Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of China-based Internet and mobile security company Qihoo 360 Technology (NYSE: QIHU) made a 180 today and headed lower by as much as 13.5% before paring half of their losses following the company's first-quarter earnings results.

So what: Between European pessimism and Facebook (Nasdaq: FB) backlash against the entire social media sector stemming from its botched IPO, Qihoo couldn't have picked a worse day to report what appear to be very strong results.

For the quarter, Qihoo's revenue spiked 202.1% to $69.3 million as monthly active users grew to 411 million and its penetration rate climbed to 62%. Profits for the quarter came in at $0.12, which reversed a year-ago loss and represented a 290% year-over-year rise. These results compared favorably with revenue easily bypassing analysts' forecasts and EPS coming in $0.05 better than expected. Better yet, Qihoo forecast second-quarter revenue growth of 105% to 108% for a range of $72 million to $73 million -- also well ahead of the $67.3 million consensus.

Now what: It's difficult to trust anything China-based given the rash of accounting scandals still fresh in investors' minds, but I admit I'm starting to be intrigued by Qihoo's valuation. At just 15 times forward earnings and $3.04 in cash per share with no debt, Qihoo is bound to turn heads with its recent triple-digit revenue growth rate. The keys for Qihoo will be staying transparent with investors and looking for opportunities to branch out its products internationally. It's definitely a company worth keeping a close eye on.

Craving more input? Start by adding Qihoo 360 Technology to your free and personalized watchlist so you can keep up on the latest news with the company.