done for the last 13 years. This cash dividend will be payable on May 15, 2025, to shareholders of record as of May 12, 2025.

鉴于我们对公司当前及未来业务的持续信心，董事会今日批准追加1000亿美元用于股票回购，继续推进净现金中性目标。我们还将普通股季度分红提高4%，至每股0.26美元，并计划像过去13年一样，未来每年继续提升分红。本次现金分红将于2025年5月15日发放，登记在册日为2025年5月12日。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. Importantly, the color we're providing assumes that global tariff rates, policies and application remain in effect as of this call. And the global macroeconomic outlook doesn't worsen from today for the current quarter. Despite the overall uncertain environment, we will still be providing color at the total company level, subject to these assumptions and the risk factors that we referred to at the beginning of the call.

展望即将到来的6月季度，我想回顾一下我们的展望，包括Suhasini提到的前瞻性信息。需要强调的是，我们的展望假设全球关税税率、政策和执行方式在本次电话会议时保持不变，且本季度全球宏观经济形势不会恶化。尽管整体环境存在不确定性，我们仍会在这些假设和风险因素下，提供公司层面的展望。

We expect our June quarter total company revenue to grow low to mid-single digits year-over-year. We expect gross margin to be between 45.5% and 46.5%, which includes the estimated impact of the $900 million of tariff-related costs that Tim referred to earlier. We expect operating expenses to be between $15.3 billion and $15.5 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6月季度公司总营收将实现低至中单位数同比增长。预计毛利率将在45.5%至46.5%之间，其中已包含Tim此前提到的9亿美元关税相关成本的影响。预计运营费用在153亿至155亿美元之间。预计其他收入与支出（OI&E）为负3亿美元，未计入少数股权投资公允价值变动影响，税率约为16%。

With that, let's open the call to questions.

接下来我们进入问答环节。

Suhasini Chandramouli

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

我们请您将问题限制在两个以内。接线员，请给我们第一个问题。

Question-and-Answer Session

问答环节

Operator

接线员

Certainly. We'll go ahead and take our first question from Erik Woodring with Morgan Stanley.

当然。我们将开始接受来自摩根士丹利的Erik Woodring的第一个问题。

Erik Woodring

Great, thanks so much guys for taking my questions. Tim, I'd love to maybe touch on the tariff point first. There were comments from you earlier on CNBC talking about 50% of iPhones for the U.S. currently coming from India. Where do you expect the mix of India-sourced iPhones for the U.S. to be by the end of your fiscal year? And is it the goal to source 100% of your U.S.-bound iPhones from India? Can you just help us understand kind of how we should expect that to trend as we look beyond just the June quarter? And then I have a follow-up. Thank you.

非常感谢各位回答我的问题。Tim，我想先谈一下关税问题。你早些时候在CNBC上提到，目前有50%的美国市场iPhone来自印度。你预计到本财年末，来自印度的美国市场iPhone占比会是多少？你们的目标是让所有销往美国的iPhone都来自印度吗？能否帮我们理解一下，展望未来，除了6月季度之外，这一趋势会如何发展？然后我还有一个后续问题。谢谢。

Tim Cook

Yes, Erik, hi. It's Tim. The existing tariffs that apply to Apple today are based on the product's country of origin as you alluded to. For the June quarter, we do expect the majority of iPhones sold in the U.S. will have India as their country of origin and Vietnam to be the country of origin for almost all iPad, Mac, Apple Watch, and AirPods products sold in the -- also sold in the U.S. China would continue to be the country of origin for the vast majority of total product sales outside the U.S. And so if you look at the categories of tariffs that are applicable to us today, for the June quarter, most of our tariff exposure relates to the February IEEPA-related tariff at the rate of 20%, which applies to imports to the U.S. for products that have China as their country of origin. In addition, for China, there was an additional 125% tariff for imports of certain categories of products announced in April. And for us, that's some of our U.S. AppleCare and Accessories businesses and brings the total rate in China for these products to at least 145%. Also for transparency and clarity, the vast majority of our products, including iPhone, Mac, iPad, Apple Watch, and Vision Pro, are currently not subject to the global reciprocal tariffs that were announced in April as the Commerce Department has initiated a Section 232 investigation into imports of semiconductors, semiconductor manufacturing equipment and downstream products that contain semiconductors. And so if you -- for the June quarter, as I talked about in the -- in my opening comments, we estimate the impact, assuming that the current global tariff, rates, policies and applications don't change for the balance of the quarter, to be 900 million to our costs. I wouldn't want to predict the mix of production in the future, but I wanted to give you clarity for the June quarter of where the country of origins are so you can use that for your modeling.

是的，Erik，你好。我是Tim。目前适用于苹果的关税正如你提到的，是基于产品的原产国。对于6月季度，我们预计美国销售的大多数iPhone将以印度为原产国，而几乎所有在美国销售的iPad、Mac、Apple Watch和AirPods都将以越南为原产国。中国仍将是美国以外大多数产品销售的原产国。因此，如果你关注目前适用于我们的关税类别，6月季度我们的大部分关税压力来自2月IEEPA相关的20%关税，这适用于原产于中国的产品进口到美国。此外，中国方面，4月还宣布对某些类别产品进口征收额外125%关税，对我们来说，这影响到部分美国AppleCare和配件业务，使这些产品在中国的总税率至少达到145%。同时，为了透明和清晰，包括iPhone、Mac、iPad、Apple Watch和Vision Pro在内的绝大多数产品，目前并未受到4月宣布的全球对等关税的影响，因为商务部已经启动了对半导体、半导体制造设备及含半导体下游产品进口的232条款调查。因此，正如我在开场评论中所说，假设本季度余下时间全球关税、税率、政策和执行方式不变，我们预计6月季度关税对我们的成本影响为9亿美元。我不会预测未来的生产结构，但我想为你明确6月季度各原产国的情况，便于你的模型分析。

Erik Woodring

Okay. I appreciate that color. Thank you, Tim. And then maybe my follow-up is there were a number of reports during the quarter that Apple had pulled forward sell-in into the channel to get ahead of tariffs. So can you just help us better kind of understand or clarify if sell-in and sell-through were aligned in the March quarter? If you're assuming that they would be aligned in the June quarter guide? And ultimately, do you believe that consumers are accelerating hardware purchases to get ahead of any potential pricing increases or was behavior normal? Thank you so much, Tim.

好的，感谢你的说明。谢谢你，Tim。我的后续问题是，本季度有许多报道称苹果为了应对关税提前将产品投放渠道。你能否帮助我们更好地理解或澄清，3月季度的渠道投放（sell-in）和最终销售（sell-through）是否一致？你们在6月季度指引中是否假设两者一致？最终，你认为消费者是否加快了硬件购买以规避潜在的价格上涨，还是消费行为保持正常？非常感谢，Tim。

Tim Cook

Yes. Thanks, Erik, for the question. There are several questions there. One, in terms of the pull forward in demand, if you look at the March quarter, we don't believe that we saw obvious evidence of a significant pull forward in demand in the March quarter due to tariffs. If you look at our channel inventory, from the beginning of the quarter to the end of the quarter, the unit channel inventory was similar, not only for iPhone but for the balance of our products. Again, for transparency, you will see that we did build ahead inventory, and that's reflected in our manufacturing purchase obligations that you'll see on the quarterly filing when it comes out. So I hope that makes the -- answers all your questions.

是的，谢谢你的提问，Erik。这里有几个问题。首先，关于需求提前，如果你看3月季度，我们认为没有明显证据显示因关税导致需求大幅提前。从季度初到季度末，我们的渠道库存基本持平，不仅是iPhone，其他产品也是如此。同样，为了透明，你会看到我们确实提前备货，这会体现在季度财报披露的制造采购义务中。希望这些回答了你的所有问题。

Erik Woodring

Thank you so much, Tim. Good Luck.

非常感谢，Tim。祝你好运。

Tim Cook

Thanks.

谢谢。

Suhasini Chandramouli

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

谢谢你，Erik。接线员，请给我们下一个问题。

Operator

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

接下来是来自Melius的Ben Reitzes的问题。请开始提问。

Ben Reitzes

Hi, thanks a lot. Tim, if you had told me that on April 2 that your hit from tariffs was only a nickel-ish a quarter at 900 million, that would have been a pretty good outcome, given the panic that ensued. I'm surprised that it's that low. But then you did make a comment about after the June quarter, and sorry to push you on that, but could it be a multiple of that figure or is it just completely unknown? We're all just trying to figure out what happens after June. And if there's just any guidance you guys can possibly give that it's bigger, smaller or what? And hoping you can just give us a little color on that. Thanks.

你好，非常感谢。Tim，如果你在4月2日告诉我，关税对你们的影响每季度只有大约9000万美元，那在当时的恐慌情绪下，这已经算是个不错的结果了。我对这个数字之低感到惊讶。但你刚才也谈到6月季度之后的情况，很抱歉再追问一下，这个数字之后会不会是几倍增长，还是完全无法预测？我们都在试图弄清楚6月之后会发生什么。如果你们能给出任何指引，比如会更高、更低，或者其他什么信息，希望你能给我们一些说明。谢谢。

Tim Cook

Yes, Ben. Thanks for the question. I tried to give you some information in the previous question about the country of origin, which currently is the key factor in determining the tariffs that we're paying. I don't want to predict the future because I'm not sure what will happen with the tariffs, and there is the Section 232 investigation going on. And so it's very difficult to predict beyond June. And June has the assumptions in it that I had mentioned earlier.

是的，Ben，谢谢你的提问。我之前已经尽量向你们说明了原产国的信息，目前这仍然是决定我们所需缴纳关税的关键因素。我不想预测未来，因为我也不确定关税会如何变化，而且现在还有232条款调查在进行中。因此，6月之后的情况很难预测。6月季度的预测已经包含了我之前提到的假设。

Ben Reitzes

All right, Tim. And then just with regard to China down 2%, I mean, you intuitively would have thought there would have been an increased nationalism there and perhaps it would have been worse than that. And the trajectory there improving even with subsidies because subsidies benefited your competitors, too. Just wondering if I could get a little more color there. Can it keep improving? What are you thinking with regard to that trajectory in China, given all the geopolitical tensions? Thanks.

好的，Tim。关于中国市场下滑2%，直觉上会觉得民族主义情绪上升，情况可能会更糟。但实际上在补贴的帮助下，情况有所改善，尽管补贴同样惠及了你们的竞争对手。我想再了解一下细节，这种改善能否持续？考虑到所有的地缘政治紧张局势，你如何看待中国市场的走势？谢谢。

Tim Cook

Yes, we were down 2%, as you point out, for the March quarter. And to provide a little more transparency around that, we were roughly flat when you remove the headwinds from foreign exchange. And so we did see quite a bit of sequential improvement from the December quarter, which was down 11. And again, for going out of the way for transparency, the channel inventory at the end of March, the unit channel inventory was similar to where we started the quarter. So there wasn't a build of channel inventory in there. I do believe that the subsidies played a favorable impact on the results. It's difficult to estimate with precision as to exactly how much, but I think it was positive. Some of our products are included. Some of them are not. Generally, on iPhone, if something is priced above RMB6,000, it is not eligible for the subsidy and the other products have different rules. But I do think it helped. And I think it's helping others as well, I'm sure. iPhone was the key driver of the improvement sequentially. And so hopefully, that provides you some color. The other thing I would say is that the Mac, the iPad, and the Watch are attracting a majority of customers new to that product. And so that continues to look quite good in China. And iPhone was the top two models in urban China, and iPad was the top two tablets in urban China. So there's some positive nuggets there.

是的，正如你指出的，我们在3月季度下降了2%。更透明地说，如果剔除汇率逆风，实际上我们基本持平。与12月季度下降11%相比，本季度有明显的环比改善。再次强调透明度，3月底的渠道库存与季度初相当，没有出现库存积压。我认为补贴对业绩产生了积极影响。虽然很难精确估算具体影响有多大，但我认为是正面的。部分产品享受补贴，部分未享受。一般来说，iPhone售价高于6000元人民币就不符合补贴条件，其他产品有不同规则。但我确实认为补贴有帮助，也帮助了其他厂商。iPhone是本季度环比改善的主要驱动力。希望这些信息对你有帮助。另外，Mac、iPad和Watch在中国吸引了大量新用户，表现也非常好。iPhone在中国城市市场是前两大畅销机型，iPad则是城市市场前两大平板，所以这里还是有一些积极信号的。

Ben Reitzes

Thanks a lot, Tim.

非常感谢，Tim。

Tim Cook

Yes. Thank you, Ben.

好的，谢谢你，Ben。

Suhasini Chandramouli

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

谢谢你，Ben。接线员，请给我们下一个问题。

Operator

Our next question is from Michael Ng with Goldman Sachs. Please go ahead.

接下来是高盛的Michael Ng提问。请开始。

Michael Ng

Hi, good afternoon. Thank you very much for the question. I was just wondering if you could talk a little bit about your responses on some of this trade policy uncertainty. I appreciated the transparency around building ahead with inventory. Will you continue to do that in this interim period until we get some clarity on Section 232 investigation? And could you talk a little bit about your philosophy on pricing, elevated costs to the extent that comes through, whether that be to resellers or end consumers and other efficiency efforts that you might be able to pursue? Thank you.

你好，下午好，非常感谢你的提问。我想了解一下你们对于当前贸易政策不确定性的应对措施。关于提前备货的问题，我很欣赏你们的透明度。在232条款调查结果明朗之前，你们会继续这样做吗？另外，你们在定价方面的理念是怎样的？如果成本上升，会如何传导到分销商或终端消费者？还有没有其他可以采取的效率提升措施？谢谢。

Tim Cook

Yes. Obviously, we're very engaged on the tariff discussions. We believe in engagement and we'll continue to engage. On the pricing piece, we have nothing to announce today. And I'll just say that the operational team has done an incredible job around optimizing the supply chain and the inventory. And we'll obviously continue to do those things to the degree that we can.

是的，我们显然非常关注关税问题的讨论。我们相信沟通，并将持续与各方沟通。关于定价，目前没有需要宣布的内容。我只想说，运营团队在优化供应链和库存方面做得非常出色。我们当然会在力所能及的范围内继续这些工作。

Michael Ng

Great. Thanks. And just as a quick follow-up for Kevan, on product gross margins, I was just wondering if you could provide a little bit more color on some of the factors that may have impacted product gross margins in the quarter. Obviously, down sequentially on seasonal factors but there was a year-over-year decline as well. So any additional color would be helpful? Thank you.

好的，谢谢。再补充一个问题，问Kevan，关于产品毛利率。我想请你详细讲讲本季度影响产品毛利率的一些因素。很明显，环比下降主要是季节性因素，但同比也有下降。能否再多介绍一些细节？谢谢。

Kevan Parekh

Yes, Michael, thanks. This is Kevan. So on the sequential, as we mentioned in the prepared remarks, we had a decrease in the product gross margin by 340 basis points sequentially. That was primarily driven by mix, seasonal loss of leverage, foreign exchange and that was partly offset by cost savings. And when we look at the year-on-year performance, we were down 70 basis points on a year-on- year basis. And that was driven by a different mix and foreign exchange.

是的，Michael，谢谢你。我是Kevan。就环比而言，正如我们在准备好的发言中提到的，我们的产品毛利率环比下降了340个基点，主要原因是产品组合变化、季节性杠杆效应下降和汇率影响，部分被成本节约所抵消。至于同比表现，我们同比下降了70个基点，这主要是由于产品组合变化和汇率影响。

Michael Ng

Thank you.

谢谢。

Kevan Parekh

Thank you.

谢谢。

Suhasini Chandramouli

Thank you, Mike. Operator, could we have the next question, please?

谢谢你，Mike。接线员，请给我们下一个问题。

Operator

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

接下来是Evercore的Amit Daryanani提问。请开始。

Amit Daryanani

Thanks a lot. I guess I'll have to start with a tariff question as well. Tim, I think when you talked about the $900 million impact to your cost of goods sold, you sort of had a statement that there are certain unique factors that benefit you in the June quarter related to that number. Can you just talk about what are these unique factors that are benefiting you in the June quarter? And what would the impact be without those benefits essentially?

非常感谢。我想我也得从关税问题开始问。Tim，你提到关税对你们销售成本的影响为9亿美元时，曾说有一些独特因素让你们在6月季度受益。你能谈谈这些具体是什么独特因素吗？如果没有这些利好，影响会有多大？

Tim Cook

I wouldn't want to go through all of them. But as an example, the build ahead that is -- I mentioned earlier that's in the manufacturing purchase obligations is -- were helpful.

我不想一一细说所有因素，但举个例子，之前提到的提前备货（体现在制造采购承诺中）对我们有帮助。

Amit Daryanani

Got it. And then as I think about the June quarter guide of low to mid-single-digit revenue growth, I was wondering, do you folks expect services growth to remain in the double-digit range as you go into the back half of the year? I imagine FX is a bit of a benefit as you go to the back half. I would love to just understand, within that framework, how do you think services stacks up as you go through the June quarter?

明白了。关于6月季度你们指引的低至中单位数营收增长，我想问下，你们是否预计下半年服务业务还能保持两位数增长？我猜汇率下半年可能有些利好。能否在这个框架下谈谈你们对服务业务在6月季度表现的看法？

Kevan Parekh

Yes, Amit. Hi, it's Kevan. So I think when we talk about the overall June quarter, we talk about the low to mid-single digits year-over-year. We do expect foreign exchange in the June quarter to improve sequentially. However, we are expecting it to be a slight headwind to revenue on a year-on-year basis. With respect to services, given the uncertainty we see from several factors, we aren't providing the category level of color today.

是的，Amit，你好，我是Kevan。关于6月季度，我们预计同比增长低至中单位数。我们预计汇率对6月季度环比会有改善，但同比来看仍会对营收有轻微逆风。至于服务业务，考虑到目前存在多种不确定因素，我们今天不会单独披露该业务的具体指引。

Amit Daryanani

Got it. Thank you.

明白了，谢谢。

Kevan Parekh

Thank you.

谢谢。

Suhasini Chandramouli

Thanks, Amit. Operator, could we have the next question, please?

谢谢你，Amit。接线员，请下一个问题。

Operator

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

接下来是美国银行的Wamsi Mohan提问。请开始。

Wamsi Mohan

Yes. Thank you. Tim or Kevan, how should investors think about the gross margin trajectory as you source more from the U.S. in particular or other supply chain changes that you are making, including in India? How should those kind of play into the cost structure and how should we think about that gross margin trajectory and I will follow-up?

谢谢。Tim或者Kevan，随着你们越来越多地从美国采购，或者包括在印度等地进行供应链调整，投资者应该如何看待毛利率的走势？这些变化会如何影响成本结构？我们该如何理解未来毛利率的趋势？我随后还有补充问题。

Tim Cook

We're excited about bringing more production to the U.S. As you know, we've been very key in the TSMC project in Arizona and are the largest and first customer getting product out of that. And that's the SoC that's coming out of there. We also have glass coming out of the U.S. and the Face ID module and loads of chips. In fact, there's 19 billion chips coming out across 12 states. This is down to the resistor and capacitor level, obviously. And so there's some that is already built into the margins that Kevan has quoted. And we don't really forecast beyond the current quarter as you know.

我们很高兴能把更多生产带到美国。正如你所知，我们在亚利桑那州的台积电项目中扮演了非常关键的角色，是首批、也是最大的客户，已经开始获得那里的产品（SoC芯片）。此外，还有来自美国的玻璃、Face ID模块以及大量芯片。事实上，有190亿颗芯片来自美国12个州，甚至包括电阻电容这样的元件。这些影响已经部分体现在Kevan刚刚提到的毛利率中。正如你所知，我们不会预测当前季度以后的情况。

Kevan Parekh

Yes, maybe I'll add a couple of more points as we think about just the margin going forward. A couple of observations I'd mention is every product cycle is different and over the years we have managed gross margin well. We've made good decisions balancing units revenue margins. When we launch new products, they tend to have a higher cost structure than the products they replace as we introduce new features and technologies. We do have a good track record of reducing those costs and structures over the life of the product. And our products and services all have different levels of profitability and their relative success in the marketplace has an impact on the overall gross margin. So I hope that's helpful color and context for you.

我再补充几点关于未来毛利率的看法。首先，每一代产品周期都不一样，多年来我们一直很好地管理着毛利率。我们在出货量、营收和毛利之间做出过很多平衡决策。新产品刚推出时，通常由于新功能和新技术的引入，成本结构会高于被替换的旧产品。但我们的历史经验表明，随着产品生命周期推进，我们能有效降低这些成本。不同产品和服务的盈利能力也不同，它们在市场上的相对表现也会影响整体毛利率。希望这些信息对你有帮助。

Wamsi Mohan

No, that's super helpful. Thank you. I guess you just noted that you weren't going to give services maybe a growth forecast here in light of some of the uncertain news. But maybe, Tim, could you share any color around what you have seen in developer behavior in areas like Europe where there has now been emergence of alternate app stores for a little more time? What have you seen anecdotally or within your data in terms of maybe develop a behavior, whether it's large or small? Any color you can share on what has like actually happened?

非常有帮助，谢谢。你们刚刚说因为一些不确定性暂时不提供服务业务的增长指引。但Tim，你能否分享一下你们观察到的开发者行为变化，特别是在欧洲这类已有一段时间第三方应用商店的市场？无论是大开发者还是小开发者，你们在数据或实际反馈中看到什么趋势了吗？能否分享一些具体的情况？

Tim Cook

It's embedded in our results that Kevan talked about earlier and embedded in the overall company color that was provided. But as you know, the Digital Markets Act went into effect in, I believe it was March of last year. And so the Digital Markets Act has been enacted for a bit over a year and there's been alternate app stores for some period of time of that. And so it's -- at this point in Europe, there are some embedded in the actuals. There may be more to come and so forth. I don't want to predict beyond the current quarter.

这些影响已经体现在Kevan刚才讲的业绩和我们整体的公司情况中了。你知道，数字市场法案（Digital Markets Act）大约是去年三月生效的，到现在已经一年多了，期间欧洲也出现了第三方应用商店。目前欧洲的实际数据里已经反映出这些影响，未来可能还会有更多变化。但我不想对当前季度以后做预测。

Wamsi Mohan

Okay. Thank you, Tim.

好的，谢谢，Tim。

Suhasini Chandramouli

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

谢谢你，Wamsi。接线员，请下一个问题。

Operator

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

接下来是瑞银的David Vogt提问。请开始。

David Vogt

Great. Thanks, guys. Thanks for taking my question. So I've got two as well, and Tim, this is more of a big picture supply chain philosophical question. So can you maybe update us on your thoughts on how you're thinking about your resiliency and redundancy, following the change that you guys talked about earlier on the call? I guess what I'm trying to understand is how do we think about where your supply chain is two to three years from now? And is there any risk, at least in the near term, of maybe some export control issues in your outlook for the balance of this year? And I'll give you my second one at the same time. You quantified a $900 million hit from tariffs. Or Kevan, is there any impact in how you're thinking about the demand backdrop in your outlook for the June quarter on the revenue line holistically? Thanks.

很好，谢谢你们。Tim，我有两个问题，第一个是关于供应链的宏观战略。你能否谈谈你们对供应链弹性和冗余的最新思考？特别是在你们刚才提到的调整之后，两三年后你们的供应链会是什么样？今年余下时间有没有出口管制等方面的风险？第二个问题是，你们提到关税影响了9亿美元。Kevan，这对你们对6月季度整体营收需求的预期有影响吗？谢谢。

Tim Cook

In terms of the resiliency and risk, et cetera, there -- we have a complex supply chain. There's always risk in the supply chain. And so I wouldn't tell you anything different than that. What we learned some time ago was that having everything in one location had too much risk with it. And so we have, over time, with certain parts of the supply chain, not the whole thing, but certain parts of it opened up new sources of supply. And you could see that kind of thing continuing in the future. I'll let Kevan answer the other question.

关于弹性和风险，我们的供应链非常复杂，供应链中总是存在风险。这一点没有变化。我们早就意识到，把所有生产都集中在一个地方风险太高。因此，过去几年我们已经让部分供应链环节实现多元化，不是全部，但部分环节已经有了新的供应来源。未来这种趋势还会持续。我让Kevan来回答你的第二个问题。

Kevan Parekh

Hi, David. On the other question, I would say that our best thinking is captured in the outlook that we provided. However, I did want to reemphasize the point that the assumptions we made on the outlook do assume that the global tariff rates, the policies and application remain the same as they are today as of this call and that the global macroeconomic outlook doesn't worsen from today.

你好，David。关于第二个问题，我们在业绩展望中已经反映了我们目前最好的判断。我想再次强调，我们的展望假设全球关税政策和当前一致，全球宏观经济形势不会比现在更差。

David Vogt

Okay. But no quantifiable impact on demand to date, at least from where we are over the last month? Is there a way to kind of think about that from early April to early May?

明白。那到目前为止，比如从4月初到5月初，你们有没有看到需求受到明确影响？

Kevan Parekh

I would say our best thinking is reflected in the range that we provided.

我们的判断已经体现在我们给出的业绩区间内。

David Vogt

Okay. Thanks, Kevan. Thanks, guys.

好的，谢谢Kevan，谢谢大家。

Kevan Parekh

Thank you.

谢谢。

Suhasini Chandramouli

Thank you, David. Operator, could we have the next question, please?

谢谢你，David。接线员，请下一个问题。

Operator

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

接下来是摩根大通的Samik Chatterjee提问。请开始。

Samik Chatterjee

Hi. Good afternoon. Thanks for taking my questions. I guess, Tim, you made a comment on the last earnings call about Apple Intelligence making a visible impact on iPhone sales in the countries where it was available. I'm just curious if you continue to see that play out similarly in the more broader number of countries you've rolled that out. Or the delays that you talked about related to Siri, personalized Siri features, has that had an impact in terms of consumer willingness to upgrade? And I have a follow-up. Thank you.

你好，下午好。谢谢你们回答我的问题。Tim，你在上次财报电话会上提到，Apple Intelligence在开放的国家对iPhone销量有明显推动。我想问一下，随着Apple Intelligence在更多国家上线，这种积极影响是否还在持续？还有，你们之前提到Siri个性化功能的延迟，这是否影响了消费者升级意愿？谢谢，我还有一个补充问题。

Tim Cook

Yes, thank you for the question. During the March quarter, we saw that in 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. A lot of the languages that I think you're referring to rolled out in April and so they actually rolled out in Q3.

谢谢你的问题。在三月季度，我们观察到，在已经上线Apple Intelligence的市场，iPhone 16系列的同比表现要好于那些还没有上线的市场。你说的那些新支持的语言，其实是在四月、也就是第三财季才上线的。

Samik Chatterjee

Okay, got it. Then maybe for my follow-up, I mean, you have a lot of insights now in terms of what consumers or how consumers are reacting to the overall macro. And I know you prefaced all your guidance with macro remaining consistent. But how -- what are you seeing in terms of the U.S. consumer? And what's the reaction there in terms of the tariff impact? We saw U.S. GDP also shrink here in 1Q. When you look at velocity at the stores or trade down within the iPhone portfolio mix, what are you seeing in terms of how the consumer is reacting to the macro at this point? Thank you.

明白了。我的补充问题是，你们对消费者应对宏观经济环境的反应有很多洞察。我知道你们的指引前提是宏观环境保持不变。那你们现在看到美国消费者的表现如何？关税对美国消费者有影响吗？我们看到美国一季度GDP下滑，门店销量速度或iPhone产品组合的消费层级有没有变化？消费者在当前环境下的反应如何？谢谢。

Tim Cook

I'm not an economist and so I'd start by saying that. In terms of the -- as you can see from a total company point of view, our results accelerated sequentially to the 5% level. And the U.S. is obviously the vast majority of the Americas segment, and you can see how the Americas performed during the quarter. And so that's all I want to say about that. I don't want to try to predict what happens in the months from now. The past, I'm quite pleased with the results from Q2.

我不是经济学家，先说明这一点。从公司整体来看，我们的业绩环比加速增长至5%。美国占美洲区的大部分份额，你可以看到美洲区本季度的表现。关于美国消费者，我就说到这里，不想预测未来几个月的情况。就过去而言，我对第二季度的业绩很满意。

Samik Chatterjee

Thank you. Thanks for taking the questions.

谢谢你们的解答。

Tim Cook

Yes.

好的。

Suhasini Chandramouli

Thank you, Samik. Operator, could we have the next question, please?

谢谢你，Samik。接线员，请下一个问题。

Operator

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

接下来是TD Cowen的Krish Sankar提问。请开始。

Krish Sankar

Yes, hi. Thanks for taking my question. I have two of them, too. Tim, thanks for that information on the $500 billion U.S. investment. I'm kind of curious how to think about the composition of that? How much is CapEx versus R&D? How much is going into like the Texas server? How much is going into maybe TSMC Arizona? Any kind of color you can give on that $500 billion investment would be helpful. And then I had a follow-up.

你好，谢谢你们回答我的问题。我也有两个问题。Tim，感谢你分享的美国5000亿美元投资计划。我想了解一下这笔投资的构成，比如有多少是资本支出（CapEx），多少是研发（R&D），有多少投向了德州服务器，有多少投向了TSMC亚利桑那工厂？你能否详细介绍一下这5000亿美元投资的分布？我还有一个补充问题。

Tim Cook

Well, there's lots of all of it is what I would say. We're not giving out the exact split, but as we expand facilities in the different states from Michigan to Texas to California and Arizona and Nevada and Iowa and Oregon and North Carolina and Washington, there will be CapEx involved in that and OpEx involved in it. And standing up a server -- advanced server manufacturing in Texas, we did that through a partner. We do our manufacturing through a partner, but we'll be putting a fair amount in cost of goods sold to do that and some OpEx as well, and I'm sure some CapEx as well. And so it's a bit of all of it.

我只能说，这里面什么都有。我们不会披露具体比例，但随着我们在密歇根、德州、加州、亚利桑那、内华达、爱荷华、俄勒冈、北卡罗来纳和华盛顿等州扩建设施，会有资本支出（CapEx）和运营支出（OpEx）。德州的高端服务器制造是通过合作伙伴完成的，我们的制造主要依靠合作伙伴，但我们会在产品成本、运营支出以及一定的资本支出上投入不少。所以，这5000亿美元是多方面的投入。

Krish Sankar

Got it, got it. And then kind of had like a long term, more like a philosophical question. When you look at -- in the past, you've spoken about AI on the Edge. Obviously, it's very topical to hear from both the iPhone angle and the Mac angle. But I'm just kind of curious, when you look at AI on Edge, are the current smartphone specs or improved hardware and silicon specs good enough to meet future Edge LLM for inference? Or do you think you need somewhat of a whole new different kind of device? Just kind of curious how to think about the evolution of the Edge devices from here.

明白了。第二个问题是更长远、更哲学一点的。你们过去谈到过端侧AI（AI on the Edge），现在无论是iPhone还是Mac都很热门。你觉得现有的智能手机硬件和芯片规格，是否足够支撑未来端侧大模型推理？还是说未来需要完全不同类型的新设备？你们怎么看端侧设备的演进？

Tim Cook

Yes. As you know, we're shipping an LLM on the iPhone 16 today. And there are -- some of the queries that are being used by our customers are on-device, and then others go to the private cloud where we've essentially mimicked the security and privacy of the device into the cloud. And then others, for world knowledge, are with the integration with ChatGPT. And so there's -- we continue to be very excited about the opportunities here. We are very excited about the road map, and we are pleased with the progress that we're making.

正如你所知，我们现在已经在iPhone 16上运行大语言模型（LLM）了。部分用户请求是在本地设备上完成的，部分请求会进入我们的私有云，在云端我们实现了类似本地的安全和隐私保护。还有的请求，比如世界知识方面，是通过和ChatGPT集成完成的。我们对端侧AI的机会非常兴奋，对未来的路线图非常有信心，也对目前取得的进展很满意。

Krish Sankar

Thanks, sir.

谢谢。

Suhasini Chandramouli

Thank you, Krish. Operator, could we get the next question, please?

谢谢你，Krish。接线员，请下一个问题。

Operator

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

接下来是Arete Research的Richard Kramer提问。请开始。

Richard Kramer

Thank you very much. Wanted to ask about tariffs. Tim, given your recognition that a new Siri system is taking longer than you thought to deliver, I'd like to go back to my question from the last call and ask about what some of the learnings you had from those delays and whether you attribute them to organizational factors, to your legacy software stack? Or is it a matter of R&D spending? And what are some of the key gating factors investors should look for either at WWDC or beyond to have a sense that Apple can deliver on some of the promises of the announcements of the prior WWDC? Thanks.

非常感谢。我想问一下关税相关的问题。Tim，你刚才也提到新Siri系统的推出比预期更慢，我想回到上次电话会的问题，想了解你们从这些延迟中得到了哪些经验？这些延迟主要是组织层面、遗留软件架构，还是研发投入导致的？对于投资者来说，WWDC或之后有哪些关键进展可以作为判断苹果兑现去年WWDC承诺的信号？谢谢。

Tim Cook

Yes. If you sort of step back from what we said at WWDC, we talked about a number of different features that would launch with iOS 18. And we've released a slew of those from Writing Tools to seamlessly connecting to ChatGPT to Genmoji to Image Playground to Image Wand to Clean Up and Visual Intelligence, making movies or movies of your memories with a simple prompt, AI-powered photo search, smart replies, priority notifications, the list goes on. And so we've delivered a lot, and we've just recently, just a few weeks ago, expanded it into several different languages, including French, German, Italian, Portuguese, Spanish, Japanese, Korean, simplified Chinese as well as localized English for both Singapore and India. So we've delivered a lot. However, with regard to the more personal Siri, as you mentioned, we just need more time to complete the work so they meet our high-quality bar. And there's not a lot of other reason for it. It's just taking a bit longer than we thought. But we are making progress, and we're extremely excited to get the more personal Siri features out there.

是的。如果回顾一下我们在WWDC上宣布的内容，其实iOS 18已经发布了很多新功能，比如写作工具、无缝连接ChatGPT、Genmoji、Image Playground、Image Wand、照片清理、视觉智能、基于提示生成回忆视频、AI驱动的照片搜索、智能回复、优先通知等等，功能非常丰富。就在几周前，我们还将这些功能扩展到了法语、德语、意大利语、葡萄牙语、西班牙语、日语、韩语、简体中文，以及新加坡和印度的本地化英语。所以我们已经交付了很多内容。至于你提到的更个性化的Siri，我们确实还需要更多时间来打磨，确保达到我们的高标准。没有其他复杂原因，就是比预期慢了一些。但我们进展顺利，对未来能推出更个性化的Siri非常期待。

Kevan Parekh

And Richard, I'll just add that on your question about investment that we don't underestimate -- underinvest in our business. We make significant investments in R&D. That continues to grow. We're continuing to grow our R&D investment. And so we definitely are making all the investments we think we need to enable our road map.

Richard，我补充一下你的投资问题。我们从未低估或减少对业务的投入，研发投入一直在持续增长。我们会继续加大研发投入，确保我们的产品路线图能够顺利实现。

Richard Kramer

Thanks. And Kevan, 1 for you. I mean, it's hard to ignore some of the ongoing very high-profile legal cases that touch on Apple, be it yesterday's Epic case injunction or the Google antitrust trial touching on default search. And investors are clearly concerned that these might have material impacts on your Services business. Do you feel now that you have ample ways in which you might be able to mitigate some of the potential negative impacts on Apple Services business that might come about from what's been proposed or might come about in legal rather than commercial pressures that the business faces?

谢谢。Kevan，还有一个问题。最近围绕苹果的重大法律案件很多，比如昨天Epic案的禁令、还有Google反垄断案涉及默认搜索。投资者很担心这些案件会对苹果服务业务产生重大影响。你们现在是否有足够的应对措施，以减轻这些法律（而非商业）压力可能带来的负面影响？

Tim Cook

Let me make a couple of comments on that before Kevan. The case yesterday, we strongly disagree with. We've complied with the court's order and we're going to appeal. In the DOJ case that you referenced with Google, that case is ongoing and I don't really have anything to add beyond that. And so we're monitoring these closely. But there -- as you point out, there's risk associated with them and the outcome is unclear.

我先补充一下。对于昨天的案件，我们坚决不同意判决结果，但我们已经遵守了法院命令，也会继续上诉。你提到的Google相关案件还在进行中，目前没有更多可以补充的。我们会密切关注这些案件，正如你说的，确实存在风险，结果也还不确定。

Kevan Parekh

Yes, I think Tim answered it really well. I don't have anything to add to that.

是的，Tim已经回答得很全面了，我没有其他补充。

Richard Kramer

Thank you.

谢谢。

Suhasini Chandramouli

Thank you, Richard. Operator, we will take our last question, please.

谢谢你，Richard。接线员，我们请最后一个问题。

Operator

We'll go ahead and take our last question from Aaron Rakers with Wells Fargo. Please go ahead.

接下来是Wells Fargo的Aaron Rakers提问。请开始。

Aaron Rakers

Yes, thanks for taking the question. I want to go back to the AI strategy a little bit. I know, Tim, in your prepared comments, you had mentioned building some of your own foundational models. And I'm curious of how important you think it is for Apple to have their own foundational models. And kind of dovetailed with that is that, how do you think about your data center footprint when we look at Apple spending, call it, 3 billion a quarter relative to some of these other companies spending multiples of that. How does the strategy play out in your opinion?

谢谢回答我的问题。我想再问一下AI战略。Tim，你在开场发言中提到苹果正在构建自己的基础大模型。我想知道你认为拥有自研基础模型对苹果有多重要？另外，苹果每季度在数据中心上的投入大约30亿美元，相比其他公司还要少很多，你们怎么看待数据中心布局和AI投入的平衡？

Tim Cook

Well, we -- on the data center side, we have a hybrid strategy. And so we utilize third parties in addition to the data center investments that we're making. And as I've mentioned in the 500 billion, there's a number of states that we're expanding in. Some of those are data center investments. And so we do plan on making investments in that area and we're not gating it. We invest in the business first, as Kevan talked about, is our most important thing to do. In terms of the foundation models, we want to have certain models and we'll partner as well. And so I don't view it as a -- all of one or all of the other. We've been working on foundation models for quite some time and are shipping some today, obviously, with what's on-device and what's in the Private Cloud Compute.

在数据中心方面，我们采取的是混合策略，既有自建也有第三方合作。正如我在5000亿美元投资计划中提到的，我们在多个州扩展，其中部分就是数据中心投资。我们会持续投入，并不会设限，正如Kevan说的，优先保障业务发展。至于基础大模型，我们既会自研，也会合作伙伴化，不是非黑即白。我们已经在基础模型上投入多年，现在一些模型已经在设备端和私有云上实际运行。

Aaron Rakers

Yes. And then as a follow-up, I'm curious with the iPhone 16e launching this quarter, internalizing your C1 modem, I'm curious of how you see kind of the modem strategy playing out or maybe just the continual deepening of that internal silicon opportunity for Apple?

还有一个补充问题：本季度iPhone 16e发布，苹果也开始自研C1基带，你们怎么看自研基带和芯片战略的未来？会不会持续深化自研芯片？

Tim Cook

We're super excited to ship the first 1 and get it out there and it's gone well. We love that we can produce better products from a point of view of really focusing on battery life and other things that customers want. And so we're -- we have started on a journey is the way I would put it.

我们非常高兴第一代产品能够顺利推出，市场反响也很好。自研芯片让我们能更好地控制产品，比如优化电池续航等客户最关心的体验。所以我认为，这只是我们自研芯片之路的开始。

Aaron Rakers

Thank you.

谢谢。

Tim Cook

Yes.

Suhasini Chandramouli

Thank you, Aaron. 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 3729688 followed by the pound sign. These replays will be available by approximately 5 PM Pacific Time today.

感谢你，Aaron。今天电话会议的重播将在Apple Podcasts、apple.com/investor和电话回放渠道提供两周。电话回放号码为866-583-1035，确认码3729688，按#号。重播大约在今天太平洋时间下午5点上线。

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. Thank you again for joining us today.

媒体如有更多问题可联系Josh Rosenstock（408-862-1142），金融分析师可联系我Suhasini Chandramouli（408-974-3123）。再次感谢大家参加今天的会议。

Operator

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

本次电话会议到此结束，感谢您的参与。