Xoom Corporation (XOOM, Financial) is a leading online money transfer application company serving India, the Philippines, Latin America and other regions. The company reported a strong fourth quarter but guided the first quarter slightly below Wall Street expectations. Full year guidance was ahead of expectations, but concerns around the strength of the rupee, Western Union's plan to enter India with an online offering, and early venture capital investors selling shares caused Xoom's stock to pullback significantly during the first quarter. We continue to believe in Xoom's ability to gain market share and execute against a large opportunity. (Gilad Shany)
From Baron Funds' first quarter 2014 letter to shareholders.
