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 InnerWorkings (NASDAQ:INWK) jumped as much as 20% in early trading today after reporting earnings yesterday afternoon. Shares settled in at a 4% gain late in the day.

So what: First-quarter revenue was up 18% to $206.6 million, and adjusted EBITDA was up 26% to $8.5 million. Earnings per share of $0.02 were above analysts' expectation of break-even results.  

Management also reaffirmed revenue guidance of $965 million to $1 billion and earnings guidance of $0.23-$0.27 per share, which were both at the high end of expectations.

Now what: Financial results are clearly improving quickly, and if management can continue to exceed expectations, the stock can certainly move higher. Forward estimates for $0.41 in earnings in 2015 mean investors are expecting growth to continue, and with shares already trading at 28 times the high end of this year's estimate, I'll wait for a better value. But if results continue to grow and beat expectations, there is upside for investors.

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Travis Hoium 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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