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 Shutterstock (NYSE:SSTK) have popped in a big way and have now risen roughly 16% after the company posted a double beat in its latest quarter.

So what: Shutterstock's revenue rose 42% year over year in the fourth quarter to $49.2 million, and adjusted earnings per share came in at $0.88. The top line delivered a respectable beat of the Street's $44.9 million expectations, but EPS was so far ahead of the analyst consensus of $0.15 per share that it might have been reported from a parallel universe. Shutterstock now anticipates a revenue range of $48.5 million to $50.5 million and an adjusted EBITDA range of $9 million to $10 million for the in-progress first quarter. The company also expects full-year revenue of between $213 million to $219 million and adjusted EBITDA of $44.0 million to $46.5 million.

Now what: The current analyst estimates for Shutterstock's revenue are $47.2 million for the first quarter and $208.2 million for the full year. Shutterstock surpasses both estimates handily. Adjusted EBITDA will be lower in the first quarter than it was for the fourth, as Shutterstock reported an $11.3 million result today. However, at the upper bound of its full-year guidance, Shutterstock would finish 2013 with 33% more adjusted EBITDA than its $34.9 million result for 2012. This kind of growth is always worth keeping an eye on.

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