“GAAP and non-GAAP operating expenses are expected to be approximately $3.5 billion and $2.5 billion respectively.”

In context

“pute and infrastructure investments and employee growth. In Q4, we returned $2.8 billion to shareholders in the form of share repurchases and cash dividends. During fiscal year '24, we utilized cash of $9.9 billion towards shareholder returns, including $9.5 billion in share repurchases. Let me turn to the outlook for the first quarter. Total revenue is expected to be $24 billion, plus or minus 2%. We expect sequential growth in data center and proviz, partially offset by seasonal decline in gaming. GAAP and non-GAAP gross margins are expected to be 76.3% and 77% respectively, plus or minus 50 basis-points. Similar to Q4, Q1 gross margins are benefiting from favorable component costs. Beyond Q1, for the remainder of the year, we expect gross margins to return to the mid-70s percent range. GAAP and non-GAAP operating expenses are expected to be approximately $3.5 billion and $2.5 billion respectively. Fiscal year 2025 GAAP and non-GAAP operating expenses are expected to grow in the mid-30% range as we continue to invest in the large opportunities ahead of us. GAAP and non-GAAP other income and expenses are expected to be an income of approximately $250 million, excluding gains and losses from non-affiliated investments. GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1% excluding any discrete items. Further financial details are included in the CFO commentary and other information available on our IR website. In closing, let me highlight some upcoming events for the financial community. We will attend the Morgan Stanley Technology and Media and Telecom Conference in San Francisco on March 4 and the TD Cowen's 44th Annual Healthcare Conference in Boston on March 5. And”