And I think you can see that across different indicators in the industry. I know other companies have released their earnings and you can see some of that clearly showcased there. The other thing that happened was on the broadband side smart buildings was more or less as expected, we had already foreshadowed some weakness in the channel, which manifested. But in broadband, partly because of how our lead times had improved and partly because of how the large MSOs were managing their procurement processes, we saw a rather sudden change in their approach. But the silver lining is I think that is also more temporary than what’s going on – on the industrial and smart building side. And I think that adjustment did surprise us. So between what happened in the industrial markets with OEMs and then with end users and then accelerated into channels – now by the way part of that was also the Eurozone and I think a few people have called that out.
So we saw the Eurozone changing more materially than we expected. And then like I said, as we work through the quarter, there was this phenomenon on the broadband side. And it really has a lot to do – I mean if you look at the MSO results they’ve all talked about reasonable growth in the subscriber base. So the long-term trends and the long-term investments are intact. It’s an adjustment in how they buy. And you can kind of look back now and say, there were some signs around that. But there was nothing concrete Rob at the beginning of the quarter.
Rob Jamieson: Okay. Okay, thank you for that. That’s helpful. And then I guess you mentioned that you expect 4Q to be the weakest in this cycle right now. Was that specific to industrial automation? I guess a follow-on to that is just how many quarters into – should this persist into the first half or through the first half of 2024? Not looking for specific guidance but how long should we expect this weakness to persist?
Ashish Chand: Yes. At this point based on all the conversations we’re having, we see broadband coming out of the space the earliest. One thing that I didn’t probably address in your previous question was what are some of the learnings and what are the things we’ve changed. We’ve actually gone a lot deeper through Q3 into our MSO customers’ procurement process and how they’re planning to hold inventory at different points. They are large businesses and we have confidence that that will come back fast. It’s a more temporary phenomenon. On the industrial and smart building side, at this point I would say the weakness will persist into the first half as we go into 2024. Just given the cycles around how our customers plan their projects.
But we also see a lot of customers talking about accelerating the need for productivity improvement and reshoring in response to some of the broader macro phenomena. So I think it’s a bit of a mixed bag. It’s a difficult read. But I would say quicker turn in broadband let’s say within the early part of next year and then slightly later as we go into mid 2024 for industrial and for smart buildings.
Rob Jamieson: Now that make sense. Thank you very much for the color and taking my questions.
Ashish Chand: Thank you.
Operator: [Operator Instructions] We go to the line of Mark Delaney with Goldman Sachs. Please go ahead.
Mark Delaney: Yes. Good morning. Thanks for taking my questions. I’m hoping to better understand how much of the revenue weakness that you’re seeing in the fourth quarter is related to inventory destocking and better contextualize that compared to just weaker overall end demand. So is there any way you can help us in terms of what sell-out of your products is relative to sell-in and where would revenue be if inventory wasn’t being reduced in distribution?
