“Even as we continue bringing more data center capacity online, we currently expect to remain capacity-constrained through the first half of our fiscal year.”

In context

“en by the January price increase. For LinkedIn, we expect revenue growth in the high single digits. And in Dynamics 365, we expect revenue growth to be in the high teens with continued growth across all workloads. For Intelligent Cloud, we expect revenue of USD 30.1 billion to USD 30.4 billion, or growth of 25% to 26%, with roughly 1 point of benefit from FX as noted earlier. Revenue will continue to be driven by Azure, which can have quarterly variability in year-on-year growth rates depending on the timing of capacity delivery and when it comes online, as well as from in-period revenue recognition depending on the mix of contracts. In Azure, we expect Q1 revenue growth of approximately 37% in constant currency, driven by strong demand for our portfolio of services on a significant base. Even as we continue bringing more data center capacity online, we currently expect to remain capacity- constrained through the first half of our fiscal year. In our on-premises server business, we expect revenue to decline in the low to mid-single digits with the ongoing customer shift to cloud offerings. In More Personal Computing, we expect revenue to be USD 12.4 billion to USD 12.9 billion. Windows OEM and Devices revenue should decline in the mid- to high single digits. We expect the elevated inventory levels at the end of Q4 to come down through the quarter in Windows OEM, although the range of potential outcomes remains wider than normal. Devices revenue should decline. Search and news advertising ex TAC revenue growth should be in the low to mid-teens, down sequentially as growth rates normalize following the benefit from third-party partnerships noted earlier. Growth will continue to be driven by volume and revenue per search across E”