“In both our Q4 and full year guidance, we're assuming a non-GAAP effective tax rate of 19%.”

In context

“ic investments in innovation to capitalize on our significant growth opportunities and expanding addressable markets. Now let me provide our financial guidance for Q4. In terms of supply, we expect the challenges we experienced in Q3 to continue into Q4. For next quarter, we expect revenue growth to be in the range of minus 1% to minus 5.5%. We anticipate the non-GAAP gross margin to be in the range of 64% to 65%. Our non-GAAP operating margin is expected to be in the range of 31.5% to 33.5% and non-GAAP earnings per share is expected to range from $0.76 to $0.84. For the full year fiscal '22, guidance is as follows. We expect revenue growth to be in the range of 2% to 3% year-on-year. Non-GAAP earnings per share guidance is expected to range from $3.29 to $3.37, up 2% to 5% year-on-year. In both our Q4 and full year guidance, we're assuming a non-GAAP effective tax rate of 19%. I'll now turn it back to Marilyn so we can move into the Q&A. Marilyn Mora: Thanks, Scott. Michelle, let's go ahead and queue up the Q&A. Operator: Thank you. Meta Marshall from Morgan Stanley Investment Research. You may go ahead. Meta Marshall: Great, thanks. Maybe Chuck, if you could just kind of give us sense and what you're seeing in macro from your customers? I know that the enterprise orders were flat year-over-year. Just -- are you seeing any change in their behavior either just given what's happening in overall macro conditions or just currency and inflation would be helpful? Thanks. Chuck Robbins: Yes, Meta. Thank you. So on the demand issue, I'd point out a few things. Number one, without a 2-percentage point of orders that we de-booked relative to Russia and Belarus, we grew 1”