“And in Q1, we're assuming a non-GAAP effective tax rate of approximately 19%.”

In context

“well in Q4 and the fiscal year. We exited the year with order levels improving as customers largely completed the implementation of record Cisco product shipments. Further, as Chuck mentioned, we are realigning our expenses to better capture the opportunities ahead. As part of our announced restructuring plan, we expect to impact approximately 7% of our global workforce with total estimated pre-tax charges of up to $1 billion. Turning to our financial guidance. For fiscal Q1, our guidance is as follows. We expect revenue to be in the range of $13.65 billion to $13.85 billion. We anticipate the non-GAAP gross margin to be in the range of 67% to 68%. Non-GAAP operating margin is expected to be in the range of 32% to 33%. Non-GAAP earnings per share is expected to range from $0.86 to $0.88. And in Q1, we're assuming a non-GAAP effective tax rate of approximately 19%. For fiscal year '25, our guidance is as follows. We expect revenue to be in the range of $55 billion to $56.2 billion. Non-GAAP earnings per share is expected to range from $3.52 to $3.58. And we're assuming a non-GAAP effective tax rate of approximately 19%. Sami, let's now move into the Q&A. Sami Badri: Thank you, Scott. Before we start the Q&A portion of the call, I would like to remind analysts to ask one question and a single follow-up question. Operator, can we move to the first analyst in the queue? Operator: Thank you. Our first caller is Meta Marshall with Morgan Stanley. You may go ahead. Meta Marshall: Great. Thanks so much. Chuck, I just wanted to maybe start with you in terms of what you're seeing in terms of budget prioritization from customers. Clearly, they're coming out o”