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 IP licensor Rambus (NASDAQ:RMBS) are up by about 7% today after topping out at nearly 11% in the morning. Investors are ignoring weakened revenue and are instead keying in on the company's bottom-line beat.

So what: Rambus posted revenue of $57.4 million and reported adjusted earnings per share of $0.07 for the quarter. Analysts were looking for $60.3 million on the top line, but expected a loss of $0.12 per share. The sizable EPS beat was more than enough to make up for gradually declining revenue, particularly as it reversed a gruesome trend of sagging EPS over the past several quarters. CFO Satish Ron sounded a hopeful note that the company would be positioned for improved profitability for 2013, but we expect such things in conference calls, so guidance is more important.

Now what: Speaking of guidance, Rambus projects first-quarter revenue in the range of $58 million to $63 million, with pro forma net income clocking in in a rather wide range of $4 million to $10 million. The top line is a bit higher than this quarter's number, but with non-GAAP net income from the current quarter clocking in at $8.3 million, the bottom-line projections don't offer much space for growth. Rambus has been stuck in a rut for a while, and despite today's beat on an adjusted basis, there doesn't seem to be a lot of forward momentum yet in store.

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