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 Homeaway (UNKNOWN:AWAY.DL) were moving higher today, up as much as 13% after the company delivered a strong second-quarter earnings report.

So what: The vacation-rental website said revenue jumped 31.9% in the quarter to $114.3 million, ahead of estimates at $110.4 million, and adjusted earnings per share fell by a penny, but still beat the analyst consensus at $0.12. Operating profit was actually up more than 50% in the quarter, a sign of strength and operating leverage, but EPS fell because of over $4 million in interest expenses as the company took on $300 million in new debt earlier this year. 

Now what: CEO Brian Sharples called it "another great quarter," as the results beat Homeaway's own expectations, and he noted that home listings on the company's websites hit a new milestone, at 1 million. Looking ahead, revenue guidance for the current quarter and the full year was also ahead of expectations as Homeaway sees sales for the year at $444 million-$449 million, against the consensus at $441 million. As the success of rival AirBnB has also shown, there is plenty of room for growth in the home-based vacation rental space. I'd expect Homeaway's strong growth to continue in the coming years as well.

Jeremy Bowman has no position in any stocks mentioned. The Motley Fool recommends HomeAway. 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.