- Procera Networks (PKT) shares tumble 15.2% pre-market after the company releases a preliminary Q4 revenue range of $20.8M-$21.3M, well below analyst consensus of $25.0M. The company had previously guided to full-year revenue growth of at least 30% vs. what will be 24%-25%.
- Bookings in Q4 are seen at ~$22.5M.
- The company expects to meet its gross margin target of high-50s to low-60s in Q4, although its anticipation of a return to profitability in the quarter now seems to be off the table.
- Management attributed the weaker results to reduced orders in the U.S. cable market, which it believes "reflects uncertainty and potential consolidation."
Procera -15.2% pre-market, preliminary Q4 revenue under guidance, consensus
Jan 7 2014, 09:16 ET