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: Silicon Laboratories (Nasdaq: SLAB) dropped 14% in intraday trading today after it beat earnings expectations but issued disappointing guidance.

So what: Non-GAAP EPS of $0.48 beat the $0.46 consensus estimate but fell 33% year over year. Revenue of $126 million missed the consensus forecast of $127 million and declined 6% year over year.

Now what: The CEO said, "The business is ready to sprint ahead on the legs of very strong products and share gains" but is "facing weakening end-user demand in several of our markets." How did Silicon Labs reconcile the strong and weak comments? Management guided third-quarter revenue to a decline of 5% to 10% sequentially, which is flat to down 6% year over year.

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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.