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 Control4 (NASDAQ:CTRL) fell by nearly 15% Friday after the newly IPO'd smart-home specialist reported second-quarter earnings.

So what: Quarterly revenue rose 17.8% year over year to $32.5 million, while net income came in at $973,000, or $0.05 per diluted share, compared with net income of $0.03 per diluted share this time last year. Meanwhile, Control4's net loss for the first half of 2013 came to $498,000, or $0.20 per share, a vast improvement over last year's first half net loss of $2.2 million, or $0.94 per share.

On an adjusted basis, second-quarter net income came in at $1.7 million, or $0.08 per diluted share. Adjusted net income for the first half of the year was $1 million, or $0.05 per diluted share, compared with an adjusted net loss of $791,000, or $0.34 per diluted share during the same period of in 2012.

Now what: This is the first quarterly report since Control4 went public earlier this month, in a stellar IPO during which shares popped 23% on their first day. Investors still seem nervous as the company strives toward sustainable long-term profitability, but at least one analyst at Cannacord has already chimed in to say that today's weakness should serve as a buying opportunity for patient long-term shareholders.

Remember, Control4 also has the backing of tech giant Cisco (NASDAQ:CSCO), which, at last check, owned an 8.8% stake in the smaller company. All told, I'm keeping Control4 on my watchlist for now, especially considering that its prospects could be truly great as more homes take advantage of its technology, which provides homeowners a way to remotely control everything from their locks, thermostats, lights, garage doors, and entertainment systems.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Cisco Systems. 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.