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Why Xoom Corp (XOOM) is Plummeting in After-Hours Trading

NEW YORK ( TheStreet) -- Online payments provider Xoom Corp (XOOM) exceeded expectations in its fourth quarter, but shares plummeted in extended trading on weak guidance.

The San Francisco-based company managed to increase fourth-quarter revenue 45% year-over-year to $32.1 million thanks to a 36% jump in active customers to 1.06 million. Net income of 6 cents a share beat expectations by 7 cents, according to analysts surveyed by Thomson Reuters.

Over fiscal 2013, per-share earnings of 27 cents exceeded consensus by a nickel, while revenue of $122.21 million beat forecasts by $1 million and 53% higher than total sales in 2012.

Sending shares lower, management forecast first-quarter and full-year 2014 guidance below Wall Street consensus.

Must Read: Hain Celestial Group (HAIN) Slips in After-Hours Trading

For the first quarter ending March, the company expects revenue between $33 million and $34 million, just shy of $34.16 million expected. A forecast net loss between 8 cents and 5 cents a share is well under expectations of a 7-cents-a-share profit.

For full-year 2014, the company said revenue should be between $155 million and $160 million, while net income is expected in the range of 3 cents to 10 cents a share. Consensus was for 37 cents a share on $152.68 million in revenue.

The company also announced it had purchased BlueKite, a Guatemala-based technology firm developing e-solutions for paying bills. Xoom acquired the software developer for around $15 million in cash and equity.

After the bell, Xoom shares tumbled 11.1% to $25.

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