“Other income and expense is estimated to be negative $1.3 billion, primarily due to investments accounted for under the equity method.”

In context

“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 exceeded the FY '25 operating margin commitment we shared a year ago. Our focus remains on investing in security, quality and AI platform and product innovation that delivers value and opportunity to our customers. We are excited for FY '26. With that, let's go to Q&A, Jonathan. Jonathan Neilson: Thanks, Amy. We'll now move over to Q&A. [Operator Instructions] Operator, can you please repeat your instructions? Operator: [Operator Instructions] And our first question comes from the line of Keith Weiss with Morgan Stanley. Keith Weis”