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 cloud-based software maker NetSuite (NYSE: N) plunged today by as much as 12% after the company reported first-quarter earnings.

So what: Revenue topped expectations by coming in at a first-quarter record of $69.3 million. Adjusted net income more than doubled to $4.1 million, or $0.06 per share, also topping Street forecasts. Billings grew 26% to $77.9 million.

Now what: Recurring revenue also jumped 27% to $58 million. Full-year earnings per share are expected to be $0.19 to $0.21, which would make the consensus estimate of $0.21 on the high end of guidance. One thing that might have investors concerned is decelerating growth in billings, which had put up 36% growth last quarter.

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