E-commerce firm Digital River beat fourth-quarter expectations for both earnings and revenue Wednesday, but predicted it would miss Wall Street's first-quarter estimates.

As a result, the stock was unchanged in after-market trading. Before the earnings release, the stock closed at $17.51, up 48 cents, or 2.8 percent.

"We closed the year with solid results," CEO David Dobson said in a statement.

Revenue was driven by strong holiday sales through the customer-branded websites the company operates and growth in international operations.

But earnings were mixed. While the adjusted earnings of 22 cents per share were higher than the 19 cents Wall Street had been expecting, they were down 31 percent from a year ago. Net earnings were break-even.

Revenue was $101.2 million, up 3 percent and slightly higher than roughly flat $98.6 million analysts' had expected.

Digital River forecast first-quarter adjusted earnings of 7 to 11 cents, well below the 20 cents Wall Street had been expecting. It said revenue would range from $92 million to $95 million, below the $98.5 million analysts' had predicted.

For the year, Digital River said it expects adjusted earnings of 35 to 45 cents per share, which is below the 61 cents a share in the just-completed year and less than the 58 cents analysts had predicted. The company expects revenue of $365 million to $378 million; analysts had been expecting $387.2 million.

The reorganization the company began in 2013 has resulted in higher customer retention, increased business from existing customers and the signing of new customers in some business segments, Dobson said.