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 Inteliquent, (NASDAQ:IQNT) dropped 17% Thursday after the voice-services company released inline second-quarter results.

So what: Quarterly revenue from continuing operations rose 10.2% year over year, to $54.9 million, which resulted in a 72% drop in earnings per diluted share, to $0.28. Analysts, on average, were looking for earnings of $0.27 per share on sales of $55.24 million.

So why the drop? In short, Inteliquent also reaffirmed its existing 2014 financial guidance, which means it still expects full-year sales of $210 million to $220 million, and adjusted EBITDA of $68 million to $72 million. Analysts, however, were modeling higher 2014 sales of $219.5 million.

Now what: Shares of Inteliquent might look cheap trading around 10.5 times next year's expected earnings, but -- as Inteliquent CEO Ed Evans reminded investors in today's press release -- it's facing headwinds from both mandated price reductions from intercarrier compensation reform, and previously agreed rate decreases with several of its customers. Inteliquent is aggressively managing costs to mute the effects of those problems, but I suspect investors may have more pain ahead as the company's situation stabilizes.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.