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 Silicon Motion Technology Corp. (NASDAQ:SIMO) jumped 16% Tuesday after the company announced better-than-expected fiscal fourth quarter 2013 results.

So what: Quarterly revenue came in at $52.5 million, which translated to adjusted earnings of $0.30 per diluted share. By contrast, analysts were only looking for earnings of just $0.21 per share on sales of $51.87 million.

For the current quarter, Silicon Motion expects revenue to arrive flat to down 10% sequentially as gross margins remain steady in the 48% to 50% range. That puts Q1 revenue in the range of $47.25 to $52.5 million, or slightly below average expectations of $51.56 million.

For the full year 2014, however, they expect revenue to increase 5% to 15%, or a range of $236.6 million to $259.1 million, the midpoint of which is well ahead of expectations for fiscal 2014 sales of $236.6 million.

Now what: Things seem to be progressing nicely in Silicon Motion's transition away from removable storage controllers, and toward more promising growth markets. And remember, that transition notably took a leap forward last quarter with the introduction of Silicon Motion's new SATA II client SSD controllers and LTE-Advanced receivers.

This time, Silicon Motion CEO Wallace Kou was happy to announce "the testing of our new LTE-Advanced receiver paired with Samsung's new LTE-Advanced baseband is nearing completion for our first flagship win at Samsung's 2014 smartphone lineup."

That's a big win for Silicon Motion shareholders. Assuming all goes as planned, and with shares currently trading at a modest 19.6 times trailing earnings and 16.8 times next year's estimates, I think Silicon Motion stock could still prove a bargain for patient investors over the long-term.

Steve Symington and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.