Net Income (Loss) Per Common Share

6 Months Ended

Dec. 30, 2022

The following table presents the computation of basic and diluted income (loss) per common share:


	Three Months Ended				Six Months Ended
	December 30, 2022		December 31, 2021			December 30, 2022		December 31, 2021
	(in millions, except per share data)
Net income (loss)	$	(446)	$	564		$	(419)	$	1,174
Weighted average shares outstanding:
Basic	318		312			317		311
Employee stock options, RSUs, PSUs, and ESPP	—		3			—		4
Basic and diluted	318		315			317		315
Income (loss) per common share
Basic	$	(1.40)	$	1.81		$	(1.32)	$	3.77
Diluted	$	(1.40)	$	1.79		$	(1.32)	$	3.73
Anti-dilutive potential common shares excluded	15		5			15		3

The Company computes basic income (loss) per common share using Net income (loss) and the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed using Net income (loss) and the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include dilutive outstanding employee stock options, RSUs and PSUs, and rights to purchase shares of common stock under the Company’s ESPP. For the three and six months ended and December 31, 2021, the Company excluded common shares subject to certain outstanding equity awards from the calculation of diluted shares because their impact would have been anti-dilutive based on the Company’s average stock price during the period. For the three and six months ended December 30, 2022, the Company recorded a net loss and all shares subject to outstanding equity awards were excluded from the calculation of diluted shares for those periods because their impact would have been anti-dilutive.