The company reported non-GAAP earnings of 79 cents per diluted share, beating Wall Street's estimates of 71 cents for the fourth quarter. Western Digital also reported revenue of $3.5 billion, which was higher than analysts' estimated $3.45 billion.
For the fiscal year 2016, Western Digital earned revenue of $13 billion and reported non-GAAP earnings of $5.09 per diluted share.
"With the combination of SanDisk and our WD and HGST subsidiaries, we are well-positioned to capture global opportunities through our full portfolio of products for data center, client device and client solution end markets," said CEO Steve Milligan in a company statement.
"As we begin a new fiscal year, we remain focused on execution and realizing the benefits of our acquisitions while at the same time creating innovative solutions for the market."
Western Digital is an Irvine, CA-based data storage solutions developer. Despite the earnings beat, shares of the company are falling 2.33% to $52.45 in after-hours trading.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
You can view the full analysis from the report here: WDC