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 SouFun Holdings Ltd. (NYSE:SFUN) fell nearly 10% Wednesday after the Chinese real estate Internet portal announced mixed first-quarter results and weaker-than-expected guidance.

So what: Quarterly revenue rose 33.2% year over year to $121.2 million, which translated to a 44% increase in adjusted net income to $47.8 million, or $0.11 per share. Analysts, on average, were expecting lower earnings of $0.09 per share on higher sales of $124.47 million. 

For the full year 2014, SouFun sees total revenue between $780 million and $796 million, good for an increase of 22.5% to 25% over last year. By contrast, analysts were modeling significantly higher 2014 revenue of $816.29 million.

Now what: Despite SouFun's disappointing 2014 revenue guidance, it looks like much of the market's pessimism is already priced in; shares have fallen 36% year to date and now trade around 10 times next year's estimated earnings. Even if those estimates fall slightly as analysts have time to fully digest today's news, I think SouFun stock could prove a bargain for patient, long-term investors.

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Steve Symington has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.