Not surprisingly, shares of Digital River (DRIV) have added significantly to the earnings related gains posted after-hours last night. Yesterday after the close the company reported Q1 revs of $103.6 mln, better than the Thomson First Call consensus of $99 mln. Non-GAAP earnings were $0.50 per share, a penny better than expectations.

For Q2, co. sees revs of $91 mln and EPS of $0.33 per share, vs. the Street view of $91 mln in revs and earnings of $0.38 per share.

For the full year 2008, co. sees revs of $401 mln and earnings of $1.89 per share, vs. the analyst consensus of $395 mln in revs and earnings of $1.90 per share.

As we reported in yesterday's Earnings Notebook report, shares of DRIV have a tendency to extend after-hours gains or losses the next day following earnings announcements. Today being no different than what we've seen in the past, the stock has doubled the gains from last night into the pre-market session this morning. Over the last three quarters, DRIV has significantly widened its evening, earnings-driven share move during the next day's regular session.

On Jan. 31, 2008, the stock fell 11.2% during evening trading after DRIV issues disappointing guidance. The stock tumbled 18.2% the next day.

On Oct. 25, 2007, the stock gained 7.5% during evening trading after the company meets with Q3 EPS and beats with revenue. The gain was 11.4% the next day.

On July 26, 2007, DRIV dipped 0.8% in night trade after about meeting Q2 expectations but forecasting Q3 to fall below Street views. Shares fell further the next day to close the regular session down 4.6%.

Shares last traded at $36.25 ahead of the open. Best way to play this is to take profits on the opening surge and keep a tight trailing stop to preserve the gains should the surge falter in the opening minutes.