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.

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