NEW YORK (TheStreet) -- Seagate Technology (STX) - Get Report stock is up 0.24% to $34.15 in pre-market trading on Friday after the company reported earnings and revenue that surpassed estimates for the fiscal 2016 first quarter.

The data storage maker reported earnings of 54 cents per share on revenue of $2.93 billion for the quarter ended October 2, while analysts had estimated earnings of 50 cents per share on $2.92 billion in revenue.

"During the quarter, we made solid progress against our core initiatives to bolster our product portfolio, contain costs and return capital to shareholders," CEO Steve Luczo said in a statement.

Seagate Technology shipped 47.2 million hard drive disk units during the quarter, a decline from 59.5 million units that were shipped in the same quarter last year.

"While lower than planned nearline enterprise demand temporarily impacted our financial results, we are pleased with the momentum we have across our products," Luczo added.

Separately, TheStreet Ratings team rates SEAGATE TECHNOLOGY PLC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

We rate SEAGATE TECHNOLOGY PLC (STX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow.

You can view the full analysis from the report here: STX

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