Revenue Seen Below Consensus
LinkedIn's quarterly results beat expectations, but the outlook was weak. It now sees second-quarter revenue of no more than $347 million, below the $359 million expected by analysts. The full-year guidance of $1.43 billion to $1.46 billion is also below the Street's $1.49 billion number. LNKD drops 9 percent before the bell on my tradeMONSTER platform.
European Setback Sends Arena Lower
Arena Pharmaceuticals announced it would withdraw an application to sell its Belviq obesity drug in Europe. Management is now considering whether to resubmit the medicine. Quarterly results also missed expectations. ARNA drops 13 percent in early trading.
Procera Rockets on Growth Prospects
Procera Networks reported a wider-than-expected first-quarter loss, but revenue of $14.2 million beat the $13.5 million expected by analysts. Management said that sales will increase by more than 30 percent this year, while it had previously forecast growth of just 25-30 percent. It also announced two large contract wins. PKT rockets 30 percent in the premarket.
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