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What: Shares of Volterra Semiconductor (Nasdaq: VLTR) plunged today by as much as 16% after the company reported earnings.

So what: Sales in the second quarter came in at $43.6 million, with net income of $6 million, or $0.22 per share. On an adjusted basis, the bottom line was $8.5 million, or $0.32 per share. That didn't quite live up to investor hopes of $0.35 per share in adjusted profit.

Now what: CEO Jeff Staszak acknowledged a "challenging economic environment," but also said the company is gaining market share in new servers and notebooks. Volterra also expanded its previously authorized share repurchase program by an additional $15 million. Analysts are mostly bullish on the company's prospects in Microsoft's Windows 8, which will be launched this fall. They expect Volterra to get some boosts related to the next-generation operating system.

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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. The Motley Fool owns shares of Microsoft. Motley Fool newsletter services have recommended buying shares of Microsoft. Motley Fool newsletter services have recommended creating a bull call spread position in Microsoft. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.