“We expect OI&E to be around negative $150 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.”

In context

“arch quarter last year. As a result of the different launch timing, we will face a more challenging year-over-year compare. Second, we expect foreign exchange to be a 3-point headwind when compared to the December quarter growth rate. We currently expect FX to have a negative impact on growth of 2 points in the March quarter, while it represented a 1 point benefit during the December quarter. Specifically related to Services, we expect to grow strong double digits but decelerate from the December quarter performance. This is due to a more challenging compare because a higher level of lockdowns around the world last year led to increased usage of digital content and services. We expect gross margin to be between 42.5% and 43.5%. We expect OpEx to be between $12.5 billion and $12.7 billion. We expect OI&E to be around negative $150 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%. Finally, today, our Board of Directors has declared a cash dividend of $0.22 per share of common stock payable on February 10, 2022, to shareholders of record as of February 7, 2022. And with that, let's open the call to questions. Tejas Gala: Thank you, Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please? Operator: Absolutely. We'll take our first question from Katie Huberty with Morgan Stanley. Hearing no response, we'll take our next question from Wamsi Mohan with Bank of America. Wamsi Mohan: Yes. Thank you. Your margins have clearly been very impressive. So I have one question each on product and one on services gross margins. On product gross margins, that's clearly benefiting from a very strong mix. So Tim, I'm curious how sustain”