Luca Maestri: I don’t want to speculate past the September quarter because that’s the horizon where we provide guidance. And I’ve said that the guidance for September is 44% to 45%, which you know is historically very high. And so obviously, that reflects a favorable environment for us.
Operator: Our next question is from Erik Woodring with Morgan Stanley.
Erik Woodring: I have 2 as well. Maybe if we just start kind of big picture, Tim or Luca. I was wondering if you could just kind of share some incremental color on how you think the consumer is behaving today versus 90 days ago and maybe how that differs by region. Meaning, are there any signs that consumer is incrementally more willing to spend on things like consumer electronics? Or is there still relative caution in the market? Are there any regions where you’re seeing more strength in the consumer? And how sustainable do you think some of that strength or weakness could be based on some of the KPIs you track? And then I have a follow-up.
Tim Cook: Yes. David, it’s Tim. If you sort of step around the world, we did exceptionally well in emerging markets last quarter and even better on a constant currency basis. And so emerging markets were — was a strength. If you look at China, in China, we went from a negative 3% in Q2 to a plus 8% in Q3. And so in China, we had an acceleration. If you look at the U.S., which is in the — obviously in the Americas segment, it is the vast majority of what’s in there, there was also a slight acceleration sequentially, although the Americas is still declining somewhat year-over-year, as you can see on the data sheet. The primary reason for that is that it’s a challenging smartphone market in the U.S. currently. And then in Europe, Europe saw a record quarter and — for the June quarter, a record. And so some really good signs in most places in the world.
Erik Woodring: Awesome. And then maybe, Luca, a question for you. I think it’s been about 3 quarters now where we’ve seen OpEx either grow below historical seasonality or come in below your expectations. I think this is the first time we’ve seen R&D grow less than 10% year-over-year since fiscal 2Q 2007. So can you maybe just talk about some of the cost actions you’re taking? And as you look forward, what are the indicators that you’re really evaluating that would give you greater confidence in perhaps returning back to a more seasonal cadence of OpEx spending? Or is this just a new normal that we should be expecting? That’s it for me.
Luca Maestri: Obviously, we look at the environment, and we know that this has been an uncertain period for the last few quarters. And so we decided to be deliberate in what we do in terms of controlling our spend, and there’s many areas across the company that we’re working on and we’ve been quite effective at slowing down the spend. We slowed down also the hiring within the company in several areas. And we’re very pleased with our ability to decelerate some of the expense growth taking into account the overall macro situation. We will continue to manage deliberately. You can see that we continue to grow our R&D costs faster than the rest of the company. SG&A is actually growing at a much slower pace because obviously, our focus continues to be in innovation and product development, and we’ll continue to do that.
Operator: Our next question is from Michael Ng with Goldman Sachs.
Michael Ng: I just have 2 questions as well. First, it was encouraging to see the Services outperformance in the quarter, up double digits on an FX-neutral basis, and more Services acceleration next quarter on a reported basis. I was just wondering if you could just talk a little bit more about key underlying drivers for the confidence in the Services acceleration next quarter, understanding that FX a little bit. But anything to call out as it relates to things in Apple Search Ads that’s helping. You’re obviously making a lot of investments in Apple TV+ between MLS and the Canal+ deal. So any thoughts there would be great.
