考博英语-221
(总分100,考试时间90分钟)
Translation
As Apple prepares to report what (analysts project) may be **pany"s first year-over-year quarterly earnings decline in a decade on Tuesday, it is also grappling with jittery investors and a recent share-price plunge that has wiped about $280 billion off its market capitalization since its stock reached a high of $702.10 last September.
1 Much of the investor nervousness is rooted in how Wall Street is treating and valuing the Cupertino, Calif., company as a traditional hardware maker.One camp of analysts and some investors said there is strong evidence that Apple should be viewed in a different light: as a software-hardware hybrid.
The distinction matters. If it continues to be en as a hardware business, Apple"s streak—driven by products like the iPhone and iPad—could run out quickly as smartphones and tab
lets **moditized and consumer tastes change. 2 It is a lesson learned by companies like BlackBerry-maker Rearch In Motion Ltd., who tech hardware was quickly eclipd by products from Apple itlf.
If Apple is classified as a software-hardware hybrid, **pany could be valued more like Internet and software makers that have recurring revenue streams and that often trade at higher price-to-earnings ratios than hardware firms.
"The market views Apple as a consumer **pany tied to product cycles that drive volatile revenue and earnings streams," says Morgan Stanley analyst Katy Huberty. 3 But that view isn"t complete, she says, since "Apple customers buy into a brand that offers ea of u similar to companies like or **panies like NetApp."An Apple spokesman declined to comment ahead of Tuesday"s earning report.
With Wall Street categorizing Apple as a hardware maker, investors value **pany-which made an astounding $13 billion in profits in the quarter ended in December—at 8.6 times expected earnings per share for the next 12 months. Investors are currently valuing Hewl
c64怎么算ett-Packard Co., which made $1.2 billion in profits during its most recent quarter, at a price-to-earnings ratio of 5.6. Troubled PC maker Dell Inc., who stock price inflated after signing a buyout deal earlier this year, trades at a P/E ratio of 8.5.
Apple"s gross margins are around 40%, an important-measure of **pany"s efficiency at making money. That is roughly twice as high as H-P"s and Dell"s.
王子纯Apple has characteristics that differ from many other hardware business. 4 Its customers often upgrade their Apple products annually, far more frequently than the four-gear PC upgrade cycles typically found at tech hardware business including Hewlett-Packard or Dell.
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While H-P and Dell have tried beefing up the enterpri software side of their business, Apple"s operating system and iTunes software is already ubiquitous. 5 Apple also has more than 500 million accounts for its App Store tied to credit cards—and a customer ba to ll new rvices to—giving it a recurring software and rvices revenue stream.Apple took in revenue of $3.7 billion from iTunes and other software and rvices
in its last quarter, or 7% of its total revenue.
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6 Against the backdrop of the relative decline of Britain, who GDP has slipped to the venth place in the world, London is doing very well, being first or cond to New York in most of the rankings of great cities. 7 London"s success over the past quarter-century has been the conquence of historical accident and good policy, which attracted smart professionals and the rich from all around the world. 8 They are not only better-qualified, younger and harder-working, but also brought in the flow of foreign money to London. Th
罐头怎么容易打开>服装店铺取名erefore, the author claims that London lives off foreigners. However, Britain does not much like foreigners. 9 British people, especially tho who are not Londoners are pressuring their government to cut immigration and restrict students"right to work, which the author thinks is going to mar London"s brilliance and speed London and Britain"s relative decline. 10 Though London"s moment will inevitably pass becau of the emerging market elwhere. There are still a lot of things that London can do to slow down the process, such as investing in transportation. The least that it should is to discourage foreigners **ing, the author concludes.
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