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 Amkor Technology (NASDAQ:AMKR) gained over 10% today after the semiconductor product packaging and test services company yesterday evening reported revenue and earnings that topped Wall Street's expectations.

So what: Amkor's first-quarter revenue grew a mere 1.2% year over year to reach $696 million, but this was well ahead of the modest $678.5 million Wall Street had expected. Earnings of $0.09 per share also trounced Wall Street's expectation of $0.02. Looking ahead, Amkor executives expect the company to generate between $735 million and $785 million in revenue for the second quarter, which handily bests the analyst consensus of $732.9 million on the top line. The company also projected between $0.08 and $0.12 in EPS, which hits the $0.12 analyst consensus on the high end but falls short on average. Investors on Tuesday looked past Amkor's mediocre EPS guidance in favor of strong revenue.

Now what: Amkor has had a tough time pushing revenue or EPS higher over the past few years -- its top line is effectively flat since the end of 2010, and EPS has fallen quite a bit over that same period. The company's free cash flow has also fallen into negative territory since 2010, but there are signs that this weakness is reversing. At a 15.4 P/E, Amkor isn't quite expensive, but this valuation is about average for its post-2010 period as well. I'd tread cautiously here, but this could be a chance to buy into further gains if Amkor can keep its EPS on a growth trajectory.

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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.