“And hardware revenue should decline year-over-year.”

In context

“ll be impacted by elevated inventory levels at the end of Q1 that we expect to come down through the quarter. Therefore, Windows OEM revenue should decline low to mid-single digits. The range of potential outcomes remains wider than normal. Devices revenue should decline year-over-year. Search and news advertising ex TAC revenue growth should be in the low double digits, 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. And in Xbox content and services, we expect revenue to decline in the low to mid-single digits against the prior year comparable that benefited from strong first-party performance, partially offset by growth in subscriptions. And hardware revenue should decline year-over-year. And in closing, demand signals across bookings, RPO and product usage are accelerating faster than we expected. We're investing in infrastructure, AI talent and product innovation to capture that momentum and expand our leadership position. And we remain focused on delivering real value to our customers that results in durable revenue growth for the long term. 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] Our first question comes from the line of Keith Weiss with Morgan Stanley. Keith Weiss: Congratulations on another outstanding quarter. And if I'm looking at Microsoft, this is 2 quarters in a row, we're really seeing results tha”