NEW YORK (TheStreet) -- SanDisk Corp. (SNDK) stock is increasing 1.29% to $76.85 in after-hours trading on Wednesday after the data storage company reported financial results that exceeded expectations for the 2016 first quarter.

The Milpitas, CA-based flash storage manufacturer reported earnings of 82 cents per share on revenue of $1.37 billion for the quarter ended April 3. The results were above Wall Street estimates of 55 cents per share on revenue of $1.21 billion.

"We delivered year-over-year growth in revenue, earnings and cash flow, and are pleased with the strength of our Q1 revenue in enterprise solutions, client SSDs and removable products," CEO Sanjay Mehrotra said in a statement.

Revenue was up 3% year over year driven by a 5% rise in retail sales and a 1% increase in commercial channel sales. Enterprise solutions revenue jumped 15%, while client SSD sales increased 6%.

Separately, SanDisk has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity and weak operating cash flow.

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

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