iPhone增量式改变或将令苹果面临风险

Apple has other powerful advantages, including a huge ecosystem of apps. Android also has plenty, but Windows Phone lags far behind. Users that have downloaded lots of apps, not to mention other media from the iTunes store, may find themselves locked into using an iPhone. But if rivals surpass the iPhone in other crucial respects, it becomes harder for Apple to justify the price premium it charges wireless carriers to sell its devices.
此外，苹果也有其它强大的优势，包括巨大的应用生态系统。安卓也有很多应用软件，但Windows Phone在这方面则远远落后。那些下载了很多应用软件(更不必说从iTunes商店下载其它媒体内容)的用户可能会发现自己已离不开iPhone了。但如果竞争对手在其它关键领域超越iPhone，苹果向无线运营商证明其高价位属于合理范畴的难度就会增大。

Not long ago, Nokia and BlackBerry looked nearly as impregnable as Apple does today. Apple's dominant ecosystem should prevent it ever suffering a similar decline. Yet the fact that it finds itself in a hit-driven business is perhaps good reason its shares trade for just 12 times earnings for the fiscal year ending September 2013 despite growing faster than any other company in the S&P 500 in 2011, ex-acquisitions.
不久以前，诺基亚和黑莓(BlackBerry)也曾与如今的苹果一样，有着看似几乎固若金汤的地位。苹果所主导的应用生态系统应该会防止它重蹈黑莓的覆辙。不过，苹果从事的是一个需要大量人气的行业，这也许就很好地解释了为何该公司根据截至2013年9月财年预期收益计算的市盈率仅为12倍，尽管苹果的增长速度超过2011年标普500指数(S&P 500)任何一家成分股公司（不包括发生收购的公司）。

Once upon a time, Apple revolutionized cellphones by turning them into hand-held computers. Resorting to evolutionary design changes would give rivals an opening.
曾几何时，苹果革命性地将手机转变为掌上电脑。而在设计方面采取“增量式改变”将让苹果的竞争对手有机可乘。

The next iPhone should again propel Apple's stock and its sales. That may be the time for Apple shareholders to take their money off the table.
下一款iPhone应该会推动苹果股票及销售再上新台阶，或许这也是苹果股东揣好赚到的钱走路的时候了。