NEW YORK (TheStreet) -- Western Digital Corp. (WDC) - Get Report reported better than estimated fiscal 2016 first quarter financial results which was expected following last week's preliminary results.
The data storage manufacturer posted earnings of $1.56 per share for the quarter ended October 2, in line with estimates.
Revenue fell to $3.36 billion, from $3.94 billion in the same quarter last year, but surpassed estimates of $3.32 billion.
"I am pleased with our execution and performance in the first fiscal quarter," CEO Steve Milligan said in a statement. "We continue to benefit from our strong product and technology positioning in today's storage market."
The company shipped 51.73 million hard disk drives during the latest quarter, down from 64.74 million in the same period last year, driven by a steep decline in shipments for PC units.
Western Digital stock is down 0.03% to $61.50 in after-hours trading on Wednesday.
Separately, TheStreet Ratings team rates WESTERN DIGITAL CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
We rate WESTERN DIGITAL CORP (WDC) 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. At the same time, however, we also find weaknesses including deteriorating net income, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: WDC