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 connection life-cycle management software provider Tangoe (NASDAQ:TNGO) opened down almost 19% Friday morning following the release of its first-quarter results. But Tangoe quickly recovered its losses to trade flat by the afternoon thanks to solid full-year guidance.

So what: Quarterly revenue rose 12% year over year to $50.4 million -- including recurring revenue of $46 million -- which translated to adjusted earnings $6.0 million, or $0.15 per share. Analysts went into the report slightly more optimistic, with estimates calling for earnings of $0.17 per share on sales of $50.98 million.

For the current quarter, Tangoe expects revenue of $52.4 million to $53.1 million, with adjusted net income per share of $0.18. Once again, both figures sit below analysts' expectations for second quarter earnings of $0.19 per share on sales of $53.79 million.

However -- and this explains the rebound, by the way -- Tangoe also provided full year 2014 guidance for revenue in the range of $220.0 million to $224.0 million, with adjusted net income per share of $0.77 to $0.82. The midpoint of both ranges is inline with analysts' models for 2014 earnings of $0.80 per share on sales of $221.73 million. 

Now what: Tangoe CEO Al Subbloie explained, "We have always shared that non-recurring revenue, which is the less strategic component of our business, can be variable quarter-to-quarter and this was the element of our business that caused revenue and profitability to be slightly below our expectations for the quarter." Still, Subbloie went on to insist strong demand for Tangoe's integrate solution leaves them confident total revenue will remain on track for the year.

Despite the near-term miss, the market rightly came to its senses when it realized there were no big surprises in Tangoe's results. I'm not particularly intrigued by the stock given its modest top line growth, but current investors should see no reason to fret about this morning's temporary plunge.

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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.