“The range of potential outcomes remains wider than normal, in part due to the potential impact on the PC market from increased memory pricing.”

In context

“arterly 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 support normalizes, and as elevated inventory levels come down through the quarter. Therefore, Windows OEM revenue should decline roughly 10%. The range of potential outcomes remains wider than normal, in part due to the potential impact on the PC market from increased memory pricing. Search and news advertising ex TAC revenue growth should be in the high single digits. Even as we work to improve execution, we expect continued share gains across Bing and Edge with growth driven by volume. And we expect sequential growth moderation as the contribution from third-party partnerships continues to normalize. And Xbox content and services, we expect revenue decline in the mid-single digits against a prior year comparable that benefited from strong content performance, partially offset by growth in Xbox Game Pass. And hardware revenue should decline year over year. Now some additional thoughts on the rest of the fiscal year and beyond. First, FX. Based on current rates, we expect FX to increase Q4 total revenue and COGS growth by less than one point with no impact to operatin”