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 telecommunications services provider 8x8 (Nasdaq: EGHT) lost their connection with investors today, falling as much as 12% in intraday trading.

So what: Investors do funny things sometimes, and that certainly seems like the case with 8x8's showing today. After the close yesterday, the company reported earnings for its fiscal first quarter. Revenue was up 10% from last year, to $18.5 million, while earnings per share nearly doubled to $0.03. Wall Street analysts were looking for $0.03 in per-share profit on $18.3 million in revenue. That all sounds pretty good, right?

Now what: A great phrase that you hear a lot during earnings season is "expected surprise," which refers to the fact that in many cases, investors expect a given company to "surprise" the market and beat analysts' estimates. It's possible that this was the case with 8x8 and the fact that the company only met earnings estimates was a disappointment.

It's also possible that investors are simply reconsidering how much they're willing to pay for 8x8 shares. Year to date, the stock has darn near doubled. Even after today's drop, the stock trades at roughly $4.70 per share on trailing earnings per share of just $0.11, and that ain't cheap.

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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 Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.