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 Polycom Inc (NASDAQ:PLCM) jumped nearly 10% early Friday after the video conferencing company announced better-than-expected fourth quarter results.

So what: Though quarterly revenue rose only slightly over the same year-ago period to $348.9 million, adjusted net income climbed 32% to $33.6 million. And thanks to Polycom's ambitious share repurchase activity -- which included $25 million in buybacks last quarter -- adjusted net income per share climbed an even more impressive 50% to $0.24. Analysts, on average, were looking for earnings of $0.23 per share on sales of $347.9 million. 

Polycom also generated $91 million operating cash flow during the quarter, and ended the period with cash and investments net of existing debt totaling $446 million.

Finally, during the subsequent conference call and keeping in mind typical seasonality, Polycom offered current-quarter guidance for revenue in the range of $328 million to $338 million, and adjusted earnings per share of $0.19 to $0.21. Both ranges are roughly in line with Wall Street's expectations.

Now what: Today's beat might have been slight and forward guidance "merely" in line, but Polycom stock's pop is arguably justified given the company's solid operating performance and -- however small its top-line gains -- its ability to at least sustain revenue amid ever-increasing competition in the space. In the end, while I'm personally happy to continue observing Polycom from the sidelines, I can't blame the market for its optimism.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Polycom. 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.