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 ServiceSource (NASDAQ:SREV) have soared by as much as 24% today after the company reported first-quarter earnings.

So what: Revenue in the first quarter totaled $61.1 million, higher than the $60.4 million consensus estimate. The non-GAAP net loss of $1.5 million, or $0.02 per share, was also better than the $0.04-per-share loss that investors were expecting. The company inked four new Renew OnDemand subscription deals during the quarter.

Now what: CEO Mike Smerklo said the new deals give the company strong momentum to start the year. Revenue guidance for the second quarter calls for sales of $64 million to $66 million, which would be an increase of 9% at the midpoint. Adjusted gross margin should be 41% to 43% and get better as ServiceSource progresses through the year. Not everyone was impressed, though, as Northland Securities downgraded the stock from outperform to market perform.

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