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 thesis.

What: Shares of TriQuint Semiconductor (NASDAQ:TQNT.DL) rose more than 10% during Thursday's intraday trading, then settled to close up around 6% after the company turned in better-than-expected fourth-quarter results.

So what: Quarterly revenue rose 7% year over year to $267.7 million, which translated to adjusted earnings of $0.16 per share. Analysts, on average, were looking for earnings of just $0.13 per share on sales of $265.93 million.

TriQuint also issued first quarter 2014 guidance, calling for revenue between $170 million and $180 million, largely because of "seasonality and a large customer's inventory correction in Mobile Device products." Meanwhile, TriQuint's Q1 adjusted net loss should be between $0.11 per share and $0.13 per share. By contrast, analysts were modeling net income of $0.04 per share on sales $223.61 million.

Nonetheless, thanks to higher gross margin from favorable product mix changes and operational efficiencies, TriQuint insisted that they believe full-year 2014 non-GAAP earnings per share will meet or beat analysts' consensus estimates of $0.49.

Now what: In the end, the combination of that assertion, and TriQuint's strong fourth-quarter results, seemed to be more than enough to appease the market. With shares currently trading at a reasonable 17.4 times this year's estimated earnings, patient long-term investors should stand to be rewarded if TriQuint can indeed deliver on its promise.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.