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 Skullcandy, Inc. (NASDAQ:SKUL) were rocking out today, climbing as much as 15% on a strong first-quarter earnings report. 

So what: The maker of headphones and other audio accessories returned to revenue growth in the quarter as sales improved 5.4% to $39.1 million, slightly below expectations at $39.23 million. On the bottom line, its performance was stronger as its loss per share narrowed from negative $0.25 to negative $0.12, beating estimates at  negative $0.17. CEO Hoby Darling noted that "gross margins stabilized and we were able to leverage operating expenses while continuing to invest in key long-term growth drivers such as demand creation, innovation and talent." Sales growth was nearly flat in North America, but improved 19.7% internationally, driving most of the revenue gains. 

Now what: Looking ahead, Skullcandy's full-year guidance was also promising as the company raised its earnings-per-share forecast from $0.10-$0.14 to $0.16-$0.20, ahead of the analyst view at $0.13. After a hot start out of the gate, shares cooled off later in the session, trading up 5%. While raising guidance is always a positive sign, I'd like to see revenue growing faster before betting on a stock with a forward P/E of 35.

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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.