苹果公司（Apple）周二公布的第四财季财报并未让投资者满意。虽然公司该季度的表现轻松超过营收目标，但却远未达到分析师和投资者的预期，导致公司股票在盘后交易出现下挫。

    在市场的期待中，苹果公司股票当日收盘价上涨至422.24美元，创历史记录，但盘后交易中每股却一度下跌超过28美元（6.7%）。

    尤其是iPhone手机的销量远低于预期。在与分析人士召开的电话会议中，苹果公司首席执行官蒂姆•库克与首席财务官彼得•奥本海默将销量下滑归于两个原因：1）零售合作伙伴在之前几个季度建立的iPhone 4库存出现不足；2）特别是在本财季后半段，关于新款iPhone手机的“谣言铺天盖地”，使市面上现有iPhone手机的销售放缓。

    分析人士的预期与公司的表现为何会存在如此巨大的差距？咨询公司Bullish Cross的安迪•扎克认为，原因是苹果公司在6月份所在的第二财季的营收超出目标22%，远远超过15% -18%的平均水平。而本财季营收仅超出目标13%，这使得大部分分析师，尤其是看涨的独立分析师们倍感失落。

    具体财报数据如下：

    销售额：282.7亿美元，同比上涨28%

    利润：66.2亿美元，上涨53.6%

    每股利润：7.05美元，上涨34.2%

    iPhone销量：1,707万台，上涨21%

    本财季下半部分，因消费者等待iPhone 4S手机，导致iPhone手机销量下跌

    在亚太地区，iPhone手机销量翻了一番以上

    iPad销量：1,112万台，上涨166%，创下最新季度记录

    Mac：489万台，上涨26%，创下最新季度记录

    在亚太地区，Mac销量上涨了61%

    iPod销量：662万台，下降27%。其中iPod touch占销量的1/2强

    零售：截至财季末，苹果零售商店总计数量为365家

    每店营收：1,070万美元，低于上一季度的1,180万美元

    毛利润率：40.3%

    现金与有价证券：816亿美元

    现金增值：本财季54亿美元

    营业收入目标：370亿美元

    每股利润目标：9.30美元

    毛利润率目标：40%

    对于本季度的收入情况，公司首席执行官蒂姆•库克称自己非常“激动”，而首席运营官彼得•奥本海默也表示“非常高兴”。公司该季度的表现创下9月份新高，但华尔街的投资者希望苹果公司能够创下前所未有的历史记录，很遗憾，苹果并未达到这个预期。苹果公司的表现一直都超出投资者的预期，因此此次“退步”确实极为罕见。

    点击查看新闻稿。

    以下为财报电话会议的内容摘要：

    关于让笔者迷惑不已的iPhone手机库存水平问题：库克信心满满地称，本季度iPhone手机销量将创历史新高。6月份那个季度，iPhone手机销量下降的情况并没有外界担忧的那么严重，但本季度末，iPhone手机的销售却遭到重创。

    Apple (AAPL) reported disappointing results for its fourth fiscal quarter on Tuesday. Although it handily beat its guidance, it fell far short of the expectations of analysts and investors, who punished the stock in after-hours trading

    Apple shares, which had closed the day at a record $422.24 amid hopes for an upside surprise, fell at one point more than $28 (6.7%) in after-hours trading.

    iPhones, in particular, came in considerably lower than expected. In a conference call with analysts, CEO Tim Cook and CFO Peter Oppenheimer attributed this to two factors: 1) The draw down in their retail partners' iPhone 4 inventory that had been built-up in the previous quarters and 2) the effect of "pervasive rumors" of a new iPhone, particularly in the second half of the quarter, which slowed sales considerably.

    As for how the analysts' expectations could have been so ahead of the company's performance, Bullish Cross' Andy Zaky attributes it to the fact that Apple beat its guidance by 22% in the June quarter -- far more than the usual 15%-18% beat. This quarter, the company beat its guidance by only 13%, leaving most analysts -- and especially the more bullish independents -- out on a limb.

    The numbers:

    Sales: $28.27 billion, up 28% year over year

    Profits: $6.62 billion, up 53.6%

    EPS: $7.05, up 34.2%

    iPhone: 17.07 million units, up 21%.

    iPhone sales declined in 2nd part of quarter as customers anticipated the iPhone 4S

    iPhone sales more than doubled in Asia-Pacific

    iPad: 11.12 million units, up 166%, a new quarterly record

    Mac: 4.89 million units, up 26%, a new all-time quarterly record

    Mac sales up 61% in Asia-Pacific.

    iPod: 6.62 million units, down 27%. iPod touch more than 1/2 of sales

    Retail: Ended quarter with 365 Apple stores

    Revenue per store: $10.7 million per store, down from $11.8 million

    Gross margin: 40.3%

    Cash and marketable securities: $81.6 billion

    Cash generation: $5.4 billion in the quarter

    Revenue guidance: $37 billion

    EPS guidance: $9.30

    Gross margin guidance: 40%

    CEO Tim Cook pronounced himself "thrilled" and COO Peter Oppenheimer "extremely pleased," with revenue that was, after all, a record for September. But Wall Street had been looking for an all-time record, and that they did not get. It was a rare setback from a company that usually beats expectations.

    Press release here.

    Notes from earnings call below the fold.

    Talk about iPhone inventory levels that lost me. Cook confident he will set an all-time record iPhone sales this quarter. The decline in iPhone sales in the June quarter wasn't as bad as they feared, but hit hard at the end of the September quarter.

    关于毛利润率的问题：组件价格与iPhone销量保证了较高的毛利润率，但坚挺的美元和产品降价却拉低了毛利润率。

    关于中国市场：库克称，“中国市场的发展令人惊奇。”2009年，大中华区在2009财年营收中所占的比例仅为2%，而本季度则达到16%，为公司贡献了45亿美元收入。这一地区中产阶级崛起的速度令人乍舌，规模也在不断扩大，已经成为苹果公司的第二大市场。此外，库克还强调了巴西市场（年销量同比增长达118%）。此外，俄罗斯和中东市场也很有前景。“中国市场的潜力不可限量。”

    关于供应链：库克称，我们拥有一支卓越的团队，创下了业内最高的历史记录。“我们的方法是与尽量少的人进行商业合作，这样我们可以与合作伙伴建立深入密切的合作关系。”我们可以获得更优惠的价格和更高的服务质量。

    关于平板电脑市场：库克重申，iPad和Mac的销量在本季度均创下历史记录。目前，市场中涌现出多家竞争对手。“应该说，到目前为止，这些竞争对手都没能对我们形成实际的威胁。”事实上，随着新的竞争对手出现，苹果公司的销量反而出现了上涨。“我对我们的产品充满信心。”

    关于本季度推迟引入新运营商的问题：在iPhone 4S推出之后引入新运营商。此外还包括在假日季节之前引入新运营商。

    关于平板电脑市场规模：库克称，市场规模超出了我们的想象，销售量累积已经达4,000万台。并且，库克坚信平板电脑市场的规模将超过个人电脑市场。使用平板电脑的用户将大幅增加。“我认为，这个市场存在巨大的机遇。”

    关于iPhone手机的后续型号：有多少款产品被推迟到下个季度发布？库克称，如果没有关于新款iPhone的谣言，销量能增加多少可想而知。iPhone 4S“已经突破了预期”。第一个周末便售出了300万台。“难道大家只对这个问题感兴趣吗。”

    下个季度iPad的销售情况预测：奥本海默预计下个季度，iPad与iPhone都将创历史记录。而对于Mac电脑的销售情况，奥本海默保守预测，将会超过其他竞争对手。

    问题：Siri仅仅是一项新功能，还是与设备交互的革命性创新？库克称：“我们把Siri视为具有重大意义的创新。”虽然我并还不知道此项功能的实际应用频率有多大，但直觉告诉我，应该小不了吧？

    关于泰国市场：库克非常关心泰国水灾造成的损失。目前多家工厂仍无法投入运营。损失最大的是Mac电脑。很大一部分电脑硬盘均在泰国生产。几乎可以确定，不久全球将会面临硬盘短缺问题；不过，在制定370亿美元的营收目标时，苹果已经将这一问题考虑在内。

    关于与安卓（Android）产品的专利诉讼：苹果最终目的是什么？库克称：对于这个问题，不想做过多评论。“但根本问题在于，我们花费了大量的时间、财力和资源才获得这些富有创意的专利，别人却不劳而获，我们对这一点非常不满。”

    您希望得到什么样的赔偿？无可奉告。

    Question about gross margins. Component prices and iPhone sales keep the GM high, but the strength of the dollar and price cuts lower the GM.

    Question about China. "China progress has been amazing," says Cook. Greater China represented 2% of revenue in '09, 16% in this quarter. Accounted for $4.5 billion of revenue for the current quarter. Has never seen as many people rising into the middle class. Has quickly become the No. 2 country in terms of revenue for Apple. Also focused on Brazil (sales up 118% YoY). Russia and Middle East looking promising. "In China the sky's the limit."

    Question about supply chain. Cook: We have an outstanding team and a track record that is the best in the industry. "Out approach has always been to do business with as few people as we can so we can be very deep with them." We get great prices and quality.

    Question about the tablet market. Cook reiterates a record quarter for both iPad and Mac. Have seen several competitors come forward. "I think its reasonable to say that none of them have achieved any traction so far." In fact, Apple sales have gone up as new entries came in. "I feel extremely confident in our product pipeline."

    Question about deferring new carriers in Sept. quarter. Pushed new carriers off until after the launch of the iPhone 4S. With that behind them, now including new carriers in advance of the holiday season.

    Question about the size of the tablet market. Cook: Market even better than we thought. Sold 40 million in a cumulative basis. Still believes it will be larger than the PC market. There will be many many more people who can access it. "I think its a huge opportunity over time."

    Follow-up on the iPhone. How many units were pushed off into the next quarter? Cook: We can say how many we would have sold if there hadn't been rumors about the new iPhone. The iPhone 4S "is off the charts." 3 million sold in first weekend. "That's the mother of all uplifts (?)."

    How will the iPad sell in Dec. quarter? Oppenheimer: Expect new records for both iPad and iPhone in Dec. quarter. For Mac, only promised to outgrow the market.

    Question: Is Siri a feature or a new way to interact with devices? Cook: "We see this as a profound innovation." What percentage of use, I don't know, but gut feeling is that it is substantial?

    Question about Thailand: Cook's "heart goes out" to the losses from the monsoons. Several factories that are currently not operable. Our primary exposure is on the Mac. Significant portion of hard drives are made in Thailand. Virtually certain there will be a worldwide shortage of hard drives, but already factored into their $37 billion guidance number.

    Question about Android patent disputes. What's your ultimate objective? Cook: Doesn't want to comment. "But basically, we spend a lot of time and money and resources coming up with incredible innovations. We don't like it when someone else takes those."

    What kind of remedies are you seeking? That's what I don't want to comment on.

    关于iPhone手机降价的问题：库克称，“我们之所以降低iPhone手机的价格，是因为我们希望更多的消费者能够用上iPhone手机。”他提到了后付费市场。同时表示，iPhone在预付费市场同样占有优势。我们会双管齐下。

    关于组件定价与一体成型外壳的后续问题：库克称，公司目前正在研究一体成型外壳项目，并且在目标中也有所反映。NAND闪存、动态随机存储器（DRAM）和LCD的定价都非常合理。从供应商方面来看，目前市场利好。

    关于iPad的销售与新市场：库克称，iPad在90个国家销售。我们在全球拥有约40,000个销售点。iPod的销售点为50,000个，而iPhone则多达120,000个。尽管iPhone的销售显然在放缓，但iPad销量却增长迅速。本季度，iPad达到了供需平衡，并且一直持续到季度末。至于我刚刚提到过的其他国家，我们已经展开行动。但有部分国家存在贸易保护主义，对未在该国生产的产品施加限制。在中国，从商店销售到广告宣传，我们正竭尽全力推动业务发展。但我们不会一刀切，而是在其他国家我们可能不会这么尽全力。

    作为CEO，是否考虑过派发股息或回购股票？是否考虑过相残效应（cannibalization）？库克：目前确实存在相残效应。有些人宁愿选择iPad，而不是Mac。但与此相比，放弃Windows PC购买iPad的人更多。所以，我相信这样的相残效应还会继续存在。关于现金：我们不会因为手里有了现金就大手大脚。我们不会用这些现金做愚蠢的事情。我们收购了几家公司，购买知识产权，进行生产投资，建立商店。但我对现金并不迷信。长期来看，这是董事会的责任，我们会继续讨论如何妥善使用现金。奥本海默指出，大部分现金都来自海外市场。

    问题：回购股票是否意味着你们已经无法通过创新来创造价值？库克称：我们有不可思议的产品线。它们都非常卓越。现金始终是热点问题——我们将坚持做对苹果公司（而不是投资者）最有益的事情。

    库克谈多达15亿的手持设备市场：我们对这个市场非常关注。

    关于“多余的一周”：这真的是线性安排吗？第14周结束时恰逢新年，这对苹果非常重要，但并非是最重要的时期。

    关于日本市场：与其他地区相比，收入与售出设备数量之间的差异在日本市场更大。去年，iPhone 4在日本上市后，这一差额大幅扩大。而另一方面，Mac产品在日本市场却为公司带来了较多的收入。

    关于iPad价格问题：库克没有正面回应，而是反复强调，他认为平板电脑市场存在巨大的机遇，并称苹果正在准备推出不可思议的新产品（估计是iPad 3）。

    电话会议到此结束。网络广播回放可在两周内拨打电话888-203-1112收听；确认代码为：2922403。

    译者：阿龙/汪皓

    Question about price reductions on iPhones. Cook: "We did it because we wanted to make the iPhone more accessible to a broader market." Mentions post-pay market. It also has advantages in the pre-pay markets. We did it for both markets.

    Follow up on component pricing and unibody casing. Cook: Currently investigating the casing issue, already priced into our guidance. NAND, DRAM and LCDs pricing looks very favorable. Generally a very positive market from supply point of view.

    Question about iPad distribution rollout and new markets. Cook: We are in 90 countries with iPad. We have about 40,000 points of sale around the world. 50,000 on iPod, 120,000 for iPhone. With the iPhone numbers, it's crystal clear there was a slowdown. That is not the case with iPad. Somewhere in the quarter we achieved a supply-demand balance with iPad and stayed there for the rest of the quarter. In terms of other countries, we have already started placing efforts in the countries I mentioned. There are some countries that have protectionist structures for products that aren't built at least in part there. In China we did everything we know how to do, from stores to advertising. We won't be doing all of that in the countries I named, but we'll do portions of it.

    Question about thoughts dividends or share buybacks, now that you are CEO? And what about PC cannibalization. Cook: I do believe we are seeing cannibalization. Some people are buying an iPad rather than a Mac. But more people are buying an iPad rather than an Windows PC. With cannibalization like this, I hope it continues. Regarding cash: Cash not burning a hole in our pocket. We're not the kind of people to do silly things with it. We've acquired several companies, bough intellectual property, invested in production, built out stores. But I'm not religious about cash. It's a topic for the board on an ongoing basis and we will continue to discuss it. Oppenhiemer points out that most of that cash is overseas.

    Question: Is buying back shares a philosophical white flag that you can't create value through innovation. Cook: We have a pipeline that is unbelievable. I view them to be totally distinct things. The cash is always a topic -- we will always do what is in Apple's (i.e. not investors) best interest.

    Cook talks about the size of the 1.5 billion handset market. We are very focused on that.

    Question about the extra week. Is it truly linear? 14th week ends New Years Day, a big day for Apple, but not the biggest.

    Question about Japan. Disparity between revenue vs. units larger than other regions. A huge bump last year from iPhone 4 launch in Japan, so a tough compare. On the other had gained a lot on the Mac side in Japan.

    Question about iPad in terms of price of the device. Cook ducks. Reiterates that he sees the tablet market as a huge opportunity and repeats claim that Apple has fantastic things in the pipeline (presumably the iPad 3).

    That's a wrap. A replay of the webcast will be available for two weeks at replay 888-203-1112; passcode 2922403.