“As mentioned earlier, demand continues to exceed supply. Significantly accelerating growth rates in both Q3 and Q4.”

In context

“ine in the low single digits down sequentially assuming office 2024 transactional purchasing trends normalize. As a reminder, Microsoft 365 commercial products include components that can be variable due to in-period revenue recognition dynamics. Microsoft 365 consumer cloud revenue growth should be in the mid to high 20% range driven by growth at ARPU as well as continued subscription volume. For LinkedIn, we expect revenue growth to be in the low double 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 $34.1 to $34.4 billion or growth of 27 to 29%. In Azure, we expect Q3 revenue growth to be between 37-38% in constant currency against a prior year comparable that included. As mentioned earlier, demand continues to exceed supply. Significantly accelerating growth rates in both Q3 and Q4. And we will need to continue to balance the incoming supply we can allocate here against other priorities. As a reminder, there can be quarterly variability in year-on-year growth rates depending on timing of capacity delivery. And when it comes online, as well as from in-period revenue recognition depending on the mix of contracts. In our on-premises server business, we expect revenue to decline in the low single digits as growth rate normalize. Following the launch of SQL Server 2025, though increased memory pricing could create additional volatility in transactional purchasing. In more personal computing, we expect revenue to be $12.3 to $12.8 billion. Windows OEM and devices revenue should decline in the low teens. Growth rates will be impacted as the benefit from Windows 10 and suppo”