“We expect Windows OEM revenue to decline in the low to mid-single digits assuming OEM inventory levels come down thru the quarter as noted earlier, although the range of potential outcomes is wider than normal.”

In context

“tant currency driven by strong demand for our portfolio of services. In our non-AI services, we expect focused execution to continue driving healthy growth. In our AI services, while we continue to bring datacenter capacity online as planned, demand is growing a bit faster. Therefore, we now expect to have some AI capacity constraints beyond June. In our on-premises server business, we again expect revenue to decline in the mid-single digits with the ongoing customer shift to cloud offerings. And in Enterprise and partner services, we expect revenue growth to be in the mid to high single digits driven by Enterprise Support Services. In More Personal Computing, we expect revenue to be $12.35 to $12.85 billion. Windows OEM and Devices revenue should decline in the mid to high single digits. We expect Windows OEM revenue to decline in the low to mid-single digits assuming OEM inventory levels come down thru the quarter as noted earlier, although the range of potential outcomes is wider than normal. Devices revenue should decline in the high teens. Search and news advertising ex-TAC revenue growth should be in the high teens, even on a strong prior year comparable. We expect to see continued growth in both volume and revenue per search with share gains across Edge and Bing. Overall Search and news advertising revenue growth should be in the mid-teens. And in Gaming, we expect revenue growth to be in the mid-single digits. We expect Xbox content and services revenue growth to be in the high single digits driven by first-party content. Now back to company guidance. We expect COGS of $23.6 to $23.8 billion or growth of 19% to 20% in constant currency and operating expense of $18 to $18.1 billion or growth of approximately 5% in constant currency. Therefore, even with ongoing AI investme”