苹果：Q2财季业绩符合预期，经营呈现复杂态势-20250507

Investment Rating - The report does not provide a specific investment rating for the company [6] Core Insights - The company's Q2 fiscal performance met expectations with revenue of $95.4 billion, a year-over-year increase of 5.1$95.4 billion, with a gross margin of 47.1% and net profit of $24.8 billion, reflecting a 4.8$46.8 billion, growing 1.9% with a 10.1% increase in shipment volume, although the average selling price decreased by 7.4% [1][2] - Software services revenue reached $26.6 billion, up 11.6%, but the growth rate has slowed [1][2] Regional Market Performance - Revenue in the Greater China region declined by 2.3%, influenced by competitive pressures and subsidies favoring Android brands [2] - The Americas accounted for 42.3% of total revenue, growing by 8.2%, while Europe saw a slight increase of 1.3% [2] Future Outlook - The company anticipates revenue growth in the next quarter to be between 0-5%, citing risks from tariff pressures, increased competition in China, rising hardware costs, and ongoing investments in AI [3] - Without unexpected innovations or new blockbuster hardware products, the company may face growth pressures in the medium to long term [3]