在线词典,在线翻译

苹果“挣得太多”的困境

所属:财经报道 阅读:2511 次 评论:1 条 [我要评论]  [+我要收藏]

小编摘要:苹果所面临的问题不是在未来几个季度里增长是否会放缓,而是会放缓多少。



苹果(Apple)进入了一个“挣钱太多”的困境。上两个季度,该公司营收同比分别增长70%和80%,每股收益则增长得更快。由于该公司在大好形势下形成了庞大的规模——无论以何种标准衡量都堪称一家巨型公司,今年营收据预计将超过1000亿美元——它所面临的问题不是在未来几个季度里增长是否会放缓,而是会放缓多少。该公司本周二发布最新季度业绩。以后在这种时候,投资者应留心各种蛛丝马迹,以判断该公司管理层将如何应对增长从“超乎常理”到仅仅是“出色”的转变。
Apple has painted itself into a lucrative corner. In its last two quarters, revenue rose by 70 and 80 per cent year-over-year, respectively. Earnings per share expanded still faster. Because the good times have made the company vast by any standard (it is expected to have more than $100bn in revenue this year) the question is how much, not if, growth is going to decelerate in coming quarters. When the company reports, later on Tuesday – and for several more quarters to come – investors should be alert for any clues about how management will handle this transition from absurd to merely exceptional growth.
每当一家科技公司增长放缓时,单位价格就会成为关注焦点。苹果在这方面保持了非凡纪录。去年,iPhone——上市已经4年,已算不上新产品——每台贡献的收入稳定保持在600美元以上。更令人瞩目的是,灰白色的iPod、甚至是个人电脑(还记得它们吗?)的价格也都保持坚挺。这种状况能够维持多久呢?
When any tech company’s growth rate declines, unit prices come into focus. Apple has a remarkable record to maintain here. Revenue per unit for the iPhone, no longer a new product after four years on the market, has been solidly above $600 for the last year. More impressively, prices for the grizzled iPod and even personal computers (remember those?), have held up as well. How long can this continue?
第二个将被仔细审视的是毛利润率。如果产品价格保持平稳,苹果能否继续将庞大的产量转化为低廉的部件成本,从而保持毛利润率的稳定?在苹果管理层的引导下,分析师们预计,毛利润率将从一年前的39%微跌至38%。但管理层过去总把调子定得太低,来段“劲歌”的话会受到欢迎。
Next to be scrutinised: gross margins. Assuming pricing stays firm, can Apple continue to translate massive volumes into low component costs, keeping gross margins steady? Apple’s management has guided analysts to expect a modest gross margin contraction, from 39 per cent a year ago to 38 per cent, but has set this bar low in the past. Another big beat would be cheered.

苹果本季度iPhone和iPad销量远超预期(花旗的研究表明,分析师的预期共识为1700万台和750万台),这势必提振毛利润率,定价问题相形之下将显得不那么重要。然而,早晚有那么一天,苹果的庞大必将促使市场去注意一些真实的细节——原来苹果能够以如此低廉的成本制造产品,能够把产品卖得这么便宜——然后才去看那增长惊人的营收数字。

Of course, if Apple simply blows out volume expectations for iPhones and iPads this quarter (Citi research puts analysts’ consensus at 17m and 7.5m units), that will give margins an inevitable boost and could make pricing look less important. It is only a matter of time, however, before Apple’s sheer size forces the markets to attend to the gritty details of how cheaply it can make and sell its products, before looking at the amazing momentum in the top line.
正在加载单词列表...
11
2011-07-27 18:19 编辑:essaywriter
分享到:
关注海词微博:
发表评论:
表达一些您的想法吧!已有1条评论>>
登录,再发表评论
文明上网,理性发言!
最新评论:
>>精华推荐阅读
热门评论文章