本文摘要：Heres what Apple told investors about its business Tuesday: Margins, revenues, and profits in the next quarter all will be worse than investors had expected. Heres what Apple didnt address Wednesday: Specific plans for any new product categories or personnel moves, either among its long-serving management team or to fill at least one long-vacant hole. The stock rallied in after-hours trading.本周二，苹果（Apple）这样告诉他投资者：下个季度的利润率、收益和净利润都会高于投资者此前的预期。

Heres what Apple told investors about its business Tuesday: Margins, revenues, and profits in the next quarter all will be worse than investors had expected. Heres what Apple didnt address Wednesday: Specific plans for any new product categories or personnel moves, either among its long-serving management team or to fill at least one long-vacant hole. The stock rallied in after-hours trading.本周二，苹果（Apple）这样告诉他投资者：下个季度的利润率、收益和净利润都会高于投资者此前的预期。苹果没谈及的是：没任何关于新的产品品类或人事变动的明确计划，既没对长年服务的管理团队展开调整，也没空缺什么长年遗缺职位。随后，苹果股价在盘后交易中声浪。

Oh yeah, one more thing: Apple (AAPL) said it will dramatically increase its dividend, its share buybacks, and, for the first time, that it will borrow significant amounts of money to fuel this return of capital to shareholders. Apple actually bragged on its earnings call with investors that it will be one of the biggest payers of dividends in the world. Think: Insanely great … dividends·哦，对了，还有一件事：苹果宣告将大幅度减少派息和股票买入，还将首次买入非常的资金来提升股东的资本回报率。事实上，苹果在这次面向投资者的业绩电话会议上甚至夸口，苹果将沦为全球派息最低的公司之一。看看：超高……派息？Theres more. Tim Cook, the man with the most unenviable task in the history of business, that of following Steve Jobs, said Apple planned to release great new products in the fall and throughout 2014, and, eventually, new categories. The fall· If true, meaning that if Apples big meeting with developers in June is a ho-hum event from a new-product perspective, then Apple will have gone a year without new product introductions.还有，从史蒂夫·乔布斯手中接过苹果公司CEO一职、怎么腊都吃力不讨好的蒂姆·库克还宣告，苹果计划在“今秋和2014年”发售“十分出众”的新产品，并最后发售新的产品品类。

今年秋天？如果是这样，那么6月份的苹果开发人员大会从新产品角度而言将没什么亮点，苹果将经历没新产品发售的一年。New products at Apple is the only thing that matters. Margins are eroding because new products cannibalize older products. The success of the iPad Mini is a financial penalty for Apple: Its a less profitable product than its bigger cousin. But that is beside the point. Apple said a significant number of iPad Mini buyers are first-time iPad buyers, and this is what is important, adding new Apple customers to its lists of people to market the next great products -- whatever their configuration. Remember, Apple has done this before. iPod Shuffle customers spent less than they did on iPods. They also had to have an iPhone when it came out.新产品对于苹果是唯一确实最重要的东西。利润率也在上升，因为新产品强占了老产品的市场和消费者。

iPad Mini的顺利对于苹果的财务是一项灾难：iPad Mini的利润率高于比它大一号的iPad。但这只是一方面。苹果称之为，非常一部分的iPad Mini买家是首次售予iPad产品，这很最重要，因为它为苹果带给了新的客户，所有现有客户都会是下一款卓越产品的目标客户——不管新产品是啥样。忘记吗，苹果早已这么腊过，当初iPod Shuffle用户就比iPod用户的花费要较低。

但iPhone经常出现后，他们都得要一台。In some ways, Apple sounds delusional when it talks about itself. Asked, as he has been many times before, for his take on the trend to pack bigger screens into smartphones, Tim Cook said he thinks Apples iPhone 5 has the best screen in existence and that big screens arent for everyone. Hell keep saying that until Apple offers a phone with a bigger screen. And well see how that sounds when we witness customer reactions to the new Samsung Galaxy S4, a product whose media blitz has just begun.在或许上，苹果想起自己的时候有些妄自尊大。问道他对智能手机屏幕更加大这个趋势怎么看时（这个问题他似乎早已被回答到过很多次了），蒂姆·库克回应，他指出苹果iPhone 5的显示屏是现有产品中最差的，大屏幕并不合适所有人。

估算在苹果需要获取一款大屏手机之前，他不会仍然这么说道。我们不会注目随着消费者对三星（Samsung）新款Galaxy S4手机的反应变化，他的言辞有何变化。环绕Galaxy S4手机的诸多报导才刚载于媒体。

In other ways, Apple shows that it is very much in tune with reality. Cook knows keeping $145 billion lying around is too much. So hell give more back to shareholders. He knows that with interest rates as low as they are it makes no sense for a company with Apples balance sheet not to borrow money and share the benefits with shareholders. So hes taking on debt -- Steve Jobss aversion to the stuff be damned.其他方面，苹果的自我阐释与现实非常相符。库克告诉持有人1,450亿美元现金觉得是过于多了。

因此，他想减少对股东的期望。他告诉，在当前利率这么较低的情况下，像苹果这样优质的资产负债表，不贷款，不把利润与股东共享，是没意义的。

因此，他打算负债——这可是史蒂夫·乔布斯最不愿做到的事了。The world stops and listens when Apple talks. The problem is that Apple doesnt always have something to say, and Tuesday was one of those days. It would be foolish to assume Apple isnt ever going to have anything to say again. But the pressure certainly is building.一旦苹果开口，世界都会停下聆听。问题是苹果不是总有东西可以谈，周二就是这样。

当然，无法假设苹果将来也会有什么可讲。转变的压力似乎正在大大增大。

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