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 ValueVision Media (NASDAQ:VVTV) were losing value today, falling as much as 28% after reporting quarterly earnings.

So what: The home-shopping channel operator said sales increased 10% to $149 million, ahead of estimates, but it missed on the bottom line with a per-share loss of $0.02 on estimates of a penny profit. Still, that was an improvement over an $0.08 per-share loss in the quarter a year ago. In the release, CEO Keith Stuart noted progress in rebranding ShopHQ as well as its fifth straight quarter of positive EBITDA.

Now what: Despite the increase in sales, gross margin fell 70 basis points to 37.5%, indicating that ValueVision is having difficulty turning additional sales into profits. As a company in the midst of a turnaround, shares have been extremely volatile over the past year, jumping as much as 300% before crashing today. That exaggerated movement, a result of widely differing assessments of the company's prospects, probably explains today's drop more than anything else, as a $0.03 earnings is disappointing but not particularly alarming. Still, the quarterly loss is a sign that significant profits are likely further away than investors had hoped.

Fool contributor Jeremy Bowman has no position in any stocks mentioned, and neither does The Motley Fool. 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.