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 TriQuint Semiconductor (NASDAQ:TQNT) plunged more than 15% during Thursday's intraday trading after the company issued weak guidance after beating quarterly earnings estimates.

So what: Quarterly revenue rose 25% year-over-year to $250.8 million, which translated to non-GAAP net income of $26.3 million, or $0.16 per diluted share. For reference, analysts were expecting earnings of $0.10 per share on the same basis, with sales of $250.1 million.

However, TriQuint also stated it believes fourth-quarter 2013 revenue will be between $260 and $270 million, while non-GAAP net income is expected to be between $0.12 and $0.14 per diluted share. Analysts, on average, were hoping for fourth quarter revenue of $280.54 million, and adjusted earnings of $0.19 per share.

Now what: Analysts wasted no time asking for clarification on the earnings conference call with regard to the light forward guidance, and management elaborated to say both the declines in their non-strategic foundry business and reduced orders from BlackBerry were to blame. 

While I certainly wouldn't be surprised if TriQuint stock languished from here until the company proves its earnings can resume sequential growth, it's worth noting the company has no shortage of growth opportunities with its other mobile customers. Shares don't look particularly expensive trading around 13.8 times next year's estimated earnings, so I think investors would be wise to at least keep TriQuint on their watchlists going forward.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool owns shares of TriQuint Semiconductor. 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.