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 CommVault Systems (NASDAQ:CVLT) have popped today by as much as 23%, after the company reported better-than-expected earnings.

So what: Revenue in the fiscal second quarter added up to $118.2 million, topping the consensus estimate of $115.7 million. Non-GAAP earnings per share of $0.38 also pleasantly surprised investors, who would have been happy with just $0.28 per share in profits.

Now what: If that wasn't enough, the board also decided to authorize a $50-million increase in the company's existing stock repurchase program, and extended its expiration to March 2014. This brings the current remaining allowance at $102.8 million. CEO N. Robert Hammer said that the company's momentum should carry into the second half of its fiscal year.

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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.