NEW YORK (TheStreet) -- Shares of Western Digital (WDC) - Get Report were lower in after-hours trading on Wednesday even though the company posted better-than-anticipated results for the 2017 fiscal first quarter.
Following the market close, the Irvine, CA-based data storage device company reported adjusted earnings of $1.18 per share. Wall Street was looking for earnings of $1.04 per share.
Revenue of $4.71 billion was higher than analysts' projections of $4.52 billion.
The company had previously estimated earnings between $1.00 per share and $1.05 per share on revenue of $4.45 billion to $4.55 billion for the period.
This was the first full quarter Western Digital was operating as an integrated company following its $15.78 billion acquisition of flash-memory product maker SanDisk in May.
"Demand for both hard drive and flash-based products was strong across all customer categories, driven by cloud and mobile applications, as well as better-than-expected PC market trends," CEO Steve Milligan said in a company statement.
About 8.45 million shares of Western Digital traded on Wednesday vs. its 30-day average volume of 4.57 million.
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 revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: WDC