NEW YORK (TheStreet) -- SanDisk Corp. (SNDK) stock is increasing 1.23% to $65 in after-hours trading on Wednesday after the Milpitas, CA-based company reported financial results that exceeded expectations for the fiscal 2015 fourth quarter.
The flash storage manufacturer reported earnings of $1.26 cents per share on $1.54 billion in revenue for the quarter ended January 3. Wall Street was forecasting earnings of 89 cents per share on $1.44 billion in revenue for the 2015 fourth quarter.
For the full fiscal year, SanDisk posted earnings of $3.61 per share on revenue of $5.57 billion, surpassing estimates of earnings of $3.26 per share on $5.47 billion in revenue.
"[O]ur Q4 revenue was down 11% and our full year revenue was down 16%, primarily due to the loss of the client SSD platform that was phased out by a large customer in early 2015 and an increased level of price decline in 2015 compared to 2014," CFO Judy Bruner said in a statement.
Separately, SanDisk has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's solid financial position, expanding profit margins, disappointing stock performance, feeble earnings per share growth and deteriorating net income.
You can view the full analysis from the report here: SNDK
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