Raji Gill: Yes, I appreciate that. And from my follow-up, in terms of seasonality, I know that’s difficult to kind of articulate given the volatility in the industry the last couple years. But when you’re looking at your March guide of down roughly 30%, 37% sequentially at the midpoint. How do we think about that seasonality kind of relative to historical patterns? Typically, March is down roughly around 30% and then June is also a little bit soft, and then you have a big ramp in September, December. Given that more supply is coming, we have a product cycle, how would you characterize the shape of the seasonality this year as it stands today?
John Forsyth: Yes, thanks for the question, Raji. And thanks for your nice comments earlier. So as you pointed out, right, with the performance that we had in the December quarter, obviously, we came in about the high end of the guidance range just driven by the smartphone content gains as well as the overall unit volumes. Now for the March quarter, as I mentioned in response to a previous question, we do see €“ we took into account, even though it’s not typical seasonality, as we pointed out, especially in the last couple of years. We did take into account that the unit volumes will be down sequentially. And another thing that played into our guidance for the March quarter, actually, two things I would say. One is the fact that we didn’t €“ we won’t have the benefit of the SC product launch from last year.
And so that accounts for a little more of the guidance decline from the prior year. And then the second aspect of it is also the general market product line that we talked about earlier, which is essentially highly correlated with the macro. And we certainly wanted to take that into consideration as we provided guidance. So it’s a combination of those things. And then, we are looking beyond the March quarter, I think it’s too early for us to tell, it’s anybody’s guess, what the macro is going to do. But we will provide you that guidance when we get to that next quarter’s earnings call.
Chelsea Heffernan: Operator, this will be our last question.
Operator: Your final question today comes from the line of Ananda Baruah from Loop Capital. Your line is now open.
Ananda Baruah: Hey guys. Appreciate you taking the question. Thanks so much. Yes, just two quick ones if I could. Could you talk to what you what you see as the inventory environment to the extent you have visibility across the business? And then I have a quick follow-up. Thanks.
Venk Nathamuni: Yes, so, I think John mentioned this earlier Ananda which is essentially the signals that we got from our customer as we shipped into the December quarter, would suggest that there was significant demand for the products and the overall performance for the December quarter shows that we were benefiting from the smartphone unit volumes. Now looking ahead into the March quarter, we have taken into account the combination of what is typically a sequential decline in units. And in addition to that, the macro thing, which is related primarily to the non €“ in the smartphone business, which I talked about earlier. So it’s a combination of those two things. Now, everything that we have seen so far suggests that we are shipping to demand. Having said that, we don’t have perfect visibility into the customer’s inventory, and €“ but the signals from our customers seem to suggest that we are shipping to the demand signals that we get.
Ananda Baruah: Okay, thanks for clearing that up. That’s really good context. Thanks, Venk. And then, Venk, this one’s actually for you as well as a follow-up, just the factors that will influence gross margin as we move forward here, the pushes and pulls? And that’s it for me. Thanks.
