<p>Omar Marques | Lightrocket | Getty Images</p>
<p>苹果在努力从其旗舰 iPhone 业务中挤压增长，但由于服务业务蓬勃发展，其利润率持续上升。</p>
<p>在周四发布的财年第一季度财报中，苹果报告的毛利率为 46.9%。这是有记录以来的最高水平，超过了该公司在 2024 年 3 月结束的财季中记录的 46.6% 的毛利率。</p>
<p>对于苹果来说，服务包括 App Store 购买、广告、支付、AppleCare 支持和其他订阅服务。这些产品的增长抵消了 iPhone 销售的放缓以及全球智能手机市场的饱和。</p>
<p>iPhone 销售在本季度同比下降近 1%，公司报告在大中华区表现疲软。总收入几乎增长了 4%，达到了 1243 亿美元。</p>
<p>服务收入增长约 4%，达到 263.4 亿美元，超出分析师的预期。该业务现在大约占苹果整体收入的 21%。上个季度，苹果宣布其服务部门已成为一个年收入达 1000 亿美元的业务。</p>
<p>“我们很高兴在假日季节为客户带来我们有史以来最好的产品和服务阵容，” 首席执行官蒂姆·库克在新闻稿中表示。</p>
<p>库克对服务的重视改变了华尔街对这家多年来以其标志性设备为定义的公司的看法。在 iPhone 时代的许多年里，苹果的毛利率通常在 38% 到 39% 之间，反映了公司对其供应链的严格控制和市场定价能力。</p>
<p>但随着近年来 iPhone 增长放缓，苹果向服务的转型改变了这一局面。该公司在 2021 年达到了 40% 的毛利率，并持续扩大这一比例。</p>
<p>由于华尔街对利润的热爱，苹果能够持续为投资者带来回报。去年，苹果股价上涨了 31%，表现优于纳斯达克，公司的市值已攀升至 3.6 万亿美元。</p>
<p>“我们认为苹果应该以高于其历史可比估值的溢价交易，因为它在作为高端电子消费设备和高利润数字服务提供商方面进一步脱颖而出，尤其是在设备生成 AI 时代的到来之际，” 阿戈斯的分析师在本月早些时候的一份报告中写道。他们建议买入该股票。</p>
<p>在周四的报告发布后，苹果股价在盘后交易中上涨超过 3%。</p>
<p><strong>观看：</strong> 苹果的 AI 整合在未来将变得非常重要</p>

苹果

<p>苹果在其财年的第一季度实现了创纪录的 46.9% 的毛利率，这得益于其服务业务的增长，该业务现在占总收入的 21%。尽管 iPhone 销售略有下降，但总收入仍增长近 4%，达到 1243 亿美元。分析师建议购买苹果股票，指出其高端估值和在数字服务方面的强劲表现。首席执行官蒂姆·库克强调了成功的假日产品阵容，为公司 36000 亿美元的市值和去年的 31% 股票增长做出了贡献</p>

<p>Omar Marques | Lightrocket | Getty Images</p>
<div class="lb-trans"><p>Omar Marques | Lightrocket | Getty Images</p>
</div><p>Apple is struggling to squeeze growth out of its flagship iPhone unit, but its profit margin keeps going up thanks to a flourishing services business.</p>
<div class="lb-trans"><p>苹果在努力从其旗舰 iPhone 业务中挤压增长，但由于服务业务蓬勃发展，其利润率持续上升。</p>
</div><p>In its fiscal first-quarter earnings report on Thursday, Apple reported a gross margin — the profit left after accounting for the cost of goods sold — of 46.9%. That's the highest on record, surpassing the 46.6% margin the company record in the period ending March 2024.</p>
<div class="lb-trans"><p>在周四发布的财年第一季度财报中，苹果报告的毛利率为 46.9%。这是有记录以来的最高水平，超过了该公司在 2024 年 3 月结束的财季中记录的 46.6% 的毛利率。</p>
</div><p>For Apple, services includes App Store purchases, advertising, payments, AppleCare support and other subscription offerings. The growth in those products has offset a slowdown in sales of the iPhone and a saturation in the global smartphone market.</p>
<div class="lb-trans"><p>对于苹果来说，服务包括 App Store 购买、广告、支付、AppleCare 支持和其他订阅服务。这些产品的增长抵消了 iPhone 销售的放缓以及全球智能手机市场的饱和。</p>
</div><p>IPhone sales slipped almost 1% in the quarter from a year earlier, as the company reported weakness in Greater China. Total revenue rose almost 4% to $124.3 billion.</p>
<div class="lb-trans"><p>iPhone 销售在本季度同比下降近 1%，公司报告在大中华区表现疲软。总收入几乎增长了 4%，达到了 1243 亿美元。</p>
</div><p>Services revenue rose about 4% to $26.34 billion, beating analysts' estimates. The business now accounts for roughly 21% of Apple's overall revenue. Last quarter, Apple announced that its services unit had turned into a $100 billion a year business.</p>
<div class="lb-trans"><p>服务收入增长约 4%，达到 263.4 亿美元，超出分析师的预期。该业务现在大约占苹果整体收入的 21%。上个季度，苹果宣布其服务部门已成为一个年收入达 1000 亿美元的业务。</p>
</div><p>&#34;We were thrilled to bring customers our best-ever lineup of products and services during the holiday season,&#34; CEO Tim Cook said in the press release.</p>
<div class="lb-trans"><p>“我们很高兴在假日季节为客户带来我们有史以来最好的产品和服务阵容，” 首席执行官蒂姆·库克在新闻稿中表示。</p>
</div><p>Cook's emphasis on services has transformed Wall Street's view of a company that's been defined over the decades by its iconic devices. For many years in the iPhone era, Apple's gross margin would predictably come in at between 38% and 39%, reflecting the company's tight grip over its supply chain and its pricing power in the market.</p>
<div class="lb-trans"><p>库克对服务的重视改变了华尔街对这家多年来以其标志性设备为定义的公司的看法。在 iPhone 时代的许多年里，苹果的毛利率通常在 38% 到 39% 之间，反映了公司对其供应链的严格控制和市场定价能力。</p>
</div><p>But with iPhone growth slowing in recent years, Apple's move into services has changed the equation. The company hit a 40% gross margin in 2021 and has continued to expand it.</p>
<div class="lb-trans"><p>但随着近年来 iPhone 增长放缓，苹果向服务的转型改变了这一局面。该公司在 2021 年达到了 40% 的毛利率，并持续扩大这一比例。</p>
</div><p>Because of Wall Street's love of profit, Apple's been able to keep delivering for investors. The stock rose 31% last year, outperforming the Nasdaq, and the company's market cap has climbed to $3.6 trillion.</p>
<div class="lb-trans"><p>由于华尔街对利润的热爱，苹果能够持续为投资者带来回报。去年，苹果股价上涨了 31%，表现优于纳斯达克，公司的市值已攀升至 3.6 万亿美元。</p>
</div><p>&#34;We believe Apple deserves to trade at premiums to its historical comparable valuation, as it sets itself further apart as a provider of premium electronic consumer devices and high-margined digital services, and notably as the age of on-device generative AI gets underway,&#34; analysts at Argus wrote in a report earlier this month. They recommend buying the stock.</p>
<div class="lb-trans"><p>“我们认为苹果应该以高于其历史可比估值的溢价交易，因为它在作为高端电子消费设备和高利润数字服务提供商方面进一步脱颖而出，尤其是在设备生成 AI 时代的到来之际，” 阿戈斯的分析师在本月早些时候的一份报告中写道。他们建议买入该股票。</p>
</div><p>Apple shares rose more than 3% in extended trading after Thursday's report.</p>
<div class="lb-trans"><p>在周四的报告发布后，苹果股价在盘后交易中上涨超过 3%。</p>
</div><p><strong>WATCH:</strong> Apple's AI integration going to be very important moving forward</p>
<div class="lb-trans"><p><strong>观看：</strong> 苹果的 AI 整合在未来将变得非常重要</p>
</div>

Apple's gross margin hits record as services business keeps growing

- 苹果第一财季报告显示毛利率达 46.9%，创历史新高。  
- 服务业务收入增长约 4%，占整体收入的 21%。  
- iPhone 销售下滑近 1%，但公司市值已达 3.6 万亿美元。  

由于服务业务的持续增长，苹果的毛利率创下了新高