Apple Reports Surging Inventory and Warns of Rising Memory Costs Squeezing Margins

在2026年11月2日周一发布的第四财季财报中，苹果公司披露，受大量囤积计算机存储芯片影响，其库存环比激增31.1%、同比飙升154.3%，达到145.4亿美元。首席执行官约翰·特纳斯（John Ternus）警告称，存储芯片价格面临前所未有的通胀压力，且预计将持续到12月以后，这将使预期毛利率从9月季度的47.9%下滑至45%至46%。为确保零部件供应，苹果将生产采购承诺较6月季度增加了330亿美元。尽管iPhone和Mac营收超出预期，但受供应链紧张拖累，iPad销售额同比下降10%至62亿美元，未达华尔街预期。

In its fiscal fourth-quarter earnings reported on Monday, November 2, 2026, Apple revealed that its inventory surged 31.1% quarter-over-quarter and 154.3% year-over-year to $14.54 billion amid extensive stockpiling of computer memory. CEO John Ternus warned of unprecedented memory price inflation that is expected to continue past December, pressuring projected gross margins down to 45%-46% compared to 47.9% in the September quarter. To secure components, Apple expanded manufacturing purchase obligations by $33 billion from the June quarter. While iPhone and Mac revenue beat expectations, supply constraints contributed to a 10% annual decline in iPad sales to $6.2 billion, missing Wall Street estimates.