new March quarter records for both revenue and earnings, besting our year ago revenue performance by 54%.
iPhone, which grew 66% year- over-year driven by the strong popularity of the iPhone 12 family.
iPad grow very strong double digits to its highest March quarter revenue in nearly a decade.
In fact, the last three quarters for Mac have been its three best quarters ever
Wearables, Home and Accessories, which grew by 25% year-over-year.
Services. We achieved growth of 27% year-over-year and set new records for services in each of our geographic segments.
Over the next five years, we will invest $430 billion, creating 20,000 jobs in the process.
Our revenue reached a March quarter record of $89.6 billion, an increase of over $31 billion or 54% from a year ago.
Products revenue was a March quarter record of $72.7 billion, up 62% over a year ago.
Our services set an all-time record of $16.9 billion, growing 27% over a year ago. ( App Store, cloud services, music, video, advertising and payment services. Our new service offerings, Apple TV+, Apple Arcade, Apple News Fitness+)
Company gross margin was 42.5%, up 270 basis points from last quarter driven by cost savings, a strong mix and favorable foreign exchange. Products gross margin was 36.1%, growing 100 basis points sequentially also thanks to cost savings and FX, partially offset by seasonal loss of leverage. Services gross margin was 70.1%, up 170 basis points sequentially and mainly due to a different mix. Net income of $23.6 billion, diluted earnings per share of $1.40 and operating cash flow of $24 billion were all March quarter records by a wide margin.
During the March quarter, we added more than 40 million paid subs sequentially, and we have now reached more than 660 million paid subscriptions across the services on our platform. This is up $145 million from just a year ago and twice the number of paid subscriptions we are only 2.5 years ago.
Apple Watch continues to extend its reach, with nearly 75% of the customers purchasing Apple Watch during the quarter being new to the product.
Mac. We set an all-time revenue record of $9.1 billion, up 70% over last year, and grew very strongly in each geographic segment with all-time revenue records in Europe and rest of Asia Pacific and March quarter records in the Americas, Greater China and Japan. This amazing performance was driven by the very enthusiastic customer response to our new Macs powered by the M1 chip.
iPad performance was also outstanding with revenue of $7.8 billion up 79%.
And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones
We ended the quarter with over $204 billion in cash plus marketable securities. We issued $14 billion of new term debt and retired $3.5 billion of term debt leaving us with total debt of almost $122 billion. As a result, net cash was $83 billion at the end of the quarter.
we were also able to return nearly $23 billion to shareholders during the March quarter. This included $3.4 billion in dividends and equivalents and $19 billion through open market repurchases of 147 million Apple shares.
This will cause a steeper sequential decline than usual. Second, we believe supply constraints will have a revenue impact of $3 billion to $4 billion in the June quarter.
Electric vehicle battery packs and motors currently cost about $4,000 more to manufacture than a comparable fossil fuel-burning midsize sedan engine. By 2022, the difference will be $1,900—and will disappear by mid-decade, according to investment bank UBS Group AG .
2010年1月時鋰離子成本約 $1,000 and $1,200 per kilowatt-hour. ，十年後為 $125 per kilowatt-hour
Intel still makes 80% of CPUs for personal computers and 94% of them for servers. Its estimated revenue of 2020 maybe about $75 billion USD, and its net income $20.7B.
Its major rivalry, AMD, has the estimated revenue of $9.47B, up from $6.73B a year earlier(40.7% growth, YoY) and estimated net income of $1.5B, up from $756M (98% growth,YoY).
It means that every dollar growth in revenue can bring 2.4 dollars growth in net income, which reflects the feature of high-rent-value business. The economic scale decides the gross profit margin.
And this is the reason why Intel enjoys higher marginal rent value than AMD.
Besides Intel’s dominant area, it had failed in RF and mobile device industry such as its doomed WiMax chipsets and mobile phone SoCs. Now it is facing two major problems: 1) its manufacturing skill has been left behind of TSMC for one or two generations; and 2) its lack of machine-learning products.
In the history, Intel had lost its competition against then Japanese companies in the RAM industry. Intel waived its white flag and turned into the CPU industry in 1980s. However, such successful turning point has never shown again since the launch of its wifi chipset. I do not have enough confidence in its new M&A strategy in the AI field.
On the other hand, the TSMC’s 2 nm manufacturing advance is not unreachable for Intel. I think the nature physical barriers, like the quantum tunnelling effect, will delay the progress of IC manufacturing after 2nm. Although I’ve heard and read many issues in its manufacturing team. I still believe Intel’s outstanding engineers can get things done after all. It only takes time and money. Nonetheless, this is another big problem. After TSMC having enjoyed monopoly profits for quite a long time, even Intel could catch up with TSMC after spending about couple years and billions dollars, the remaining rent value will be limited for Intel. I am not sure whether the necessary costs of competition would be covered or not, especially considering that Intel has lost its big client, Apple. Of course, the intense competition would erode TSMC’s rent value, too. It’s not a good news for TSMC’s investors who recently got on the board at such high stock prices.
再問，龐大的額外成本負擔，必然造成企業資源分配上的轉變，此轉變對歐盟企業國際競爭力是好是壞？這端視此GDPR是否讓企業把資源放在可帶來未來收益的項目上？就這種虛無飄渺的個資權保障來說，我認為很可能多數投資只是避免被處罰，而對產權保障或未來收入毫無助益。更甚者，此法的模糊地帶還可能侵害了企業主對未來收入的預期確定性。過去我曾討論過，任何人類權利都有邊界，無論是有形產權到無形基本人權，其實都是「權利組（collection of rights）」，當組合邊界過大到影響他種權利實施，亦或是大到邊界模糊的情形發生時，資訊費用與社會成本的增加是必然發生的後果。
此外，歐盟這種擅自納入全世界的罰則：「a fine up to €20 million or up to 4% of the annual worldwide turnover of the preceding financial year」，對許多非歐盟地區的小企業或新創事業而言，等到被罰款時直接放棄歐盟市場會是最經濟的策略。而在這種策略之下，這意味著未來許多跨國新興服務很可能直接略過歐盟地區，或是一被抓到違規就停止提供服務等現象將發生。歐盟過嚴苛的個資保護法規究竟保障了歐盟人民什麼，難道不值得深思？