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 ION Geophysical (NYSE:IO) dropped 10% today after the company announced earnings.

So what: First-quarter revenue rose 16% to $129.7 million and net income dropped 82% to $1.5 million, or $0.01 per share. Revenue easily topped Wall Street's estimate of $120.2 million but earnings per share fell well below the $0.07 per share estimate, which is causing the drop today.  

Now what: Management said that a number of one-time items affected earnings during the quarter, leading to the shortfall. For instance, GeoVentures 3D had $6 million worth of weather delays and a customer's bankruptcy affected the bottom line. I think investors are focusing too much on the bottom line miss today and the revenue growth is really what will drive the stock higher going forward.

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