苹果能否靠服务挽回颓势(下)

We believe the multiple on shares of Apple will rise over the next two years as investors slowly appreciate the sustainability and profitability [of the] services business.

我们相信，随着投资者慢慢认识到苹果服务业务的可持续性和盈利能力，苹果股票估值倍数在接下来两年会有上升。

In Tuesday’s call with analysts, Mr Maestri tried to emphasise the predictability of the services business.

在周二与分析师的电话会议中，马埃斯特里试图强调苹果服务业务的可预见性。

Over time [customers] tend to spend more and more on our services, he said.

随着时间推移，（用户）会在我们的服务上花费越来越多的钱，他说，

Customers are very engaged with our products, they are very loyal.

用户对我们的产品兴趣很大，他们非常忠诚。

App Store revenues were up in the strong double digits, boosted by in-app payments from games such as Pokémon Go, while music revenues grew by 22 per cent thanks to the growing popularity of its subscription service, which now has 17m subscribers.

在《口袋妖怪Go》(Pokémon Go)等游戏的应用内购买服务的提振下，苹果应用商店的收入实现了强劲的两位数增长，而Apple Music的收入因其订阅服务日益高涨的人气而增长22%，目前该服务已有1700万订户。

Apple Pay, commission for which is also included in the services line, saw a 500 per cent year-on-year increase in transactions in the quarter ending in September.

Apple Pay的佣金也包含在苹果服务业务中，其交易量在9月结束的第四财季同比上升500%。

One digital service that does not yet make much of a contribution is television.

一项还未带来多大贡献的数字服务是电视。

In the past few years, Apple is said to have discussed potential TV services with content and cable companies but so far has not come up with an alternative to the standard cable or satellite bundle.

过去几年，据称苹果曾与一些内容企业和有线电视公司讨论过可能的电视服务，但迄今苹果还未推出一款能替代标准的有线电视或者卫星电视的产品。

Instead, the latest version of its Apple TV box focuses on standalone apps, such as HBO Now, to which customers can subscribe without a cable contract.

相反，最新版的Apple TV盒子着重于独立应用，比如HBO Now，客户可以在不签订有线电视合约的情况下订阅这些服务。

Apple has not released sales figures for its TV set-top box but it does not yet appear to have made a meaningful contribution to the business.

苹果并未公布其电视机顶盒的销售数据，但看起来这款产品还未给其业务作出有意义的贡献。

Apple TV is grouped alongside iPods, Beats headphones and Apple Watch in the Other Products division, where sales saw a 22 per cent decline in the last quarter.

Apple TV与iPod、Beats耳机和Apple Watch一起，被归入其他产品组别，这个组别的销售在第四财季下降了22%。

Pressed by analysts on his vision for TV, Tim Cook, Apple’s chief executive, said it remained an area of intense interest.

在分析师的追问下，苹果首席执行官蒂姆.库克(Tim Cook)讲述了他对电视业务的展望，他表示电视业务依然是一个苹果有强烈兴趣的领域。

AFTer a few standalone videos related to Apple Music, Apple now has exclusive shows in development such as Planet of the Apps, a reality TV show for software developers, and Carpool Karaoke, a spin-off of CBS’s The Late Late Show with James Corden.

在制作了一些与Apple Music相关的独立视频以后，苹果现在正在开发一些独家节目，比如软件开发者真人秀《应用星球》(Planet of the Apps)，以及哥伦比亚广播公司(CBS)《詹姆斯.科登深夜秀》(The Late Late Show with James Corden)的衍生节目《拼车卡拉OK》(Carpool Karaoke)。

Mr Cook suggested that these were just the start.

库克表示这些只是开始。

Earlier this year, Apple executives considered acquiring Time Warner, the FT reported in May.

据英国《金融时报》5月报道，今年早些时候，苹果高层曾考虑收购时代华纳(Time Warner)。

Following AT&T’s planned $85.4bn takeover of that media group, Mr Cook did not rule out a deal that might transform Apple’s content business, just as the iPod and iTunes transformed the company 15 years ago.

在AT&T计划以854亿美元收购这家媒体集团后，库克没有排除进行一笔可能使苹果内容业务发生变革的交易的可能，就像iPod和iTunes在15年前改变了苹果那样。

We are open to acquisitions of any size that are of strategic value where we can deliver better products to our customers and innovate more, he said.

只要具备战略价值，让我们能为客户带来更好的产品，有更多的创新，我们对任何规模的收购交易都持开放态度，他说，

We look at a whole variety of companies . . . We are definitely open [to doing deals] and we definitely look.

我们留意各种各样的公司……（对于交易）我们绝对抱开放态度，而且我们确实在留意。