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What: Shares of ServiceNow (NYSE:NOW) have jumped today by as much as 17% after the company posted better-than-expected earnings.

So what: Revenue in the first quarter came in at $85.9 million, a year-over-year gain of 81%, and higher than the $8.21 million consensus estimate. That resulted in a non-GAAP net loss of $0.01 per share, narrower than the $0.03 per share loss that investors were braced for. Those figures also beat ServiceNow's own previously provided guidance, thanks, in part, to healthy upsell activity.

Now what: ServiceNow achieved a customer renewal rate of 96%, and the quarter represented the company's first time to reach over $100 million in billings. Guidance for the second quarter calls for revenue in the range of $94 million to $96 million, ahead of the $91.8 million forecast. Mizuho Securities has followed up the results by upgrading shares from "neutral" to "buy," and raising its price target from $35 to $45.

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Fool contributor Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.