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 Zillow (NASDAQ:ZG) temporarily fell more than 10% during intraday trading Wednesday following the release of the real estate website company's second-quarter results.

So what: Second-quarter revenue grew 69% to a record $46.9 million, led by record marketplace revenue, which grew an even more impressive 86% year over year to $36.5 million. However, investors were less than thrilled by the loss of $0.30 per share thanks primarily to a previously announced increase in marketing and advertising costs, and a non-recurring $7.1 million share-based compensation expense related to a prior acquisition.

Now what: Last quarter, more than 61 million monthly unique users represented a 66% increase for the company, so Zillow is obviously still growing like a weed. That said, even after today's pullback, shares of Zillow have more than tripled over the past nine months, including a 50% rise since the beginning of July. Growing quickly certainly isn't a bad thing, but I certainly wasn't alone in worrying that Zillow's stock was becoming detached from the company's fundamentals. Given this subpar report, then, I can't help but agree with investors (at least over the short term), who are seizing the opportunity to take some profits.

Editor's note: A prior version of this article misrepresented the expected earnings for Zillow.