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 motion sensor technologist InvenSense (NYSE:INVN) surged 23% today after the company's quarterly results topped Wall Street expectations.

So what: The stock has been crushed over the past three months on concerns over slowing growth, but today's fourth-quarter results -- profit nearly tripled on a 67% spike in revenue -- are quickly easing those worries. In fact, management cited strong demand for its smartphone and tablet products -- now representing over 80% of total revenue -- as the main market-topping catalyst, reigniting investor enthusiasm over the strong mobile trends working in its favor.

Now what: Don't let today's pop prevent you from looking into the stock. "[O]ur customer design pipeline for fiscal year 2014 continued to expand significantly across all of our products," said President and CEO Behrooz Abdi. "We look forward to ramping these design wins to production as they contribute to our continued market share gain in mobile and computing, and consumer market segments." With the stock still down about 30% from its 52-week highs and trading at a forward P/E of 15, there might even be some upside left to profit from that improvement.

Interested in more info InvenSense? Add it to your watchlist.

 

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool owns shares of InvenSense. 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.