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What: Shares of social gamer Zynga (NASDAQ:ZNGA) have jumped today by as much as 17% after the company reported third-quarter earnings.

So what: Revenue came in at $316.6 million, slightly higher than its previously provided guidance. Non-GAAP net loss was $361 million, or $0.00 per share after rounding. Bookings, an important precursor to future revenue, fell to $255.6 million.

Now what: Some analysts think Zynga's darkest days are over, and shares trade at depressed levels with the company's cash position representing nearly 90% of its market cap currently. Zynga is also implementing a cost-reduction program that entails killing off certain titles and laying off 150 employees. It has also authorized a share repurchase program of up to $200 million.

Evan Niu, CFA, has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.