“For H2, we expect revenue growth to remain relatively stable compared to Q2.”

In context

“stay aligned and, if needed, adjust to the demand signals we see. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases. Next, segment guidance, starting with Productivity and Business Processes. We are the market leader when it comes to knowledge-based Copilots and agents in the enterprise space, and we are focused on continuing to gain share across our productivity solutions. Therefore, we expect revenue in Productivity and Business Processes to grow between 10% and 11% in constant currency or $28.7 billion to $29 billion. M365 commercial cloud revenue growth should be approximately 14% in constant currency with moderating seat growth across customer segments and ARPU growth through E5 and M365 Copilot. For H2, we expect revenue growth to remain relatively stable compared to Q2. We continue to see growth in M365 Copilot seats, and we expect the related revenue to continue to grow gradually over time. For M365 commercial products, we expect revenue to decline in the low single digits. As a reminder, M365 commercial products include on-premises components of M365 suites. So, our quarterly revenue growth can have variability primarily from in-period revenue recognition depending on the mix of contracts. M365 consumer cloud revenue growth should be in the mid-single digits driven by M365 subscriptions. For LinkedIn, we expect revenue growth of approximately 10%, driven by continued growth across all businesses. And in Dynamics 365, we expect revenue growth to be in the mid- to high teens, driven by continued growth across all workloads. Next, Intelligent Cloud. Helpi”