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 Lionbridge Technologies (NASDAQ:LIOX) are down 11% today despite releasing what appears to be reasonable first-quarter earnings before the closing bell.

So what: Lionbridge's first-quarter revenue was 6% higher year over year at $120.2 million, and its adjusted earnings reached $0.08 per share. Wall Street analysts had been looking for $121.6 million in revenue, but only $0.05 in EPS. Going forward, Lionbridge now expects to generate between $129 million and $133 million in revenue, which beats Wall Street's $130.4 million consensus at its midpoint, and its full-year guidance for 5% to 10% in revenue growth works out to a range of roughly $513.7 million to $538.1 million, which at its midpoint ($525.9 million) also bests the $521.2 million analyst consensus.

Now what: The only real reason this writer can find to explain the severity of today's crash can be found in a pre-opening-bell Briefing release claiming that Lionbridge had missed EPS estimates by $0.02. However, this was based on a mistaken use of GAAP EPS (which had in fact grown from a $0.05 loss per share in the year-ago quarter to a profit of $0.03 per share) instead of adjusted EPS in the write-up. Briefing has since corrected its report.

A narrow revenue miss is not, on its own, reasonable justification for a double-digit drop, especially since Lionbridge's forward guidance is better than what Wall Street had wanted. A lack of EPS guidance may have spooked investors, but Lionbridge has had a history of producing solid earnings for nearly two years now, so this drop might be a good time for you to dig deeper to see if it could be the right time to buy in.

Alex Planes has no position in any stocks mentioned, and neither does The Motley Fool. 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.