“In both our Q2 and full year guidance, we are assuming a non-GAAP effective tax rate of 19%.”

In context

“evels. As Chuck mentioned, we believe there are one quarter to two quarters worth of shipped orders awaiting implementation by our customers. Our revenue guidance assumes, one quarter to two quarters of lower revenue and then a return to more typical sequential growth rates. Consequently, for Q2, we expect revenue to be in the range of $12.6 billion to $12.8 billion. We anticipate the non-GAAP gross margin to be in the range of 65% to 66%. Non-GAAP operating margin is expected to be in the range of 31.5% to 32.5%. And non-GAAP earnings per share is expected to range from $0.82 to $0.84. For fiscal year 2024, our guidance is updated as follows. We expect revenue to be in the range of $53.8 billion to $55 billion. Non-GAAP earnings per share is expected to be in the range of $3.87 to $3.93. In both our Q2 and full year guidance, we are assuming a non-GAAP effective tax rate of 19%. I'd like to thank our teams for their focus and execution this quarter. We remain confident in the strength of the business and our ability to capitalize on the key growth opportunities ahead. I'll now turn it back to Sami, so we can move into the Q&A. Sami Badri: Thanks, Scott. Michelle, let's go ahead and queue-up for questions. Operator: Thank you. Tal Liani with Bank of America. You may go ahead, sir. Sami Badri: Tal, you there? Tal Liani: Yes. Sorry. I was on mute. Now you can hear me. What is your assumption on the growth seasonality after the next quarter? Are we back in your assumptions to normal seasonality? Or do you expect kind of different seasonality than previous years? Chuck Robbins: Yes, Tal, it's a great question. As I said in -- well, we talked about one quarter to two q”