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 Chinese social media company YY (NASDAQ:YY) soared over 10% at the opening bell, but still cling to gains of 8% as of this writing. Investors appear to be cheering a major double beat on the company's second-quarter earnings report.

So what: YY's revenue more than doubled from the year-ago quarter, rising 125% to $66.6 million. That was well ahead of Wall Street's consensus of $55.6 million in revenue. Earnings of $0.26 per share also broke through the Street's expectations of $0.21. The company also expects revenue to nearly double in the third quarter on a year-over-year basis; the company's projections translate into a range of $70.2 million to $71.8 million, which handily beats the Street's expectations of $61.4 million.

Now what: YY isn't cheap -- its P/E is currently 75 -- but it's growing by leaps and bounds. The company's YY Music platform experienced 170% year-over-year growth in its number of paying users, and total paying users across the company's platforms grew 50% year-over-year. The company's margins are also expanding quite a bit as costs remain under control during this period of explosive growth. You might want to see YY this stock is worth buying today. With all this good news, YY not?

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Fool contributor Alex Planes 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.