So Western Digital (NYSE: WDC) didn't blow the doors off its first-quarter report. Merely good results and another cautious outlook in the vein of what other technology giants are telling us led to a giant yawn. All this not-so-good news appears to have been priced into the stock ahead of time.

Sales came in at $2.4 billion, about 9% above the year-ago quarter, while earnings fell from $1.25 per share to $0.84 per share. Early summer projections of a speedy return to strong PC sales proved overly optimistic, so Western Digital spent the last few weeks of the quarter in an impromptu price war with Seagate Technologies (Nasdaq: STX), Hitachi (NYSE: HIT), and other hard drive vendors to sell off excess inventories across the industry. You should expect Seagate to tell a similar tale when it reports earnings later this week.

But in the long term, data storage of every blazon should remain a fantastic business in which to work and invest. The same trends that drive long-term growth for networking giants Cisco Systems (Nasdaq: CSCO) and Juniper Networks (Nasdaq: JNPR) also boost the prospects for storage experts: All those high-definition digital videos, captured pieces of business data, cloud-based services, and so on need to access a server with growing storage demands. In most cases, the slower but cheaper mass storage of traditional disks will continue to carry the day over fast but expensive solid-state drives.

That's one of the reasons why Seagate is currently the target of an official takeover bid, possibly by private equity firms but in my view is a better fit for Oracle (Nasdaq: ORCL) or Hewlett-Packard (NYSE: HPQ). Another reason is that Seagate, like Western Digital, is tremendously cheap in light of the growth opportunities that lie ahead.

This report changed none of these facts; Western Digital remains very affordable and looks like a great way to invest in the coming tech revolution.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool has written calls (bull call spread) on Cisco Systems. The Fool owns shares of Oracle. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.