“Overall search and news advertising revenue growth should be in the low double digits.”

In context

“emises 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 Edge and Bing. Overall search and news advertising revenue growth should be in the low double digits. And in Gaming, we expect revenue to decline in the mid to high single digits. Against a strong prior year comparable, we expect Xbox content and services revenue to decline in the mid-single digits. Now back to company guidance. We expect COGS of USD 24.3 billion to USD 24.5 billion, or growth of 21% to 22%, and operating expense of USD 15.7 billion to USD 15.8 billion, or growth of 5% to 6%. Other income and expense is estimated to be negative $1.3 billion, primarily due to investments accounted for under the equity method. As a reminder, we do not recognize mark-to-market gains or losses on equity method investments. And lastly, we expect our Q1 effective tax rate to be between 19% and 20%. In closing, we finished the year with double-digit revenue and operating income growth and exceed”