Shares of motion sensor specialist InvenSense (INVN) rose by as much as 27% Friday after the company reported its fiscal fourth quarter 2013 earnings.

So what has everybody so excited?

For the quarter, net revenue jumped 67% year-over-year to $55.2 million, exceeding even the company's own guidance which called for revenue between $52 million and $54 million. For the 2013 fiscal year, net revenue came in at $208.6 million, up more than 36% from $153 million in 2012.

Even better, net income for the fourth quarter rose a whopping 130% from the year-ago period to $13.6 million, or $0.15 per diluted share. Those results served to prop up the company's full-year net income, which grew 40% to $51.7 million, or $0.59 per diluted share.

Finally, InvenSense ended fiscal 2013 with $200.3 million in cash and equivalents, up 3.8% sequentially and 27% from the end of fiscal year 2012.

Source: InvenSense.

What's next?
Perhaps unsurprisingly, smartphone and tablet growth once again paved the way for InvenSense's success. However, that growth was even more pronounced this quarter, with smartphones and tablets comprising around 80% of the company's total sales, up from 67% last quarter. 

What's more, the company certainly isn't resting on its laurels; it announced a few new innovations in conjunction with its earnings release.

The first two came in the form of the "world's smallest dual-axis gyroscopes for optical image stabilization in smartphones." Just like they sound, the IDG-2030 and IXZ-2030 devices were created with the aim to "eliminate the effects of hand jitter to achieve blur-free images and jitter-free HD video," and will be sampled to select customers sometime during InvenSense's fiscal third quarter. The IDG-2030, for its part, measures just 2.3 x 2.3 x 0.65 millimeters, providing a 41% footprint reduction, 28% lower profile, and uses 50% less power than the nearest competing solution.

Of course, these are the kinds of technologies consumers generally take for granted as they use their mobile devices, but anyone who's ever taken a picture or video with their smartphone knows how tough it can be to simply hold still long enough to get the darned thing to focus. So when the images or video from your next device seem a whole lot more stable, there's a good chance you'll have InvenSense to thank.

Finally, InvenSense also announced the MPU-6521, the "world's smallest, lowest profile, and lowest power 6-axis" motion tracking device. While this one boasts obvious applications in smartphones, the company also hopes it can find a place in next-generation tablets, gaming devices, motion-based remote controls, and wearable sensors.

What now?
I can't say I'm particularly surprised by the pop. After all, just three weeks ago I urged investors to buy shares of InvenSense before they rebounded.

As it stands, however, today's jump only just brings InvenSense into positive territory so far in 2013, and the stock is still down more than 30% from its levels this time last year. Even better, when you factor in the latest numbers, InvenSense now trades hands for just 18.4 times last year's earnings. If you back out that $200 million in cash (or more than 21% of the company's total market cap), that trailing P/E falls to a mouth-watering 14.5.

Considering analysts' hefty long-term growth estimates north of 20%, I'd say shares of this small cap still look like a screaming buy.