Question · Q3 2025
Joe Quatrocchi asked for clarification on the OpEx dynamics, noting that Q3 was better than expected but Q4 is projected to be worse, and whether this relates to the timing of the Arm Artisan deal closing.
Answer
SVP and CFO John Wall explained that the OpEx timing is primarily related to hardware delivery shifts between Q3 and Q4. He mentioned that a small restructure benefited Q3, and healthy hardware gross margins were seen. The Q4 offset is due to new expenses from recent acquisitions.