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 Concur Technologies, (NASDAQ:CNQR) dropped more than 10% in Wednesday's early trading after the travel-and-expense management specialist reported better-than-expected quarterly results, but reiterated previous revenue and earnings guidance and reduced the top end of its full-year operating margin outlook.

So what: Adjusted quarterly revenue -- which excludes sales from businesses Concur intends to divest -- rose 31% year over year to $167 million, or higher than analysts' estimates, which called for sales of $165.81 million. This translated to adjusted pre-tax income per diluted share of $0.15, also higher than analysts' models calling for earnings of $0.09 per share.

Finally, despite the beat, Concur reiterated its previous guidance for 2014 non-GAAP revenue to grow approximately 26% over last year, and for 2014 adjusted pre-tax income per share to be "at least $0.93." Concur also revised its guidance for 2014 adjusted operating margin to be in the range of 10% to 12%, compared to the 10% to 14% it told investors to expect three months ago.  

Now what: That hardly means Concur is a broken company, especially considering it added more than 1,000 new customers in the most-recent quarter and experienced strong demand across all its markets. This also explains why shares have already recovered to trade down "just" 4% as of this writing.

In the end, though, I'm still not particularly anxious to dive in today, with shares trading around eight times sales, and 81 times next year's expected earnings. I do think investors would do well to add Concur to their watchlists, though, to keep tabs on its progress toward achieving sustained profitability during the next couple of quarters.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.