E-commerce firm Digital River on Wednesday reported a net loss that narrowed in the first quarter and, when adjusted for one-time events, its performance surpassed analysts' forecasts.

The Minnetonka-based company said its net loss was $5.6 million, or 18 cents a share, compared to the year-ago loss of $11.4 million, or 35 cents a share.

Its adjusted results amounted to a profit of 20 cents per share, double Wall Street's expectations. Revenue fell 12 percent to $97.8 million, but that beat analysts' expectation of $93.6 million.

The first-quarter results were released after the stock closed at $15.29, up 13 cents, or nearly 1 percent. There was no change in after-hours trading.

"We had a strong quarter and are starting to see the benefits of our transformation translate across our business and customer base," CEO David Dobson said in a statement. The company's separate online payments processing business "continues to deliver solid year-over-year top line growth."

Digital River said it expects to report an adjusted loss for the April-to-June quarter. The company has grappled with uneven financial performance, which led to Dobson replacing company founder Joel Ronning in February 2013.

Digital River said its adjusted loss in the second quarter will range from 3 cents to 7 cents a share, which is below analysts' forecast of break-even earnings. The company said second-quarter revenue is expected to range from $84 million to $87 million, which is higher than the Wall Street consensus of $83.6 million.