苹果营收创纪录新高，iPhone需求“令人震惊”

Core Viewpoint - Apple's Q1 FY2026 financial results significantly exceeded market expectations, driven by strong iPhone demand and a notable rebound in the Greater China market, with multiple key financial metrics reaching historical highs [3][4]. Financial Performance - Apple reported revenue of $143.76 billion, a year-over-year increase of 16%, and a net profit of $42.10 billion, up 15.9%. The diluted earnings per share were $2.84, reflecting an 18.3% increase, all surpassing market consensus [3][4]. - The stock price rose approximately 0.8% in after-hours trading following the earnings report [3]. iPhone Sales - iPhone revenue reached $85.27 billion, significantly above analyst expectations of $78.65 billion, accounting for 59.3% of total revenue and setting sales records across all geographic regions [4][5]. - Year-over-year, iPhone revenue grew by 23%, marking the largest quarterly scale in the company's history. The iPhone 17 series upgrades in camera features and performance spurred a substantial number of upgrades from older models [5]. Greater China Market - The Greater China region showed remarkable performance with revenue increasing by 38% year-over-year to $25.53 billion, well above market expectations. The iPhone set sales records in China, contributing to a double-digit growth in users switching from Android devices to Apple [5]. Services Business - Apple's services revenue surpassed $30 billion for the first time, reaching $30.01 billion, with a gross margin of 76.5%, significantly higher than the hardware business's 39.4% gross margin [5]. - The overall gross margin for the company increased to 48.2%, up 1.3 percentage points from the previous year, driven by the expansion of software and subscription services [5]. Cash Flow and Shareholder Returns - Operating cash flow for the quarter was $53.93 billion, a nearly 80% year-over-year increase. The company returned nearly $32 billion to shareholders through stock buybacks of $24.70 billion and dividends of $3.92 billion [6]. Hardware Business Challenges - Despite strong overall performance, there are concerns regarding potential pressures on hardware business margins in the medium term due to inflation affecting consumer purchasing power and ongoing memory chip shortages [8]. - Mac revenue was $8.39 billion, slightly below expectations, while iPad sales reached $8.6 billion, exceeding market forecasts. Wearables, home, and accessories revenue fell short of expectations due to supply constraints on AirPods Pro 3 [8]. AI and Acquisitions - Apple confirmed the acquisition of Israeli AI startup Q.ai, although the transaction amount was not disclosed. This acquisition aligns with Apple's ongoing efforts to enhance its AI capabilities [9].