Despite the stock market's relatively strong performance so far in 2023, there are some well-known companies still trading for a steep discount to their previous highs. Here are three in particular with massive market opportunities to pursue, and strong leadership that can take them to the next level.

A different kind of social media

Pinterest (PINS 4.04%) has certainly had its challenges. User growth slowed dramatically as pandemic-era restrictions started to ease, and the environment for advertising-based businesses like social media isn't exactly a strong one.

However, the recent numbers look encouraging. In the second quarter, Pinterest's revenue grew by 6% year over year, including 32% outside of North America and Europe, which makes up the majority of its user base but is still in the early stages of monetization. And user growth has returned, with an 8% year-over-year increase to 465 million monthly active users.

There are some pretty interesting opportunities ahead. Despite the progress in monetizing its international users, the average Pinterest user outside North America and Europe generated just $0.12 in revenue in the second quarter, compared with $5.92 for U.S. users, and if this gap were to narrow over the coming years, it would be huge.

Plus, with the recent focus on maximizing its e-commerce potential, Pinterest could grow rapidly in the years ahead, both domestically and abroad.

Profitability could soar as real estate normalizes

Real estate technology platform Zillow Group (ZG 1.70%) (Z 1.68%) has experienced a difficult couple of years. First, its iBuying business resulted in sharp losses and was shut down, and then the real estate market in general slowed to a crawl after some of the most active years in history.

But with shares down about 75% from their 2021 highs, now could be a great time for long-term investors to take another look.

Zillow is now focusing on its core (profitable) business of operating the most popular platform to connect homebuyers, sellers, and real estate professionals. And while things might be slow for the time being in real estate, Zillow is doing a great job of setting itself up for future success.

Its second-quarter revenue surpassed the high end of its own expectations, and the company is doing a great job of focusing on building adjacent services into the platform, with the goal of creating a "housing super app."

As one example, loan officer productivity in its mortgage business is up by 50% since the end of 2022, and Zillow is rolling out innovative products to bring buyers onto its platform, like the 1%-down mortgage it recently introduced. The company is also growing its presence in the rental market, with 28% year-over-year growth from the rental-housing side of the platform.

If Zillow can capitalize on the nearly quarter-billion monthly unique visitors to its platform, and the real estate market starts to normalize, there could be tremendous potential in the years ahead.

A true banking disruptor getting little respect from the market

Despite incredible and persistent growth momentum, investors aren't giving SoFi Technologies (SOFI 3.69%) much respect. In the second quarter, the banking disruptor reported 44% year-over-year growth in members and stellar growth in adoption of its financial services product.

Revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were as high as they've ever been, and the company is on track to achieve positive net income beginning in the fourth quarter.

The stock got a considerable boost after earnings, which isn't a big surprise given the strong numbers, but has since given back all the gains and more.

However, if SoFi can continue to execute on its vision to be an all-in-one replacement for its customers' branch-based banks, and can do so while scaling the business profitably, there could be tremendous upside potential for investors.

Don't expect a smooth ride

As a final thought, while I own all three of these stocks in my own portfolio and think long-term investors could be rewarded with market-beating performance, I don't expect the path to success to be a straight line. Even if the management teams of these three companies can execute on their vision, there's likely to be quite a bit of short-term volatility along the way. Invest with this in mind.