苹果公司发布2026财年第三财季财报，当季营收1094.17亿美元，同比增长16.4%；净利润297.89亿美元，同比增长27.1%1。其中iPhone收入542.52亿美元，同比增长21.7%，占公司总收入的比例从47.4%升至49.6%1；Mac收入103.52亿美元，同比增长28.7%，超过市场预期18.4%1。然而财报发布后，苹果股价下跌超过8%，主要原因是公司对下季度的增长预期仅为9%-11%，远低于市场期待1。
财报良好的表面数据掩盖了苹果面临的深层压力。服务收入307.39亿美元，同比增长仅12.1%，低于市场预期1。更为严峻的是成本压力急剧上升——库克表示内存价格上涨"相当于百年一遇的洪水"，呈指数级增长1。受此影响，本季度库存由67.47亿美元升至110.92亿美元，环比增长64.4%1。尽管苹果已大幅提价以应对压力，但面临竞争力下降的风险。本季度研发费用达117.29亿美元，同比增长32.3%1，而2026财年前三季度资本开支仅67.99亿美元，同比下降28.2%1，这表明苹果的低投入策略难以成为应对多重挑战的有效保障。
Apple reported robust financial results for fiscal 2026's third quarter, with revenue climbing 16.4% year-over-year to $109.417 billion and net profit surging 27.1% to $29.789 billion 1. iPhone sales drove much of the momentum, generating $54.252 billion in revenue—a 21.7% increase that expanded the product line's share of total revenue from 47.4% to 49.6% 1. Mac sales also outperformed expectations, reaching $10.352 billion with a 28.7% year-over-year gain 1. Despite these strong headline numbers, the company's stock price fell more than 8% following the earnings announcement 1.
The market's disappointment stemmed largely from Apple's cautious forward guidance and mounting operational pressures. The company projected next quarter's revenue growth at only 9% to 11%, significantly below market expectations 1. CEO Tim Cook cited unprecedented challenges in the memory chip market, describing rising memory prices as equivalent to "a hundred-year flood" occurring at an exponential rate 1. Additionally, Apple's services revenue disappointed, growing just 12.1% year-over-year to $30.739 billion, falling short of forecasts 1. The company's inventory expanded dramatically by 64.4% sequentially to $11.092 billion 1, while research and development expenses surged 32.3% to $11.729 billion 1. These indicators suggest that Apple faces margin compression and competitive pressures in the market 1.
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