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 Bottomline Technologies (NASDAQ:EPAY) jumped more than 10% Friday after the cloud-based financial transaction specialist reported solid fiscal first quarter 2013 results. 

So what: Quarterly revenue rose 9% year-over-year to $67.2 million, which translated to adjusted net income of $0.28 per share. Both numbers handily beat analysts' estimates, which called for adjusted earnings of $0.16 per share on sales of $66.06 million.

As a result, Bottomline also raised its annual guidance, increasing its full-year revenue outlook to $298 million, and earnings per share in the range of $1.05 to $1.19. For reference, those figures both come out well ahead of current estimates for full-year sales of $296.24 million and earnings of $1.05 per share.

Now what: CEO Rob Eberle weighed in to note the results were well ahead of even their own expectations, while also elaborating, "The first quarter was highlighted by record subscription and transaction revenue. In addition, we were delighted to welcome over 350 customers to Bottomline through the acquisitions of Sterci and Simplex, positioning Bottomline as a global leader in financial messaging."

Of course, shares don't look particularly cheap trading around 23 times next year's estimated earnings. However, that may be a well-deserved premium given today's solid results and optimistic outlook, I think the stock could very well turn out to be a bargain for patient shareholders down the road.