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 ION Geophysical (NYSE: IO) dropped 10% today after the company announced earnings.

So what: First-quarter revenue rose 16% to $129.7 million and net income dropped 82% to $1.5 million, or $0.01 per share. Revenue easily topped Wall Street's estimate of $120.2 million but earnings per share fell well below the $0.07 per share estimate, which is causing the drop today.  

Now what: Management said that a number of one-time items affected earnings during the quarter, leading to the shortfall. For instance, GeoVentures 3D had $6 million worth of weather delays and a customer's bankruptcy affected the bottom line. I think investors are focusing too much on the bottom line miss today and the revenue growth is really what will drive the stock higher going forward.

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Motley Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.