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: Google (Nasdaq: GOOG) popped 13% in intraday trading today after reporting better than expected earnings.

So what: Non-GAAP EPS of $8.74 walloped the $7.85 consensus estimate and rose 36% year over year. Revenue increased 32% year over year, the company's highest revenue growth rate in more than three years, to more than $9 billion.

Now what: Investors have been concerned about slowing growth, spending increases, and management changes. The better than expected revenue and earnings allayed the first two concerns. Founder and CEO Larry Page participated in the entire earnings call, enthusiastically rattling off statistics about Google's successes and addressing investor concerns. It was a marked change from his brief appearance on the prior quarter's earnings call and calmed fears about management changes.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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.