Shares of DigitalGlobe, Inc. (DGI, Financial), a satellite imagery provider, decreased during the first quarter as it missed earnings and lowered guidance for the 2014 fiscal year. The company experienced an unexpected slowdown in the commercial side of its business, due largely to emerging markets project delays, as well as a slight delay in the launch timing of a new imagery satellite. We believe that DigitalGlobe has a unique satellite constellation and imagery database, and has numerous opportunities to increase growth going forward. (Randy Gwirtzman)
From Baron Funds' first quarter 2014 letter to shareholders.
