“We expect OI&E to be around negative $100 million excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%.”

In context

“ect these constraints to be in the range of $4 billion to $8 billion which is substantially larger than what we experienced during the March quarter. The COVID-related disruptions are also having some impact on customer demand in China. With respect to foreign exchange, we expect it to be a nearly 300 basis point headwind to our year-over-year growth rate. Additionally, we paused, all sales in Russia during the March quarter. This will impact our year-over-year growth rate by approximately 150 basis points. Specifically related to Services, we expect to continue to grow double-digits, but decelerate from our March quarter performance, due to some of the factors I just described. We expect gross margin to be between 42% and 43%. We expect OpEx to be between $12.7 billion and $12.9 billion. We expect OI&E to be around negative $100 million excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%. Finally, reflecting the dividend increase I mentioned earlier, today our Board of Directors has declared a cash dividend of $0.23 per share of common stock, payable on May 12th 2022 to shareholders of record as of May 9th, 2022. 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 Katy Huberty with Morgan Stanley. Katy Huberty: Yes. Thank you. Congrats on the quarter. A couple of macro-related questions, just given everything that's going on in the market, the first is on how you're thinking about consumer spending, as we see more stock market volatility, rising interest rates, inflation. What metrics are you watch”