蘋果 2012 財年四季度（Q4 FY2012）財報有什麼值得關注的要點？

01-06

Apple - Press Info - Apple Reports Fourth Quarter Results | http://www.apple.com/pr/library/2012/10/25Apple-Reports-Fourth-Quarter-Results.html （新聞稿）
Apple - Apple Financial Results - Q4 2012 | http://events.apple.com.edgesuite.net/12epjwgpjviociytiy10/event/index.html （電話會議音頻）

Hey Big Spender

In the latest 8-K the amount for the 12 months ended September 29 the value was $8.295 billion.

Compare also with the PPE net asset value on the Balance Sheet currently at $15.452 billion but valued at $7.777 billion a year ago (an increase of $7.7 billion).

蘋果財報中包括了與投資固定資產（PPE）有關的現金流動向。在過去 12 個月里（截止至 9 月 29 日），蘋果投資固定資產的支出為 82.95 億美元。一年前，該數字為 42.6 億美元。

這個開支對比NASA的Apollo計劃還要多

Apple is spending at a greater rate than the Apollo program:

另外，還有這麼一段：

Apple is paying an as yet unnamed firm, probably TSMC, to build/tool/operate one or several ARM SoC fabs. As such this does require investments on par with Intel"s. These fabs are designed to ramp production up to +500 million Apple designed Ax SoC"s per year for the many iOS devices. This is going to hurt Samsung.

On top of that comes the large investments in screen, battery and casing production. All these factors will give Apple a 5 year technology lead which can be continually updated and re-invested in to keep Apple continually ahead.
With current macro-economic concerns in the global economy, and a slowing down evident in Europe and China, the only question is whether Apple will slightly reduce the pace of investment, or whether they will use this opportunity to use their surplus cash holdings to gain strategic advantages, and be ready when the upturn in the global economy starts.

若是如此，很可能在未來的12個月，Apple的利潤重新恢復到此前高利潤水平

這次財報數據，與前三年同期的數據對比，我發現兩個比較有意思的地方：

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(1) 各地區的營收規模和增長速度的變化。日本是增長最明顯的地區。直營店雖然越開越多，但是增長不明顯。或許是因為智能手機比率更為飽和，歐洲的增長緩慢。今年亞澳洲的比重有下降，美洲營收比重是歷史新高 38%.

(2) iPod 四年同期營收規模的變化。單季度的收入，是三年前的一半。我預計未來 iPod 的更新換代的頻率可能會降低。

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＊以上金額的數值單位是百萬。圖表乃本人製作。數據來源於蘋果財報。

通過數據來看趨勢，市場對於iPhone正在降溫，也許是市場飽和度有關，也許是iPhone未能討得消費者的歡心。而精於算計的庫克正在借喬布斯時打下的優勢嘗試延續巔峰，以及迎合原本消費者期許但喬布斯未迎合的需求，如iPad mini，還有apple自身開始深挖周邊產品的價值鏈，耳機、帶子、保護套等。種種變化可以看出，庫克帶領下的蘋果，將不再是用創新和用戶體驗來征服消費者和競爭對手的蘋果了。