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 cloud contact center software specialist Five9 Inc (NASDAQ:FIVN) opened up 13% Monday following the release of better-than-expected first quarter results.

So what: Quarterly sales rose 27% year-over-year to $24.3 million, which translated to a narrower adjusted net loss of $8.7 million, or $1.55 per share. Analysts, on average, were looking for an adjusted loss of $1.77 per share on sales of $22.9 million.

For the second quarter, Five9 sees revenue of $24.4 million to $25.2 million, which should result in a wider adjusted net loss of $9.8 million to $10.8 million. Analysts were expecting sales of $24.8 million to result in an adjusted loss of $0.22 per share. Keep in mind, however, Five9's first quarter results exclude the impact of Five9's April 4 IPO, which resulted in the issuance of 11.5 million shares of common stock and the conversion of 30.6 million shares of preferred stock into common stock.

For the full year Five9 expects revenue in the range of $102 million to $106 million, and an adjusted net loss of $36.8 million to $38.8 million. By comparison, analysts went into the report modeling a loss of $1.31 per share on sales of $102.5 million.

Now what: Five9 president and CEO Mike Burkland added, "Our robust performance was fueled by the growing demand for our integrated cloud-based software solutions. Increasingly, we are seeing customers shift from legacy on-premise solutions as they are drawn to the benefits of the cloud -- the low up-front costs, ability to scale on-demand, rapid deployment and the ease of management and integration."

Though Five9's beat today wasn't overwhelming, its results were solid, and I can't blame the market for bidding shares up. Still, with Five9 still burning plenty of cash at this point, I'd like to just watch the company over the next couple of quarters to see how things pan out.