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 video game maker Electronic Arts (Nasdaq: ERTS) soared as much as 17% in intraday trading after the company reported fiscal third-quarter results.

So what: Revenue for the quarter clocked in at $1.4 billion, which was basically in line with Wall Street expectations. Non-GAAP earnings per share were $0.59, which was at the high end of Electronic Arts' estimates and above the average analyst estimate of $0.57. The company reported strong 39% growth from its digital games and saw good traction for online games including Madden NFL and FIFA Superstars on Facebook. It also announced a $600 million share buyback, a move that underscores the company's confidence in its future.

Now what: Electronic Arts needs to stay on top of its game (pun intended) if it hopes to compete effectively with its larger rival, Activision Blizzard (Nasdaq: ATVI), as well as smaller foes like Take-Two Interactive (Nasdaq: TTWO). Looking ahead, the company is betting heavily on Star Wars: The Old Republic, a massively multiplayer online game that will try to unseat Activision's dominant World of Warcraft. That will be a tough row to hoe, so while investors can take some time to cheer the previous quarter's results, they should keep a keen eye on whether the company is able to deliver on its big bets ahead.

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Take-Two Interactive Software is a Motley Fool Rule Breakers pick. Activision Blizzard is a Motley Fool Stock Advisor recommendation. Motley Fool Options has recommended a synthetic long position on Activision Blizzard. The Fool owns shares of Activision Blizzard, and Take-Two Interactive Software.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.

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.