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Business Segments, Geographic Information, and Concentrations of Risk (Tables) | 3 Months Ended
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Sep. 27, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table summarizes the operating performance of the Company’s reportable segments for the periods presented:
| Three Months Ended |  |
| September 27, 2024 |  | September 29, 2023 |  |  |  |
| (in millions, except percentages)
Net revenue: |  |  |  |  |  |  |
HDD | $ | 2,211 |  |  | $ | 1,194 |  |  |  |  |
Flash | 1,884 |  |  | 1,556 |  |  |  |  |
Total net revenue | $ | 4,095 |  |  | $ | 2,750 |  |  |  |  |
Gross profit: |  |  |  |  |  |  |
HDD | $ | 843 |  |  | $ | 273 |  |  |  |  |
Flash | 732 |  |  | (161) |  |  |  |  |
Total gross profit for segments | 1,575 |  |  | 112 |  |  |  |  |
Unallocated corporate items: |  |  |  |  |  |  |
Stock-based compensation expense | (14) |  |  | (13) |  |  |  |  |
Amortization of acquired intangible assets | (1) |  |  | — |  |  |  |  |
Amortization of licenses related to a litigation matter | (9) |  |  | — |  |  |  |  |
Total unallocated corporate items | (24) |  |  | (13) |  |  |  |  |
Consolidated gross profit | $ | 1,551 |  |  | $ | 99 |  |  |  |  |
Gross margin: |  |  |  |  |  |  |
HDD | 38.1 | % |  | 22.9 | % |  |  |  |
Flash | 38.9 | % |  | (10.3) | % |  |  |  |
Consolidated gross margin | 37.9 | % |  | 3.6 | % |  |  |  |
Schedule of Disaggregation of Revenue | The Company’s disaggregated revenue information was as follows:
| Three Months Ended |  |
| September 27, 2024 |  | September 29, 2023 |  |  |  |
| (in millions)
Revenue by end market |  |  |  |  |  |  |
Cloud | $ | 2,208 |  |  | $ | 872 |  |  |  |  |
Client | 1,209 |  |  | 1,147 |  |  |  |  |
Consumer | 678 |  |  | 731 |  |  |  |  |
Total revenue | $ | 4,095 |  |  | $ | 2,750 |  |  |  |  |
Revenue by geography |  |  |  |  |  |  |
Asia | $ | 1,837 |  |  | $ | 1,551 |  |  |  |  |
Americas | 1,690 |  |  | 662 |  |  |  |  |
Europe, Middle East and Africa | 568 |  |  | 537 |  |  |  |  |
Total revenue | $ | 4,095 |  |  | $ | 2,750 |  |  |  |  |
Schedule of Goodwill | The following table provides a summary of goodwill activity for the period:
| HDD |  | Flash |  | Total
| (in millions)
Balance at June 28, 2024 | $ | 4,319 |  |  | $ | 5,713 |  |  | $ | 10,032 |
Foreign currency translation adjustment | 2 |  |  | 3 |  |  | 5 |
Goodwill reclassified to assets held for sale (1) | — |  |  | (225) |  |  | (225) |
Balance at September 27, 2024 | $ | 4,321 |  |  | $ | 5,491 |  |  | $ | 9,812 |
(1) As of September 27, 2024, $225 million of Goodwill was reclassified to assets held for sale due to the sale of a majority interest in a subsidiary. See further discussion in Note 4, Supplemental Financial Statement Data.

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