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 Marin Software (NYSE: MRIN) got clobbered today, down by as much as 21% after the company reported earnings.

So what: Revenue in the first quarter totaled $17.2 million, which resulted in a non-GAAP net loss of $9.4 million, or $0.39 per share. The freshly public software maker saw gross margin decline to 57%, and its losses grew from a year ago. Investors obviously wanted more.

Now what: CEO Chris Lien said that Marin's integrated platform for advertisers will help it tap it digital advertising industry, and that the money raised through the IPO will provide it financial flexibility. Guidance calls for second-quarter sales of $17.6 million to $18 million. Full-year revenue is expected in the range of $75 million to $76.2 million, which will result in adjusted losses of $1.16 to $1.19 per share this year.

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