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 Covisint Corp. (NASDAQ:COVS) dropped more than 20% Friday after the company turned in disappointing fiscal third-quarter results.

So what: Quarterly revenue increased 1% year over year to $24.1 million -- a result driven by a 21% increase in subscription revenue to $17.6 million, but offset by a 30% decrease in services revenue to just $6.5 million. That translated to a non-GAAP loss of $0.10 per share, compared to a $0.09 per share loss in the same year-ago period. Meanwhile, analysts were looking for a loss of $0.10 per share on sales of $27 million.

In addition, Covisint projected total revenue growth this fiscal year should be around 10% to 12%, putting it in the range of $99.8 to $101.6 million. By comparison, analysts were modeling fiscal 2014 revenue of $105.09 million.

Now what: The recently IPO'd company has around $55 million in cash remaining on its balance sheet to hold it over for now, but investors are right to be discouraged considering Covisint's growth is coming in below expectations. As a result, and until the company can show more progress toward achieving sustained long-term profitability, I prefer to remain on the sidelines.