$MSFT Guidance:

"We expect COGS to grow between 19% and 20% in constant currency or to be between USD 21.65 billion to USD 21.85 billion and operating expense to grow between 5% and 6% in constant currency or to be between USD 16.4 billion and USD 16.5 billion. Other income and expense is expected to be roughly negative $1 billion, primarily driven by investments accounted for under the equity method. As a reminder, we do not recognize mark-to-market gains or losses on equity method investments. And lastly, we expect our Q3 effective tax rate to be approximately 18%."
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