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 Callidus Software (NASDAQ:CALD), also known as CallidusCloud, rose nearly 14% Friday after the cloud sales and marketing specialist released encouraging first-quarter results.

So what: Quarterly revenue rose 21%, to $31 million, which helped Callidus swing to an adjusted net income of $1.3 million, or $0.03 per diluted share. Analysts, on average, were looking for adjusted net income of $0.03 per share on lower sales of $29.52 million.

Accordingly, Callidus Software raised both ends of its previous full-year revenue guidance by roughly $1.5 million, and now expects 2014 sales between $127.5 million and $132.5 million. This should result in adjusted earnings per share between $0.12 and $0.16. By comparison, analysts were modeling 2014 earnings of $0.14 per share on sales of $127.99 million.

Now what: Today's results and full-year guidance were solid, so I think investors were right to bid up shares today. Callidus currently doesn't look cheap trading around 49 times next year's expected earnings. But keeping in mind it's still unprofitable based on generally accepted accounting principles -- it reported a GAAP net loss of $2.5 million, or $0.05 per share -- I see no reason the stock can't continue to reward patient long-term investors if Callidus can continue marching toward sustained profitability.

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.