Zillow Group, Inc. (NASDAQ:ZG) is the leading online real estate company in the U.S. Shares were down after the company gave a 2017 profit outlook that missed Street expectations, due to strategic investments and what we believe are conservative expectations for the revenue impact of several recently launched new products. We believe these products will meaningfully drive Zillow’s revenue capture of real estate advertising and will increase in their impact as we move through 2017. As the leader in a highly fragmented market, we think Zillow remains well positioned to continue to grow its market share. (Ashim Mehra)
From the Baron Opportunity Fund first quarter 2017 shareholder letter.