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].
