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 Aerohive Networks (NYSE:HIVE) initially plunged more than 10% Friday morning, then recovered to trade up around 4% after the Wi-Fi and cloud-managed enterprise networking specialist released solid first-quarter results.

So what: Quarterly revenue rose 42% year over year, to $28.2 million, which translated to an adjusted net loss of $7.4 million, or $0.97 per share. Analysts, on average, were expecting a significantly wider adjusted loss of $1.32 per share on sales of just $26.1 million.

Now what: Aerohive Networks only held its IPO at the end of March, so its unsurprising to see volatility surrounding its first earnings report as a publicly traded company. Some investors are also worried, as revenue growth appears to be decelerating. For perspective, sales increased roughly 110% year over year in 2012, then by 50% 2013, and roughly 45% in the fourth quarter of last year.

At the same time, Aerohive handily exceeded Wall Street's expectations for Q1, so it's hard to blame the market for bidding up shares today. For now, though, and without a light at the end of the tunnel with regard to Aerohive's losses, I'm still content watching this one from the sidelines.

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.