苹果假日季营收创新高预期，AI与存储成本施压
苹果公布2026财年第四季度营收1145亿美元，同比增长12%；公司毛利率降至47.9%，产品毛利率降至37.2%。CFO Kevan Parekh预计12月季度营收同比增长7%至10%，将成为公司史上营收最高季度，毛利率为45%至46%，但更高的存储成本和Siri AI推出成本将加大利润压力。苹果还表示供应仍受限，包括新款iPhone Duo短缺。
苹果的指引显示，存储供应紧张和Siri AI部署成本正在影响这家大型消费科技公司的假日季度经营表现。
Following today’s earnings report, Apple held its quarterly earnings call, during which the company discussed the impact of rising memory costs on its profit margins and warned of additional pressure from Siri AI expenses during the holiday quarter. Here are the details.
Apple’s gross margins fall despite record revenue
Over the past few quarters, Apple has repeatedly warned that rising component costs would put pressure on its profit margins. Last quarter, gross margin was 50.1%, up from 49.3% in Q2. However, that included a roughly two-percentage-point benefit from tariff refunds.
Today, Apple reported that its gross margin fell to 47.9% in Q4 2026, with product gross margin dropping to 37.2%, down from 40.1% in the previous quarter. That represented a 2.2-percentage-point decline in company-wide gross margin and a 2.9-percentage-point drop in product gross margin.