“We are still on track to grow our non-GAAP operating expenses in the high 20s range this year.”

In context

“basis points sequentially. We have been able to offset rising costs and supply chain pressures. We expect to maintain gross margins at current levels in Q2. Going forward, as new products ramp and software becomes a larger percent of revenue, we have opportunities to increase gross margins longer term. GAAP operating margin was 22.5%, impacted by a $1.35 billion acquisition termination charge related to the ARM transaction. Non-GAAP operating margin was 47.7%. We are closely managing our operating expenses to balance the current macro environment with our growth opportunities, and we've been very successful in hiring so far this year and are now slowing to integrate these new employees. This also enables us to focus our budget on taking care of our existing employees as inflation persist. We are still on track to grow our non-GAAP operating expenses in the high 20s range this year. we expect sequential increases to level off after Q2 as the first half of the year includes a significant amount of expenses related to the bring-up of multiple new products, which should not reoccur in the second half. During Q1, we repurchased $2 billion of our stock. Our Board of Directors increased and extended our share repurchase program to repurchase an additional common stock up to a total of $15 billion through December 2023. Let me now turn to the outlook for the second quarter of fiscal 2023. Our outlook assumes an estimated impact of approximately $500 million relating to Russia and China COVID lockdowns. We estimate the impact of lower sell-through in Russia and China to affect our Q2 Gaming sell-in by $400 million. Furthermore, we estimate the absence of sales to Russia to h”