Procera Networks Soars 26% Following Preliminary Q4 Results

Shares of Procera Networks Inc PKT soared in the pre-market Wednesday as the company announced better than expected Q4 preliminary results.

According to the company, revenue for the fourth quarter of 2014 is now expected to be in the range of $23.5 million to $24.5 million, above estimates of $20.92 million. The ratio of bookings to revenue for the fourth quarter was above one. 

The company expects the gross margin rate to be around 60 percent, to incur a net operating loss on a GAAP basis and to be profitable on a non-GAAP basis for the fourth quarter of 2014. 

For the fiscal year ended December 31, 2014, the company expects revenue to be in the range of $74 million to $75 million and expects to incur a net operating loss on both a GAAP and non-GAAP basis.

"The results of the quarter represent a recovery driven by the strength of our product portfolio and sales pipeline," said James Brear, President and CEO of Procera Networks.  "We are executing on our sales plan and new product initiatives and believe we are well positioned for 2015 as we continue to work toward the primary goal of driving value for our shareholders."

Procera Networks Inc traded at $9.00 in the pre-market, up 26.94 percent.