Q423 Surface revenue was $1.1 billion, down 20 percent YOY, about the same as in 2018. Worse, Microsoft expects Q124 to decline by a third. Blaming a glut of PCs won’t alter the trajectory of the division–no trend line required here–and doesn’t really matter. Surface exists upon the interest of Panos Panay and sufferance of Satya Nadella, but for how much longer?