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 Covisint Corp. (NASDAQ:COVS) dropped more than 20% Friday after the company turned in disappointing fiscal third-quarter results.

So what: Quarterly revenue increased 1% year over year to $24.1 million -- a result driven by a 21% increase in subscription revenue to $17.6 million, but offset by a 30% decrease in services revenue to just $6.5 million. That translated to a non-GAAP loss of $0.10 per share, compared to a $0.09 per share loss in the same year-ago period. Meanwhile, analysts were looking for a loss of $0.10 per share on sales of $27 million.

In addition, Covisint projected total revenue growth this fiscal year should be around 10% to 12%, putting it in the range of $99.8 to $101.6 million. By comparison, analysts were modeling fiscal 2014 revenue of $105.09 million.

Now what: The recently IPO'd company has around $55 million in cash remaining on its balance sheet to hold it over for now, but investors are right to be discouraged considering Covisint's growth is coming in below expectations. As a result, and until the company can show more progress toward achieving sustained long-term profitability, I prefer to remain on the sidelines.

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Fool contributor Steve Symington 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.

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