Procera -15.2% pre-market, preliminary Q4 revenue under guidance, consensus

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."

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