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 Qlik Technologies (NASDAQ:QLIK) surged 12% Friday after the business analytics software specialist's quarterly results topped Wall Street expectations.

So what: Qlik shares have pulled back sharply in recent months on signs of slowing growth, but Friday's solid Q2 results -- adjusted EPS of $0.02 on a revenue surge of 22% -- coupled with in-line guidance suggests that demand for its flagship product, QlikView, remains strong. Additionally, the market-topping quarter should take some pressure off the rest of the year for its recently launched next-generation application, Qlik Sense.

Now what: Management now sees Q3 revenue of $122 million-$126 million, bracketing the average analyst estimate of $123.3 million. "[Thursday] we introduced our next-generation data visualization application, Qlik Sense Desktop, which is the first commercially available release from the QlikView.Next project, and we announced that we expect the server edition of Qlik Sense to be available in September," said CEO Lars Bjork. "The launch of Qlik Sense, combined with the continued strong demand for QlikView demonstrated by our results this quarter, will enable us to capture the significant market opportunity that we see in self-service visualization and Data Discovery." More importantly, with Qlik shares still off about 30% from their 52-week highs, there's likely plenty of upside left to buy into that bullishness.


Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends Qlik Technologies. 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.