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 Infinera (NASDAQ:INFN) have skyrocketed by as much as 28% today after the company reported earnings last night.

So what: Revenue in the quarter was $124.6 million, topping the Street's forecasts of $119.7 million in sales. Infinera posted a non-GAAP net loss of $0.06 per share, which was less than the $0.07 per share that analysts expected the company to lose. CEO Tom Fallon said the company held up well amid a traditionally slow quarter.

Now what: The company's DTN-X platform continued to gain traction, and Infinera received purchase commitments from six additional customers, including two new customers. Needham & Co. has boosted its rating on Infinera from "hold" to "buy" and assigned the stock a $12 price target. The analyst was encouraged by strong guidance. Second-quarter revenue is expected in the range of $130 million to $140 million.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Infinera. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.