《苹果解密》作者独家解读苹果财报

    首先是坏消息：苹果公司（Apple）的利润并没有有太大增长。我们都了解背后的原因。iPad Mini占了苹果iPad约一半的销量，但iPad Mini的利润却远不及iPad。另外一个对公司利润增长产生影响的因素则是其资本支出，据预测今年公司资本支出将达到100亿美元，而去年为80亿美元。

    当然还有其他因素。全球个人电脑销售普遍低迷，而苹果也未能幸免。此外，苹果本季度比去年同期少了一周时间。这些都是事实。

    下面是好消息。问及关于市场份额的问题时，公司CEO蒂姆•库克曾表示，苹果专注于制造优秀的产品，而不是增长收入。但不论库克如何暗示公司并不关注市场份额，iPad Mini的成功都说明，苹果确实正在努力保持它在平板市场的份额。对于苹果是否有兴趣开发多款不同尺寸iPhone的问题，他也予以否认。这些都意味着，苹果尚未准备好推出不同尺寸的iPhone手机。

    如果说有哪家公司敢于通过吸引新客户来对未来进行投资的话，那肯定是苹果公司。截至本财季结束，公司持有现金1,370亿美元。而另外一个令人乐观的指标同样是资本开支。苹果公司称，公司100亿美元资本开支中，10%将用于开设新零售商店，剩余资金则用于设备投资。苹果进行如此大规模的新设备投资旨在打造颠覆性的新产品。质疑苹果是否有能力从这些投资中盈利的那些人无异于拿鸡蛋碰石头，不自量力。

    是我太乐观了吗？或许吧。现在苹果公司股票低于每股500美元，此时保持乐观更容易一些。就在几个月之前，分析师还在猜测苹果市值何时能达到万亿美元大关。苹果不可能犯错，这当然是谬论，但现在要说苹果浑身都是毛病，同样不符合现实。毕竟在本财季，苹果便创造了160亿美元的现金流。

    有趣的是，虽然我毫不怀疑苹果正在快速前进，并且也有自己宏伟的秘密计划，但如果仔细观察则会发现，苹果的处境并不轻松。库克在盈利电话会议上用一段独白开场。他说公司目前正处于一个“多产”期，库克很喜欢这个词。此外，他还表示，自己的职责是要保持苹果文化。他说：“对于我们来说，最重要的是消费者喜欢我们的产品。不单纯是购买我们的产品，而是真正的喜欢它们。”这让我们不由想起九月份，杰夫•贝佐斯吐槽苹果时的一句话：亚马逊（Amazon）希望在人们使用其产品时赚钱，而不是在人们购买其产品时赚钱。

    First, the bad news:Apple's profits aren't growing much. We pretty much know why. The iPad Mini accounts for about half of Apple's iPad sales—and the Mini is a less profitable product than the Maxi. The other strain on Apple's profits is its capital expenditures, a forecasted $10 billion this year, up from $8 billion the year before.

    Oh, there were other reasons. Personal computer sales are generally weak the world 'round, and Apple (AAPL) isn't immune. Apple's quarter was a week shorter than in the year-earlier quarter. Really.

    Now for the good news: The iPad Mini's success is a sign that no matter what CEO Tim Cook implies about not being concerned about market share—he answered a direct question on the subject by saying Apple is focused on building great products, not growing revenues—Apple is fighting to keep its share of the tablet market. He dismissed a question about Apple's interest in producing multiple sizes of iPhones. All that means is that Apple hasn't yet introduced multiple sizes of iPhones.

    If ever a company can afford to invest in its future by insuring that it brings in new customers it is Apple. It ended its quarter with $137 billion in cash. Another hopeful sign is that same capital-expenditure figure. Apple says it is spending about 10% of the $10 billion on new retail stores. The rest is for equipment. Those who question Apple's ability to profit from its massive investments in new equipment to build category-defining products are betting against a juggernaut.

    Am I being too optimistic? Perhaps. It's actually a lot easier to be optimistic with Apple's stock below $500 per share. Just a few months ago analysts were guessing when Apple would be valued at a trillion dollars. Apple could do no wrong. That clearly wasn't correct, but neither is it the case that today Apple can do no right. It generated $16 billion in cash flow in the quarter.

    What's fascinating is that while I have no doubt Apple is proceeding apace with its grand, secretive plans, if you watch closely you also can see the company sweating. Cook opened the earnings call with a soliloquy about what a "prolific" period the company is in, a favorite word of his, and how his job is to preserve the culture of Apple. "The most important thing to us is that our customers love our products," he said. "Not just buy them, but love them." The comment called to mind how Jeff Bezos taunted Apple in September by saying that Amazon (AMZN) wants to make money when people use their products, not when they buy them.