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 Lamar Advertising (Nasdaq: LAMR) have jumped by as much as 26% after the company reported quarterly earnings this morning.

So what: The billboard operator posted revenue of $296.7 million, which turned into earnings per share of $0.04 by the time it reached the bottom line. Sales came in above the market's forecast of $292.4 million, but net income fell short of the $0.07 that analysts were looking for.

Now what: Despite the bottom-line miss, investors are focusing on the good news that Lamar's recent spending spree on digital billboards is beginning to prove worthwhile. Lamar kicked up its digital billboard capital expenditures in the quarter, which totaled nearly $12 million, compared to the $7.6 million spent on traditional billboards. Standard billboards don't look nearly as nice compared to fancy LED-backlit displays that offer advertising customers dynamic and customized options.

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Fool contributor Evan Niu holds no 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.