Procera Networks (Nasdaq: PKT) reported earnings on May 2. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Procera Networks beat expectations on revenues and missed expectations on earnings per share.

Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share dropped to a loss. GAAP earnings per share contracted to a loss.

Margins dropped across the board.

Revenue details
 Procera Networks reported revenue of $14.2 million. The six analysts polled by S&P Capital IQ looked for a top line of $13.5 million on the same basis. GAAP reported sales were 15% higher than the prior-year quarter's $12.3 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at -$0.16. The six earnings estimates compiled by S&P Capital IQ anticipated -$0.06 per share. Non-GAAP EPS were -$0.16 for Q1 versus $0.13 per share for the prior-year quarter. GAAP EPS were -$0.30 for Q1 against $0.04 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 52.4%, much worse than the prior-year quarter. Operating margin was -46.8%, much worse than the prior-year quarter. Net margin was -42.7%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $17.0 million. On the bottom line, the average EPS estimate is -$0.01.

Next year's average estimate for revenue is $77.7 million. The average EPS estimate is $0.13.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 94 members out of 99 rating the stock outperform, and five members rating it underperform. Among 16 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 13 give Procera Networks a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Procera Networks is buy, with an average price target of $19.50.

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