NEW YORK (TheStreet) -- Shares of SanDisk (SNDK) were gaining by 5.15% to $56.97 in after-hours trading on Wednesday, after the flash storage manufacturer beat analysts' estimates for earnings and revenue for the 2015 second quarter.

SanDisk reported earnings of 66 cents a share for the second quarter, above analysts' estimates of 33 cents a share. Revenue fell 23.9% year over year to $1.24 billion, but still beat analysts' estimates of $1.2 billion.

"During the second quarter, we strengthened our portfolio with several new product launches in both the retail and commercial channels," President and CEO Sanjay Mehrotra said. "We are making steady progress on all operational fronts, and remain focused on enhancing our financial performance."

SanDisk also announced a third quarter dividend of 30 cents a share. The dividend is payable on August 25 to all shareholders of record as of the close of business on August 3.

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

"We rate SANDISK CORP (SNDK) 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 largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find 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: SNDK Ratings Report

SNDK ChartSNDK data by YCharts