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 Synchronoss Technologies (Nasdaq: SNCR) have popped by as much as 20% this morning after the company reported third-quarter earnings last night.

So what: Third-quarter revenue put up a healthy 33% increase to $59.2 million, which gave way to non-GAAP earnings per share of $0.23. Both top- and bottom-line results handily bested the analysts' consensus estimates of $58.3 million in sales and $0.21 earnings per share.

Now what: As a provider of transaction management services to wireless carriers like Verizon (NYSE: VZ) and AT&T (NYSE: T), the company has seen its demand picking up in response to mobile data adoption. The company's revenue is heavily concentrated between those two carriers, with AT&T representing roughly 50% of the quarter's revenue and Verizon putting up more than 10% itself. Things look rosy right now, but lacking a diversified customer base is a risk to be wary of.

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Fool contributor Evan Niu owns shares of AT&T, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. 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. The Motley Fool has a disclosure policy.