苹果业绩超预期：硬件稳健增长，AI还在追赶

Financial Performance - In Q2 of FY2025, the company reported total revenue of $94.04 billion, a 10% year-over-year increase, marking the largest quarterly revenue growth since December 2021 [1][3] - Net profit for the same period was $23.43 billion, reflecting a 9% year-over-year growth [1] - Service revenue reached a record $27.42 billion, up from $24.21 billion a year ago, indicating a 13.2% increase [4][5] Market Performance - The Greater China region showed a revenue of $15.37 billion, a 4.4% increase, reversing previous declines of 2% and 11% in the prior two quarters [3] - iPhone revenue was $44.58 billion, exceeding analyst expectations of $40.22 billion, and grew 13.5% from $39.3 billion year-over-year [3] - Mac revenue reached $8.05 billion, surpassing expectations of $7.26 billion, and grew nearly 15% from $7.01 billion year-over-year [3] Challenges in Product Lines - iPad revenue was $6.58 billion, below expectations of $7.24 billion, and down 8% from $7.16 billion year-over-year [4] - Wearables, home, and accessories revenue was $7.4 billion, also below expectations of $7.82 billion, and down 8.64% from $8.1 billion year-over-year [4] AI Strategy and Investment - The company is significantly increasing its investment in AI, viewing it as one of the most profound technologies of the generation [2][6] - In 2025, the company acquired approximately seven small tech firms to accelerate its AI roadmap, although the financial details were not disclosed [6] - Capital expenditure for Q2 was $3.46 billion, up from $2.15 billion year-over-year, primarily driven by AI-related investments [6] Competitive Positioning - The company is perceived to be lagging behind competitors like Google and Microsoft in AI commercialization, with some analysts suggesting a delay of over two years in generative AI technology [2][6] - The company’s AI strategy emphasizes privacy and on-device computing, contrasting with the cloud-centric approaches of its competitors [8] Talent Acquisition and Retention - The company has faced challenges in retaining top AI talent, with key personnel leaving for competitors like Meta [7] - The company’s CFO indicated that while capital expenditures are expected to increase, they will not grow exponentially, suggesting a cautious approach to AI investment [7]