“GAAP and non-GAAP operating expenses are expected to be approximately $2.02 billion and $1.43 billion, respectively.”

In context

“points from a year earlier and up 30 basis points sequentially. Q3 GAAP EPS was $0.97, 83% from a year earlier. Non-GAAP EPS was $1.17, up 60% from a year ago, adjusting for our stock split. Q3 cash flow from operations was $1.5 billion, up from $1.3 billion a year earlier and down from $2.7 billion in the prior quarter. The year-on-year increase primarily reflects higher operating income, particularly offset by prepayment for long-term supply agreement. Let me turn to the outlook for the fourth quarter of fiscal 2022. We expect sequential growth to be driven by Data Center and Gaming, more than offsetting a decline in CMP. Revenue is expected to be $7.4 billion plus or minus 2%. GAAP and non-GAAP gross margins are expected to be 65.3% and 67%, respectively, plus or minus 50 basis points. GAAP and non-GAAP operating expenses are expected to be approximately $2.02 billion and $1.43 billion, respectively. GAAP and non-GAAP other income and expenses are both expected to be an expense of approximately $60 million, excluding gains and losses on non-affiliated investments. GAAP and non-GAAP tax rates are both expected to be 11%, plus or minus 1% excluding discrete items. Capital expenditures are expected to be approximately $250 million to $275 million. Further financial details are included in the CFO commentary. Other information is also available on our IR website. In closing, let me highlight upcoming events for the financial community. We will be attending the Credit Suisse 25th Annual Technology Conference in person on November 30th. We will also be at the Wells Fargo Fifth Annual TMT Summit virtually on December 1st, the UBS Global TMT Virtual Conference on December 6th, and the Deutsch”