Riverbed Cuts Q2 Outlook, Slips 5% In The #PreMarket

Riverbed Technology RVBD slipped five percent in pre-market action Monday after telling investors that longer sales cycles will result in second-quarter results below the Street consensus.

Profits will be "at the low end" of previous guidance calling for $0.26 to $0.28 excluding items, the company said.

Riverbed expects revenue of $264 million to $265 million, compared with earlier guidance of $274 million to $280 million. Wall Street expected earnings of $0.27 per share on revenue of $277.42 million.

Despite the stumble, Riverbed Chief Executive Jerry M. Kennelly said the company "continues to have confidence in our ability to grow the business and deliver targeted earnings performance."

The company will post earnings July 24.

Riverbed traded recently at $19.50, down 4.1 percent.