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Business Segments, Geographic Information, and Concentrations of Risk (Tables) | 6 Months Ended
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Dec. 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 |  | Six Months Ended
| December 27, 2024 |  | December 29, 2023 |  | December 27, 2024 |  | December 29, 2023
| (in millions, except percentages)
Net revenue: |  |  |  |  |  |  |
HDD | $ | 2,409 |  |  | $ | 1,367 |  |  | $ | 4,620 |  |  | $ | 2,561 |
Flash | 1,876 |  |  | 1,665 |  |  | 3,760 |  |  | 3,221 |
Total net revenue | $ | 4,285 |  |  | $ | 3,032 |  |  | $ | 8,380 |  |  | $ | 5,782 |
Gross profit: |  |  |  |  |  |  |
HDD | $ | 929 |  |  | $ | 339 |  |  | $ | 1,772 |  |  | $ | 612 |
Flash | 609 |  |  | 131 |  |  | 1,341 |  |  | (30) |
Total gross profit for segments | 1,538 |  |  | 470 |  |  | 3,113 |  |  | 582 |
Unallocated corporate items: |  |  |  |  |  |  |
Stock-based compensation expense | (12) |  |  | (13) |  |  | (26) |  |  | (26) |
Amortization of licenses related to a litigation matter | (10) |  |  | — |  |  | (19) |  |  | — |
Amortization of acquired intangible assets | — |  |  | (1) |  |  | (1) |  |  | (1) |
Recovery from contamination incident | — |  |  | 36 |  |  | — |  |  | 36 |
Total unallocated corporate items | (22) |  |  | 22 |  |  | (46) |  |  | 9 |
Consolidated gross profit | $ | 1,516 |  |  | $ | 492 |  |  | $ | 3,067 |  |  | $ | 591 |
Gross margin: |  |  |  |  |  |  |
HDD | 38.6 | % |  | 24.8 | % |  | 38.4 | % |  | 23.9 | %
Flash | 32.5 | % |  | 7.9 | % |  | 35.7 | % |  | (0.9) | %
Consolidated gross margin | 35.4 | % |  | 16.2 | % |  | 36.6 | % |  | 10.2 | %
Schedule of Disaggregation of Revenue | The Company’s disaggregated revenue information was as follows:
| Three Months Ended |  | Six Months Ended
| December 27, 2024 |  | December 29, 2023 |  | December 27, 2024 |  | December 29, 2023
| (in millions)
Revenue by end market |  |  |  |  |  |  |
Cloud | $ | 2,346 |  |  | $ | 1,071 |  |  | $ | 4,554 |  |  | $ | 1,943 |
Client | 1,168 |  |  | 1,122 |  |  | 2,377 |  |  | 2,269 |
Consumer | 771 |  |  | 839 |  |  | 1,449 |  |  | 1,570 |
Total revenue | $ | 4,285 |  |  | $ | 3,032 |  |  | $ | 8,380 |  |  | $ | 5,782 |
Revenue by geography |  |  |  |  |  |  |
Asia | $ | 1,995 |  |  | $ | 1,699 |  |  | $ | 3,832 |  |  | $ | 3,250 |
Americas | 1,428 |  |  | 804 |  |  | 3,118 |  |  | 1,466 |
Europe, Middle East and Africa | 862 |  |  | 529 |  |  | 1,430 |  |  | 1,066 |
Total revenue | $ | 4,285 |  |  | $ | 3,032 |  |  | $ | 8,380 |  |  | $ | 5,782 |
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 |
Divestiture (1) | — |  |  | (303) |  |  | (303) |
Balance at December 27, 2024 | $ | 4,319 |  |  | $ | 5,410 |  |  | $ | 9,729 |
(1) On September 28, 2024, the Company sold a majority interest in a subsidiary. See further discussion in Note 9, Related Parties and Related Commitments and Contingencies.

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