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 GrubHub, (NYSE:GRUB) jumped more than 11% early Thursday, then settled to trade up around 5% after the online food ordering specialist released mixed second quarter results and strong forward guidance.

So what: Quarterly revenue grew 48% year over year to $60 million, which translated to net income of $2.7 million, or $0.03 per share. Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization rose 56% over the same period to $16.9 million. Analysts, on average, went into the report modeling higher earnings of $0.06 per share on lower sales of $54.7 million.

However, the market was willing to forgive the bottom-line shortfall given GrubHub's guidance, which calls for third quarter revenue in the range of $55.5 million-$57.5 million, with adjusted EBITDA of $13 million-$15 million. Analysts, for their part, were modeling Q3 sales of $54.3 million.

Now what: GrubHub's results were a mixed bag, which explains why it gave up some of its early morning gains. And the stock certainly doesn't look cheap trading around 15.5 times trailing 12-month sales and 85.6 times next year's expected earnings -- though that's not entirely uncommon for a high-growth company as it propels its operations into sustained profitability. I prefer continuing to watch GrubHub from the sidelines for now, but certainly wouldn't be surprised to see the stock move higher over the near-term.

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.