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 call center software specialist Interactive Intelligence (NASDAQ:ININ) surged 17% today after its quarterly results easily topped Wall Street expectations.

So what: The company's first-quarter results -- adjusted EPS of $0.17 topped Wall Street's estimate by $0.15 while revenue jumped 39% -- were so strong that analysts have no choice but to raise their growth estimates yet again. In fact, cloud-based revenue for the quarter climbed 42% over the year-ago period, reinforcing optimism over the secular tech trends working in its favor. 

Now what: For the full year, management now sees revenue of $295 million-$300 million, up nicely from its previous guidance of $285 million-$290 million. "Looking forward, we are confident in our long-term strategy to expand our cloud business, thereby increasing our recurring revenues and consistently gaining market share," said founder and CEO Dr. Donald Brown. Of course, with the stock having now doubled over the past year and sporting a price-to-cash-flow ratio of 40, much of that bullishness might already be baked into the valuation.  

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Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends Interactive Intelligence. 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.