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 higher-education-focused financial services company Higher One (NYSE: ONE) were, well, higher today, gaining 12% in intraday trading after the company reported first-quarter earnings.

So what: Revenue for Higher One's first quarter grew 32% from last year to $51 million, largely on the strength of the company's OneAccounts growth. Profit growth was slightly slower with non-GAAP earnings per share climbing 26% to $0.24. Both revenue and per-share profit were in line with Wall Street estimates.

Now what: In the earnings press release, the company also provided its view on the upcoming quarter and the full year. Management reaffirmed the full-year revenue range of $180 million to $188 million but upped its non-GAAP earnings per share guidance to a range of $0.69 to $0.75. At the midpoint, that guidance falls slightly short of the $0.74 that analysts are currently estimating. Likewise, second-quarter non-GAAP EPS guidance of $0.09 to $0.11 puts the company's midpoint shy of the $0.11 Wall Street is hoping for. Considering the in-line first-quarter results and guidance below the market's view, the strength in the shares today is a bit surprising, but I'm sure that investors aren't complaining.

My fellow Fool Jason Moser gave Higher One the nod for his Rising Star Portfolio earlier this year, and had a positive view of the quarterly report, noting that the current results were solid and the pipeline appears strong.

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Fool contributor Matt Koppenheffer does not have a financial interest in 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.