单季业绩创新高，苹果却面临“甜蜜的烦恼”：芯片不够了

Core Insights - Apple's Q1 2026 earnings report showed total revenue of $143.76 billion, a 16% increase from $124.3 billion year-over-year, with a net profit of $42.1 billion, up 15.9% [1][2] - The strong demand for the iPhone 17 series drove iPhone revenue to $85.27 billion, a significant 23% year-over-year increase, contributing nearly 60% of total revenue [1][3] - The company faces supply constraints and rising costs due to advanced chip production bottlenecks and increasing storage chip prices, raising concerns for the upcoming fiscal quarter [2][7] Financial Performance - Apple's overall gross margin reached 48.2%, at the upper end of guidance, with product hardware gross margin increasing by 450 basis points to 40.7% [5] - The services segment achieved revenue of $30.01 billion, a 14% year-over-year increase, with a gross margin of 76.5%, becoming a significant profit driver [4][5] Regional Performance - The Greater China region saw a revenue increase to $25.53 billion, up 38% from $18.51 billion year-over-year, marking a strong recovery [3] - In India, Apple recorded double-digit revenue growth, indicating a promising market outlook despite currently low market share [4] Supply Chain and Cost Pressures - The company is experiencing supply chain limitations, particularly in advanced chip production, which may impact product availability in the second fiscal quarter [7] - Rising prices of storage chips (DRAM and NAND Flash) are expected to exert pressure on profit margins in the upcoming quarter [7][8] Strategic Initiatives - Apple is exploring long-term strategies to mitigate future cost pressures, potentially leveraging its supply chain bargaining power [8] - A strategic partnership with Google aims to enhance AI capabilities, particularly for Siri, while maintaining a focus on user privacy and data security [9]